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Types of life insurance in Ontario
Life insurance offers essential coverage and peace of mind for individuals and families. Understanding the coverage costs and different types of life insurance in Ontario is crucial for making an informed decision.
Term life insurance
Term life insurance is a top choice in Ontario for its affordability. It offers coverage for a specific period—usually 10 to 30 years. If you pass away during this term, your beneficiaries receive a death benefit. This type of insurance is perfect for covering temporary financial needs like mortgages or your children’s education.
Whole life insurance
Whole life insurance in Ontario gives you lifelong coverage with fixed premiums. It also builds cash value over time, which you can borrow against or withdraw. Whole life insurance is ideal for those looking to secure long-term financial stability for their loved ones.
Other types of insurance in Ontario
Disability insurance
Disability insurance replaces your income if you’re unable to work due to a disability. This coverage ensures that you can continue to meet your financial obligations, such as mortgage payments and daily living expenses, even if an illness or injury prevents you from working.
Critical illness insurance
Critical illness insurance pays out a lump sum if you’re diagnosed with a covered critical illness, such as cancer, heart attack, or stroke. This payment can be used to cover medical bills, pay off debts, or make necessary lifestyle changes, such as modifying your home or taking time off work to focus on recovery.
Health insurance
Health insurance covers medical expenses not included in Ontario’s provincial health plan, such as prescription drugs, dental care, vision care, and specialist services. This coverage helps you avoid out-of-pocket costs for essential healthcare services.
Visitor insurance
Visitor insurance in Canada protects against unexpected costs, including medical emergencies, trip cancellations, lost luggage, and other unforeseen events.
How much does life insurance cost in Ontario?
Life insurance costs in Ontario depend on factors like age, gender, health, and lifestyle. For example, a healthy 30-year-old might pay around $20 to $30 per month for a $500,000 term life policy.
Generally, younger and healthier individuals secure cheaper life insurance rates in Ontario. One major factor in calculating premiums is your age—specifically, your age at your nearest birthday. As you get older, life insurance premiums naturally increase.
To explore how life insurance rates vary by age in Ontario, click on any of the age groups here. You can also use our calculator to get a personalized quote in less than five minutes.
How much life insurance do you need in Ontario?
As Ontario’s cost of living rises, you must ensure sufficient coverage to meet your future needs. You want enough coverage to pay off outstanding debts and provide for your family’s cost of living in Ontario.
A general guideline is to choose a death benefit that’s 10-12 times your annual income. However, for a more accurate estimate, consider your debts, your family’s living expenses, your children’s future education costs, end-of-life expenses, and any other financial goals, such as charitable donations.
Our expert insurance advisors consider your financial situation and personal preferences to help you find the right amount of life insurance coverage in Ontario.
Our calculator quickly determines what you need and gives you the best options
Best life insurance companies in Ontario
Some of the top life insurance companies in Ontario include:
Best for affordability: BMO Insurance
Best for financial strength: Canada Life
Best for non-medical: Canada Protection Plan
Best for stability: Desjardins
Best for personalization: Empire Life
Best for families: Equitable Life
Best for digital innovation: Manulife
Best for value for money: RBC
Best for buying in-person: Sun Life
Best for Marijuana Users: Beneva
Best for Smokers: iA Financial Group
Explore life insurance quotes in other provinces
Get life insurance quotes in different cities
No-medical life insurance
Many people in Ontario live with medical conditions and health issues. They assume this will prevent them from getting insurance coverage. Fortunately, Ontarians can get an insurance policy without a medical underwriting or bloodwork.
PolicyAdvisor offers several ways for those in Ontario to apply for life insurance without a face-to-face meeting. Besides an aversion to blood tests or prior health concerns, there are several other reasons someone might choose non-medical life insurance. In these cases, a simplified or guaranteed issue insurance policy provides more options.
You can compare quotes, speak to a licensed Ontario online insurance broker, and apply for life insurance all without leaving your own home or having a face-to-face meeting.
Why PolicyAdvisor?
PolicyAdvisor makes finding life insurance simple. Compare quotes, get expert advice, and find the best policy for your needs—all in one place.
- Save time: Get instant quotes from Ontario’s top life insurance companies
- Save money: Compare multiple quotes to find the best price
- Shop anywhere: Use our online tools to compare quotes from your phone or computer
- Personalized service: Receive expert advice from a dedicated insurance advisor
How do life insurance rates in Toronto compare to other cities in Ontario?
Life insurance rates in Toronto are generally higher compared to other cities in Ontario due to the city’s higher cost of living and increased risk factors. To find the most competitive rates, it’s advisable to compare quotes from various life insurance companies in Ontario with the help of our expert advisors.
What types of life insurance are popular in Ontario?
In Ontario, term life insurance and whole life insurance are the most popular options. Term life insurance is valued for its affordability and flexibility, while whole life insurance provides lifelong coverage and builds cash value over time. Additionally, critical illness insurance and disability insurance are frequently sought to cover additional risks.
Is it possible to get life insurance with pre-existing health conditions in Ontario?
Yes, obtaining life insurance in Ontario with pre-existing health conditions is possible, though it may come with higher premiums or specific exclusions.
How does Ontario’s provincial health plan impact life insurance needs?
Ontario’s provincial health plan covers immediate or emergency medical expenses but doesn’t cover preventative medical interventions. Life insurance in Ontario can complement this by covering additional expenses not included in the provincial plan, such as critical illness insurance or travel insurance. This ensures more comprehensive protection for unforeseen events.
