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Best Adult Life Insurance Rates in Canada

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Best Life Insurance for Adults

There are tons of insurance companies offering life insurance for adults in Canada. Some of the best life insurance for adults include Walnut, PolicyMe, and Policyadvisor.com. Each life insurance firm uses a different formula to determine premium costs. 

This is why comparing quotations from different insurers for the same coverage might result in vastly different total costs. Insurance companies determine your premium based on factors beyond your age, health, and gender.

These factors include your current health, your past medical history, and the amount of coverage you have.

The article reviews the best life insurance for adults, highlighting their best offers, pros, and cons. We would also discuss the factors to consider when comparing life insurance companies and those to consider when choosing a product.

Factors to consider when comparing life insurance for adults

When comparing life insurance policies, you should consider your overall health, the length of coverage, the amount of coverage, and the average policy cost. You also want to compare how flexible the plan is and general customer service. Here’s why you want to look into these factors: 

1. Health

To establish your risk level, the insurer of some life insurance plans will ask you to undergo a medical exam. Insurance rates and eligibility for coverage may be affected by factors such as a history of tobacco use.

You can reduce your premium prices and increase your approval odds by opting for a no-medical-exam life insurance policy. If your health is good, there shouldn’t be any problems passing a medical examination.

2. Length of coverage

With term life insurance, the policyholder determines the duration of coverage. Ten-, twenty-, and thirty-year terms are typical. There is no such thing as a temporary life insurance policy; all permanent policies offer protection for the rest of your life.

3. Amount of coverage 

The total amount of cash that can be paid out as a policy’s coverage is often capped. You should factor in your debt, income, mortgage, and other educational expenses when determining how much coinsurance you need.

4. Average cost 

Insurance policy rates are not all the same, but term life insurance is usually the best deal. Permanent insurance is usually more expensive than term insurance because it covers you for life and has a cash value.

Your specific premium will be based on your age, the coverage you need, and the type of insurance you have.

5. Flexibility

Some contracts for term life insurance can be changed into permanent policies that will cover you for the rest of your life. Permanent insurance comes with a wide range of policy options.

In a universal life insurance policy, for example, you can change the coverage or the amount you pay for the premiums. This is not an option with whole life insurance. 

6. Customers reviews

You also want to know what other customers have to say about the products offered by a particular insurance company. There are many websites you can find these reviews, such as Trustpilot and Better Business Bureau.

Common types of life insurance for adults 

Different insurance products have their advantages and disadvantages. It is essential that you familiarize yourself with their perks to know which is best for you. Here are the three most common types of Life Insurance products available in the market.

1. Term life insurance

Life insurance plans considered “term” are designed to pay out a death benefit and expire after a certain period. The duration of the policy might range from 1 year to 40 years. Your beneficiaries will get the death benefit from your life insurance company if you pass away during the policy period.

Payments will only be made if you outlast the term. Nonetheless, most companies let you renew your term life insurance policy without undergoing a medical exam up to a certain age. In contrast to permanent life insurance, term life insurance policies do not accumulate monetary value.

All monthly payments are set at the same amount. As a result, you can expect to spend less money on them overall.

2. Permanent life insurance

With permanent life insurance, you get protection for the rest of your life. You never have to worry about renewing a permanent life insurance policy, making it the closest thing to true “buy it and forget it” life insurance.

If something were to happen to the policyholder, they may rest easy knowing that their loved ones and any outstanding debts would be taken care of.

Cash value is an investment included in many types of permanent life insurance. Taxes are not taken from the gains made by the funds in this account, and you can withdraw the money whenever you like. Permanent life insurance is typically six to ten times more expensive than term insurance.

Whole and universal life insurance are the two most typical permanent life coverage.

3. Whole life insurance

Whole life insurance is a common investment since it provides lifetime protection. It can also be used as an investment vehicle to build wealth in a tax-deferred manner.

The premium you pay helps finance the built-in investing account and cover the cost of the whole life insurance and associated expenses. The cost of the whole life insurance and the associated administrative fees will consume a portion of your premium.

