Best life insurance Quebec: Quotes & rates in 2024

Are you part of the 77% of Quebec's population with life insurance, or are you looking to join them? Wondering if your current plan truly fits your needs, or are you exploring life insurance Quebec plans for the first time? Our guide is tailored just for you.

What does life insurance in Quebec cover? How much does it cost? How do you choose the right plan? Find all the answers and compare life insurance Quebec plans from the best providers with our free tool.

Ready to secure your family's future with personalized quotes? Let's get started.

What is the best life insurance Quebec plan in 2024?

The best life insurance providers in Quebec are those that provide the best combination of price, coverage, customer service, and efficiency. While some life insurance providers have a combination of these factors, very few will have it all. 

Here is a list of a few of the top life insurance companies in Canada with their key features.

Company	Key Features	Get A Quote
	Oldest and one of the largest insurers in Canada (founded 1865) Diverse portfolio: life, health, dental, disability, critical illness All policy types offered: term, whole, universal, participating life Up to $15 million coverage Multiple term lengths from 10-30 years Option for 90-day free coverage when applying	Get a Sun Life Quote
	Simple and quick online application and approval Offers up to $5 million coverage for term life insurance Terms from 10 to 30 years Automatic yearly renewals 10% off for couples in the first year; $10,000 in free Child Coverage/child Easy and guided claim process	Get a PolicyMe Quote
	75 years in business (La Capitale and SSQ Insurance merged as one) Offers term, permanent, and universal life insurance Multiple term options from 10, 15, 20, 25, 30, or 40 years Coverage up to $10 million Option to renew the contract from the 5th year Fixed premiums for the term duration Easy switch from term to permanent or universal life	Get a Beneva Quote
	Unique pick-a-term 10-40 years Decreasing term good for mortgages Non-medical options through Access Life Term, whole, and universal policies Rated A+ by AM Best	Got an iA Quote
	Canadian-owned, top 10 life insurer Packaged policies can save on fees Many term lengths and options Convert to permanent coverage anytime Rated A by AM Best	Get a Empire Life Quote
	Largest by revenue, over 20 million customers globally Innovative digital insurance delivery and underwriting Offers cash advance if diagnosed terminally ill All policy types, up to $20 million coverage Vitality program rewards healthy habits Rated A+ by AM Best	Get a Manulife Quote
	Operating since 1903 Term lengths of 10, 15, 20, 25, 30 or 35 years available Automatic renewal until 90 years old Up to $10 million in coverage Non-residents in Canada can also qualify for Assumption life insurance products Financial strength rating of A- from A.M. Best Six different permanent life insurance products to choose from	Get an Assumption Life Quote
	A mutual insurance company and one of the oldest providers in Canada Has no-medical life insurance option Instant-issue policies available offering quick coverage Competitive rates and flexible policy options, with coverage amounts up to $5 million Policies over $100,000 automatically qualify for HuGO Critical Illness Insurance ($25,000) and HuGO Debt Insurance (up to $1,500/month) Various term lengths of 10, 15, 20, 25 and 30 years	Get a Humania Insurance Quote
	Term, whole life, and universal policies offered Ability to convert term policies to permanent plans Customize coverage with critical illness rider Flexible investment options on some policies Self-directed investment options	Get an Equitable Life of Canada Quote
	Independent mutual company Competitive pricing on term life Gives back through community benefits Multiple terms and conversion options Rated A by AM Best	Get a Foresters Quote
	Merged entity of 3 top insurers (Great-West Life, London Life, Canada Life) Very flexible 5-50 year terms available Option to renew term or convert to permanent coverage Rated A+ by AM Best	Get a Canada Life Quote
	Backed by Canada's largest bank No medical exam option up to $1 million Guaranteed acceptance of permanent coverage Up to $25 million term life coverage Pick-a-term lets you select a custom length Rated A by AM Best	Get an RBC Quote
	Backed by Canada's largest bank No medical exam option up to $1 million Guaranteed acceptance of permanent coverage Up to $25 million term life coverage Pick-a-term lets you select custom length Rated A by AM Best	Get a BMO Quote
	Bank-owned, straight-term life policies $100k to $5 million coverage amounts Age 0-80 permanent life available Compassionate critical illness benefit Rated A by AM Best	Consult Desjardin's Website
	Part of Canadian Mutual Insurance Very affordable premiums Wide range of term lengths Renewable and convertible policies No fees charged on policies	Consult Wawanesa's Website
	Leading cooperative financial group Good for existing members; bundled policies Permanent coverage without a health exam Term, permanent, participating options Monthly premium discounts possible	Get an Ivari Quote
	Guaranteed renewable terms offered Whole life option with lifetime coverage Critical illness rider available Major Canadian bank-owned insurer Term, permanent, and illness options Trusted bank brand name	Consult TD Website

