The best life insurance in Canada: your complete guide



Compare personalized quotes from some of Canada’s top life insurance providers*


While it may sound like an upsell, there is value in customizing your life insurance policy with “extras” that work for you.

If you are looking for a family plan, it is important to know this type of policy is actually a basic form of insurance with modifications and riders (amendments), such as a child rider. Since it is composed of different insurance products already, you may as well get it exactly as you need it.

Maybe you are self-employed, or maybe your group benefits from your employer aren’t going to cut it. That’s when ensuring your policy, whether you pay for it or your company does, also includes short-term and/or long-term disability insurance. If you didn’t ask about it about when signing your employment contract, it’s not too late to ask the HR department. Critical illness is another type of coverage to consider, which offers you a single payment if you are diagnosed with a condition or disease such as cancer, multiple sclerosis or paralysis.

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Buy the best life insurance: how Canadians can prepare

You’ll need to prepare a few things before you buy life insurance in Canada. In addition to having an idea of what kind of policy you would like to buy (term or permanent) and whether you need any additional coverage or riders (children, disability and/or critical illness), think about how much you can reasonably spend on premiums each month or each year. And you should also have a good sense of how much money you need to leave to your family, loved ones or even a charity that’s important to you. This will have you better prepared to answer the questions for a quote. You will also be asked health-related questions, like if you smoke, if you’ve had certain conditions and your family history.

Depending on whether you go through a broker, online broker or directly through an insurance provider, you will be given a range of quotes to choose from. (This is how a broker has access to different policies and providers and how they get paid.) And once you are ready to apply, you will need proof of the following: Identity (driver’s license, social insurance number, birth certificate, passport), income (paystub, letter of employment), address (property tax statement, mortgage bill, lease, letter from your landlord). You will also need to set up automatic payment of your premiums. You will be given a life insurance policy and illustration, which outlines your agreement as well as projections for the value of the policy. You can request to have both a digital and paper copy of your policy to keep for reference.

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