How much term life insurance do I need?

A common rule of thumb is 10–12 times your annual income. Consider your mortgage, dependants, debts, and income replacement needs when calculating your coverage amount.

What is the difference between 10-year and 20-year term life insurance?

A 10-year term has lower premiums but renews at a higher rate after 10 years. A 20-year term locks in your rate longer, providing more predictability if you have long-term obligations like a mortgage.

How much does term life insurance cost in Ontario?

A healthy 30-year-old non-smoker can get $500,000 of 20-year term coverage for as little as $25–$40/month. Rates vary by age, health, and insurer.

Can I get life insurance without a medical exam in Ontario?

Yes. Many Canadian insurers offer no-medical or simplified issue life insurance for qualifying applicants. Coverage amounts and premiums vary compared to fully underwritten policies.

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What is Term Life Insurance?

Term life insurance provides a tax-free, lump-sum death benefit if you pass away during the policy term — typically 10, 20, or 30 years. It's the most straightforward and affordable form of life insurance.

A healthy non-smoking 35-year-old can get $500,000 of coverage for as little as $25–$35/month. Rates are locked in for the full term.

Tax-free lump sum paid to your beneficiaries
Level premiums locked in for the full term
Terms from 10 to 40 years available
Convertible to permanent insurance without medical
Renewable at end of term (rates change)
Riders available: critical illness, disability waiver

📊 Sample Monthly Rates (Non-Smoker)

Age 30, $500K, 20yr: ~$22–$30/month
Age 35, $500K, 20yr: ~$28–$38/month
Age 40, $500K, 20yr: ~$48–$65/month
Age 45, $500K, 20yr: ~$85–$115/month

Rates vary by health, carrier & province. I find your lowest rate.

💡 How I Approach Your Coverage

I run quotes across 20+ carriers and look at your income, debts, and family situation — so you get a real number, not a round one.

FAQs

How much coverage do I need?

A common starting point is 10–12x your annual income, plus your mortgage balance. I'll do a proper needs analysis to give you a precise number.

What happens when the term ends?

You can renew (at higher rates based on your age), convert to permanent insurance without a medical exam, or let the policy lapse if you no longer need coverage.

Do I need a medical exam?

For coverage under ~$1M, many carriers offer no-medical or simplified issue products. For larger amounts, a medical exam typically gets you the best rate.

Which carrier is best?

It depends on your age, health, and coverage needs. iA Financial, Manulife, Sun Life, Canada Life, and RBC Insurance each have competitive niches. I run the numbers across all of them.