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Live your life to the fullest knowing that your loved ones will be financially secure in the unfortunate event of your passing.

Why Do I Need Life Insurance?

Life Insurance safeguards your dependents from financial hardships following your passing. Life Insurance is a necessity if your spouse and children, or other individuals you care about, depend on you financially. Your policy provides you with peace of mind that in the unfortunate event of your death, your loved ones will be able to maintain their quality of life.

Depending on your chosen coverage, your Life Insurance policy can help offset or completely cover the costs of a funeral and any debts you may have, as well as provide your beneficiary with a source of income.

As an added benefit, if you need access to funds, certain policies will allow you to withdraw your accumulated premium payments. However, the amount paid out in the event of your passing will decrease if you do not repay the withdrawn amount.

What type of Life Insurance should I get?

There two main types of Life insurance policies: Permanent Life Insurance and Term Life Insurance.

Permanent policies guarantee a pay out to the beneficiary if the insured passes away at any point in time as long as the premiums were paid. On the other hand, term policies pay out benefits only if the insured passes away within the agreed upon length of their policy.

Can I name multiple beneficiaries?

A beneficiary is an individual who receives the cash value of your death benefit. You will be required to name such a person when you purchase your Life Insurance plan. If you so wish, you can name multiple beneficiaries and divide the cash value of your policy among them either equally or according to a set percentage. If a beneficiary passes before you do, you can elect a contingent beneficiary in their stead. You may also choose a charity as a beneficiary.

How much Life Insurance coverage do I need and how much will it cost?

The amount of coverage you need depends on your financial situation and desired benefits for your loved ones. If you are the primary breadwinner and have mortgage debt, financial experts advise to get at least 10 times your annual salary in coverage. Thankfully, increasing the amount of coverage usually does not impact your premiums significantly.


The price of Life Insurance is influenced by the level of coverage and benefits, as well as the age and health situation of the insured individual. Young and healthy Canadians pay as little as $30 in monthly premiums, but rates increase with age and health problems. For this reason, experts suggest purchasing a Life Insurance plan while you are young and healthy.

Types of Life Insurance in Canada

There two main types of Life Insurance policies: Permanent Life Insurance and Term Life Insurance.

Permanent policies guarantee a pay out to the beneficiary if the insured passes away at any point in time as long as the premiums were paid. On the other hand, term policies pay out benefits only if the insured passes away within the agreed upon length of their policy.

Let’s examine the sub-categories of the two types of Life Insurance:

Permanent Life Insurance

Permanent Life Insurance, otherwise known as “whole life insurance”, as it covers you for your whole life. It will sometimes build value over time. With this type of life insurance, your premium is typically guaranteed not to increase.

Term Life Insurance

Term Life Insurance can generally be purchased for up to 30 years. At the end of the agreed upon term, the coverage ends. This type of Life Insurance is generally the least expensive.

Participating Whole Life Insurance

Participating Whole Life Insurance unlocks an investment component, allowing the insured to earn dividends, and increase coverage. Premiums from participating policies are pooled together and invested by the insurer, increasing their cash value.

Universal Life Insurance

Universal Life Insurance policies often have variable premiums that increase along with policyholder’s age. Such policies share the same characteristics as Participating Whole Life Insurance plans while providing extra flexibility. However, the policyholder is responsible for their investing which will influence the cash value of their policy.

How to Save Money on Life Insurance?

The best way to save money on insurance is to shop around and compare rates from different providers. This can be an exhaustive and time-consuming process. Thankfully, Policy Rates takes care of it for you! When you request a quote through our website, we check what rates you can get from every major Canadian insurer.

Policy Rates provides you with the lowest rates for the level of coverage that you desire from top insurance companies.

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Are You Healthy?

If you are healthy and can qualify for regular life insurance, apply for a fully underwritten policy to pay significantly lower premiums.

When Is Your Birthday?

Your age bracket impacts your premiums. Avoid higher rates by purchasing a policy before your next birthday.

Are You a Smoker?

Smokers can pay up to a 100% more for the same level of coverage. Consider quitting for a considerable reduction in your premium payments.

Renewing Your Policy?

Rates can change over time. Instead of renewing your plan, shop around for a new policy or consider converting your term plan to permanent Life Insurance.

Are You Healthy?

If you are healthy and can qualify for regular life insurance, apply for a fully underwritten policy to pay significantly lower premiums.

When Is Your Birthday?

Your age bracket impacts your premiums. Avoid higher rates by purchasing a policy before your next birthday.

Renewing Your Policy?

Rates can change over time. Instead of renewing your plan, shop around for a new policy or consider converting your term plan to permanent Life Insurance.

Are You a Smoker?

Smokers can pay up to a 100% more for the same level of coverage. Consider quitting for a considerable reduction in your premium payments.

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