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How to compare term life insurance quotes

Go to the term life quotes page and enter the type of term life insurance policy you'd like to search for

RateSupermarket.ca will instantly search and display quotes from Canada's top life insurers

Choose a life insurer that you are interested in

You can then apply for that policy, and we'll send your details to a licensed life insurance broker who can answer your questions and get that policy for you.

Still have questions?

If so, check out our FAQ section for the most frequently asked questions about life insurance and the RateSupermarket.ca comparison tool.

Helpful terms

For help with or mortgage jargon or industry specific terms you may come across, see our helpful terms or glossary sections.

Helpful terms

You may come across the following terms on RateSupermarket.ca and there are some explanations below.

There are 2 main types of life insurance - permanent and temporary (or term). The quotes offered on RateSupermarket.ca are for term life insurance policies, which means that the policy will provide insurance coverage for a specified period (e.g., a fixed number of years, or to a set age) and then expire. For example, a 10 year term would cover you for 10 years. The benefit is paid out only if the policy holder passes away, during the term of the policy.

Here is a full listing of the types of policies we offer quotes for with their definitions as found in "A guide to life insurance" from the Canadian Life and Health Insurance Association Inc.:

Policy type	Period of coverage	Premiums	Death Benefits
5 Year Guaranteed Term	5 years	Guaranteed Remains level for 5 years	Guaranteed in contract
10 Year Guaranteed Term	10 years	Guaranteed Remains level for 10 years	Guaranteed in contract
15 Year Guaranteed Term	15 years	Guaranteed Remains level for 15 years	Guaranteed in contract
20 Year Guaranteed Term	20 years	Guaranteed Remains level for 20 years	Guaranteed in contract
30 Year Guaranteed Term	30 years	Guaranteed Remains level for 30 years	Guaranteed in contract
Term to 65 Guaranteed	Until 65 years old	Guaranteed Remains level until 65 years	Guaranteed in contract
Term to 75 Guaranteed	Until 75 years old	Guaranteed Remains level until 75 years	Guaranteed in contract
Term to 100 Guaranteed	Until 75 years old	Guaranteed Usually remains level	Guaranteed in contract Remains level
Guaranteed Whole Life	For policy holders whole life	Guaranteed Usually remains level	Guaranteed in contract Remains level

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Some term life insurance policies are called or have the word 'Guaranteed' in them. This typically means that the premium is guaranteed for the level period of 5, 10, 15 years stated in the policy. Not all polices are guarantted.

In the term life insurance comparisons on RateSupermarket.ca you may come across the following symbols:

Gtd: means the premium quoted is guaranteed for the level period that you are comparing.

** indicates a premium that is NOT guaranteed for the level term period. For this product, the life company reserves the right to increase the premium before the end of the initial level term period. Ask your agent or broker for more info.

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One of the items needed to generate a term life insurance quote is the potential policy holders Health type. Canadian insurance companies use the metric to adjust the premium values and are typically divided into 4 classes: Regular, Regular Plus, Preferred, and Preferred Plus.

PLEASE NOTE: Different company can use their own classes but these are the standard classes and should be used as a guideline. For further information please ask the life insurance agent or broker when you speak to them.

Regular health type

No use of tobacco or nicotine products within the past 12 months

Within "normal" height and weight limits

Citizen or residing in the country as a landed immigrant for at least one year

Otherwise generally good health

Regular Plus

Not many Canadian companies offer this, please use if you just missed qualifying for preferred

Preferred Plus

No tobacco or nicotine products within the past 4 years

No more than 2 moving violations within the past 3 years and no "Driving Under the Influence" within the past 5 years

No hazardous occupations or avocations or travel to hazardous areas

No history of felony arrest or drug abuse. Ask about alcohol abuse history after 10 years - some might consider it

Citizen or residing in the country as a landed immigrant for at least one year

No family history (natural parent or sibling) of a DIAGNOSIS of coronary artery disease, internal cancer or melanoma, stroke or other life threatening hereditary disease prior to the age of 60

No history or major health conditions. No history of mental or nervous disorder

Blood pressure (without medication) must not exceed 140/90

Total cholesterol (without medication) must not exceed 220 AND the cholesterol/HDL ratio must not exceed 5.0

Within height and weight limits, see chart at bottom of this page

Preferred

No tobacco or nicotine products within the past 2 years

No more than 3 moving violations within the past 3 years, no "Driving Under the Influence" within the past 5 years

No hazardous occupations or avocations or travel to hazardous areas

No history of felony arrest or drug abuse. Ask about alcohol abuse history after 5 years - some might consider it

Citizen or residing in the country as a landed immigrant for at least one year

No family history (natural parent or sibling) of a DIAGNOSIS of coronary artery disease, internal cancer or melanoma, stroke or other life threatening hereditary disease prior to the age of 60

No history or major health conditions. No history of mental or nervous disorder

Blood pressure (with or without medication) must not exceed 140/90

Total cholesterol (with or without medication) must not exceed 240 AND the cholesterol/HDL ratio must not exceed 6.0

Within "normal" height and weight limits

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