This page is education, not insurance or financial advice. It compares what each insurer says about its own term life products; it does not show premiums, because a quote depends on your age, health, smoking status, coverage amount and term. A licensed advisor or the insurer can quote your exact premium.
How do the 7 life insurers compare?
The table puts the features that actually separate these policies side by side. Everything in it comes from the insurer’s own product page, checked on October 6, 2026. Hover over a figure to see its source.
| Insurer and product | Term lengths | Medical exam | Conversion after purchase | How you apply |
|---|---|---|---|---|
| Blue Cross Life term | 10, 15, 20, 25 or 30 years; $100,000 to $5 million | Many eligible applicants may qualify without a medical exam | Not stated on the product page | Online from start to finish, with no in-person meetings |
| Canada Life My Term | 5 to 50 years | Not stated on the product page | Convertible to a longer term or to permanent insurance, within limits | Online quote form linked from the product page |
| Canada Protection Plan | Examples given: 10, 20, 25 or 30 years | No medical exams or needles for most plans | Convertible to permanent life insurance | Request online; an advisor calls with a personalized quote |
| iA Access Life / Pick-A-Term | Access Life 15, 20 or 25 years; Pick-A-Term 10 to 40 years | Access Life: no medical exam, a few health questions | Renewable or convertible to permanent at the end of the term | Through an advisor |
| PolicyMe term | 10, 15, 20, 25 or 30 years | No medical exam for most people | Convertible to a longer term or lifetime coverage without new health questions | Fully online, usually 20 minutes or less from start to approval |
| RBC Simplified Term / YourTerm | 10 to 40 years, and anything in between | RBC Simplified Term: may be eligible without a medical exam | Convertible to a permanent policy without updated medical information | Online application in about 15 minutes, or apply by phone, or with an advisor |
| Sun Life Go / Go Simplified / Evolve | 5 to 40 years, depending on the product | Sun Life Go Simplified Term: 10-year term, no medical exam, 3 health questions | Conversion to permanent coverage on select term plans | By phone (Go Simplified), online (Go Term) or through an advisor (Evolve) |
Maximum coverage also differs where insurers publish it: Canada Protection Plan lists coverage Up to $1 million, and iA lists Access Life up to $500,000; Pick-A-Term up to $10,000,000. “Not stated” means the product page checked did not say either way; it does not mean the feature is missing, so ask the insurer before relying on it.
Three relationships are worth knowing before you compare quotes. Blue Cross Life’s individual term product is Underwritten by Blue Cross Life, distributed by PolicyMe Corp., and PolicyMe’s own policies are issued by Canadian Premier Life Insurance Company (operating as Securian Canada). Canada Protection Plan’s no-medical policies are Underwritten by The Independent Order of Foresters or Foresters Life Insurance Company. The company named on your policy contract is the insurer that pays the claim.
What is the difference between term and permanent life insurance?
The Financial Consumer Agency of Canada (FCAC) splits life insurance into two families. Term life pays a death benefit only if you die within a specific period. Permanent life (whole life or universal life) covers you for life and usually builds a cash value. The table uses FCAC’s own descriptions.
How to read this table: Descriptions paraphrase the Financial Consumer Agency of Canada's life insurance page; each policy contract sets the exact terms.
