Cheapest Life Insurance Quotes in Canada
Discover 9 deals available this month.
1.PolicyMe Term Life Insurance
PolicyMe offers some of the lowest-cost term life insurance in Canada, with premiums typically starting between $4 and $10 per month for young, healthy non-smokers. Prices remain competitive across different ages with an online-only application process.
View Deal →Offering highly affordable term life insurance rates with a fully digital experience, PolicyMe stands out for cost-conscious Canadians seeking straightforward coverage.
Pros:
- Extremely low starting premiums for young, healthy non-smokers
- Competitive pricing maintained across various age groups
- Convenient online-only application process
Cons:
- Limited to term life insurance only, no whole life options
- No in-person support due to online-only model
- Pricing details may vary for smokers or those with health issues
2.Equitable Life Term Life Insurance
Equitable Life is a major Canadian mutual insurer known for offering some of the cheapest term life insurance, especially for younger non-smokers. It provides flexible term lengths and straightforward underwriting.
View Deal →Younger non-smokers looking for affordable term life coverage will find Equitable Life appealing for its low rates and flexible terms. Its simple underwriting process adds to the ease of getting insured.
Pros:
- Consistently low-cost term life insurance for younger non-smokers
- Flexible term length options
- Straightforward underwriting process
Cons:
- Pricing advantage mainly applies to younger, healthy non-smokers
- Limited specific pricing details publicly available
- May not be the lowest option for older applicants or smokers
3.Blue Cross Life Term Life Insurance
Blue Cross Life offers Canada-wide term life insurance with level premiums and coverage ranging from $100,000 to $5 million. Typical 20-year term rates start around $20–$30 per month for many applicants.
View Deal →Offering flexible coverage amounts and predictable, level premiums, Blue Cross Life is a solid choice for those seeking straightforward term life insurance at a reasonable monthly cost.
Pros:
- Coverage available from $100,000 up to $5 million
- Level premiums that stay consistent throughout the term
- Affordable 20-year term rates starting around $20–$30 per month
Cons:
- Premiums are generally higher than ultra-low-cost online-only insurers
- No specific promotional deals or discounts currently noted
- Rates may not be as competitive for younger, healthy non-smokers compared to specialized low-cost providers
4.BMO Term Life Insurance
BMO Term Life Insurance offers affordable term life coverage with a $25 annual policy fee discount on policies of $500,000 or more until January 31, 2026. It is a competitively priced option among branded bank insurers in Canada.
View Deal →Attractive for those seeking bank-backed term life insurance, BMO provides cost savings on larger policies through a limited-time fee discount. While not the absolute cheapest option, its promotional deal adds value for higher coverage amounts.
Pros:
- Discounted $25 annual policy fee on term policies over $500,000 until January 31, 2026
- Affordable pricing relative to other branded bank insurance plans
- Coverage backed by a major Canadian bank
Cons:
- Promotion only applies to policies with $500,000 or more coverage
- Limited detailed pricing information compared to pure online insurers
- No mention of flexible term lengths or underwriting benefits
5.Rates.ca Life Insurance Quote Comparison
Rates.ca is a Canadian comparison platform showing the cheapest life insurance quotes from multiple licensed insurers, with rates for a healthy 35-year-old non-smoker starting in the mid-$20s to $30s per month. It helps consumers quickly identify the lowest current prices across providers for term life coverage.
View Deal →Rates.ca offers a straightforward way to compare life insurance rates from various Canadian insurers, making it easier to spot budget-friendly term life options. Its focus on transparency and breadth of quotes helps users find competitive pricing tailored to their profile.
Pros:
- Access to multiple licensed insurers’ quotes in one place
- Shows competitive term life rates starting in the mid-$20s per month for typical profiles
- Helpful for comparing prices quickly without contacting multiple providers
- Includes well-known Canadian insurers offering flexible coverage options
Cons:
- Primarily focused on term life insurance rather than other types
- Rates may vary depending on personal health and coverage details not shown upfront
- No direct policy purchase or personalized advice offered through the platform
6.PolicyAdvisor Life Insurance Quote Platform
PolicyAdvisor is a Canadian online broker that compares life insurance quotes from multiple insurers, highlighting consistently low-priced carriers like Equitable Life for term and whole life policies. It helps users find the cheapest coverage tailored to their age, health, and needs.
View Deal →For Canadians seeking a straightforward way to compare low-cost life insurance options, PolicyAdvisor offers a broad view of competitive quotes from top insurers in one place.
