Get an accurate Term Life quote
Step 1 of 4Estimates only; final premiums are subject to underwriting.
Age
Age is the single biggest pricing factor
Coverage
Term life commonly $100k-$5M · Higher coverage lowers the per-$1,000 rate
Free estimate · No lead capture, no obligation. Estimates are informational only; final premiums are subject to underwriting.
Life insurance is cheapest the day you buy it
$500k over 20 years costs roughly four times more at 50 than at 30, and the same profile can still differ 20–30% between carriers. Compare carriers on the same day with the same numbers.
What drives your life premium
- Age and sex — women usually pay less for the same coverage and term.
- Smoking — roughly 2–3× a non-smoker, and most carriers use a 12-month quit window.
- Coverage and term — price rises with both, but the per-$1,000 rate falls as coverage grows.
- Health and underwriting — a questionnaire-only policy is 10–30% more expensive for the same coverage.
- Carrier pricing — the same file can differ 20–30% between Canada Life, iA, Manulife, Sun Life, ivari and Equitable.
What to look for in a term policy
- A beneficiary designation that is current — a policy paying the wrong person is the worst outcome in life insurance.
- Renewability and convertibility, so you can extend or switch to permanent cover without a new medical.
- Riders worth pricing: critical illness advance, child term, waiver of premium on disability.
Four ways to lower the premium
Pay annually
Annual payment typically saves 3–5% against monthly, with no change in coverage.
Insure the gap, not a round number
Use the DIME method — debt, income replacement, mortgage, education — instead of defaulting to $1M.
Let underwriting work for you
If you are healthy, the full medical underwriting route is usually cheaper than a no-exam policy over 20 years.
Do not replace a healthy policy
Replacing coverage means new age pricing and new underwriting. Only switch when the saving clearly beats both.
Life insurance questions
How much does term life cost in Canada?
About $22–35 a month for a healthy 30-year-old non-smoker at $500k / 20 years, $32–48 at 40, and $58–85 at 50 (rate pack SIM-2026.10).
Do I need a medical exam?
Not always. Up to $1M is available on a questionnaire alone for applicants 18–50; above that, or with a health history, a paramedical exam and blood work apply.
Can smokers get cover?
Yes, at roughly 2–3× the non-smoker rate. Quitting for 12 months usually moves you to non-smoker pricing — worth re-quoting after that window.
Life or critical illness first?
Life first if anyone depends on your income. Critical illness answers a different question — surviving a diagnosis while your income stops — and the two are complements, not substitutes.
Keep reading
Compare life quotes in 3 minutes
Age, sex, smoking status, coverage and term — five fields, six carriers.
Insurance figures reviewed October 2026. Estimates only; final premiums are subject to underwriting.