The insured is the individual who takes out the life insurance policy and whose death would trigger a death benefit payout from the insurance company. The benefits would cover funeral arrangements and debt repayments and add to the household’s new total income.

Life insurance for parents comes in all shapes and sizes, each with a different monthly cost depending on your and your significant other’s work arrangement and earnings. Insurance costs also hinge on coverage level and how you file for insurance, whether with a joint policy or as an individual. Each of these factors also affects the amount of the death benefit when that point arrives.

The beneficiaries accept the death benefit after the insured passes away. They usually consist of the spouse and children, the children being the co-beneficiaries. However, beneficiaries could be anyone, from the deceased’s parents to a trusted friend or organization, that the insured claims.

If your sole beneficiaries are underage, their benefits go into a trust upon your death. However, adult children would receive the benefits immediately.

Just as it’s best to purchase health insurance before health issues become a concern, consider life insurance that’ll benefit your family long before you or your spouse become pregnant. Some people purchase life insurance up to a decade before having children, but others who find themselves with an impromptu pregnancy should look into insurance no later than a few weeks into the first trimester.

Since complications may arise further into the pregnancy, ensure that medical complications are at a minimum to secure a lower insurance rate by applying for insurance as early as possible.

Similarly, when planning for surrogacy or adoption, apply for insurance coverage before a baby or child enters your home. Insurance companies suggest doing so during the application process for obtaining a child so that insurance coverage takes effect before they enter your home.

Term life insurance is the most popular life insurance for parents since it allows children to receive coverage as beneficiaries until they’re of legal age and become financially independent. Usually, this means opting for a 20-year or 30-year term life insurance policy rather than permanent life insurance.

This is the most straightforward life insurance type. As long as you pay your monthly premium that the insurance bases on your health and age, your beneficiaries would receive death benefits if you should die before the term is over. Otherwise, if you outlive your term life insurance, you won’t receive a payout unless you have return-of-premium life insurance that reimburses your premium payments.

Permanent or whole life insurance is more complicated than term life insurance and comes with a higher premium since the company guarantees you a payout. However, it covers you until your demise despite the longevity of your lifetime. Because your coverage has no time limit, your spouse or children would receive benefits at any age, making it a perfect choice for any of the following situations: 

• You have a child with a disability or special needs that make them permanently dependent.
• You want to cover your children despite their financial standing and age.
• You want to build cash value or increase your family’s wealth over time.

Unlike single parents, couples can choose whether to apply for life insurance individually or jointly. Many choose individual life insurance if they’re the sole provider for their family. That means their spouse is a housemate or stay-at-home parent who cares for the home and children but brings in a lesser income.

Unfortunately, many households believe the unemployed parent doesn’t need life insurance. Although they may not receive an income, they should still have a life insurance policy because their responsibilities include driving, babysitting, cooking, and cleaning. If something should happen to them, the surviving parent would need to pay someone else to provide these services, which could add up to $230,000 annually in Canada. This would lead to financial hardships.  

Still, you may consider a separate policy or combined life insurance that allows both individuals to have the same insurer under different policies. Either option is best if one of you does not receive a physical income or has a different income level since distinct lifestyles or occupations lead to different coverage amounts.

However, if you and your partner qualify for joint life insurance, choose between joint-first-to-die and joint-last-to-die policies. Both policies are cheaper than combined or separate policies and provide one term, premium, and coverage amount for both individuals. Premiums, though, are more expensive since two people are under the policy.

Joint-First-to-Die

Joint-first-to-die policies only require one partner to die before paying out but automatically terminate within 30 days after this incident. If you want to continue your coverage, you must allow the insurance company to reinsure you within that time frame. You may also need a medical checkup to receive further coverage.

Joint-Last-to-Die

Joint-last-to-die policies require both policy-holding individuals to die before the beneficiaries receive death benefits. If one policyholder passes, the surviving insured individual must continue to pay the monthly premium until their demise. Only then do the beneficiaries receive the insurance payout.  

