Looking for affordable term life insurance in Canada in 2025?
You're in the right place. This guide breaks down current rates, top providers,
how quotes are calculated, and smart strategies to secure the best coverage.
1. Understanding 2025 Term Life Insurance Rates — What’s Normal?
Let’s dive into some real rates for non-smoking Canadian
individuals:
Sun Life
Evolve Term (10-year term)
Monthly premiums for male,
non-smokers:
·
Age 30: $10.53 for
$100,000; $40.95 for $1M; $573.75 for $5M
·
Age 50: $22.32 for
$100,000; $130.95 for $1M; $573.75 for $5M
·
Age 60: $57.06 for
$100,000; $430.65 for $1M; $1,860.75 for $5M
Sun Life
Female,
non-smokers:
·
Age 30: $8.55 for
$100,000; $28.35 for $1M; $105.75 for $5M
·
Age 50: $18.09 for
$100,000; $90.45 for $1M; $393.75 for $5M
Sun Life
These figures illustrate the steep cost increase with age and
coverage amounts.
Market
Averages (via Ratehub.ca, Jan 2025)
·
A 20-year term, $500K coverage for a 30-year-old female in Quebec:
~$20/month
·
$1M, 10-year term for a 37-year-old male in Toronto: ~$41/month
·
$500K, 15-year term for a 50-year-old male in Calgary: ~$57/month
Ratehub.ca
2. Top Affordable Providers You Should Know
Here are standout options delivering great value:
PolicyMe
·
Offers competitive online-only pricing by lowering overhead.
·
Example: ~$29.67/month for a 30-year-old male (20-year, $500K)
PolicyMe+1
·
Starting premiums for seniors: At age 60, ~$54.67 for $100K over
10 years; age 65: ~$91.54
PolicyMe
TermLite
(Specialty Life Insurance)
·
$100K coverage from just $8.99/month.
·
No medical exams, quick approval; offers terms up to 100 years.
Wealth
Awesome
Humania
Assurance
·
Offers term life starting at $10/month
with flexible terms and nice added features like accidental death coverage.
Wealth
Awesome
Canada
Protection Plan (CPP)
·
Known for no-medical term products—great for applicants with
pre-existing health conditions.
·
Term amounts up to $750,000
and permanent up to $1M.
Wikipedia
BMO Term Life
Insurance
·
Simple term plans starting at $11.50/month
for $100K coverage.
·
Offers critical illness and premium waiver riders.
Wealth
Awesome
3. Real Canadian Experiences (Reddit Insights)
·
A 31-year-old non-smoker found a 25-year, $1M term policy quote of
$800 annually (~$67/month) from RBC—reasonable,
but Empire Life offered better at $770/year
(~$69/month).
Reddit
·
A couple got a $1M, 20-year term through Foresters for $90/month—renewable and convertible.
Reddit
·
Comparisons show RBC,
Wawanesa, and Empire as strong contenders; many recommend using
an independent broker for the best shopping insights.
Reddit+1
4. How to Secure the Best Quote in 2025
Here are smart moves to optimize price and coverage:
·
Use
independent brokers — they can compare across many insurers and uncover hidden
discounts.
Reddit+1
·
Consider
"term stacking" opportunities — for example, start with a term
10, then switch to term 25 before your next age milestone for savings (works
with RBC/Wawanesa).
Reddit
·
Apply jointly — some
insurers, like PolicyMe, offer ~10% discount for couples applying together.
PolicyMe+1
·
Focus on
health — securing a preferred or standard rating can cut costs
significantly; higher risk ratings (A to J) can double premiums.
PolicyMe
5. Quick Comparison Table: Sample Monthly Rates
|
Provider |
Sample Rate (30 y/o, Non-Smoker) |
Notes |
|
PolicyMe |
~$29.67
(20-yr, $500K adult male) |
Online
application, discount options |
|
TermLite |
~$8.99
(10-yr, $100K) |
No
exam, fast approval |
|
Humania |
~$10
(various terms, $100K) |
Flexible
terms, added benefits |
|
CPP (no-medical) |
Varies
(up to $750K) |
Good
for health-compromised applicants |
|
BMO |
~$11.50
(10/20/30 yr, $100K) |
Riders
available |
|
Empire Life |
|
Example
$770/year (~$69/month) for $1M |
|
Foresters |
~$90/month
(20 yr, $1M) |
Convertible,
renewability |
|
RBC |
|
Competitive,
but varies by profile |
Final Takeaways
·
Term life
remains the most affordable coverage—especially if you're younger and
healthy.
·
PolicyMe,
TermLite, and Humania consistently offer some of the lowest starting rates.
·
Stacking or
strategic term choices can unlock savings if done wisely.
·
Working with
a broker can streamline comparison and access to discounts.
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