Best Life Insurance in Ontario 2025: Compare Quotes
- Guaranteed premiums
- Option to convert the policy to permanent insurance at any time before age 75
- Ideal for business owners
- Guaranteed premiums
- Option to convert the policy to permanent insurance at any time before age 75
- Ideal for business owners
SunSpectrum Term Life Insurance from Sun Life offers a flexible and robust term life solution with term lengths of 10, 15, 20, or 30 years, accommodating a variety of short- to medium-term protection needs such as income replacement, debt coverage, or business continuity planning. Policies are available to applicants aged 30 to 60, with coverage amounts reaching up to an impressive $15 million, ensuring substantial financial protection. A standout feature is the guaranteed premium structure, providing cost predictability throughout the initial term, and the built-in option to convert the policy to permanent insurance without medical requalification before the insured's 75th birthday—an attractive benefit for those wanting lifetime coverage eventually. Additionally, the plan includes living benefits for terminal illnesses and disability waivers, catering to both personal needs and business applications, such as key employee coverage. However, it is important to note that premiums can rise sharply after the initial term, and conversion opportunities diminish with age, necessitating careful timing and planning.
Ideal Profile: This product is especially well-suited for business owners needing succession planning, middle- to high-income professionals seeking high coverage amounts for family security, and individuals aiming for flexibility now with the possibility of permanent coverage later. It is also a strategic fit for those who prioritize guaranteed insurability without future medical exams.
- Guaranteed premiums and ease of conversion to permanent insurance
- High coverage limits up to $15 million accommodating major financial responsibilities
- Flexible term options (10, 15, 20, or 30 years) to suit different planning horizons
- Living benefits included for terminal illness and total disability
- Tailored add-ons for personal and business needs, such as child and partner protection benefits
- Significant premium increases after the initial term
- Fewer conversion and longer-term options available as the insured ages
- Complex range of options requiring careful matching to specific needs
- Cancel anytime without fees or penalties
- 30-day grace period for missed payments
- Beneficiaries get 100% of the payout, tax-free
- Cancel anytime without fees or penalties
- 30-day grace period for missed payments
- Beneficiaries get 100% of the payout, tax-free
PolicyMe Term Life Insurance stands out as a streamlined and highly cost-effective solution for Canadians seeking straightforward life insurance coverage. Offering coverage amounts from $100,000 up to $5 million and term durations of 10, 15, 20, 25, or 30 years, PolicyMe targets individuals and families wanting affordable, predictable protection without unnecessary complexity. Rates are locked in for the full duration of the policy, helping clients plan with confidence. The 100% online process enables immediate approval, making it accessible to a wide audience, especially tech-savvy users. Added perks such as no cancellation fees, a 30-day grace period for missed payments, and a complimentary child coverage feature enhance its appeal. A notable 10% discount for couples in the first year encourages joint applications. However, the lack of deep customization options and the exclusively digital service model might not suit those who value personalized advice or face-to-face interactions, which remain common preferences in the Canadian insurance market.
Ideal profile: PolicyMe is an excellent fit for young to middle-aged adults, digital natives, and cost-conscious families who want reliable term life insurance without the hassle of dealing with brokers. It’s particularly suitable for those who prioritize speed, simplicity, and managing their insurance policies independently online.
- Affordable rates offering up to 20% savings compared to traditional insurers
- Wide range of term options (10 to 30 years) for different life stages
- Immediate online approval process with no medical exam in many cases
- Free child coverage and a first-year 10% couple’s discount
- No fees or penalties for cancelling the policy at any time
- Entirely online interaction may not appeal to those who prefer personal consultation
- Limited customization of coverage options compared to full-service insurers
- Fixed premiums for the term duration
- Option to renew the contract from the 5th year
- Fixed or decreasing insured capital
- Fixed premiums for the term duration
- Option to renew the contract from the 5th year
- Fixed or decreasing insured capital
Beneva's Term Life Insurance offers a flexible and affordable way to secure financial protection for dependents, making it particularly attractive for first-time buyers or those managing a tight budget. Coverage is available up to $10 million, with term lengths of 10, 15, 20, 25, 30, or even 40 years, and eligibility spans from ages 18 to 75. One of its key strengths lies in its adaptability: policyholders can switch to a longer term or even to permanent insurance without undergoing a new medical exam within the first five years. Customers can also choose between fixed or decreasing benefit structures, depending on their evolving needs. Premiums stay constant during the initial term, simplifying financial planning, although they may rise upon renewal. Additional features include optional riders like critical illness coverage and disability waivers. However, while the product is solid and backed by Beneva’s 75 years of industry experience, its online resources are relatively sparse, potentially requiring more direct interaction with an advisor to fully understand all options.