At the same time, the remaining amount will be deposited into the policy’s investment component.

Factors to consider when choosing a life insurance policy

It’s normal for insurance companies to offer the same product at different prices. Life insurance premiums are offered based on several factors. Knowing these factors can give you a better understanding of the market and brace you on what to expect.

Here are five factors to consider when choosing life insurance for adults:

1. Age

Age is one of the most important things to consider when choosing a life insurance policy. Insurance companies consider your age when deciding what products to offer you. Most of the time, the younger you are, the more choices you will have.

For some types of life insurance, like basic term life insurance, you can’t buy it after you turn 60. But some insurance companies offer coverage to people 70 to 80 years old.

2. Gender

The amount you pay for a policy premium is also affected by your gender. In general, women live about seven years longer than men, meaning insurance policies for women are cheaper.

But the difference in how long people live is starting to close. Insurance companies offer cheaper premiums to women than to men who buy policies. Your age and gender are the main things that will affect how much your life insurance premium costs.

3. Health

It is commonly held that those who care for their health can expect to live longer. Therefore, your health status will be a significant factor for most insurance providers when deciding what coverage to provide you.

You’ll have to take a medical exam or fill out a health questionnaire for nearly every life insurance policy. As is likely obvious to everyone reading this, the healthier you are, the less you will have to pay monthly for your insurance premiums.

Life insurers will charge smokers significantly more for coverage. Nicotine will substantially increase your price. It’s important to remember that life insurance firms commonly make connections between age and health. As a result, it stands to reason that a person’s health is presumed to improve with age.

4. Coverage duration

Plan for how long you’ll need life insurance protection by thinking about that question before you get a policy. Some customers may want insurance that provides financial security for a limited time. There are two main types of life insurance on the market: term and permanent.

For example, people who have recently acquired a home with a 20-year mortgage are considering purchasing life insurance. Paying your mortgage after your death should be a top priority, so a 20-year life insurance policy could be the way to go if that’s your primary concern.

A permanent life insurance policy is preferable if you want to be covered for the next 45 years. The cost of such a policy can fluctuate depending on the period selected for protection.

5. Budget

Before purchasing life insurance, you want to ensure that you can comfortably pay the monthly premiums. Life insurance products are usually offered as term life and permanent, whereas the latter has more expensive premiums. 

Term life insurance is usually less expensive than permanent life insurance. This is because the policy only lasts for a set amount of time and does not build up a cash value. Term life insurance covers your funeral costs for a set time (typically 10, 20, or 30 years).

After the first term ends, your policy’s premium will go through the roof (often because of your deteriorating health). A permanent insurance policy’s premium stays the same over the policy’s life.

If you want to save money, you could get term life insurance. A term life insurance policy, sometimes called “beginning life insurance,” is easy and cheap. Term life insurance is an excellent place to start, but a needs analysis with a licensed agent could show that you need more protection.

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Top 10 best life insurance for adults

Because many companies offer life insurance in Canada, searching for the best could take time and effort. However, it is crucial to recognize that your best choice would depend on your age, gender, health condition, budget, and duration of need.

Considering the above-listed factors, we’ve put together the top ten best life insurance for adults you can find in Canada.

1. PolicyMe

Since 2018, PolicyMe has provided insurance in Toronto, Ontario. They offer a competitively priced policy to their customers with quick approval, 10–20% cost savings and reliability. These features have highly contributed to its widespread acceptance in Canada. 

In its three years of service, PolicyMe has assisted more than 50,000 Canadians with their life insurance reviews. The company also has a group of certified advisors who provide life insurance advice.

Those interested in life insurance can fill out a questionnaire on the company website or speak with a professional human counsellor.

PolicyMe Term Life Insurance is available to Canadians aged 18 to 75. Most policies have a 10, 20, or 30-year duration, with available sums ranging from $100,000 to $5,000,000 in coverage.

Young families, company owners, and new homeowners with mortgages can typically benefit most from this much more cost-effective form of life insurance.

