What affects life insurance rates in Canada
Life insurance premiums reflect your risk profile as an insured person. Insurers weigh the following factors:
We collect only your age band and smoker/non-smoker status — the two broad factors an advisor needs to start a conversation. Detailed health questions, if needed, happen privately between you and the licensed advisor.
What to have ready before requesting quotes
These basics make the advisor's follow-up call short and the quotes accurate:
- Your age band and smoking status. The two fields on the form below — answer them as accurately as you can.
- Why you need coverage. Income replacement for a family, covering a mortgage, children's education, or estate planning — the purpose guides the type and amount.
- Financial picture. Rough mortgage balance and debts, household income, and number of dependents.
- Existing coverage. Any group life insurance through an employer — note the amount, since it may overlap or fall short.
- Coverage goal and term. A rough amount you're thinking about (the form offers bands) and how long you need protection.
- Beneficiaries. You name them later, but it's worth thinking about who you'd want covered.
Many people start by adding up outstanding debts and a number of years of income replacement, then discuss that figure with a licensed advisor. That exercise is a starting point for conversation — not a recommendation of what you should buy.
How the quote process works
Life insurance in Canada is sold by licensed advisors, who are regulated in every province. The process looks like this:
- You submit the request. Fill in the form below — free, no obligation. We never ask for health details, a SIN, policy numbers or banking information.
- A licensed advisor contacts you. They confirm your basics, ask about your goals, and explain policy options.
- The advisor compares licensed insurers. They shop your profile across licensed providers and present quotes with the trade-offs explained.
- You decide. You may be asked to complete a health questionnaire or medical exam depending on the product — or be offered simplified-issue options with fewer questions. Nothing is bound until you accept a policy.
Most life insurance policies in Canada also include a "free look" period — typically around 10 days after you receive the policy — during which you can cancel for a full refund.
Term vs. permanent, in plain terms
The two main families of life insurance:
- Term life insurance covers you for a fixed period — 10, 20 or 30 years are common. If you outlive the term, coverage ends. It typically offers the most coverage per premium dollar and suits temporary needs like a mortgage or raising children.
- Permanent life insurance (whole life or universal life) lasts for your lifetime as long as premiums are paid. It can build cash value you can borrow against, and typically costs more for the same death benefit.
This page explains general concepts only. Which type — if any — fits your situation is a decision to make with a licensed advisor who understands your full picture.
Request your life insurance quotes
Free and no obligation. We pass your details to licensed life insurance advisors, who contact you with quotes from licensed providers.
Life insurance quote FAQ
Is this form a life insurance quote?
No. This form collects your basics so licensed insurance advisors can contact you with actual quotes from licensed providers. Only a licensed advisor or insurer can issue a quote, after collecting the full information they need.
How much life insurance should I consider?
There is no one-size answer. Many people start by adding up outstanding debts and a number of years of income replacement, then refine that figure with a licensed advisor who understands their full situation. This page does not recommend an amount.
Will I need a medical exam?
It depends on the product and coverage amount. Some policies require a health questionnaire or medical exam; simplified-issue policies ask fewer questions and skip the exam but typically cost more. Your advisor will explain your options.
What is the difference between term and permanent life insurance?
Term life covers a fixed period — 10, 20 or 30 years are common — and typically offers the most coverage per premium dollar. Permanent life (whole or universal) lasts for your lifetime and can build cash value, at a higher cost for the same coverage.
Does smoking affect my life insurance rate?
Yes — smokers typically pay noticeably higher premiums than non-smokers. Insurers define "smoker" in their own terms, which can include vaping or smokeless tobacco, so answer the form as best you can and the advisor will clarify.
Do I need to share health details on this form?
No. We collect only your age band and smoker status. Any health questions needed for underwriting happen privately between you and the licensed advisor.