Ideal profile: This policy is best suited for young professionals, new parents, and individuals taking on major financial obligations like mortgages or business loans who need affordable, predictable protection over a defined period. It also appeals to those who value future flexibility without the risk of repeated health underwriting.
- Very broad choice of terms, from 10 to 40 years, adapting to many life stages
- Premiums remain fixed during the term, helping with predictable budgeting
- Option to switch to a longer term or permanent insurance without a new medical exam
- Choice between fixed and decreasing capital based on personal financial strategies
- Add-ons like critical illness or disability coverage can further customize protection
- Beneva's extensive experience (over 75 years) adds a layer of credibility and stability
- Premiums may increase substantially upon renewal after the initial term
- Decreasing benefit may not meet long-term protection needs for everyone
- Limited information available online, requiring direct consultation for complex cases
- Cost of insurance increasing or uniform
- Multiple investment options
- Consultation service for grieving individuals
- Cost of insurance increasing or uniform
- Multiple investment options
- Consultation service for grieving individuals
Equation Generation IV from Equitable Life of Canada is a highly flexible life insurance solution designed to adapt over time to the changing needs of policyholders. It allows for adjustments in premiums, insurance coverage, and investment options, making it suitable for significant life transitions such as having children, buying a home, or planning retirement. Coverage is available from birth to 80 years old, with a death benefit reaching up to $500,000. Policyholders benefit from digital access through an online account and a digital e-policy, along with customizable bundles to tailor protection and investment strategies. The plan also includes supportive services like a consultation service for grieving individuals, a thoughtful addition that sets it apart. Premiums can either remain level or increase over time, offering flexibility depending on budget and planning needs. While the policy is competitively robust, it falls into mid-range territory regarding pricing, making it less appealing for those purely seeking the lowest-cost option. Overall, it strikes a strong balance between adaptability, investment opportunity, and family-oriented support, positioned within Canada's highly reputable mutual insurer landscape.
Ideal profile: This product fits professionals or business owners looking for a customizable insurance plan that can grow and evolve with their financial and family situation. It is particularly suited to individuals planning major life events or those valuing both protection and investment options within a single product. People willing to pay slightly higher premiums for increased flexibility and personalized services would benefit most.
- Online account management and digital e-policy availability
- Flexibility in cost of insurance (level or increasing)
- Multiple investment options tailored to different risk appetites
- Additional support services such as grief consultation
- Different bundling choices to enhance coverage
- Issuance available from newborns up to 80 years old
- Mid-range premiums that may be less competitive for budget-focused customers
- Investment performance may vary and carries typical market risks
- Some riders and features may increase the total cost depending on customization choices
- Multiple participation options
- Individual or joint coverage
- Guaranteed cash value
- Possibility to lock in a child or grandchild’s insurability
- Multiple participation options
- Individual or joint coverage
- Guaranteed cash value
- Possibility to lock in a child or grandchild’s insurability
RBC Growth Insurance Plus is a high-end, permanent life insurance solution designed to deliver accelerated, tax-deferred cash value accumulation starting as early as the first policy year. With minimum coverage beginning at $250,000 and options up to $25 million, it primarily caters to high-net-worth individuals seeking both robust estate planning tools and immediate liquidity access. Available for individuals from birth to 80 years old, this policy stands out for its flexible dividend choices, which can be used either to reduce premiums, buy additional coverage, or accumulate in a cash account. It also facilitates policy loans and allows the policy to be used as collateral, making it particularly attractive for sophisticated financial planning. While the immediate cash value accessibility and growth potential are strong selling points, the high minimum coverage requirement can act as a barrier for many, restricting accessibility mostly to wealthier clients. RBC Insurance’s solid reputation for service and strong dividend history further enhances the policy’s appeal among those looking for premium financial instruments.
