Best life insurance Quebec: Quotes & rates in 2024
- Fixed premiums for the term duration
- Option to renew the contract from the 5th year
- Fixed or decreasing insured capital
Term Life Insurance by Beneva offers tailored flexibility to adapt to various coverage needs over 10, 15, 20, 25, 30, or 40 years, making it ideal for those looking to cover specific financial responsibilities such as personal loans or educational expenses for dependents. This policy is particularly advantageous for first-time buyers or those on a strict budget due to its affordable nature compared to permanent policies. It includes options to extend or modify the term, switch to permanent coverage without further health checks, and choose between decreasing or fixed capital to match changing financial obligations or provide a consistent benefit.
- Over 75 years of combined insurance expertise
- Affordable and flexible with multiple term options
- Premiums are constant during the initial term, aiding in financial planning.
- Ability to choose between decreasing or fixed insured capital.
- Can switch to a longer term within five years without a medical exam.
- Add-ons like critical illness coverage, disability waiver, children’s insurance, and more
- Premiums may rise upon renewal, although increases are known in advance.
- Decreasing Benefit Option is economical but reduces coverage over time, which may not suit everyone's long-term needs.
- Website doesn’t provide enough information about coverage
- Fixed or decreasing insurance amount
- Fixed premiums and guarantees
- Option to convert to permanent life insurance without medical evidence
Pick-A-Term by iA is a term life insurance solution designed with affordability and flexibility in mind, suitable for various stages of life including young families and pre-retirees. It offers terms from 10 to 40 years, which can align with significant financial commitments like mortgages or educational expenses. The fixed and guaranteed premium structure simplifies budgeting, while options to renew annually or convert to permanent insurance provide adaptability as needs evolve. This product is ideal for those seeking financial security without the long-term commitment of permanent life insurance, accommodating both personal and business insurance needs.
- Versatile term options from 10 to 40 years, matching key financial periods.
- Premium rates are guaranteed and known upfront, aiding in financial planning.
- Allows conversion to permanent coverage at any time without health checks.
- Can be renewed annually to adapt to changing insurance needs.
- Available with additional benefits such as critical illness and disability insurance.
- At renewal, premiums may increase based on the new term.
- Decreasing Benefits Option is not suitable for those needing consistent coverage amounts throughout the term.
- Numerous coverage and benefit options could complicate decision-making.
- Flexible offer
- Policy convertible to permanent insurance
- Several optional guarantees available
RBC YourTerm® Life Insurance offers a range of flexible and affordable term life options to fit different life stages and financial needs, making it an attractive choice for individuals aged 18 to 70. With coverage terms from 10 to 40 years and amounts ranging from $50,000 to $25 million, this policy is versatile enough to protect everything from personal debts to family businesses. It features fixed premiums for the chosen term length, ensuring cost predictability and ease in budgeting. Additionally, the policy can be converted to a permanent policy without further health assessments, providing long-term security. It's particularly suited for young professionals starting their careers, families planning for the future, or anyone needing solid, temporary financial protection with the option for longer coverage.
- Premiums remain constant throughout the term, enhancing budget management.
- Offers substantial coverage up to $25 million, accommodating large financial needs.
- Ranges from 10 to 40 years, allowing tailored protection based on personal needs.
- Policies can be converted to permanent coverage without additional medical information.
- Additional benefits include accidental death benefits and a 10-day review period with a full refund option.
- Coverage limits decrease for individuals over 55.
- If not converted, premiums can increase significantly after the initial term.
- Multiple term lengths and coverage options may require careful consideration to select the appropriate plan.
- Cash advance if you are diagnosed with a terminal illness
- Access to Manulife Vitality benefits at no cost
- Cover your family’s bereavement counseling costs
Manulife Family Term life insurance offers an affordable and flexible way to secure financial protection for both families and businesses. This policy helps maintain lifestyles, cover debts, and fund future needs like education and retirement, with the option to enhance the plan through Manulife Vitality, a program that rewards healthy living. Coverage ranges from $100,000 to $20 million, with level premiums for set periods, and includes unique features like bereavement counseling and a terminal illness advance. It is well-suited for individuals or families seeking comprehensive coverage that adapts to changing life circumstances and those interested in linking their health with insurance benefits.
