11/06/23 Author: Glenn Cooke

Are you shopping for the cheapest term life insurance in Canada? We offer free online term life insurance quotes from 12 Canadian life insurance companies – just complete the above form and you’ll instantly see premiums, sorted least expensive to most expensive.
First, all life insurance policies are the same from from the perspective of the death benefit. If you have a $500,000 life insurance policy and pass, the death benefit cheque is $500,000 – it doesn’t matter what type of life insurance policy you had. So if it’s not the death benefit, what generates all the different types of life insurance?

Of course, the least expensive may – or may not be the best term life insurance coverage for you. Term life insurance premiums aren’t readily correlated with the best life insurance policies, or the best companies. Life insurance companies know that Canadians are shopping based on premiums so when a life insurer wants to capture more market share, they lower their premiums. Sometimes the second or third least expensive policy is the best policy for you, sometimes the least expensive is actually the best policy available – paying more doesn’t mean better.
Term life insurance is appropriate for families for income protection as it is inexpensive during the early years of the policy and when it premiums rise after the initial term many people will cancel.

You should also note that the days of readily comparable term life insurance policies has passed. In addition to competitive premiums, life insurance companies are adding features to their policies in order to distinguish them from their competitors. Therefore you should compare premiums and policy benefits. And – our term life insurance quotes above allow you to do exactly that.

The Term Guy's Policies

For starters, all of our term policies quoted are renewable and convertible term, and we show you the expiration date of both of these features (you should never accept a term life insurance policy that is not renewable and convertible unless you have no other choice).

Our quotes also then show you two other benefits, where available: Accelerated Death Benefits and the Exchange option.

And finally, if you click on the ‘company details’ link from the quote, we provide you with further information on policy features, and our opinion on the company’s underwriting, customer service, and their specific company advantages.

Use the form at the top of the page to run your term life insurance quote, and make an informed decision using both premiums and features.