Ideal profile: This product is ideal for affluent individuals, business owners, or families engaged in complex estate planning who prioritize immediate liquidity, tax-efficient wealth accumulation, and flexible policy management. It suits clients looking for insurance solutions that double as strategic financial assets, rather than simple protection tools.
- Immediate access to cash value from the first policy year
- High coverage amounts supporting substantial financial and estate strategies
- Versatile dividend options allowing premium reduction, additional insurance purchases, or accumulation
- Can be used as collateral for loans, increasing financial flexibility
- Joint or individual coverage options available, with possibilities to lock in child or grandchild insurability
- High minimum entry point ($250,000) may be restrictive for many buyers
- Primarily geared toward high-net-worth individuals, limiting general accessibility
- Complexity of options may require financial expertise or professional advice
Did you know that car accident fatalities in Ontario have reached a 10-year high? Life is unpredictable, and while we can take steps to care for our health, there are factors beyond our control. That's why getting a good life insurance Ontario plan is critical.
Life insurance provides a comforting shield, ensuring that if the unexpected occurs, your loved ones won't face financial hardship. But how does it work? What are the things you need to consider? What kind of life insurance suits you best? We've got you covered.
This guide breaks down the crucial aspects of life insurance Ontario plans, from the basics, pros and cons, to the best options, and more. We've also made a free comparator for you to compare the best life insurance plans in Ontario and get free personalized quotes right here in no time.
Best Life Insurance in Ontario 2025: Top 10
- Beneva: Best for flexible, no-medical term life insurance.
- RBC Life Insurance: Ideal for high coverage with rider options.
- Manulife Life Insurance: Great for health-focused individuals.
- Assumption Life Insurance: Suited for instant, no-medical coverage.
- Equitable Life Insurance: Perfect for convertible term policies.
- Foresters Life Insurance: Ideal for flexible term lengths.
- Humania Life Insurance: Best for quick digital approval.
- Canada Life Insurance: Great for flexible terms and high coverage.
- BMO Life Insurance: Perfect for extensive coverage with riders.
- Canada Protection Plan: Ideal for affordable no-medical options.
Do you need life insurance in Ontario?
Life insurance is a financial safety net that provides a tax-free payout to your beneficiaries if you pass away, helping them manage expenses and maintain financial stability. In Ontario, where the cost of living is high—especially for housing and essentials—life insurance becomes even more critical to safeguard your family's future and cover debts or daily expenses.
Buying life insurance is not mandatory in Ontario. There are, however, many great reasons to get a plan. Here are the benefits of having life insurance in Ontario:
- Cover Funeral Costs: The average funeral in Ontario can cost $5,000–$15,000. Life insurance ensures these expenses don’t burden your family.
- Pay Off Debts: Outstanding mortgages, loans, or credit card debts can be cleared, protecting your family from financial stress.
- Income Replacement: If your family relies on your income, life insurance can help them maintain their standard of living.
- Child’s Education: Secure funds for your children’s future education, even if you’re no longer there to provide.
- Estate Taxes: Cover estate taxes, ensuring your heirs receive their inheritance without financial complications.
- Leave a Legacy: Support loved ones or donate to a charity of your choice with a tax-free payout.
How much life insurance do you need in Ontario?
Determining how much life insurance you need depends on your financial obligations, future goals, and family’s needs. In Ontario, where living costs and family expenses can be significant, it’s essential to consider several factors. Here's how you can calculate your ideal coverage amount.
Key factors to consider
- Outstanding Debts
- Include your mortgage, car loans, and credit card debt.
- Example: If you have a $300,000 mortgage and $20,000 in other loans, you need at least $320,000 to cover debts.
- Income Replacement
- Multiply your annual income by the number of years your dependents would need financial support.
- Example: Earning $60,000 annually with a goal to support your family for 10 years means $600,000 in coverage.
- Future Expenses
- Consider education costs, childcare, and other major expenses.
- Example: For two children needing $20,000/year for 4 years of university, you’d need $160,000.
- Final Expenses
- Account for funeral and burial costs, typically $10,000–$20,000 in Ontario.
- Example: Set aside $15,000 for funeral costs.
- Legacy or Charitable Contributions
- If you wish to leave an inheritance or donate to a cause, factor this in.
