Cheapest Life Insurance Quotes in Canada
Discover 10 deals available this month.
1.PolicyMe
PolicyMe offers instant online term life insurance quotes with competitive rates for non-smokers, featuring 20-year term policies starting at about $8 per month for young adults.
View Deal →Young adults looking for affordable term life coverage will find PolicyMe’s online quotes and low starting rates appealing for straightforward 20-year plans.
Pros:
- Quick instant online quotes
- Competitive rates specifically for non-smokers
- Affordable 20-year term policies starting around $8/month
Cons:
- Best rates primarily available to non-smokers
- Limited to 20-year term policies
- No mention of discounts or bundled offers
2.Manulife
Manulife is one of Canada’s cheapest providers for term life insurance, offering competitive rates across various age groups. It consistently ranks among the most affordable options when comparing quotes.
View Deal →Manulife stands out as a budget-friendly choice for term life insurance in Canada, appealing to those seeking reliable coverage without high premiums.
Pros:
- Offers some of the lowest term life insurance rates in Canada
- Competitive pricing across different age groups
- Widely recognized and trusted provider
Cons:
- No specific discounts or promotional deals mentioned
- Pricing details are general and may vary depending on individual factors
- Limited information on policy term options or extras
3.Equitable Life
Equitable Life offers affordable term life insurance policies in Canada with rates competitive to Manulife and iA Financial Group. It provides cost-effective coverage options suitable for various age groups.
View Deal →Equitable Life stands out as a solid choice for budget-conscious Canadians seeking term life insurance, matching prices with top competitors like Manulife and iA. Its competitive rates make it a reliable option to consider when shopping for term coverage.
Pros:
- Affordable term life insurance with competitive rates
- Comparable pricing to major providers like Manulife and iA Financial Group
- Offers various term lengths suitable for diverse needs
Cons:
- No specific pricing details or discounts mentioned
- Limited information on additional policy features or benefits
- May not offer the lowest rates for all age groups compared to other providers
4.Sun Life
Sun Life provides cost-effective term life insurance in Canada and offers a 10% discount on permanent life insurance purchases made together by July 31, 2026.
View Deal →Sun Life stands out with a timely 10% discount on permanent life insurance when bundled by the end of July, making it a smart pick for combined coverage.
Pros:
- Competitive pricing on term life insurance in Canada
- 10% discount on permanent life insurance when purchased together before July 31, 2026
- Established and trusted Canadian insurer with broad coverage options
Cons:
- Discount offer limited to a specific purchase window ending July 31, 2026
- No specific starting rates or pricing details provided for term life insurance
- May not be the absolute cheapest option compared to some competitors
5.RBC Insurance
RBC Insurance often offers the lowest 20-year term life insurance rates in Canada, varying based on the applicant's birth date and age. Pricing competitiveness makes it a strong option for many Canadian consumers.
View Deal →RBC Insurance stands out for providing some of the cheapest 20-year term life insurance quotes available in Canada, making it an attractive choice for cost-conscious applicants.
Pros:
- Frequently offers the most affordable 20-year term life insurance quotes in Canada
- Rates adjust based on applicant’s birth date and age for tailored pricing
- Part of a well-established financial group with broad national coverage
Cons:
- Pricing varies significantly depending on age and birth date
- No specific discounts or promotional deals mentioned in current offers
- Limited information on pricing for other term lengths or policy types
6.Wawanesa Insurance
Wawanesa Insurance offers affordable non-medical term life insurance options in Canada, with particularly competitive rates for younger applicants. Their policies are designed to provide easy access without medical exams.
View Deal →Younger applicants seeking straightforward coverage will find Wawanesa’s non-medical term life insurance a cost-effective choice with simple application requirements.
Pros:
- Affordable non-medical term life insurance options
- Competitive pricing especially for younger applicants
- Simplified application process without medical exams
Cons:
- Limited information on pricing details beyond general affordability
- Focus on younger applicants may mean less competitive rates for older clients
- No mention of special discounts or bundled deals
7.Canada Life
Canada Life is a leading provider of affordable term life insurance in Canada, commonly ranking among the cheapest alongside Manulife and iA Financial Group. It offers competitive rates suitable for a range of applicants.