However, if you have a joint-last-to-die term policy and only one of the insured passes within the policy’s timeframe, the insurance does not pay out. If you have a 10-, 20-, or 30-year term life insurance policy, both of the insured must die within the respective time or else the policy cancels without paying the benefits.  

Insurance companies do not limit joint life insurance policies to married couples alone. Anyone from dating couples to business partners can take out joint life insurance policies after agreeing on their beneficiaries, term, and coverage amount.

Term life policies are the most common type of life insurance and offer coverage for a set time period. The typical term policy lasts for anywhere between 15 and 20 years, though some providers offer policies ranging from five to 30 years.

Term life policies are relatively affordable and have straightforward payout conditions. If you are on a budget, you can get a respectable term life policy for relatively affordable premiums. The main downside of term policies is they carry few tax advantages. 

Pros

• Term policies offer affordable and relatively consistent premiums.
• Term conditions and time frames are easy to understand.
• Many term policies have very high coverage amounts, giving you more than enough to cover end-of-life expenses. 
• Death benefits go to recipients tax-free. 
• You can cancel the policy whenever you want without penalties.  

Cons

• Term life policies will expire after a set period. 
• Term life insurance does not offer wealth-building strategies.
• Most insurance providers have an upper age limit for term life policies.

In contrast to term life insurance, whole life insurance (permanent life insurance) does not expire and will last as long as you pay the premium. Whole life policy payments have two parts. The premium part covers the cost of the policy, including administrative costs.

The remainder of the premium is the cash value of the policy. The cash value accrues interest, meaning you can use it to grow your wealth. 

Whole life policies do not expire but usually have higher premiums than term life policies. The main benefit of a whole life policy is the cash portion that can gain value tax-free. You can also take out a tax-free loan against the cash value of a whole life policy. These tax advantages mean that whole life insurance is also a useful vehicle for wealth generation. 

Whole life policies have level premiums, meaning that the portion of the premium that pays for the insurance increases the longer you have the policy. The result is that cash value growth slows down the longer you hold the policy. 

Pros

• Whole life policies do not expire and are active as long as you pay the premiums.
• The cash value portion accrues interest tax-free.
• You can take out tax-free loans against the cash value of the policy. 
• Many permanent policies are flexible and let you adjust policy premiums and death benefits. 

Cons

• Whole life policies are usually more expensive than term life policies. 
• Cash value gains decrease as more of your monthly payments cover paying for the policy.
• Conditions for whole life policies are more complicated and harder to understand. 

Most of the time, you will have to get a medical exam to qualify for a term or whole life policy. If you do not want to deal with getting a medical exam, you can instead opt for simplified life insurance. Simplified life insurance provides the same kind of coverage as other types of insurance but does not require a medical exam.

Simplified life insurance is easier to apply for because it has a simplified underwriting process, and you only have to answer a few health-related questions to apply. However, simplified insurance has relatively high premiums and lower coverage amounts. Most simplified policies offer less than $100,000 in coverage. 

Pros

• The simplified approval process makes it easy to apply.
• You do not need a medical exam to qualify for a policy. 
• You can find both simplified term and permanent policies. 

Cons

• Simplified policies have higher premiums and lower coverage limits. 
• Some policies have a gap before the policy goes into effect; during this time, they won’t pay benefits if you pass away. 

Guaranteed life insurance policies are an alternative to the other three that provide some level of coverage, no matter your current health or medical history. Guaranteed policies don’t require a medical exam or a health questionnaire.

The tradeoffs are higher premiums and lower coverage limits. Insurers are taking a larger risk by insuring you regardless of your health, so they need to make up the cost. The upshot is that you get coverage no matter your health and get a guaranteed payout if you pass away. 

Guaranteed policies often have a one to two-year period before the policy goes into effect. Death benefits for guaranteed policies are lower than for other kinds of policies, and providers offer permanent policies that won’t expire. 