- Example: Allocating $50,000 for each of two children requires $100,000.
How to calculate the coverage you need
Let’s say your needs are as follows:
- Debts: $320,000
- Income Replacement: $600,000
- Future Expenses: $160,000
- Final Expenses: $15,000
- Legacy: $100,000
Total Needed Coverage: $1,195,000
Expert advice
A nice rule of thumb is to purchase a policy worth ten times your annual income. Ask yourself if your dependents could stay in the family home, establish themselves as independent adults, and maintain their lifestyle without you. Shopping for life insurance may be uncomfortable, but it can make a big difference for your family’s future.
Weigh your existing debt, dependants’ needs, mortgage payments, and family’s lifestyle. Still unsure? Our life insurance calculator can help you with the calculations.
There are life insurance policies for everyone. Ontarians can pick from as little as $5,000 in coverage to as much as $10 million. Are you interested in seeing what coverage is right for you? Compare Ontario life insurance quotes using our free comparator.
How much does life insurance cost in Ontario?
Life insurance costs in Ontario vary based on factors like age, health, coverage type, and amount. A 30-year-old non-smoker can expect to pay about $20–$30/month for a $500,000 term life policy, while permanent life insurance costs start at $150–$200/month for similar coverage. Premiums increase with age and smoking status, so it's best to secure a policy early.
Life insurance Ontario quotes for men
To get you started, here are real-life quotes from a leading life insurance provider in Ontario. Prices are for 20-year term life insurance policies with $250,000 and $1 million benefits:
| Male, Non-smoker | Premium/ month ($250k) | Premium/ month ($1 million) |
|---|---|---|
| 30 years old | $22 | $58 |
| 45 years old | $51 | $163 |
| 60 years old | $253.00 | $926 |
Life insurance Ontario quotes for women
Women typically benefit from lower life insurance premiums than men due to longer life expectancies, making it a cost-effective way to secure financial protection for their families. Here are some typical Ontario life insurance quotes.
| Female, Non-smoker | Premium/ month ($250k) | Premium/ month ($1 million) |
|---|---|---|
| 30 years old | $16 | $42 |
| 45 years old | $39 | $118 |
| 60 years old | $181 | $656 |
The above rates are given as examples. Not everyone will get the same rate based on their personal risk profile and health
What factors impact Ontario life insurance quotes?
Life insurance rates are based on a variety of factors that influence risk. These include:
- Age: Older applicants pay higher premiums due to increased risk.
- Gender: Women typically receive lower rates because they live longer on average.
- Health History: Chronic conditions, obesity, or smoking can raise premiums.
- Lifestyle: Risky hobbies like skydiving or frequent alcohol use may increase costs.
- Policy Type: Term life is cheaper upfront, while permanent life costs more but offers lifelong benefits.
Good to know
The best way to get the best idea of how much you will pay is by comparing life insurance quotes made just for you. You can get free personalized life insurance Ontario quotes from the best providers right here using our free and easy-to-use comparator.
What is the best life insurance in Ontario?
Determining the "best" life insurance in Ontario is subjective and depends on individual needs, preferences, and financial situations. Various insurance providers offer various products tailored to specific requirements. It's essential to consider factors such as coverage options, premiums, policy terms, customer service, and reputation when evaluating life insurance providers.
But based on several factors including reputation, products offered, and coverage, here are some of the best life insurance companies in Canada. The following table focuses on term life insurance options because it is the most common life insurance choice.
| Best Life Insurance Ontario Canada | Key Features | Get a free quote |
|---|---|---|
| Beneva |
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| RBC Life Insurance |
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| Manulife Life Insurance |
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| Assumption Life Insurance |
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| Equitable Life Insurance |
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| Foresters Life Insurance |
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| Humania Life Insurance |
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| Canada Life Insurance |
Participating Whole Life Insurance
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| BMO Life Insurance |
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| Canada Protection Plan Life Insurance |
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| Empire Life Insurance |
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| Sun Life Life Insurance |
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| iA Life Insurance |
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| Ivari Life Insurance |
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| UV Insurance Life Insurance |
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| Desjardins Life Insurance |
| Consult Desjardin's Website |
| Wawanesa Life Insurance |
| Consult Wawanesa's Website |
| TD Life Insurance |
| Consult TD Insurance Website |
How do you get Ontario life insurance quotes?
