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What our users say:

September 25
Fantastic
A great experience will recommend this to family and friends. Thanks!
Shelley Pasternak
September 23
ItIt was informative and helpful to actually talk to a person regarding insurance. He gave the feeling that he was not just there to sell something. was informative and helpful to…
It was informative and helpful to actually talk to a person regarding insurance....
Kathy Bailey
September 21
Promp response upon filling…
Promp response upon filling questionnaires,courteous representative.
arturo morales
September 21
They were really quick
They were really quick, and very helpful.
Katrina
September 20
On rate
The rates are very interesting
Georges Joseph
September 19
Very skilled people
Very skilled people Answered all my questions
Mike Walter
September 19
Helpful and go me a great low rate on my insurance
I was looking around for insurance for a bit, but with lowestrates it was drasti...
Nicholas
September 19
Amazing company.
Very professional company. So easy to use 5 ⭐️
Paul
September 15
well informed agent and fast respond.I…
well informed agent and fast respond.I can say one of the better one in the indu...
aj azma
September 15
The service was fast and easy
The service was fast and easy, the word came back way lower than what I was payi...
Lorne Caul
September 14
Fast response
Fast response, great price!
Thuan Nguyen
September 10
The representative was very sweet and…
The representative was very sweet and understanding.
Faouzi Idrissou
September 9
responsive to what I need was calling…
responsive to what I need was calling me while I was still on the website, I tho...
Curtis Leong
September 9
Convenient way to do something that can…
Convenient way to do something that can be a pain in the b.... Thank you
Rick
September 8
I received all the information i was…
I received all the information i was interested in. Very nice service.
Wlodzimierz Wojtysiak
September 8
Most of the staff was very prompt and…
Most of the staff was very prompt and knowledgeable. The online application is e...
Karen Hall
September 7
Easy to use and call back promptly
Easy to use and call back promptly
Donna DAmore
September 6
Very helpful
The company is doing great. They tell you what is the best for you to do
Susan Paradero

Get the best rates on life insurance.

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Why compare with LowestRates.ca?

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.

Your life insurance questions, answered.

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 insurance providers 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 a 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 the 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 is a type of insurance plan that 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.

Life insurance news

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