Pros

  • Rates are substantially reduced by about 10% to 20% compared to the rest of Canada.
  • A refund option within the first 30 days if you decide not to continue.
  • The online application takes up to 15 minutes to complete, and most candidates don’t require a medical exam.
  • Friendly qualified advisers to help make intelligent decisions 7 days a week; no commissions, so genuine guidance.

Cons

  • This offer is available only in select regions across Canada. 
  • There are no options for whole life, universal, or permanent life insurance.

Pricing 

Life insurance premiums are based on healthy people who don’t smoke and are of a certain age. Insurance plans at PolicyMe start at $20.46/month for males and $14.47 for females. Furthermore, the price of your policy will depend on what it covers and for how long. 

Why choose PolicyMe

PolicyMe lives up to its promise that you can get a life insurance quote and apply for coverage entirely online in 20 minutes or less. And if you’re lucky like I was and can pass PolicyMe’s online review, you might even obtain instant approval.

If you want to get low-cost life insurance and complete the entire process online, PolicyMe is an excellent option. By selling insurance products directly to customers online, PolicyMe may give 10–20% lower prices than other Canadian insurers.

2. Policyadvisor.com

PolicyAdvisor is a free online resource that allows you to quickly and easily compare life insurance quotes from top-rated providers in Canada. Similar to an online life insurance broker. It was established to provide Canadians with more affordable and convenient access to life insurance.

To get your life insurance, you must visit PolicyAdvisor’s website and fill out an application to get the best rates possible. Typically, you’d be provided with several companies that offer instant price quotes for a wide range of customizable parameters.

The usual range of offers is $25,000 to $5,000,000, with terms ranging from 10 to 40 years. 

They also offer one of the best customer services in the insurance market. If you have questions about the available choices, speak with a qualified advisor for free over the phone.

Pros 

  • Your request for a quote will not cost you a dime.
  • Extensive selection of insurance products.
  • Unbiased advisors.
  • Simple application procedure.
  • Evaluate similar Insurance products from the 20 best insurance companies in Canada.

Cons

  • Reserved solely for citizens of Ontario, Alberta, and Manitoba.
  • It does not sell any insurance policies of its own.

Pricing

With Policyadvisor.com, Insurance offers are based on gender and whether you smoke or not. Pricing starts at $28.80 for male policyholders and $20.52 for females. The price of your policy would depend on your age and term length. 

Why choose PolicyAdvisor?

You can use PolicyAdvisor to shop and compare the best life insurance for adults from multiple leading providers in Canada. If you’re looking for life insurance, PolicyAdvisor.com can narrow down your options and help you find the best rates quickly and easily.

They also make the application process easy and provide top-notch customer service. 

3. Walnut

Walnut Insurance was established in 2020 in Canada, and the firm’s offerings include term life insurance and cyber security. Walnut Insurance accepts applications from 18 to 55, but eligibility is not contingent on age.

Walnut Insurance only provides coverage for 10 or 20 years (the minimum term length) for term life insurance. Your policy will terminate at the end of the term, and you will need to apply for a new policy.

Walnut Insurance offers its clients term life insurance policies for between $500,000 and $1,000,000. You should look elsewhere for insurance if you require more than $1,000,000 in protection. However, several additional life insurance providers may provide you with $5 million or more coverage.

Pros 

  • Policies could be as low as $10 per month.
  • You can apply for coverage from the comfort of your home in less than 20 minutes.
  • To get approved, you won’t have to take a medical exam.
  • As part of your coverage, you can use popular apps like Headspace, ClassPass, and Dashlane.

Cons

  • Walnut does not provide whole life, critical illness, universal, indexed universal life insurance, or disability insurance.
  • Only 10- and 20-year periods are offered for policies.
  • If you have questions about your insurance from Walnut Life Insurance, you cannot go to their office directly.
  • The maximum loan amount is only $1 million, which is below average for term life.

Pricing 

Plans at Walnut insurance start at $10/month. However, the cost of your policy will vary with its specific features and length of coverage. Your premium depends on several factors, including age, family medical history, health, and overall risk.