Getting life insurance quotes in Ontario requires providing certain key details to insurers or brokers. Here’s what you’ll typically need:
- Basic Personal Information
- Your age, gender, and province of residence.
- Health and Lifestyle Details
- Current health status, pre-existing conditions, smoking habits, and overall lifestyle.
- Coverage Preferences
- The type of insurance you need (term or permanent) and the coverage amount (e.g., $100,000 to $1 million).
- Policy Duration
- For term insurance, specify the length of coverage you prefer (e.g., 10, 20, or 30 years).
- Additional Riders
- Indicate if you want optional add-ons like critical illness coverage or disability benefits.
- Income and Dependents
- Information about your income and the number of dependents relying on you financially.
Good to know
The easiest way to get life insurance Ontario quotes is by using a comparison tool. You can use our free HelloSafe comparator at the top of this page to get over 20 personalized quotes from Canada's best life insurance companies and get the best rates.
What are the types of life insurance?
Life insurance in Ontario falls into two main categories: Term Life Insurance and Permanent Life Insurance. Each serves unique purposes, offering tailored solutions based on your financial goals and needs.
Term Life Insurance
- Coverage Duration: Provides coverage for a fixed period (e.g., 10, 20, or 30 years) with affordable premiums.
- Best For: Temporary needs like covering a mortgage or income replacement while raising children.
Permanent Life Insurance
- Coverage Duration: Offers lifelong protection and includes a cash value component that grows over time.
- Best For: Long-term needs like estate planning, leaving an inheritance, or building wealth.
Term vs Permanent Life Insurance in Ontario, Canada
| Feature | Term Life Insurance | Permanent Life Insurance |
|---|---|---|
| Duration | Fixed term (e.g., 10, 20, or 30 years) | Lifelong coverage |
| Premiums | Lower initially but increase upon renewal | Higher but remain fixed over time |
| Cash Value | ||
| Flexibility | Convertible to permanent policy | Offers flexibility for withdrawals or loans |
| Purpose | Temporary needs like mortgage or debt coverage | Long-term goals like estate planning or leaving a legacy |
| Best For | Young families, homeowners, or those with limited budgets | Those seeking wealth-building or lifelong financial security |
Term vs Permanent Life Insurance: What should I choose?
If you're looking for affordable, temporary protection—like covering a mortgage, raising children, or safeguarding your income—term life insurance is a smart choice, offering flexibility and lower premiums. However, if your goal is long-term financial security, estate planning, or leaving a legacy, permanent life insurance is ideal, with lifelong coverage and the added benefit of cash value growth. Consider your financial priorities and time horizon when deciding which type best suits your needs.
Life Insurance for Seniors in Ontario: What are the options?
Seniors in Ontario can access a variety of life insurance options tailored to meet their unique needs, from covering final expenses to leaving a lasting legacy. With options like no medical exam policies for fast approval and lifelong plans with cash value, there's something to suit every priority and health condition.
Key Options for Seniors in Ontario:
- Term Life Insurance: Covers a specific period (e.g., 10, 15, or 20 years), with benefits ranging from $50,000 to $1 million. Ideal for temporary needs like paying off debts or income replacement.
- Whole Life Insurance: Provides lifelong coverage with fixed premiums and cash value growth. Coverage ranges from $25,000 to $10 million, perfect for estate planning or leaving an inheritance.
- Simplified Issue Life Insurance: No medical exams required—approval is based on a short health questionnaire. Coverage typically ranges from $5,000 to $500,000, great for those with minor health concerns.
- Guaranteed Issue Life Insurance: Open to everyone without health questions or exams. Coverage amounts are smaller, usually $5,000 to $50,000, and focus on final expenses.
- Final Expense or Funeral Insurance: A type of whole life insurance designed for funeral costs and end-of-life expenses, with coverage typically between $5,000 and $25,000.
How to get cheap life insurance in Ontario?
To save money on life insurance in Ontario, here are some tips to get the cheapest life insurance Ontario plans.
- Buy young: life insurance premiums are lower for younger individuals who are in good health. By purchasing a policy in your twenties, you will be able to lock in lower rates than if you waited until your thirties or forties.