Pros:
- Compares quotes from many Canadian insurers including low-cost options like Equitable Life
- Covers both term and whole life insurance policies
- Helps identify the cheapest coverage suited to individual profiles
- Fully online platform for convenience
Cons:
- No specific pricing or promotional deals listed directly on the platform
- May require additional steps to finalize policies after quote comparison
- Limited visibility on underwriting details or policy specifics within the quote tool
7.Term4Sale Canada Term Life Quotes
Term4Sale Canada offers instant, no-contact term life insurance quotes from over 100 licensed Canadian insurers, enabling users to easily compare prices and find the lowest premiums for standardized term coverage.
View Deal →For Canadians seeking quick and comprehensive term life insurance quotes, Term4Sale simplifies the search by aggregating offers from a vast range of providers all in one place.
Pros:
- Access to quotes from more than 100 licensed Canadian life insurers
- Instant, no-contact quote generation
- Ability to sort and compare premiums to find the lowest price
Cons:
- No direct mention of specific pricing or discounts
- Focused solely on term life insurance, no whole life options highlighted
- May require additional research to understand policy details beyond price
8.Ratehub.ca Life Insurance Quotes
Ratehub.ca provides side-by-side term life insurance quotes from leading Canadian insurers, with 10-year term rates for a healthy 35-year-old non-smoker starting around $25–$34 per month. It helps users compare prices easily to find the most affordable options online.
View Deal →Ideal for Canadians seeking a straightforward comparison of term life insurance rates, Ratehub.ca offers quick access to competitive quotes from top insurers all in one place. It simplifies the search for budget-friendly coverage with clear pricing examples.
Pros:
- Displays side-by-side quotes from multiple top Canadian insurers
- Illustrative 10-year term rates start as low as $25/month for healthy 35-year-old non-smokers
- Helps users identify the cheapest available online offers efficiently
Cons:
- Limited to term life insurance quotes, with less focus on whole life options
- Pricing examples primarily target specific profiles (e.g., healthy 35-year-old non-smokers)
- No direct policy purchase; acts as a quote comparison platform only
9.Solutions Financial Online Term Life Quotes
Solutions Financial is a Canadian brokerage that compares term life insurance quotes from multiple carriers, offering best-price options including 30-year terms tailored to your coverage needs and budget. It focuses on finding low-cost quotes across the market to fit various term lengths and budgets.
View Deal →Solutions Financial simplifies the search by shopping multiple insurers for competitive term life quotes, making it easier to find affordable coverage tailored to your preferences.
Pros:
- Offers term life quotes from multiple Canadian carriers
- Includes 30-year term options
- Focuses on low-cost, budget-friendly quotes
- Tailors quotes based on coverage length and budget
Cons:
- No specific pricing or promotional deals detailed
- Limited public information on underwriting speed or process
- No direct mention of additional policy features or riders
Final Words
To secure the cheapest life insurance quotes in Canada this January 2026, take time to compare offers from leading providers and trusted online platforms tailored to your profile. You can explore multiple options to find the best coverage at the lowest price that fits your needs and budget.
Frequently Asked Questions
PolicyMe offers some of the lowest-cost term life insurance in Canada with premiums typically starting between $4 and $10 per month for young, healthy non-smokers. Their prices remain competitive across different ages, making it an affordable choice nationwide.
The lowest rates from PolicyMe are generally available to young, healthy non-smokers. Their online-only model helps keep costs down, providing competitive pricing for a broad range of applicants.
You can use Canadian comparison platforms like Rates.ca, PolicyAdvisor, and Term4Sale Canada to see side-by-side quotes from multiple licensed insurers. These services help you find the lowest premiums tailored to your age, health, and coverage needs.
Equitable Life and Blue Cross Life are also known for budget-friendly term life insurance in Canada. Equitable Life is especially competitive for younger non-smokers with flexible term lengths, while Blue Cross offers level premiums for coverage ranging from $100,000 to $5 million.
Yes, BMO Term Life Insurance is currently offering a $25 annual policy fee discount on term policies of $500,000 or more until January 31, 2026. This promotion helps reduce the overall cost for larger coverage amounts.
Premiums vary based on age, health, smoking status, and coverage amount. Online-only insurers like PolicyMe can offer lower prices by reducing overhead, while traditional insurers may offer flexible terms or discounts that impact the final cost.
