Get the Best Rates on Life Insurance

Protect the people who depend on you financially with a great life insurance policy from LowestRates.ca. We’ll help you find and compare the best rates on life insurance from the top insurance companies in Canada – just like that!

Why do I need life insurance?

You want to make sure your loved ones are taken care of financially in case you aren’t around to support them. After all, one of the permanent aspects of life is that people get sick and accidents happen – with a great life insurance plan, your family members will have the money they need if the unexpected strikes.

Why compare with Lowest Rates?

We bring you the best rates from the top life insurance providers in your area. Simply provide a few quick details about yourself and click ‘compare’ to see the best life insurance quotes available to you.

Cheap

Life insurance doesn’t have to be expensive. Get the cheapest rates on life insurance from the top insurers in whatever province or territory you live in.

Quick

Getting a life insurance policy on our site doesn’t take long. From start to finish, the whole quoting process takes just a few minutes!

Free

No charge! Our comparison service is absolutely, 100% free for our users which means finding the most competitive life insurance quotes won’t cost you a dime.

Easy

Buying life insurance shouldn’t be daunting – plug in a few personal details about your health, your age and coverage requirements and leave the hard part to us!

Independent

Life insurance rates vary a lot, so comparing quotes on an independent, unbiased platform like LowestRates.ca is the only way to get the best deal!

Comprehensive

When it comes to life insurance, one or two offers won’t do -- with our platform you’ll receive up to 10 life insurance quotes from top Canadian insurers.

Secure

We only ask for the key details we need to find you the best life insurance quotes available to you, and your personal info will never be given to a third party.

Awesome

We’re excited to be able to offer you the best rates on life insurance in just a few minutes, for free! Remember, it always pays to shop around for a quote.

How do I get a quote?

Just provide some personal details about your health, your age and the type of coverage you require. Our comparison engine will then tap into our nationwide network of over 20 insurance companies to find and rank the very cheapest life insurance rates available to you.

Once you’ve selected your quote, an insurance broker will call you to lock in your rate and help you get set up with your policy. Shopping for life insurance has never been quicker or easier!

Isn’t life insurance really expensive?

It doesn’t have to be, especially if you’re relatively healthy. Many Canadians spend less than $25 per month on a quality life insurance plan.

Of course, as you age or experience health problems, your rates will increase. That’s why, perhaps counterintuitively, taking a life insurance plan when you’re young and healthy makes a lot of sense – you’ll be getting a great rate on your plan plus you’ll enjoy the peace of mind that a quality life insurance policy brings.

Do I have to pay for my life
insurance policy all at once?

No. Insurers allow you to break your annual premium up into monthly or even weekly payments to make the cost of your policy easier to manage.

How much life insurance do I need?

That really depends on what stage of life you’re at and how many dependents you have. Younger Canadians with greater financial commitments definitely require more coverage than older Canadians. Certainly if you have dependents and are the sole breadwinner in your family, it’s a good idea to take at least 5 times your gross annual income in life insurance coverage.

Many experts recommend even more – it’s not uncommon for financial advisors to suggest 10 or 12 times your income if you have several children and a large mortgage to worry about. Remember, the incremental cost of purchasing extra coverage is not that great, so it’s worth buying more coverage to ensure your family will be taken care of no matter what.

What type of life insurance plan should I buy?

It really depends on your unique needs. First you should familiarize yourself with the two main types of life insurance – Permanent Life Insurance and Term Life Insurance.

Permanent life insurance policies provide coverage for the entire length of your life, while term life insurance only provides coverage for the specific length of the term that you selected.

It’s important to understand the different types of whole and term plans available to you before you buy a life insurance policy, so below is breakdown of the different types of policies you can choose from within the permanent and term life categories:

Permanent Life Insurance

The main types of permanent life insurance include whole life, universal life and variable life. As long as you continue to pay the premiums, each of these types of insurance policies will provide you with a benefit upon death regardless of how long you live.

These three types of permanent life insurance differ mainly in terms of how much you pay in and how your benefit is determined:

  • Whole Life plans charge a premium that remains the same for your entire life, and they pay a benefit that also stays constant. For example, your policy might require you to pay $3,500 a year for a $300,000 benefit; as long as you continue paying the premiums, the policy will pay out the prescribed amount to your beneficiary upon your death.
  • Universal Life plans offer more flexibility – you can adjust your premiums as well as vary the death benefit amount by paying in more or less to the policy. However, universal life plans usually require a minimum payment amount so there is a limit to ‘how low you can go.’
  • Variable Life plans allow the policyholder to allocate a certain portion of his or her premiums into investments such as stocks and bonds. Of course, the value of these accounts and ultimately of the death benefit itself will be based on the performance of the securities in them.
Term Life Insurance

Term plans provide coverage over a specific number of years, rather than for your entire lifespan. The coverage, or what is also known as the death benefit, is paid out only if you die during the term of the policy.

Term life insurance policies generally range from one to thirty years, with ten year durations being the most popular choice. If you think you’ll need life insurance for next ten years, for example, then you would buy a ten year term life plan. At the end of the ten year period, your policy will lapse and your coverage will end.

Term life plans remain an excellent option for those who are financially vulnerable in the near term but who probably don’t require a large death benefit later in life. Term policies are also typically the least expensive form of life insurance.

Guaranteed Renewable Term Life Insurance is a term life policy that gives you the right to extend your policy beyond the initial term – without a new medical exam. Guaranteed plans tend to cost slightly more than regular term policies, but can prove invaluable if you get sick near the end date of your term and need to extend your coverage!

Term 100 – this type of insurance plan causes a lot of confusion. While it is sometimes categorized as a permanent life insurance policy, Term 100 is actually a term policy that covers you all the way to the age of 100!

Who can I name as a beneficiary of my policy?

Generally, insurers ask that the beneficiaries of your life insurance policy be close financial dependents – children and spouses most often fall into this category.

If I die in an accident or from a sudden
illness, will my policy pay out in full?

Of course. Life insurance policies pay out no matter how you die, with the exception of suicide. You will, however, have to disclose your health history and any medical issues you have prior to taking the policy.

Sun Life reveals simpler life insurance application

Optimizing customer experience is a big part of FinTech and as insurance companies enter the digital age, we’re seeing a lot of them upgrade and streamline the user experience. More people will complete an application if it’s easier to get through.

When does permanent life insurance make sense?

“Buy term and invest the difference.”

The same mantra has been repeated by pundits, experts, and personal finance aficionados everywhere for decades. And they’re onto something. For most people, term life insurance is a great deal.

More ways to find a great rate
Other Types of Insurance