- Buy only as much as you need: consider your family's specific needs and financial situation when deciding how much life insurance coverage to purchase. In some cases, a term life insurance policy may be sufficient to provide for your loved ones.
- Ask for member discounts: as a member of a professional or alumni organization, you may be eligible for a discount on your life insurance policy. It is worth asking your insurer what discounts they offer.
- Bundle policies: it is more cost-effective to bundle life insurance coverage with disability or critical illness insurance than to buy multiple policies separately.
- Quit smoking: Smoking is a major risk factor for many health conditions. It drives up life insurance premiums. Not only can quitting reduce your risk of illness, but it can also lower your life insurance rates!
- Compare providers: There are many life insurance providers and plans like term life Insurance Ontario, no medical life Insurance Ontario, and more. Compare options and find the one that is right for you. A life insurance agent can help you understand the differences between the various options and choose the best policy for your needs.
Is life insurance taxable?
When speaking about taxes, we always recommend speaking with a tax professional.
Ontario taxes life insurance premiums at 2%. Death benefits paid to a named beneficiary are not taxable in Ontario. The CRA considers them an inheritance or gift. An exception to this rule is earned interest from some permanent life insurance policies. Beneficiaries could be eligible if they choose to receive money in installments rather than as a single lump sum.
If your policy earns interest, the life insurance company should send you or your beneficiaries a T5 Statement of Investment Income at tax time.
Good to know
Borrowing money from or closing your permanent life insurance policy may be taxable. While you should not owe taxes on the portion of the policy’s accumulated cash value made up of your premiums, the above-basis amount from earned interest is taxable.
Can I get no medical life insurance in Ontario?
Many Ontario life insurance providers offer guaranteed acceptance life insurance. These term life insurance policies are only available up to a specific age limit. For example, Sun Life Go Guaranteed Life Insurance accepts applicants between the ages of 30 and 74 while Manulife’s CoverMe Guaranteed Issue Life Insurance accepts those between 40 and 75.
The biggest downside to these policies is low coverage limits vs plans that require medical exams or questionnaires. Many plans are limited to $25,000. RBC Guaranteed Acceptance Life Insurance allows a little more, $40,000.
While no medical life insurance can make sense to the right kind of buyer they aren’t the most competitive or cost-effective plans. Going through the trouble of a medical questionnaire and exam may mean access to higher-limit policies and more bang for your buck.
What is the Financial Services Regulatory Authority of Ontario?
The Financial Services Regulatory Authority of Ontario (FSRA) safeguards your rights by ensuring insurance providers and agents are licensed and comply with the law. You can verify your insurer or agent's credentials, file a complaint if treated unfairly, and seek action if they violate the Ontario Insurance Act. This helps you make informed and secure insurance decisions.
Also, note that the coverage and laws applicable change across provinces. For example, life insurance in Quebec is monitored by Autorité des Marchés Financiers (AMF) and differs from rules set by the FRSA.
How do I get mortgage life insurance in Ontario?
Mortgage life insurance is sometimes referred to as "life insurance for a mortgage". Is not required in Ontario but can be beneficial for some buyers.
Similar to term life insurance, mortgage life insurance policies last for a set term, typically the length of the policyholder's mortgage. In the event of the policyholder's death, the insurance pays off the remaining mortgage balance.
The beneficiary of the policy is the mortgage lender, not the policyholder's dependents, but the result means a paid-off mortgage for the family home.
One advantage of mortgage life insurance is that it typically requires less medical information than other types of life insurance. For example, a person with a pre-existing health condition may find it easier to obtain mortgage life insurance than a traditional term or whole life policy.
Let’s look at an example of why someone might prefer this type of coverage:
For example
Javier is a 41-year-old architect in Toronto. He is married and has a young daughter. They live in a chic condo in the city's Yorkville neighbourhood. It cost them $1.8 million and required a substantial mortgage. As the family’s primary breadwinner, he wants to be sure that his daughter and partner can continue living in the home should something ever happen to him.
He chose a mortgage life insurance policy because a recent cancer scare drove up the prices of his term life insurance quotes. He is more comfortable with the less expensive mortgage life insurance quote.
So irrespective of the type of insurance you want to buy, it is highly recommended that you explore multiple options and providers, get personalized quotes, and compare them. You can simply do that right here using our comparator at the top of this page.