How does life insurance in Quebec work?

Before we dive into the specifics of life insurance policies and providers in Quebec, we must have a clear understanding of life insurance and how it works. In its basic form, life insurance is a financial tool that people use to secure financial aid for their families if the worst were to happen.

On the technical side, life insurance is a contract held between an individual and the insurance company. This contract usually stipulates that in exchange for an ongoing regular premium payment from the insured individual, the life insurance provider will pay a predetermined death benefit to the insured’s beneficiaries in the event of their death. 

In Quebec, life insurance companies are regulated by the Autorité des Marchés Financiers (AMF) which ensures that insurance providers follow all necessary regulations and industry standards.

Not only this, but regulators like the AMF are essential in upholding the trust the public has in the financial and insurance industries by ensuring that they don’t fail their customers when they are needed the most. And, when it comes to life insurance, when you need it the most you do need it.

Do you need a life insurance Quebec plan?

Having life insurance in Quebec is not a legal requirement, although whether you need it or not depends solely on your circumstances. These circumstances usually revolve around whether or not you have any dependents that directly rely on your ability to provide an income, but there can also be other reasons for you to need life insurance.

For example, you might not have any dependents right now, but you may in the future. By buying life insurance when you are younger and before you technically need it for any dependents, you will be locking in a significantly cheaper premium than you would if you waited a few years. 

Another reason could be that you have loved ones who aren’t directly dependent on you but who you want to be looked after if you weren’t around: like nieces and nephews or close family friends!

However, if you do have dependents, then it can be argued that life insurance is a necessity. Not only does it provide peace of mind, but life insurance acts as a financial injection in the event of your passing. The life insurance death benefit would:

• Ensure general long-term financial security
• Cover the cost of mortgage payments and/or rent for several years
• Pay for any car or other personal loans
• Clear debt
• Cover the cost of final expenses such as funeral costs
• Pay for childcare and future tuition
• Protect the family from legal issues
• Provide generational wealth

Hopefully, now you know if you need life insurance in Quebec or not, but now the question is how much do you need?

How much life insurance do you need in Quebec?

The amount of life insurance you need in Quebec is determined by numerous factors which include the following.

• The number of your dependents
• Your spouse’s income
• Children’s aspirations and education
• Family’s plans
• Your current financial situation (savings, investments and debt)
• Ongoing and future cost of living
• Your age and health

Normally, you would consider every single one of your future financial obligations to arrive at the amount of life insurance you need. You would calculate the amount of money you make, how much you spend on your family, the amount that you save and invest for plans, and even the money that you would spend on hobbies.

Ultimately though, you should just buy the amount of life insurance that you can currently afford and if you are struggling to figure out how much that is, try our free online life insurance calculator.

How much does life insurance cost in Quebec?

Life insurance costs in Quebec vary greatly. This is because life insurance premiums are determined by a multitude of factors which include:

• Type of life insurance
• Current age and health
• Place of residency
• The sum assured (death benefit)
• Medical history
• Gender
• Life insurance providers themselves

So, to get accurate life insurance quotes in Quebec you will have to review specific policies, and apply for and get quotes, from specific insurers. However, to give you an overview of the prices of life insurance in Quebec we have collated the following quotes for you below.

These monthly premium prices are based on a 20-year term life insurance policy, with a death benefit of $250,000 and assuming the applicants are healthy non-smokers.

