Canada The Best Life Insurance in Canada 2021

 Looking for the best life insurance in Canada? Trying to pick a provider? You've come to the right place.

We've put together the go-to resource with reviews on the top life insurance providers, helping you find the best life insurance in Canada for your specific needs. You can shop with confidence and know you made the best choice to fit your needs.

All prices throughout are based on a healthy individual purchasing a 20-year term life insurance plan with 500,000 in coverage unless otherwise stated

What is Life Insurance?

Life insurance is for anyone who has a spouse, partner, or children who rely on them financially. You can get individual life insurance or buy plans as a couple, depending on your needs. This means that if your monthly income helps support your family's expenses (anything from groceries to debt payments to monthly retirement savings contributions, etc.), you're probably someone who needs life insurance.

To put it simply, life insurance is an agreement with an insurance company. You pay a monthly fee and in return, your insurance company agrees to pay out a lump sum of cash to your family if you pass away during the time that your insurance policy is active.

You can check out the table below to see a sample of monthly premiums and how they vary based on your insurer.

Permanent Life Insurance

Permanent life insurance pays out a benefit to your beneficiaries no matter when you die (hence why it is called permanent insurance). Permanent life insurance comes in a couple of different forms, including whole life, universal, or variable life insurance.

Permanent life insuranc policies are much more expensive than term life insurance policies because the policy also acts as an investment account. Your premiums are designed to build cash value over your life. But don't be fooled - this is NOT a cost-free financial investment, and it turns out to be much more expensive and inflexible than other ways of investing.

Permanent life insurance policies tend to be less straightforward than term insurance. You'll want to understand all the fine print and details before buying this kind of policy. For example, be sure to know the terms of the cash value component. Every permanent life policy has a guaranteed interest rate so you should understand how these differ by company

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