Why choose Walnut insurance?

Application for Walnut Life Insurance is unlike any other company because it does not require a medical exam. In addition to the convenience of not having to leave the house or schedule an appointment, this also helps you save time and effort.

The company’s holistic approach to life insurance is another way Walnut Insurance stands out. You may improve your physical and mental health and safeguard yourself against identity theft with the help of three well-known applications that work together with this one.

4. Manulife

Manulife is Canada’s largest life insurance company, established in 1887 with headquarters in Toronto’s central business district. They offer 10 and 20-year term life insurance policies which can be tailored to each client’s priorities and life responsibilities. 

Coverage amounts up to $20,000,000 are available through various plans, including Family Term, Vitality Go and Vitality Plus, and Business Terms. While most policies from Manulife are convertible, the premiums are higher than the market average.

Pros

  • Gives the insured a cash advance if a terminal illness is found.
  • Products with shorter terms can be swapped for products with longer terms. 
  • An optional feature on some term life products that lets you add more coverage up to the fifth anniversary of the policy.
  • Life insurance that can be changed to permanent.

Cons

  • Limited term options.
  • More pricey than other market options for term life insurance.

Pricing 

Life insurance rates are based on healthy people who don’t smoke. The price ranges from $32.74/ month for male policyholders to $23.49 for females. However, the cost of your policy will depend on what it covers and for how long, and premiums are based on age.

Why choose

When it comes to life insurance, Manulife is not only the largest company in Canada but also one of the largest in the entire world. Even though the scale is only sometimes indicative of quality, Manulife’s commitment to digital innovation in life insurance has made their offering one of the best in the country.

5. Empire Life

Empire Life Insurance is a Canadian financial service and insurance company that offers flexible solutions, from term to permanent life insurance with dividends. Flexible and inexpensive coverage for 10, 20, or 30 years is available from their solution series of term life plans.

Individuals can also renew their insurance coverage until they reach the age of 100.

Different product add-ons and riders are available to increase your coverage amounts in addition to their standard term life insurance maximum of $10,000,000. A $50,000 no-medical-exam-required guaranteed acceptance plan is another perk.

Pros 

  • Offer the lowest possible rates, both monthly and yearly.
  • Provides online access to your accounts.
  • Boasts one of Canada’s most adaptable insurance plans.
  • Easily customize a short-term to a long-term insurance policy.
  • Quick and easy approvals.

Cons

  • There is no universal life plan.
  • Very expensive when compared to other companies’ long-term plans
  • There are a few options for term plans.
  • Limited coverage for one year that can be renewed.

Pricing 

Insurance rates are based on healthy people who don’t smoke. Pricing starts at $30.60 for male policyholders and $20.70 for females. Usually, the price of your policy would depend on your term length, what it covers, and your age. 

Why choose Empire Life

Empire Life is considered one of Canada’s best insurance companies. They have a wide range of products, from short-term life insurance to permanent life insurance with dividend options, to meet your needs.

Since there is no need for a medical exam, Empire life could be the best option to get life insurance quickly and easily.

6. SunLife

Sun Life Financial Inc. is a Canadian financial services provider headquartered in Toronto. They provide standard term life insurance policies and permanent conversion options. SunLife products include SunTerm, SunSpectrum Term, SunLife Go, and SunLife Go Simplified. 

With the SunTerm product, policyholders get conventional full-term life insurance coverage of up to $15 million. SunSpectrum Term, on the other hand, has cheaper rates for less coverage.

Furthermore, SunLife Go has shorter terms and fewer rider options but up to $1 million in coverage, while SunLife Go Simplified offers non-medical coverage.

Pros

  • Online application process.
  • Portable and convertible term coverage until age 75.
  • Medical and non-medical options are available.
  • A customizable policy with multiple riders.

Cons

  • Compared to other providers, you do not get to pick the time you are covered for.
  • Insurance applications will be scrutinized more closely for preexisting health conditions.
  • The cost is much higher than alternative term life insurance policies.
  • There are just four products available for term purchases.

