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Life insurance is a very smart investment. Not only does it help to ensure that our loved ones are supported financially, it also comes in a variety of options.

These options make it easier for individuals and families to choose a policy that is best suited to their life and personal situation. While some policies are cheaper, others are longer-lasting or offer investment opportunities.

Life insurance in Ontario helps to ensure that everyone in the province can enjoy peace of mind; it promises that the things a person loves most will be taken care of when they’re gone.

Types of Life Insurance in Ontario



There are two main types of life insurance, known as Term Life and Permanent Life. The following are the main differences between the two:

Term Life Permanent Life
Pays out only if the insured dies while the policy is in placeIs paid out indefinitely
Cheaper, more simplisticMore expensive with more options
Provides only a death benefitProvides a death benefit as well as cash value accumulation
Must be renewed if the insured lives longer than the chosen termNever needs to be renewed
Covers the insured for a specific number of yearsCovers the insured until their death
Can be converted to whole life or added to the policyCannot be converted to term life


What is Better, Term Life or Whole Life?

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Neither policy is better than the other. These policies are very different, and their characteristics make them ideal for different people.

Some of the factors that will decide which policy is more beneficial to a person include:

  • Age
  • Income
  • Health at the time of creating the policy
  • Any mortgage and current debts
  • Future needs of the family, including tuition
  • Retirement plans

How Life Insurance Works

A life insurance policy is a contract between a person or group and a life insurance company. The insured agrees to pay premiums on a regular basis, while the insurance company agrees to pay a lump sum to named beneficiaries when the insured dies.

Life insurance companies take the premiums that have been paid and invest that money to make more over time. It’s also possible for them to profit from policies that end early.

In these cases, they get to keep the money that has been invested up until that point.

Buying Life Insurance

It’s helpful to keep in mind that insurance company representatives make more commission, the more they sell. What one insurer suggests to you, may be totally different than what another suggests.

While some companies are more interested in making the most money, a good insurer will make suggestions based on a person’s personal situation.

Those who are buying life insurance would do well to shop around for different life insurance rates in Ontario. By doing some simple comparisons, it may be obvious which company has the person’s best interests at heart.

Insurance companies will request detailed information about each person, to put together a quote. Some factors that they will consider include:

  • Age
  • Health
  • Medical History
  • Gender
  • Nicotine Use
  • Personal hobbies
  • Travel Plans

Typically, the younger and healthier a person is, the better their rates will be. Those who are older and more prone to illness or death are riskier to cover.

Some of the habits that increase life insurance rates include smoking, drinking, and having a history of depression.

Life Insurance in Canada

According to the Canadian Life and Health Insurance Association (CLHIA), Canadians had approximately $4.3 trillion in life insurance in 2016. Approximately 22 million Canadians were a part of that number.

The total premium revenue grew from over $60 billion in 2005 to more than $100 billion in 2015. As more people recognized the importance of life insurance, the numbers continued to grow over time.

Canadians were more likely to purchase individual insurance, as opposed to group options. Of the $18.5 billion spent on premiums in 2015, 78% of that was individual policies.

In Ontario, the average amount of protection sat near $400k, with the average household income equaling just under $100k. Generally speaking, the average amount of protection purchased is almost five times the household income.

Life Insurance by Product in Canada  

For those who are unsure what kind of insurance to choose, Canadians tend to favor individual policies over group options.

In 2015, about 40% of policies were group terms, while the remaining 60% accounted for Individual Term, Individual Whole Life, and Individual Universal Life.

Many people choose to go with individual insurance since the policy is based on the characteristics of the individual (Their age, habits, health, etc.)

When going with a group policy, the premiums are based on the characteristics of the group as a whole. In some situations, this might mean higher premiums depending on the group.

Cheapest Life Insurance in Ontario


In order to find the cheapest life insurance in Ontario, it’s suggested that each person do their research. No one company is more affordable than the rest; the quote given depends on the characteristics of the individual.

There are more than 30 insurance companies in Ontario, each with their own policies and guidelines for providing quotes. In order to choose the best one, there are three things to consider:

  • Stability

No one wants to work with a company that doesn’t last as long as their policy. It is best to go with a company that has had long-standing success, and which can afford to pay for the policy they offer.

Websites like A.M. Best rate the various insurance companies available, to give people a better idea of how strong a company really is.

  • Products Offered

Finding the best life insurance is about having options. Insurance is not a one-policy-fits-all situation, so having a choice of coverages is something to look for.

  • Worth

An insurer whose rates are too good to be true sometimes are. Companies who try to compete with others by providing the lowest quotes can’t always keep their business afloat.

Affordable insurance is great. However, the policy should be just as valuable as others on the market for the same price.