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What our users say:

Excellent
Based on 501 reviews
August 5
Received a call before I was even…
Received a call before I was even finished submitting information. Super fast se...
Robert Chiasson
August 4
Great service!
Great service!
Linda RitaOlivier
August 3
They respond very quickly
They respond very quickly. They are very understandable. The representative I sp...
Nuwara47
August 3
Excellent
They help and did a great job assisting in new insurance
Serena MarieCasto
August 2
The agent name, Justin Farr
The agent name, Justin F. was very helpful, kind, and patient. I will surely get...
JessicaMercado
August 2
Quick efficient and very helpful 👌
Quick efficient and very helpful 👌
Khalilulla Razzaque
August 2
dick
Web page was quick and easy to use
Richard
July 30
Good experience was pretty quick
Good experience was pretty quick
Grant W.Murray
July 29
The agent was friendly
The agent was friendly, helpful and polite. All in all a good experience.
KaneezAla
July 29
Impressed
The gentleman I spoke with, Steve Chajka, was very polite and professional in he...
MarkKereluk
July 29
Extremely simple
Extremely simple, and fast process.
JaniceGiannitti
July 26
excellent
excellent, professional service
SabinBaidoc
July 23
Very kind and helpful
Very kind and helpful
April Shannon
July 22
Easy to find easy to use website which…
Easy to find easy to use website which provided me with options.
Randall McLellan
July 22
Excellent service
Excellent service
Sven Zorz
July 21
They were great
They were great
ChristinaLain
July 21
Excellent pricing
Excellent pricing
pankaj joshi
July 20
Great experience
I was contacted on my cell right away after the quote was done. That is very goo...
Rubaet TIslam
July 20
Wanted to shop around
Wanted to do a check for my recent insurance quote from an existing provider. Ke...
RANDALL MCKENNA
July 20
Auto quote
The representative is very good
Jonathan Vea Cabading
July 19
I could compare charges from various…
I could compare charges from various policy providers. Navigation was plain and ...
Anup Dubey
July 13
Best experience!!
Fast and wonderful service. Called me within seconds of my submitting my online ...
Brooke Bouchard
July 7
Knowledgeable about Insurance.
Knowledgeable about Insurance.
Alex Ponvanibhom Daniel
June 23
Excellent opportunity
Excellent opportunity to explore and compare insurances rates. It was easy and I...
Roberto
June 18
Great website First place I go to for…
Great website First place I go to for insurance quotes
Robert McMenemy
March 20
Real options to save
Lowest Rates. CA has been extremely helpful I've gone through my ups and downs b...
Amir Isakovic
March 15
Very good.
Very good, and the Rates you have stated is great. Please wait till I see the ba...
Ian Stevens
March 10
Good customer service
Good customer service
Lina Bella
March 3
Great team and amazing communication…
Great team and amazing communication skills. Very straight forward to get an est...
Andre F MPereira
January 22
I came across the website…
I came across the website 'LowestRates', accidentally, while on Facebook - withi...
Nelson Barker

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 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.

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