Pricing 

Insurance premiums on Sunlife vary with the product, age, amount of coverage, and health. The average price is $33.30 for men and $26.10 for women. Usually, the term length is also a factor that determines how much you pay as a premium.

Why choose SunLife?

Sunlife is taking the necessary precautions to ensure that mortality rating-lowering tactics do not jeopardize future gains in mortality rates. This ensures you are not cheated, and your family gets what the insurance is worth upon your passing. In addition, clients can choose from various payment plans that provide them with a range of grace periods for paying off their policies.

7. Canada Life

Canada Life was established in 1847 and is the country’s oldest domestic life insurance firm.

The company offers term and permanent life insurance with various options and coverages. Insurance products come with a term length of up to 50 years of age and coverage of up to $20,000,000. 

With Canada Life, policies can be changed to whole life if desired. Disability waiver of premium, guaranteed insurability, accidental death, children’s term insurance, living benefits, and more are all offered via the company as optional riders.

Pros 

  • Competitive Pricing.
  • There are many options for riders for both joint and single policies.
  • Many different kinds of insurance.
  • Offer policies that can be renewed and changed.
  • Different lengths of term life insurance.
  • Discounts on more than one item.

Cons

  • No life insurance quotes are available online.
  • You must consult a specialist before getting a quote.

Pricing 

Like most Insurance companies, product pricing varies with age, health condition, term, and coverage amount. With Canada Life, pricing starts at $45.24 for males and $34.4 for females. These prices could be reduced significantly if you are a healthy adult who does not smoke. 

Why Choose Canada Life?

Canada Life insurance offers both term life insurance and permanent life insurance. Their term insurance provides flexible options to make changes to your policy during its term. Furthermore, their permanent life insurance has no set length of time, and you can withdraw cash within certain limits and earn interest.

Health insurance from Canada Life includes coverage for a critical sickness, medical bills, disability, and dental care. They also provide group benefits solutions for business owners with employees. In addition, the company also provides mortgages, retirement planning, and investment and savings options.

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8. Canada Protection Plan

Canada Protection Plan is another excellent alternative for Canadians looking for quick approval without medical underwriting. The company is a subsidiary of Foresters Financial, a leading Canadian insurer. They offer terms ranging from 10 to 30 years, and coverage amounts can go up to $1 million.

Insurance plans from this provider cover various scenarios, from those with severe illnesses to those with extreme sports. Critical sickness coverage and child riders are offered for an additional premium.

Canada Protection Plan applications can be made over the phone, online, or in person. Experts explain how the prices are set up and how they are renewed each year. Also, policyholders with serious health issues can still get protection at a reasonable price.

Pros 

  • Coverage for people of all different health statuses is simplified.
  • Life insurance can be obtained through a short, straightforward online application.
  • No medical examination.
  • Temporary residents, such as those on a student or work visa, can apply for this service.
  • Credit card payments are accepted for annual premiums.

Cons

  • Insurance premiums can be higher than with other companies, even for those who are otherwise healthy.
  • There is a cap of $1 million on coverage amounts.

Pricing

With Canada Protection Plan, product pricing varies with age and health condition. Pricing starts at $76.95 for males and $48.15 for females. These prices could be significantly higher if you want a longer-term and more coverage amount.

Why choose Canada Protection Plan?

Customers with preexisting conditions can still find reasonably priced coverage. The no-medical-examination method makes it simple to obtain life insurance regardless of any preexisting problems.

Approvals are available even if you haven’t submitted to any medical testing. Candidates, however, are required to respond to several health-related questions.

9. iA (Industrial Alliance)

The iA Financial Group is an insurance company in Canada that is based in Toronto. Their primary services are insurance, plans for retirement and savings, and loans. There are both term and permanent life insurance plans.

Even though iA Financial’s life insurance applications and policies are on paper, policyholders can access their accounts online once approved. These insurers let applicants choose the term duration of their coverage, from 10 to 40 years, to match their budgets and needs. 

iA also offers a comprehensive life insurance policy that covers up to $10 million. You can also get decreasing term life insurance, which protects you less but costs less once your debts are paid off.