Pros

• Guaranteed policies do not require a medical exam or health questionnaire. 
• You get guaranteed coverage and death benefits in case you pass away. 
• Many providers offer term and whole versions of guaranteed life insurance. 

Cons

• Since the insurers are taking on a lot of risks, you’ll have to pay higher premiums. 
• Many policies have a one to two-year gap in coverage.
• Policy coverage limits are low, with a typical maximum of $50,000.

The older you are, the more expensive your policy will be. For example, a 40-year-old would get a significant discount on a life insurance policy compared to a 60-year-old. 

Health is another significant cost determiner. If you have a pre-existing health condition, such as diabetes or heart disease, you’ll have to pay a higher premium to cover the additional risk. Providers may also look at your family health history to judge risk.

Gender also plays a role in determining life insurance costs. Women have higher life expectancies than men, so insurance companies generally charge more to insure men. Whether or not a policy takes into account self-ID gender identity or chromosomal sex depends on the specific provider. 

Higher coverage limits mean higher premium payments. A typical life insurance policy can grant over $200,000 in benefits. 

Smokers have a significantly higher risk of health conditions, so you will have to pay more for coverage if you smoke cigarettes.

If you engage in risky behaviours or habits, you will be more expensive to insure. For example, you may have to pay higher premiums if you have a driving accident record or engage in risky hobbies like skydiving.

The first thing to consider is how large of a policy to buy. You need enough money to cover any expenses you might leave behind if you pass away. Several websites have calculators you can use to estimate the amount of coverage you should buy. An online self assessment tool such as this one can really help sort out any financial questions you may have when purchasing.

You can also estimate the amount of coverage by multiplying your annual income by eight. So if your yearly income is $60,000, you should look for a policy with at least $500,000 in coverage. 

Another way to estimate costs is to add up family member expenses (e.g. car bills, education, mortgage payments, etc.) and multiply by 0.07. That should give you a rough idea of how much money you need for 7% growth to cover expenses in the future.

It’s also important to consider the time frame when you will need insurance. For instance, if you only need coverage until your children move out of the house, you can opt for a 10 to 20-year term policy. Conversely, you may have dependents that need continual care. In that case, a permanent life insurance policy might be the best idea. 

Whole life policies offer several tax advantages over term life policies but are significantly more expensive. You will need to consider your overall budget before buying a policy. In some cases, the cost of a permanent policy might not be worth the additional benefits. In those cases, a term policy provides an affordable and predictable alternative. 

Make sure to compare rates from the highest-rated providers. Don’t just pick a policy based on the lowest premium costs. A higher premium might be worth it if the policy has additional advantages like tax benefits. The more offers you compare, the more likely you are to get a good deal on a policy for seniors. 

Life insurance provides several opportunities to plan and build wealth. You should talk to a financial professional, so you can explore strategies to take advantage of the tax benefits of life insurance and manage your finances for inheritance. Talking to a professional helps you keep an objective eye on your finances so you can plan as efficiently as possible.

Term life insurance pays your beneficiaries the set amount if you pass away during the term. Term lengths typically range from 10 to 30 years. Families can save money by getting this type of coverage only when it’s most necessary.

With a term life insurance policy, parents with declining health can still provide for their children in the event of their passing. Your loved ones won’t be left struggling to pay your home’s mortgage or maintain an adequate lifestyle. 

Additional term lengths are available. Some companies with highly-customizable policies allow even smaller terms than ten years. Other customizable term plans will enable you to extend coverage to various milestones in your life, such as purchasing a home or getting married.

You will also find medical and no-medical term life insurance policies available. A no-medical life insurance policy doesn’t require you to get a physical exam or blood test to determine policy eligibility. In contrast, medical term life insurance plans do require you to get medical testing for qualification purposes.

A whole or permanent life insurance policy lasts for the holder’s entire life. It provides a lump-sum payment to specified beneficiaries, regardless of when the covered individual passes away. 

The coverage will never run out, and there may be a few investment return benefits. Whole life is also the more expensive option of the two types, due to its length. Policyholders will pay up to ten times more for a whole life insurance plan.