Age	Female	Male
20	$17	$21
30	$18	$22
40	$27	$32
50	$57	$80
60	$168	$246

As you can see from the life insurance costs in Quebec above, it is significantly cheaper to apply and buy life insurance when you are younger. If you’re eager to compare life insurance quotes from the top companies in Quebec, use our comparison tool below

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What types of life insurance Quebec plans are available?

The life insurance policies in Quebec are the same as those available throughout the rest of Canada: term life insurance, whole life insurance, and universal life insurance. Often referred to as permanent life insurance, whole and universal life insurance policies provide coverage for your whole life, while term life insurance is designed to last for a specific period.

Understanding the differences between these three types of life insurance will help you pick the policy that most closely aligns with your financial goals and priorities.

Term life insurance

• Term life insurance provides coverage for specific periods. Usually, these terms are 10, 20, or 30 years, but sometimes insurers have 5-year terms available or term limits set to a specific age. For example, a term 80 life insurance policy will provide coverage up until the age of 80.
• It is also common to allow term life insurance holders to renew their plans without any new medical underwriting, although premiums will increase upon renewal.
• Since term life insurance is usually the cheapest form of coverage, it makes it a popular choice for younger individuals and couples just starting. 

Whole Life Insurance

• Whole life insurance is a type of permanent life insurance that provides coverage for your entire life. Since your coverage is confirmed for your whole life, the premiums are more expensive than those of term life insurance; however, whole life can be a valuable tool for those looking to ensure generational wealth. 
• In addition to the normal death benefit, whole life insurance sometimes also comes with an accumulated cash value option, aka cash surrender value, which may allow the policyholder to draw down on the policy or leverage it as collateral towards a loan. 

Universal Life Insurance

• Universal life insurance combines the death benefit with an investment savings element. In addition, the premiums as well as the death benefit can be flexible and change throughout the time of coverage. The investment part of the policy can act as the policy's surrender value similar to the accumulated cash value of a whole life insurance plan.
• However, since the performance of the investments fluctuates depending on how the funds have been invested, so too will the cash value of the policy. If the investments have performed poorly for a longer amount of time, the policyholder may have to pay extra premiums to keep the policy in effect which naturally makes it more risky than any other life insurance policy.

Each type of life insurance has its advantages and considerations, so it is important to evaluate your needs and financial goals before making a decision.

What are the factors to consider when buying Quebec Life insurance?

Whether you’re looking for the best life insurance in Quebec or just enough to provide for your family, here are some things you should take into account. 

Buying Young - whether you currently have any dependents or not, you will save a lot of money in premiums by buying life insurance at a younger age and locking in a low premium.

Buying only as much as you need - it can be tempting to buy whole life insurance or a policy with a large death benefit. But, remember, that you have to be able to continuously pay the insurance premiums throughout the life of the policy. Don’t overextend yourself because one missed payment may mean the end of the policy. 

Bundle policies - if there is an option to do so, consider bundling your life insurance policies with one provider. Successfully bundling your policies eases administrative tasks and may save you some money along the way.

Compare providers - Comparing the life insurance providers and policies before diving into any one is the best way to find a policy and premium that suits you best. You can compare options using our comparison tool or speak to a trusted life insurance agent near you.

How do you get Quebec life insurance quotes?

There are essentially three ways to get life insurance quotes from Quebec insurance providers. The first is to reach out to the life insurance companies directly. Some may have online life insurance quoting tools, but you will likely have to complete a questionnaire and then speak to a representative from the company to get your quote. 

The second way is to speak to a life insurance agent, sometimes also known as an insurance intermediary, in your area who has the right licenses to recommend and sell the various forms of life insurance. These agents should provide a suitable range of options applicable to your wants and needs and will be able to quote you a price for the product as well.

However, the easiest and quickest option to explore life insurance plans is our free HelloSafe tool below. Compare the best life insurance plans and get free personalized quotes right here in no time.

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Is life insurance taxable in Quebec?

Life insurance is not taxed in Quebec when the death benefit is paid directly to the beneficiaries when the insured person passes. In addition, the beneficiaries of the life insurance payout do not need to report the money as additional income.  

However, life insurance payouts may need to be declared by the policyholder if the life insurance policy pays dividends or interest, or if you withdraw money from your paid-up plan.