| Type | How long it covers you | Cash value | Premiums |
|---|---|---|---|
| Term life | A specific period: a fixed term (such as 10 or 20 years) or until a set age (such as 65) | None — nothing back if cancelled, and no borrowing against it | Generally lower than permanent at first; may rise at renewal |
| Whole life (permanent) | Entire life | Often a guaranteed minimum cash value | Won't change as you get older |
| Universal life (permanent) | Lifetime coverage | Investment account with a cash value; allows withdrawals and loans | Can be raised or lowered within policy limits; could increase if investment returns fall |
Source: Life insurance — Financial Consumer Agency of Canada (Canada.ca) — the death benefit; Life insurance — FCAC — permanent life insurance; Life insurance — FCAC — whole life insurance; Life insurance — FCAC — universal life insurance; Life insurance — FCAC — universal life premiums can rise; Life insurance — FCAC — term life insurance; Life insurance — FCAC — term length; Life insurance — FCAC — term has no cash value; Life insurance — FCAC — renewal premiums and cost; Life insurance — FCAC — joint first-to-die term insurance; Life insurance — FCAC — no beneficiary named; Life insurance — FCAC — Quebec spouse beneficiary; Getting an insurance policy — FCAC — where to buy; Getting an insurance policy — FCAC — agents vs brokers; Getting an insurance policy — FCAC — licensing and LLQP; Getting an insurance policy — FCAC — ask about the LLQP; Getting an insurance policy — FCAC — Assuris; Getting an insurance policy — FCAC — underwriting criteria; Getting an insurance policy — FCAC — honest answers; Getting an insurance policy — FCAC — free look period; Getting an insurance policy — FCAC — cancelling later; How insurance works — FCAC — premium factors; How insurance works — FCAC — riders; How insurance works — FCAC — federal and provincial regulation; Life insurance — FCAC — universal life premium flexibility; Life insurance — FCAC — unrepaid policy loans; Life insurance — FCAC — minor beneficiary without a trustee; Life insurance — FCAC — estate as beneficiary; Getting an insurance policy — FCAC — shop around; Getting an insurance policy — FCAC — group coverage ends; Getting an insurance policy — FCAC — licensed insurer and complaints; Getting an insurance policy — FCAC — future insurability; How insurance works — FCAC — regulator confirms licences. In effect from September 30, 2026; checked September 30, 2026.
A few points from the same FCAC page that the table can’t hold:
- Term coverage simply ends. Once the term is over, the coverage ends and beneficiaries receive nothing. Some term policies can be renewed, and premiums may rise at each renewal: on a 5-year renewable policy, they rise every 5 years.
- Cash value is less than you paid. If you cancel a permanent policy, the cash value you get back is less than what you paid in premiums for the insurance costs. Borrowing against it and not repaying reduces what your beneficiary receives.
- Universal life carries investment risk. The death benefit and cash value can rise or fall with the investments you choose, and premiums could increase if returns fall. Money that is meant to be invested can also go into registered accounts; the TFSA explained guide covers how tax-free growth works there.
- Couples have two structures. Joint first-to-die term pays once, when the first partner dies, and is usually less expensive than 2 identical single policies but less flexible after a separation or divorce. Two single policies are usually more expensive, but each partner can change their own beneficiary relatively easily after a separation.
The comparison above covers term products only. Whole and universal life policies are harder to compare side by side, since cash values and investment options differ by contract.
How much life insurance coverage do people consider?
There is no official number. Insurers publish rules of thumb that don’t agree with each other, which is a useful reminder that they are starting points, not answers:
- Income multiple, RBC Insurance version: 5 to 7 times current net income. RBC adds that your needs could be lower or higher.
- Income multiple, PolicyMe version: 10 times income as a ballpark, or add up debts and expected income.
- Needs-based tally: add what the money would have to pay for (the mortgage, other debts, final expenses, years of income for the family, education), then subtract existing coverage (often group insurance through an employer) and savings.
- Debt-matching: size and time the policy to the mortgage, so the term ends around when the mortgage is paid off. The mortgage calculator shows how the balance falls over the amortization.
Worked example: three methods, one household
A hypothetical household: one earner with $60,000 a year in net (after-tax) income, a $350,000 mortgage balance, $40,000 in other debts, and two young children. The income tax calculator turns a gross salary into the net figure the income methods start from.
| Method | Inputs | Result |
|---|---|---|
| RBC-style income multiple (5 to 7 times net income) | $60,000 net income | $300,000 to $420,000 |
| PolicyMe-style income multiple (10 times income) | $60,000 income | $600,000 |
| Needs-based tally | Mortgage $350,000 + other debts $40,000 + final expenses $15,000 + 10 years of $30,000 family income support + education $50,000, minus group coverage $100,000 and savings $25,000 | $630,000 |
The same household lands anywhere from $300,000 to $630,000 depending on the method. The needs-based figure is the only one of the three that itemizes what the money would pay for, and it changes as the mortgage shrinks and the children grow, which is why some people split coverage into two policies with different terms. The debt payoff calculator shows when each non-mortgage debt would be gone, and the inflation calculator shows how much a fixed death benefit loses in buying power over a long term.
How do you buy life insurance in Canada?