Pros

  • A high degree of freedom to make coverage fit your needs.
  • They offer more than one term option.
  • Access Life Online’s account iA underwriting can be more flexible than other providers. 
  • Offers simplified and guaranteed non-medical products.

Cons

  • It might be costly for some people. 

Pricing

The price for their products varies and could be influenced by factors such as age, health, and terms. iA insurance policies could be as much as $78/month for men and $65/month for women.

Why choose Industrial Alliance?

Life insurance companies are more selective when considering applicants who smoke due to the increased likelihood of respiratory sickness. You may pay three times as much as a non-smoker for your premiums if you smoke.

In Canada, iA Financial stands out as a top life insurance provider due to its affordable prices, even for smokers.

10. Wawanesa Life Insurance.

Wawanesa is a leading provider of health and life insurance in Canada and one of the country’s oldest insurance businesses. The company offers coverage of as much as $10 million, and the term lengths range from 10 to 30 years.

There is an option for a term policy to last until the policyholder reaches age 80. 

Furthermore, policyholders under 45-year-olds can obtain up to $500,000 in coverage without requiring medical exams and no-fee riders. You will need to come in person to apply for a position at this company, as they only accept paper applications.

Pros

  • Wawanesa insurance products offer several term life options.
  • Premiums are often some of the cheapest in the industry. 
  • Most products can be renewed for life but at higher prices.
  • The company doesn’t charge any policy or rider fees, so the premiums are very cheap.

Cons

  • The underwriting procedure may take more time than usual compared to competing companies.
  • The only permanent products into which a policy can be changed are those that do not participate in the conversion.

Pricing

Like most insurance companies, Wawanesa Life considers factors such as health and age to price their products. For healthy people who don’t smoke, pricing starts at $30.15 for male policyholders and $20.70 for females. Usually, the price of your policy depends on how much money you want in coverage and the policy term. 

Why Choose Wawanesa Life Insurance?

Customers can layer term plans by purchasing a base plan and adding up to four term riders with different beginning term lengths. Wawanesa Life’s low costs and term variation make it a top choice for people wishing to save money on a term policy.

In addition to low premiums and a selection of plan terms, healthy adults who maintain a physically active lifestyle qualify for further premium reductions. Credit card payments are accepted monthly or yearly for the premium.

Adult Life Insurance Summary

Regardless of where you live in Canada, you should take life insurance and the financial security of your loved ones very seriously. There isn’t a set-in-stone method for deciding on a life insurance company. Ultimately, choosing the right life insurance policy and premium for your unique needs and budget is up to you.

Shopping around and comparing plan alternatives, extras, riders, customer service quality, and premium costs is crucial. You may receive superb life insurance from a digital company as quickly as a traditional provider, so compare costs.

A life insurance agent can help you evaluate whether term insurance, permanent insurance, or a hybrid is ideal for your condition and needs. Having some life insurance is preferable to having none.

Other types of insurance

Life Insurance in AlbertaLife Insurance in British ColumbiaLife Insurance in ManitobaLife Insurance in New Brunswick
Life Insurance in Newfoundland and LabradorLife Insurance in Nova ScotiaLife Insurance in OntarioLife Insurance in Prince Edward Island
Life Insurance in QuebecLife Insurance in Saskatchewan

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FAQs about life insurance for adults

What is life insurance?

Life insurance is simply a contract between you and your insurance provider, which financially protects your loved ones after your passing. In exchange for a premium, the insurance company must pay you a set amount upon death or after a specified time.

How does it work?

Purchasing life insurance constitutes the beginning of a legally binding contract between you and the insurance provider. When buying life insurance, the insurance company promises your beneficiaries a specific amount in the event of your death. Having life insurance can provide financial stability and peace of mind for your loved ones in the case of your untimely passing. The dividend can be utilized as an additional source of income, in substitution for regular income, or to pay off existing debts. Having this in place can give them peace of mind knowing they won't go without once you're gone.  

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