Whole life insurance policies come in different subtypes, including universal and variable life insurance. It’s necessary to work with the best life insurance companies in Canada when getting a whole life insurance policy, as these policies involve significantly more details. Avoid working with insurance brokers who push you to get this type of insurance if you think term life insurance is the better choice.

Universal life insurance is a subtype of whole life insurance that gives you the flexibility to contribute your premium to your Tax-Free Savings Account or select other investment accounts or particular beneficiaries. Medical and no-medical whole life insurance are available in whole-life lengths.

Consider whether your family needs you to have life insurance. Many families struggle to return to normal life after a death in the household, especially when it’s the primary provider. Enrolling in a policy is wise if your family or other dependents would have to face large financial requirements or have no way to support themselves after your death. 

Your death means you’re no longer able to support your family. Between paying for funeral expenses and other debts, replacing lost income, and helping them maintain a standard quality of life after your passing, a life insurance payout can help your family and other loved ones regain their footing.

A life insurance policy is practical for paying off business expenses or personal debt, no matter how much you’ve accumulated. Upon your death, an executor can disperse the policy’s payout to pay off mortgages and outstanding expenses and help your family avoid taking on these financial responsibilities alone.

Those without beneficiaries can still contribute positively by getting life insurance. Many policyholders choose a charity to receive their life insurance payout. It’s also possible to donate a portion of your life insurance payment to charity and split the rest among other beneficiaries.

BMO Insurance is one of the best life insurance companies in Canada, offering highly affordable term and permanent life insurance plans. The company’s size puts it among the ten most prominent companies, making it a stable choice for Canadians wanting life insurance.

Applicants can choose from five different coverage options between ten and 30 years. This plan is ideal for those wanting enough coverage for their business, employees, family, funeral costs, and more. They also offer the ability to convert a term policy into a whole life insurance policy.

Term life insurance from BMO is ideal for business owners, single individuals, and couples. Due to its digital contract delivery, the process is simple, but policyholders don’t have access to an online account and receive paper policies. Discounts are available for those who apply together.

A significant benefit of getting a BMO Insurance policy is the compassion program. Individuals requiring additional financial help while combatting terminal illness can get an advance on their life insurance policy to pay for expenses.

BMO Insurance’s online rates are estimates of your potential monthly premium and may differ from your actual expenses. Its costs are reasonable for average life insurance policy applicants, at around $25 to $35, depending on gender and other factors.

La Capitale is a highly reliable life insurance company offering comprehensive coverage and excellent financial stability. This company offers term insurance with additional coverage additions for critical illness, children’s life insurance, and more. This company’s policies are ideal for those wanting future policy renewal abilities.

As one of the best life insurance companies in Canada, La Capitale’s partnership with Beneva makes it a stable and versatile life insurance provider. Its line of Enhanced coverage products is available to applicants living in Quebec. This line adds extra benefits due to a loss of autonomy and legal fees.

La Capitale’s online application process and account accessibility make it easy to apply and even add other insurance options to your policy later. However, the term life insurance features limits on no-medical and simplified coverage amounts. These restrictions may make coverage best for older adults.

Wawanesa is one of the oldest and best life insurance companies in Canada, offering life and health insurance. You can receive coverage on a term basis. The company offer a paper application process, so you’ll need to apply in person.

Wawanesa Life’s low prices and excellent term variety make this a leading consideration for those looking to save money and purchase a term policy of a particular length. Wawanesa offers policies across Canada and has excellent financial strength.

In addition to affordable premiums for healthy adults and several term lengths, Wawanesa’s rewards incentives and payment flexibility are significant benefits that Canadian individuals and couples receive. Adults active in healthy lifestyle choices get premium discounts. Monthly or annual premiums are easy to pay via credit card.

Monthly costs for men average at around $37, which is nearly $450 annually. Women pay less than $30 monthly and about $320 per year. Coverage additions bring no extra costs.