FCAC lists four places to buy insurance, and whichever one you use, an insurance company issues the policy:
How to read this table: From FCAC's Getting an insurance policy page. Whichever channel is used, an insurance company issues the policy.
| Channel | Who you deal with |
|---|---|
| Licensed insurance agent | Represents an insurance company and sells its products (some life agents represent several companies) |
| Registered insurance broker | A person or company selling the products of several insurance companies |
| Insurance company directly | Buy from the insurer itself |
| A lender, when applying for a loan | Coverage offered alongside a loan; an insurance company still issues the policy |
Source: Life insurance — Financial Consumer Agency of Canada (Canada.ca) — the death benefit; Life insurance — FCAC — permanent life insurance; Life insurance — FCAC — whole life insurance; Life insurance — FCAC — universal life insurance; Life insurance — FCAC — universal life premiums can rise; Life insurance — FCAC — term life insurance; Life insurance — FCAC — term length; Life insurance — FCAC — term has no cash value; Life insurance — FCAC — renewal premiums and cost; Life insurance — FCAC — joint first-to-die term insurance; Life insurance — FCAC — no beneficiary named; Life insurance — FCAC — Quebec spouse beneficiary; Getting an insurance policy — FCAC — where to buy; Getting an insurance policy — FCAC — agents vs brokers; Getting an insurance policy — FCAC — licensing and LLQP; Getting an insurance policy — FCAC — ask about the LLQP; Getting an insurance policy — FCAC — Assuris; Getting an insurance policy — FCAC — underwriting criteria; Getting an insurance policy — FCAC — honest answers; Getting an insurance policy — FCAC — free look period; Getting an insurance policy — FCAC — cancelling later; How insurance works — FCAC — premium factors; How insurance works — FCAC — riders; How insurance works — FCAC — federal and provincial regulation; Life insurance — FCAC — universal life premium flexibility; Life insurance — FCAC — unrepaid policy loans; Life insurance — FCAC — minor beneficiary without a trustee; Life insurance — FCAC — estate as beneficiary; Getting an insurance policy — FCAC — shop around; Getting an insurance policy — FCAC — group coverage ends; Getting an insurance policy — FCAC — licensed insurer and complaints; Getting an insurance policy — FCAC — future insurability; How insurance works — FCAC — regulator confirms licences. In effect from September 30, 2026; checked September 30, 2026.
Advisor or broker. An agent represents an insurance company, though some life agents represent several; a broker sells the products of several companies. iA sells term coverage through advisors, and Sun Life’s Evolve is advisor-sold. FCAC says agents and brokers must be licensed in the province or territory where they do business, and suggests asking whether a life insurance seller passed the Life License Qualification Program (LLQP). Your provincial or territorial insurance regulator can confirm a licence.
Direct online. PolicyMe and Blue Cross Life run the whole application online, RBC Insurance offers online, phone and advisor routes, and Sun Life’s Go Term is aimed at online buyers. Online applications still ask health questions and can still lead to a medical exam or extra review. PolicyMe states its timing as: Insurer decision within 7 business days of receiving all required documents.
Through a lender. FCAC lists a lender, when you apply for a loan, as one of the places to buy insurance; an insurance company still issues that policy. For any insurance, FCAC’s general guidance is to shop around, get quotes and compare policy details such as coverage and cost.
What happens during the application?
The insurer decides whether to cover you, for how much, with which exclusions and at what premium. This is underwriting. FCAC says insurers may require a medical questionnaire or exam before approving a policy (evidence of insurability) and that premiums usually depend on the type of insurance, your age, your gender, your medical history and the amount of coverage.
“No medical” plans skip the exam, not the questions. Sun Life Go Simplified asks 3 health questions; iA Access Life asks “a few questions about your current health condition.” FCAC says to answer every question completely and honestly, and warns that otherwise the insurer could cancel the policy or refuse a future claim, and the applicant may not be able to get insurance from any company in the future.
FCAC describes a rider (also called an endorsement) as the ability to buy extra insurance at an additional cost. Some insurers also list extra benefits on the product itself: RBC lists an accidental death benefit on its term plans (Additional benefit amount paid on accidental death), and PolicyMe says every term policy automatically includes child coverage: $10,000 per child (ages 6 months to 18 years) included.
Can you cancel a life insurance policy after you buy it?
Yes, and the first days are the safest time to do it. FCAC says you have the right to cancel a new life insurance policy within a set period, usually 10 days, and get a refund of the premiums you paid. FCAC calls this the rescission right, or free look period. Some insurers state a longer window on their own pages:
- RBC Insurance: 30-day review period with a full refund (RBC Simplified Term), and a 10-day review period with a full refund (RBC YourTerm).
