Term Life vs Whole Life Insurance Rates in Canada

Term Life vs Whole Life Insurance Policy Rates in Canada

Depending on the Canadian life insurance companies and the type of product or policy you are interested in, the difference in rates in Canada can be surprisingly wide.

Even when all factors are considered equal, including health class ratings, some term and whole life rates can still be as much as double the same product offered by a different Canadian insurance carrier.

In fact, many Canadians with existing whole life or term life policies from top rated companies in Canada are simply paying too much. Most think they have a cheap rate but they could be doing better.

For instance, a high percentage of Canadians actually qualify for a better health class rating than the one they have under their current policy. A better health class rating can dramatically affect rates and whole life insurance rates in some policies.

In fact, another area where many Canadians are simply paying too much is when they purchase mortgage coverage from their lender. Lender mortgage rates in Canada are not always as competitively priced so if you have your mortgage insurance through your lender contact an IDC broker/ agent to learn how you could save.

Let IDC show you how you can easily find out the best term and whole life rates by answering 10 short questions. Within moments you’ll be given a list of rates for many of Canada’s top rated life insurance companies including:

BMO LifeForesters/ Unity LifeIndustrial Alliance Life
National LifePrimericaTransamerica Life
Wawanesa LifeSun LifeManulife Financial
Equitable LifeRBC(plus others like Desjardins)

After reviewing the rates online, contact an IDC agent for a free consultation. An IDC broker can help you sort through the confusion when it comes to whole and term rates.

IDC does not charge a fee for our service; if you decide to choose a carrier through IDC, that insurance company pays our commissions.

Get term and whole life rates for the following provinces and territories:

  • Ontario
  • British Columbia
  • Alberta
  • Manitoba
  • Saskatchewan
  • New Brunswick
  • Nova Scotia
  • Prince Edward Island
  • Newfoundland and Labrador
  • Quebec
  • Yukon
  • The Northwest Territories
  • Nunavut

Cheap Term Life Insurance Rates for Seniors

Another myth is that only the young can get affordable rates -not so. Guaranteed permanent life insurance rates can be a lot higher for seniors because of the inherent assumption that seniors are not healthy but it is still possible to find low-cost policies.

In fact, if you are a senior and you are in reasonably good health, term life insurance rates can be a lot less because it is based on your health. This could mean significant savings for you!

If interested, we have our term life insurance calculator available ready for you.

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© 2003-2024 INSURANCEDIRECTCANADA.com, an Internet brand and property of I.D.C. Insurance Direct Canada Inc. All rights reserved. Last updated March 2022.

All product names, trademarks, and trade names are the property of their respective owners. The Insurance Council (BC, AB, SK, MB), Financial Services Commission (ON), Chambre de la Sécurité Financière (QC), The Superintendent of Insurance (NB, NL, PE, NS) are the provincial and federal authorities that regulate, supervise and enforce standards for life insurance professionals. IDC member websites include: Life Insurance Newspaper, Employee Benefits Newspaper

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