Life insurance in Ontario
Life insurance that protects the people who rely on you
Understand term and permanent life insurance in plain language, and talk to a broker about the amount and type that fit your family and your budget.
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Life insurance pays a death benefit to the people you name if you die while the policy is in force. It can help your family cover living costs, a mortgage, debts, education and final expenses. Term insurance covers a fixed period, while permanent insurance covers your whole life and can build cash value. Anyone with dependants, shared debts or a business partner may benefit, and the right amount and type depend on your situation.
Needs-based advice
A broker helps you think through who depends on you, what debts you have and how long protection is needed, before you choose a product.
Options explained fairly
Term, whole and universal life suit different goals. A broker explains the trade-offs without pressure.
Support through life changes
Marriage, a new child, a mortgage or a new business can change what you need. A broker helps you revisit your coverage.
How life insurance works
Policies come in a few main forms, each built for a different purpose.
Term life insurance
Covers a fixed period, such as 10, 20 or 30 years. If you die during the term, the death benefit is paid. Premiums are usually lower than permanent insurance for the same amount.
Permanent life insurance
Covers your entire life as long as premiums are paid. Whole life and universal life are the main types, and some policies build cash value over time.
Death benefit
Paid to your named beneficiary. In Canada it is generally not taxable income to the beneficiary, but confirm your situation with an advisor.
Riders and options
Optional additions can include critical illness or waiver of premium. Availability and terms vary by insurer, so ask what is offered.
Beneficiaries
You choose who receives the benefit, such as a spouse, children or a trust. Keeping your named beneficiaries up to date helps avoid delays.
Underwriting
Insurers ask about your health, habits and history to assess risk. Some products require a medical exam, while others rely on questions alone.
Ready when you are
Tell a broker what you need and get a clear answer, free and with no commitment.
Who life insurance is for
Parents and guardians
If children depend on your income, a death benefit can help cover everyday costs and future needs such as education.
Homeowners with a mortgage
A benefit can help your family keep the home or pay down debt if your income stops.
Couples who share finances
If one partner's income supports shared expenses, coverage can reduce the financial strain on the other.
Business owners and partners
Life insurance can support a succession plan or a buy-sell agreement and help protect the business if a key person dies.
What changes your life insurance price
Insurers estimate risk over a long time, so several personal details shape the premium.
Age
Premiums generally rise with age at the time you apply, which is one reason people consider coverage earlier.
Health
Medical history, current conditions and family history can affect eligibility and price.
Smoking and lifestyle
Tobacco and nicotine use usually raise premiums, and some activities or occupations may also be considered.
Amount and term length
A higher death benefit or a longer term costs more. Permanent insurance costs more than term for the same amount.
Product type and options
Cash value features, riders and payment schedules all change the premium compared with a basic policy.
What people often assume is covered but is not
Approval and price are never guaranteed before the insurer reviews your application.
Term coverage ends when the term does, and there is usually no payout if you outlive it.
Death within an exclusion period or from an excluded cause, such as in the first years for misstatements or specific risks.
Illness or disability benefits, which need a separate critical illness or disability policy.
Claims where information was left out or misstated on the application, which insurers may contest.
Coverage for someone you have not named, since the benefit goes only to the beneficiary you designate.
Always check your policy wording; a broker can explain what applies to you.
How it works
Tell us about you
Share a few details in under five minutes. No payment, no commitment.
Compare clear options
See what each option covers and what drives the price.
Confirm with a broker
Your broker checks everything with you before anything is bound.
Frequently asked questions
Term insurance covers a set period, such as 20 years, and typically costs less. Permanent insurance covers you for life and can build cash value, but premiums are higher. The better choice depends on your goals, budget and how long you need protection.
It depends on your income, debts, dependants and goals. Many people consider replacing income for a number of years, paying off the mortgage and funding education. A broker can walk through a simple needs analysis with you rather than using a rule of thumb.
In Canada, a death benefit paid to a named beneficiary is generally not taxable income. Individual circumstances can differ, for example when the estate is the beneficiary, so confirm your situation with an accountant or tax advisor. A broker can walk you through the details for your situation and answer any follow-up questions.
Not always. Some policies require an exam and bloodwork, while others rely on health questions. Requirements vary by insurer, amount and your age. A broker can tell you which options might fit and what to expect.
Yes. Insurers assess health and other factors, and may decline an application, change the price or offer different terms. A broker can discuss options and explain how different insurers view your situation, but approval cannot be promised.
Request a call with a broker. They will ask about your family, finances and goals, explain term and permanent options in plain words and help you apply if you choose. There is no obligation.
Talk through what your family would need
Share a few details and a broker will contact you to explain your options and answer your questions.
This page is general information, not advice, and rules change. Coverage, eligibility and terms depend on the insurer and your situation, so your broker confirms what applies to you. Reviewed October 2026.