Wawanesa’s other products are also compatible with life insurance policies. Layered products are renewable with term policies. Individuals younger than 45 can also get up to $500,000 in coverage without a medical exam.

Assumption Life Insurance offers term and permanent life insurance and has a high score among policyholders. It is one of the best life insurance companies in Canada for its many simplified, no-medical options. The company has maintained an excellent credit rating for over two decades.

Assumption Life features five term coverage options for those wanting a no-medical policy. Many applicants consider Assumption Life after receiving coverage denials from traditional life insurance policies. Both you and your significant other can get life insurance at the same time.

The wide range of policies can be challenging to navigate without a professional. Due to the lack of medical exam requirements, the online application process is fast and effortless, but you’ll receive a paper policy. You’ll also get access to an online account to edit or view your policy anytime.

No-medical policies feature higher pricing for premiums and include extra fees for mortgage coverage and more. Healthy men pay around $41 per month, while women spend around $30. Costs are higher to combat additional risks due to pre-existing conditions or dangerous hobbies that traditional life insurance companies may use to deny your application.

The Canada Life Assurance Company is one of the oldest, biggest, and best life insurance companies in Canada. It receives an A+ rating for its excellent financial strength. Individuals, couples, and business owners can select between term and permanent life insurance policies.

Those looking for a wide variety of highly customizable life insurance policies will find satisfying considerations ideal for their specific financial limitations. Key benefits of choosing a Canada Life policy are the company’s non-renewable plans, the ability to convert term policies to permanent types, and easy life insurance rider additions.

Canada Life’s requirements mean you must purchase a policy of $100,000 minimum. Extended term lengths are available for those wanting fixed terms over a more expensive whole-life policy, between five and 50 years. Those who wish can switch to a permanent policy. 

Applying to Canada Life requires speaking with an insurance advisor because the company has no online tool to get a quote on the company’s policies. Those needing a life insurance policy within a short period may consider other companies, as the approval process can take over two months. Despite the lengthy process, policy prices are highly reasonable.

Annual and monthly premium payments are possible, but average costs between men and women are similar. Men pay just over $300 annually, while women will pay about $295 annually. Additional fees apply if you get riders, such as accidental death insurance.

Individuals wanting to get a policy from one of the best life insurance companies in Canada in person should consider Sun Life Insurance. Sun Life offers permanent and term life insurance policies with typical benefits and extra inclusions. Policies are highly customizable whether you or your loved ones are applying. 

Sun Life’s top benefits include easy conversions and extensive life insurance coverage of up to one million dollars. Policyholders with term plans can convert their life insurance policy to a permanent option until they reach age 75, compared to other companies that limit this age to 70. Alternatively, applicants can switch to subtypes of permanent life insurance.

Sun Life Financial offers decent flexibility with no-medical and medical policies. However, pricing is significantly more expensive for term policies as compared to competing companies offering term life insurance. 

Applying for and getting a life insurance policy has considerably more steps and limitations for pre-existing conditions. You cannot select your coverage term, but you can choose between four policies with different term lengths.

Average pricing is more expensive for Sun Life policyholders than competing companies. Women will pay between $20 and $35 monthly, while the averages for men are between $29 and over $40. Additional riders will add to these premium costs.

Smokers have a higher risk of respiratory illness, making it more challenging to get a life insurance approval. Rates can also be up to three times more expensive than those of non-smokers. iA Financial is one of the best life insurance companies in Canada for its reasonable rates for smokers. 

iA Financial features the best rates for smokers as compared to competing life insurance companies in Canada. Term and whole life insurance policies are available. Applying for iA Financial life insurance is a paper process that gives you a paper policy, but you get online account access after approval. 

This life insurance company also allows you the flexibility to apply with your significant other, making this option suitable for couples who use tobacco products. Another important benefit is the extensive life insurance policy amount up to $10 million.

Not many non-smoking individuals find iA Financial’s premium rates affordable. You’ll find better premium costs with other life insurance companies if you’re healthier. Smokers wanting a relatively quick life insurance approval process will find iA Financial satisfying.