- PolicyMe: 30-day cancellation period with a full refund.
- Sun Life: Refund if cancelled within 30 days of issue.
After that window, term policies have no cash value to refund, and FCAC notes you may have to pay a penalty if you cancel before the policy’s expiry date. When one policy replaces another, cancelling the old one before the new one is issued and past its free look period can leave a gap with no coverage.
What happens if your life insurance company fails?
Assuris steps in. It is the not for profit organization that protects Canadian policyholders if their life and health insurance company fails, and Every life and health insurer authorized to sell insurance in Canada must be a member. FCAC points to Assuris for the same protection.
For a death benefit, Assuris guarantees that you will retain up to $1,000,000 or 90% of your death benefit, whichever is higher. In practice, a $750,000 policy is protected in full, while a $1,500,000 policy would keep $1,350,000. Assuris is the insurance counterpart of CDIC for bank deposits and CIPF for investment accounts at member dealers; it is a different plan with different limits, so the savings-account rules don’t carry over.
Which insurer fits which situation?
This is not a ranking; it maps each insurer’s stated features to the need they match.
- You want a wide choice of term lengths. Canada Life lists term lengths of 5 to 50 years; for My Term: Renews yearly after the initial term. RBC Insurance allows 10 to 40 years, and anything in between.
- You want to avoid a medical exam. Canada Protection Plan says No medical exams or needles for most plans; iA Access Life and Sun Life Go Simplified skip the exam, and RBC Simplified Term may. Expect narrower coverage limits on some of these: iA lists Access Life at up to a lower face amount than Pick-A-Term.
- You are new to Canada. iA says its term insurance is Available to Canadian citizens and newcomers to Canada, and Access Life is Designed for people who have difficulty getting insured because of age, health or where they are from. RBC’s term plans require Canadian residents aged 18 to 70 who have been in Canada for more than 12 months.
- You want to apply online tonight. PolicyMe (Fully online, usually 20 minutes or less from start to approval), Blue Cross Life (Online from start to finish, with no in-person meetings), RBC Insurance (Online application in about 15 minutes, or apply by phone) and Sun Life Go Term.
- You may want lifelong coverage later. Look for conversion rights. RBC says you can convert without updated medical information; PolicyMe says you can convert without new health questions; Canada Life, Canada Protection Plan, iA and Sun Life describe conversion options, with limits set in the contract.
- You are older. Sun Life: Apply until age 85 for Go Simplified Term and Evolve Term, or age 65 for Sun Life Go; renewals end at 85. PolicyMe: Ages 18 to 75. RBC Simplified Term and RBC YourTerm: Ages 18 to 70 for 10- to 15-year terms; for 16- to 40-year terms, the maximum issue age is 85 minus the term.
How much does life insurance cost in Canada?
It depends on you, which is why this page shows no prices. FCAC lists the usual premium factors: the type of insurance, your age, your gender, your medical history and the amount of coverage. Insurers also price smoking status and term length, and term premiums are generally lower than permanent premiums when first bought. FCAC suggests shopping around, getting quotes and comparing policy details such as coverage and cost. Quotes are only comparable when the coverage amount and term match, and conversion and renewal terms differ alongside the price. Life insurance is one part of a household safety net; the emergency fund calculator covers the cash side.
Common mistakes when buying life insurance
- Leaving the beneficiary blank. FCAC says the insurer then assumes your estate is the beneficiary, so the money goes through the will and can be claimed by creditors. Naming a contingent beneficiary covers the case where the first one dies before you.
- Forgetting the Quebec rule. In Quebec, a spouse named as beneficiary is presumed irrevocable unless you specify otherwise, and FCAC says changing an irrevocable beneficiary needs that beneficiary’s written permission.
- Naming a minor directly. Without a trustee, the province or territory holds the money until the child reaches the age of majority.
- Relying only on group coverage. FCAC notes that group coverage offered through a union, association or club usually ends when you are no longer a member or reach a certain age; check what happens to any workplace coverage if you change jobs.
- Letting a policy lapse. Missed premiums can lead the insurer to cancel coverage; PolicyMe, for example, describes a 30-day grace period after a missed premium payment before a policy lapses.
- Comparing quotes with different terms or amounts. A 20-year quote and a 30-year quote are not the same product, even at the same coverage amount.