The best way to buy Life Insurance In Canada
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Join thousands of Ontarians who found their best insurance policy through PolicyScanner.
Didn't think I'd actually leave a review for an insurance site but here we are. Got quotes in like 10 minutes while my kid napped. Way easier than I expected.
Rahul V.
Toronto, ON
Second baby on the way and I kept putting this off. Finally sat down and did it on a lunch break. Honestly the hardest part was picking a beneficiary lol.
Arun M.
Markham, ON
I liked being able to see everything side by side without someone calling me every five minutes. Ended up going with a policy I wouldn't have found on my own.
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Mississauga, ON
Good experience overall. The advisor was helpful and not pushy which I appreciated. Only reason for 4 stars is I wish the site explained some of the terms better upfront.
Amit B.
Brampton, ON
Life insurance insights
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Frequently asked questions
Everything you need to know about comparing life insurance in Canada.
We compare quotes from 20+ licensed Canadian insurance companies side by side. You answer a few questions about your age, health, and coverage needs — and we show you the best rates from carriers like Canada Life, Manulife, Sun Life, Industrial Alliance, and more. It takes under 2 minutes and there's no cost or obligation.
For a healthy 35-year-old non-smoker in Ontario, a $500,000 20-year term policy typically costs between $25 and $45 per month. Rates vary based on your age, smoking status, health history, and the type of policy you choose. Comparing multiple insurers is the best way to find the lowest rate — the same person can see prices differ by 30–40% across carriers.
Term life insurance covers you for a specific period (10, 20, or 30 years) and pays out only if you pass away during that term. It's the most affordable option. Whole life insurance covers you for your entire lifetime and builds cash value over time, but premiums are significantly higher — often 8 to 10 times more than term for the same coverage amount.
A common guideline is 10–15 times your annual income, but every family is different. Consider your mortgage balance, outstanding debts, number of dependents, childcare and education costs, and your spouse's income. Most Canadian financial advisors recommend enough coverage to replace your income for the years your family would need support.
Not always. Many Canadian insurers now offer no-medical-exam policies for coverage amounts up to $500,000 or even $1,000,000, depending on your age and health profile. These simplified-issue policies use health questionnaires instead. However, fully underwritten policies with a medical exam typically offer the lowest premiums.
Yes. Many Canadians with conditions like diabetes, high blood pressure, depression, or a history of cancer can still get coverage. Rates may be higher or you may be placed in a different risk class, but by comparing across 20+ insurers, you can find carriers that specialize in your specific condition and offer competitive rates.
No — life insurance death benefits are paid out tax-free to your beneficiaries in Canada. This is one of the key advantages of life insurance over other forms of savings. The proceeds go directly to your named beneficiary, bypassing probate, which also means faster access to funds when your family needs them most.
With no-medical-exam policies, approval can happen in as little as 24–48 hours. Fully underwritten policies that require a medical exam typically take 3–6 weeks. By comparing quotes first, you can identify which carriers offer the fastest approval process for your specific situation.