The average cost for a woman who smokes would be around $745 per year or over $65 monthly. A male smoker could pay almost $1,000 annually, making monthly premium costs nearly $90.

Canadians wanting an easy, stress-free life insurance application process should consider Manulife. As one of the oldest and largest life insurance providers, it beats many of the other best life insurance companies in Canada. Individuals and families have many policy options. 

Whole life insurance policies are especially popular with Manulife customers. The company offers few term life insurance policies. Customers can swap short-term policies for those of longer durations, up to 65 years.

Manulife’s simple delivery system and other insurance offerings make it a top choice for those looking for life insurance, travel coverage, and other products. Applying is incredibly streamlined and requires no medical exam. You receive a digital policy upon approval, which is rare for Canadian life insurance providers. 

Due to being one of the most popular life insurance providers in the country, customer service and cancellation processing can be slow. However, the company offers multiple whole life and universal life insurance plans and options for your family.

An average whole life insurance premium for a woman getting a $250,000 policy is approximately $120 monthly. A male would pay around $135. You can get discounted rates when you combine policies for you and your significant other. 

Equitable Life is another of the best life insurance companies in Canada, and its policies are ideal for many different types of people. The company allows individual or multiple-person term coverage. Business owners and families both get excellent coverage for varying levels of protection.

Flexible laddering terms make it easy to pay for the most necessary coverage and combine it with other insurances for extra safety. Customers can add a child rider to cover the entire family. You’ll get access to up to 30-year terms and policies for those 65 and older.

Equitable’s significant financial stability allows customers to convert term plans into permanent life insurance. After policy approval, you’ll receive access to an online account and a paper life insurance policy. 

Whether you want protection for a certain period of your life or you want to start contributing to your family’s security immediately, Equitable Life offers an option for everyone. Men and women pay higher prices for a permanent life insurance plan. You’ll pay premium rates similar to other Canadian averages.

Desjardins is one of the best life insurance companies in Canada offering bundled insurance products. Working with one of the most secure life insurance providers, Canadians get access to a full suite of coverage. The company offers term and whole life insurance. 

Desjardins’ main benefit is the easy ability to add disability insurance, critical illness insurance, and other coverages to your life insurance policy. Customers don’t have to look elsewhere to meet their additional coverage needs. Desjardins’ plans also provide coverage for the whole family, increasing savings.

While you only have four term policies to choose between, they’re highly affordable, and you can convert them to long-term policies. The application process is paper-only, and you’ll receive a paper policy, but your insurance agent can help you get a digital version. You’ll also have access to an online account.

Healthy, younger adults will pay more affordable prices for Desjardins life insurance. Women spend around $25, while men pay about $35. Costs increase with additional customizations, but this means you can cover your whole family for less.

Foresters Financial is among the best life insurance companies in Canada for its unique contribution model. Individuals wanting to protect their family or community’s future can do so with this company. Customers get several additional benefits with term or permanent life insurance.

Applicants have many other benefits to add to their life insurance policy. Foresters’ life insurance policyholders receive outstanding benefits for their families, like low-cost legal assistance, educational scholarships for kids, and financial advisement. The company also contributes a small portion of your payout to charity upon your death. 

Other vital benefits include children’s life riders, discounts on premiums, and increased death benefit riders for accidents and different situations. With these additions, you can cover all possibilities and save money.

The company offers several no-medical choices for higher-risk individuals, but you can’t apply or contact customer service online, making the enrollment process less convenient for many adults. Foresters has an extensive selection of permanent life insurance plans that may meet various future needs for your family and community. Term conversion is possible after a two-year period, and a no medical examination is necessary.

RBC Life Insurance is from the Royal Bank of Canada, the highest-earning bank in the country. It offers term life insurance with the ability to convert to a permanent policy when it’s time to renew. RBC is one of the best life insurance companies in Canada for the excellent customer service its life insurance policyholders receive.