View Deal →Canada Life stands out for delivering consistently low-cost term life insurance, making it a reliable choice for budget-conscious Canadians. Its competitive pricing places it in the top tier alongside other major providers.
Pros:
- Frequently among the cheapest term life insurance providers in Canada
- Competitive rates comparable to Manulife and iA Financial Group
- Suitable for a broad range of applicants seeking affordable coverage
Cons:
- No specific discounts or promotional deals mentioned
- Lacks detailed pricing breakdown in available data
- No highlighted features for non-medical or specialized policies
8.iA Financial Group
iA Financial Group offers competitive term life insurance rates in Canada, often ranked among the cheapest providers alongside Manulife and Equitable Life. Their policies provide affordable options for various age groups without complex requirements.
View Deal →Known for delivering some of the lowest term life insurance rates in Canada, iA Financial Group stands out for affordability paired with straightforward coverage options.
Pros:
- Consistently competitive pricing for term life insurance
- Frequently listed among the cheapest providers in Canada
- Offers coverage alongside other top providers like Manulife and Equitable Life
Cons:
- No specific promotional discounts or unique deals mentioned
- Less detailed information on policy lengths or pricing tiers available
- No mention of special coverage options or added benefits
9.Blue Cross Life
Blue Cross Life offers affordable term life insurance with a 10% discount on the first year when applying with a spouse, plus free $10,000 coverage for children.
View Deal →Families looking for combined coverage can benefit from Blue Cross Life’s spouse application discount and complimentary child coverage, making it a cost-effective choice.
Pros:
- 10% off the first year when applying with a spouse
- Free $10,000 coverage for children included
- Affordable term life insurance rates
Cons:
- Discount applies only to the first year
- Limited details on pricing tiers
- No specific mention of non-medical options
10.Assumption Life
Assumption Life, based in Moncton, New Brunswick, offers affordable non-medical term life insurance with competitive pricing for Canadian residents. Their policies provide accessible coverage options without medical exams.
View Deal →Canadian residents seeking straightforward, no-medical-exam term life insurance may find Assumption Life a practical choice due to its competitive pricing and regional presence.
Pros:
- Affordable non-medical term life insurance options
- Competitive pricing tailored for Canadian residents
- Based in Moncton, New Brunswick, offering regional accessibility
Cons:
- Limited information on specific discounts or promotional deals
- No detailed pricing tiers or term lengths mentioned
- Less nationally recognized compared to larger insurers
Did you know?
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Final Words
To secure the cheapest life insurance quotes this July 2026 in Canada, take time to compare offerings from top providers like Manulife, PolicyMe, and RBC Insurance to find the best fit for your needs and budget. You can explore current discounts and terms to ensure you get the most affordable and reliable coverage available.
Frequently Asked Questions
PolicyMe offers some of the cheapest life insurance quotes in Canada this July 2026, providing instant online term life insurance quotes with competitive rates for non-smokers. Their 20-year term policies start around $8 per month for young adults.
PolicyMe provides instant online quotes for term life insurance, allowing non-smokers to quickly access competitive rates without lengthy processes. You can obtain a quote directly through their online platform.
Yes, PolicyMe offers very competitive rates specifically for young adults, with 20-year term policies starting at about $8 per month for non-smokers. This makes it an affordable option for younger applicants.
When comparing life insurance quotes, consider factors such as term length, monthly premiums, coverage amounts, and whether you qualify for non-medical options. Providers like Manulife, Equitable Life, and iA Financial Group often offer competitive rates across various age groups.
Yes, for example, Sun Life offers a 10% discount on permanent life insurance if purchased together before July 31, 2026. Additionally, Blue Cross Life provides a 10% discount on the first year when applying with a spouse.
Yes, several providers like Wawanesa Insurance and Assumption Life offer affordable non-medical term life insurance options, which can be particularly competitive for younger applicants or those seeking simplified underwriting.
