Canada Life Insurance Quotes (Compare Instantly)
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So, What Is Life Insurance?
As we like to say, "In Plain English," it is simply, protection against the loss of life over a specific period of time. Term life is going to be the most affordable type of life insurance that you can purchase and the most simple. You can choose coverage options from 2 years all the way up to 30 years and coverage amounts from $50,000 up to $25,000,000+

Term Life Insurance Policies
Term life gives you coverage for a specific amount of time and ends once the term period is over. It is going to be the most affordable type of coverage you can purchase. Below is a sample of how term life works.
Gender: Male
Age: 32
Health Rate: Preferred
Smoker: No
Length of Coverage: 30 Years
Coverage Amount: $250,000
Monthly Life Insurance Rate: $21.63
Whole Life Insurance Plans
Permanent life insurance is going to be more expensive on a monthly basis and will cover you for your entire life. It can build cash value and is usually for people with a high net worth. Below is a sample of how whole life works.
Gender: Male
Age: 32
Health Rate: Preferred
Smoker: No
Length of Coverage: For Life
Coverage Amount: $250,000
Monthly Life Insurance Rate: $145.00
Plan Rates and Insurance Option Provided by Principal Life
Types of life insurance
Check out this quick summary of all of the different types of life insurance.
Need more information? Learn more about term life vs whole life.
| Term Life | Whole Life | Return Of Premium Term Life | Universal Life |
---|---|---|---|---|
Duration | 1 - 45 Years | Your Entire Life | 20 - 30 Years | Your Entire Life |
Guaranteed Death Benefit | Yes | Yes | Yes | Yes |
Guaranteed Cash Value | No | Yes | No | Cash value can be depleted |
Monthly Premiums | Premiums can go up or be guaranteed level. | Premiums are guaranteed level. | Premiums can go up or be guaranteed level. | Premiums are usually determined by the customers. |
Policy Notes | Policy cancels or has to be renewed at the end of the level term. | Policy pays out at the end of the term along with any additional cash value. | Policy returns all the premiums paid into the policy at the end of the term. | Policy growth is based on market index rates. |
Simply Insurance recommends a term life or return of premium plan for most of our shoppers over any whole life or universal life insurance products.
How much life insurance do I need?
Most insurance companies allow you to purchase up to 30x your annual income, but we recommend that you have at the least 10x your annual income in life insurance.
So if you make $50,000 / year, a policy for $500,000 would be our suggestion. Just remember to buy life insurance that you can afford.
We created a nifty life insurance calculator that you can use to better understand exactly how much you need.
If the life insurance premium of 10x your annual income is too expensive for you, go down to 5x your income, just make sure you can cover your beneficiaries life insurance needs.
When you are looking at any of our quotes for term life, you can always start off with the lowest term length for the maximum amount of coverage.
Myths About The Cost Of Life Insurance
The biggest myth about life insurance cost is that it's too expensive.
A recent study from LIMRA found that 63% of people said they wouldn't get life insurance coverage because of its cost.
However, the same study found that life insurance policy quotes are 80% LESS than what people thought they were.
Didn't think you could get cheap life insurance? Guess Again!
Company | A.M. Best Rating | S&P Global Rating | Fitch Ratings | BBB Ratings |
---|---|---|---|---|
Canada Protection Plan | A (Excellent) | N/A | N/A | A+ |
Questions people Commonly Ask Us:
1. How Does A Term Life Policy Work?
Term Life is one of the most straight forward products when it comes to life insurance overall. We created a complete guide that explains how term life insurance works; however, Like any insurance product your policy will have:
- Monthly Premiums - your monthly payments for the policy
- A Death Benefit - The amount of coverage that will pay out upon the death of the insured
- The Insured - The person the insurance policy is being placed on.
- Beneficiary - The person the insurance policy's death benefit will pay out to.
- Owner - the person who makes all of the decisions & changes to the policy
- Payor - The person responsible for paying the monthly premiums
- Riders - Additional Options You Can Purchase With The Policy.
Along with being the most affordable type of life insurance product on the market, these products either end or have to be renewed when the term is up, so you probably want to purchase them early on for maximum savings.
Like with any type of insurance, the younger you are when you purchase it the lower the monthly premiums will be and you might even want to consider a no medical exam term life insurance policy because you can get approved much faster or a return of premium life insurance policy because it will return your premiums when your term ends.
A term life plan is going to cover you for any type of death. This is also known as an all cause death benefit.
2. Will Buying Life Insurance Affect My Credit Score?
The quick answer to this will be, probably not, usually a life insurance company doesn't check to see if you have good credit or bad credit, before issuing or approving a life insurance policy.
There are however, some types of insurance that might check out you credit to determine if you are eligible for coverage like:
- motorcycle insurance
- renters insurance
- flood insurance
- auto insurance
- business insurance
The above policies may also offer insurance discounts if you already have coverage with them for another line of coverage.
For other types of coverage like health insurance or pet insurance you probably won't see anyone requesting credit information either.
When it comes to getting life insurance you don't have to worry about it affecting your ability to apply for new rewards cards.
3. What Does A Term Plan Cover?
A life insurance payout is another form of a lump sum payment, once it's paid out to your beneficiary they can use it to pay for anything.
Here is a list of a few things you can do with a life insurance payout:
- Pay Off Your Mortgage
- Get rid of your car note
- Clear credit card debt
- Cover Kids College Expenses
- Pay taxes
- Pay Daily Living Expenses
- Use As Income Replacement
- Invest (Here is 30+ Ways To Invest)
- Cover Child Care Expenses
- Pay final expenses of the insured
4. Can I Get Life Insurance Online?
If you are looking to shop for a term plan online, then you have come to the right place.
We have made it easy to apply for life insurance online with some of the most technologically innovative companies in the nation.
Our carriers make buying life insurance online incredibly easy and affordable with instant term life quotes and immediate decisions.
Don't be shy, use our quote engine today to get covered with our A rated Carriers through AM Best without agents calling you.
our Reviews Of The Top life insurance companies In Canada:

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