Compare cheap life insurance quotes.

Financial experts recommend 10-12 times your annual income in life insurance coverage. For example, if you earn $60,000 per year, you should consider $600,000-$720,000 in coverage. This ensures your family can maintain their lifestyle, pay off debts including mortgage, cover funeral costs, and fund children's education. Use our life insurance calculator to determine the exact amount needed based on your specific financial situation, outstanding debts, number of dependents, and future financial goals.

Term life insurance provides coverage for a specific period (10, 20, or 30 years) with lower premiums, making it ideal for temporary needs like mortgage protection and raising children. Whole life insurance offers permanent lifetime coverage with guaranteed cash value that grows tax-deferred, fixed premiums that never increase, and a death benefit that's always paid regardless of when you die. Term is more affordable (up to 10 times cheaper), while whole life builds wealth and provides lifelong protection. Most Canadians start with term life and add whole life later for estate planning.

The average cost of life insurance in Canada varies by age, health, coverage amount, and policy type. A healthy 30-year-old can get $500,000 of 20-year term life insurance for $20-$35 per month. A 40-year-old pays $35-$55 monthly for the same coverage. A 50-year-old pays $80-$120 monthly. Whole life insurance costs significantly more, typically $200-$500 monthly for $250,000 coverage depending on age. Factors affecting premiums include smoking status (smokers pay 2-3x more), health conditions, family medical history, occupation risk, hobbies, and province of residence. Compare quotes to find the lowest rates.

Yes, you can get life insurance with pre-existing medical conditions in Canada, though premiums may be higher or coverage limits lower. Common conditions like controlled diabetes, high blood pressure, asthma, and depression are insurable. Options include guaranteed issue life insurance (no medical exam, acceptance guaranteed but expensive and lower coverage), simplified issue (health questionnaire only, faster approval), and fully underwritten policies (medical exam required, best rates for managed conditions). Conditions like cancer remission, heart disease, and kidney disease require individual underwriting. Compare quotes from multiple insurers as each has different underwriting guidelines.

Medical exam requirements depend on your age and coverage amount. No medical exam life insurance (also called simplified issue) is available for coverage up to $500,000 for applicants under 50 with good health history - you only answer health questions. For larger coverage amounts ($500,000+) or older applicants, a medical exam is typically required including blood work, urine test, height/weight measurements, blood pressure check, and EKG for high coverage. The exam is free and scheduled at your convenience at home or office. Fully underwritten policies with medical exams offer the best rates for healthy individuals, often 30-40% cheaper than no-exam policies.

The best time to buy life insurance is now, when you're young and healthy. Life insurance premiums increase 8-12% every year you age. A 30-year-old pays half the premium of a 40-year-old for the same coverage. Key life events that signal you need coverage include getting married, buying a home with a mortgage, having children, starting a business, or becoming the primary income earner. Waiting until you have health problems dramatically increases costs or can make you uninsurable. Lock in low rates today - a $500,000 policy purchased at 30 saves over $30,000 compared to buying at 40.

If you stop paying life insurance premiums, term life insurance policies have a grace period (usually 30 days) to make payment before cancellation. Once cancelled, coverage ends immediately and cannot be reinstated without reapplying and medical underwriting at your current age and health. Whole life and universal life policies offer more options: use accumulated cash value to pay premiums automatically, convert to reduced paid-up insurance with lower death benefit but no more premiums, or take a policy loan against cash value. If you're struggling with payments, contact your insurer about options like reducing coverage amount, extending payment period, or temporarily suspending premium payments rather than letting the policy lapse.

Yes, life insurance can be valuable even if you're single without children. Consider coverage if you have: co-signed loans or debts that parents or siblings would inherit, aging parents who depend on your financial support, a mortgage or business partnership where your death impacts others, student loans that may burden your estate or cosigners, or future insurability concerns (locking in low rates while young and healthy before marriage/kids). A smaller $250,000-$500,000 term policy costs only $15-$25 monthly for healthy individuals in their 20s-30s and ensures final expenses, outstanding debts, and funeral costs ($10,000-$15,000 average) don't burden loved ones. It's also easier to get coverage now before health issues develop.