- Coverage is affordable and can be adjusted to meet changing family and business needs.
- Manulife Vitality Program offers rewards for healthy living, potentially reducing premiums.
- High coverage options available from $100,000 up to $20 million.
- Allows conversion to permanent insurance without further medical underwriting.
- Premiums are level for terms like 10 years, 20 years, or until age 65.
- Participation in the Manulife Vitality program requires meeting specific health milestones to maintain premium discounts.
- With coverage limits up to $20 million, there’s a risk of over-insuring, which could lead to unnecessarily high premiums.
- Available as level and decreasing term life insurance
- Automatic renewal until 90 years old
- Convertible until 75 years old
FlexTerm by Assumption Life offers a customizable approach to term insurance, with coverage ranging from $50,000 to $10,000,000. The offer is tailored for individuals aged 18 to 75, with the possibility of skipping a medical exam for coverage under $999,999. Also, FlexTerm offers a variety of terms ranging from 10 to 35 years, with premiums locked in for the selected term duration. The offer is available as individual or joint policies, with automatic renewals up to age 90 and conversion options up to age 75.
- 10, 15, 20, 25, 30, 35 years terms available.
- Life insurance premiums remain the same for the term selected.
- Renewal is automatic up to age 90; no medical exam required.
- Convertible up to age 75.
- No medical exam not available for individuals seeking higher coverage amounts.
- Potential Cost Variability.
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.
Life Insurance Quebec: 6 Key Takeaways
- Amount of insurance depends on dependents, income, and financial obligations
- Costs vary based on age, health, coverage type, and provider
- Life insurance premiums are much cheaper when you are younger
- Term, whole, and universal life insurance available in Quebec
- Easily compare Quebec life insurance policies online using HelloSafe comparator
- Life insurance payouts not taxed when paid to beneficiaries
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 |
|---|---|---|
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| Get a Empire Life Quote |
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| Get a Sun Life Quote |
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| Get a Beneva Quote |
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| Got an iA Quote |
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| Get a Manulife Quote |
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| Get an Assumption Life Quote |
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| Get a Humania Insurance Quote |
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| Get an Equitable Life of Canada Quote |
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| Get a PolicyMe Quote |
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| Get a Foresters Quote |
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| Get a Canada Life Quote |
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| Get an RBC Quote |
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| Get a BMO Quote |
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| Consult Desjardin's Website |
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| Consult Wawanesa's Website |
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| Get an Ivari Quote |
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| Consult TD Website |
How to compare plans and get free life insurance quotes?
You can explore the best life insurance plans and compare their coverage using our comparator tool at the top of this page. Simply select the province you live in from the drop-down list, and enter the coverage option you're looking for, your age, and coverage amount, and voila. Get personalized quotes right here in no time and start protecting your family right away.
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.
Expert advice
When you don’t know or can’t calculate how much life insurance you need, you usually just take your current salary and multiply that number by 10. By doing this, you can be confident that you are leaving your family with at least 10 years’ worth of income if you are no longer around to work.
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
Compare the best life insurance companies
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.
Good to know
Read our complete guide on the best term life insurance in Canada, how it works, pros, cons, and more. Compare plans and get free personalized quotes using our free tool.
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.
Good to know
Read our complete guide on the best whole life insurance in Canada, how it works, pros, cons, and more. Compare plans and get free personalized quotes using our free tool.
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.
Good to know
Read our complete guide on the best universal life insurance in Canada, how it works, pros, cons, and more. Compare plans and get free personalized quotes using our free tool.
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.
Good to know
Life insurance policies are always a long-term plan. Before buying life insurance in Quebec, make sure that the death benefit will be sufficient for your loved ones and that you will always be able to keep up with the insurance premiums. There is nothing worse than having to give up on a life insurance policy that you have held for 15 years due to extenuating circumstances.
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.
Compare the best life insurance companies
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.