Policyholders select from four pre-selected term lengths or choose their own. They can renew and convert their term policy to a permanent option with no medical underwriting up to age 71. Maximum coverage for term and whole-life policies is $25 million. 

After the initial policy term ends, renewal costs increase. Average premium costs for women are around $25, while men have monthly premiums closer to $30. Laddering helps keep premium prices attainable as you age. 

RBC offers a stable premium rate throughout your term. Rates won’t change as you age or as your health declines, but smokers get significantly higher rates. Monthly premium costs can be higher than average depending on your health at the time of application and other factors. 

Life insurance from RBC is ideal for individuals and families who are permanent Canadian residents. Students and those on work visas can’t get coverage, but residents can quickly get policies of less than one million in value.

Individuals requiring a term life insurance policy should consider Humania. These Individuals and families can also add riders to meet their complete life insurance requirements.

Humania offers term life insurance with the option to convert to a whole life insurance policy. Yearly term policies mean your premium costs increase each time you renew them. Additional riders will increase costs.

The application and purchasing processes are over the phone, making it especially easy to get coverage. You must apply to see potential premium costs, as quotes are unavailable online. The maximum coverage amount for life insurance policies is $2 million dollars.

Life insurance premiums from Humania Assurance are highly affordable, with average prices for a man in his 30’s being less than $20. A 35-year-old female will pay less than $15 monthly. Young applicants get the best prices, starting at just over five dollars.

While costs are lower than other life insurance providers, you have no premium limit. The company only guarantees premiums for longer policy terms up to 30 years in length and for those who are 80 years and younger. If you’re unsatisfied with your policy, cancelling is a stress-free process.

Empire Life Insurance is one of the best life insurance companies in Canada for its comprehensive bundling with extensive customizability. Its significant variety of life insurance products and vast renewal limits make it a top consideration for aging individuals or business owners and families.

Empire’s above-average life insurance policy amounts reach up to $10 million. Coverage remains affordable whether you choose a term with multiple years or one with a yearly policy renewal. Individuals up to age 100 can get renewals. Short-term policies can switch to long-term options from ten to 30 years.

The high level of personalization Empire Life Insurance offers makes it a one-stop solution. With an instant online application, approval, and policy delivery process with subsequent online account access, you can get coverage fast and with the additional insurance products you need. Critical illness insurance, child riders, and other insurances cover other concerns. 

Costs are neither expensive nor cheap for Empire Life’s insurance premiums. Individuals with a half-million-dollar policy will only pay between $20 and $35 monthly for 20 years of coverage. Some policyholders report a significant premium increase upon yearly renewal.

Overall, Empire Life Insurance is a wise option for short- or long-term policies with multiple customization options at relatively fair prices. While you can’t get a quote online, premiums are competitive and indicate average costs for all insurance inclusions.

Canada Protection Plan is another top option for Canadians wanting a fast approval process and no medical underwriting. They offer excellent financial reliability as they are wholly owned by Foresters Financial, a top tier insurer in Canada. You’ll receive life insurance that is ideal for the whole family.

Canada Protection Plan life insurance policies options include terms between 10 and 25 years and permanent life insurance. Customers can get up to $1 million and plans are available for a wide range of situations including very serious medical conditions, no-so-serious health conditions and even those who engage in extreme sports. Additional child riders and coverage for critical illness are available for extra costs.

The no-medical process makes it easy to get life insurance regardless of pre-existing conditions like diabetes or asthma. You can get approvals without blood tests and other medical examinations. Applicants must answer various medical inquiries to apply.

The application process for Canada Protection Plan is by phone, online and also in person. Advisors explain pricing models and help you understand yearly renewal requirements. Prices for both women and men can begin at less than $15 monthly and increase annually.

Policyholders with significant medical concerns can still have affordable coverage. While costs increase with yearly renewals, Canada Protection Plan’s terminal illness coverage allows you to receive a partial amount of your total payout upfront to meet your family’s needs and make you comfortable.