This page is the cost reference for the life insurance guides: sample premiums by age, coverage amount, term length, policy type, smoking status and sex. The amount of coverage is a separate question, covered in how much life insurance you need.
Each insurer prices each applicant, and no government or regulator publishes average life insurance premiums in Canada. The tables below are sample monthly quotes published by broker PolicyAdvisor (“Life insurance cost in Canada in 2026”, updated September 2026) for healthy applicants. They are examples, not averages: your own quote depends on the insurer, your health class, your habits and your province.
Term Life Insurance Costs by Age and Coverage
10-year term, non-smoker, monthly premium:
| Age | $250,000 male | $250,000 female | $500,000 male | $500,000 female | $1,000,000 male | $1,000,000 female |
|---|---|---|---|---|---|---|
| 30 | $13.94 | $10.58 | $21.60 | $14.85 | $35.54 | $22.95 |
| 40 | $16.87 | $13.50 | $26.55 | $18.90 | $45.90 | $31.05 |
| 50 | $34.20 | $26.55 | $57.60 | $44.55 | $108.00 | $78.75 |
| 60 | $98.33 | $71.55 | $176.85 | $133.20 | $330.30 | $253.80 |
Source: PolicyAdvisor sample quotes, updated September 2026.
Premiums rise steeply with age, and doubling the coverage does not double the premium.
Cost by Term Length
$500,000, male non-smoker, monthly premium:
| Age | 10-year term | 20-year term | 30-year term |
|---|---|---|---|
| 30 | $22.04 | $28.80 | $42.75 |
| 35 | $22.04 | $30.15 | $53.55 |
| 40 | $26.99 | $42.75 | $85.05 |
| 45 | $40.05 | $69.30 | $143.92 |
Source: PolicyAdvisor sample quotes, updated September 2026.
A longer term costs more each month because it covers more years, including older ages when a claim is more likely.
Cost: Term vs Whole Life
How the types work, and when permanent coverage fits, is covered in term vs whole vs universal life insurance. The cost difference for the same $100,000 of coverage:
$100,000, male, monthly premium:
| Age | 10-year term (non-smoker) | Whole life, non-participating (20-pay) | Whole life, participating (20-pay) |
|---|---|---|---|
| 30 | $9.45 | $100.35 | $177.84 |
| 40 | $10.53 | $141.66 | $228.96 |
| 50 | $18.00 | $223.83 | $292.23 |
| 60 | $44.10 | $319.41 | $382.14 |
Source: PolicyAdvisor sample quotes, updated September 2026. The whole life premiums are paid for 20 years and the coverage lasts for life; the term premium covers 10 years.
Factors That Affect Cost
| Factor | Impact |
|---|---|
| Age | The older you are, the higher the premium |
| Smoking | Smokers pay much more (see below) |
| Health | A condition that raises the insurer’s risk can lead to a rated (higher) premium or a decline |
| Occupation and hobbies | High-risk work or activities raise the premium |
| Coverage amount | More coverage costs more, though not proportionally |
| Term length | A longer term costs more each month |
| Sex | Men generally pay more than women, reflecting shorter average life expectancy |
| Policy type | Permanent coverage costs more than term; no-medical coverage costs more than fully underwritten |
Smoker vs Non-Smoker
$500,000, 10-year term, male, monthly premium:
| Age | Non-smoker | Smoker | Smoker pays |
|---|---|---|---|
| 30 | $21.60 | $42.30 | 2.0x |
| 40 | $26.55 | $63.00 | 2.4x |
| 50 | $57.60 | $180.45 | 3.1x |
| 60 | $176.85 | $503.55 | 2.8x |
Source: PolicyAdvisor sample quotes, updated September 2026; the last column is the smoker premium divided by the non-smoker premium.
Quitting smoking: PolicyAdvisor says most insurers require you to be tobacco-free for at least 12 months before you qualify for non-smoker rates, and the period varies by insurer.
Male vs Female
$500,000, 10-year term, non-smoker, monthly premium:
| Age | Male | Female | Male pays more by |
|---|---|---|---|
| 30 | $21.60 | $14.85 | $6.75 |
| 40 | $26.55 | $18.90 | $7.65 |
| 50 | $57.60 | $44.55 | $13.05 |
| 60 | $176.85 | $133.20 | $43.65 |
Source: PolicyAdvisor sample quotes, updated September 2026.
How to Get the Best Rates
| Strategy | Why it matters |
|---|---|
| Buy younger | Premiums are set by your age and health at purchase |
| Compare several insurers | Insurers price the same applicant differently (see below) |
| Improve health before applying | Your health class sets the premium |
| Match the term to the need | A longer term costs more each month but avoids re-applying at an older age |
| Use an independent broker or online platform | Access to several insurers at once |
| Pay annually | PolicyAdvisor notes that paying annually instead of monthly may reduce your overall cost |
| Stay tobacco-free | Non-smoker rates are much lower |
Same applicant, five insurers ($500,000, 10-year term, male non-smoker, age 40, monthly):
| Insurer | Premium |
|---|---|
| Sun Life | $31.95 |
| Manulife | $29.13 |
| Empire Life | $27.00 |
| Equitable Life | $26.99 |
| Canada Life | $29.98 |
Source: PolicyAdvisor sample quotes, updated September 2026.
No Medical Exam Options
Simplified-issue and no-medical policies skip the medical exam and are faster to get, but they generally cost more and have lower coverage limits than fully underwritten policies, because the insurer knows less about your health. Guaranteed-issue policies ask no health questions and are usually bought by people declined elsewhere.
$500,000, 20-year term, male, monthly premium:
| Age | Fully underwritten (non-smoker) | No-medical |
|---|---|---|
| 30 | $28.80 | $54.90 |
| 40 | $42.75 | $52.65 |
Source: PolicyAdvisor sample quotes, updated September 2026.
Canada Protection Plan, a Foresters Financial brand, specializes in simplified and guaranteed issue policies; life insurance for seniors covers guaranteed issue and final expense policies.
How premiums compare with other coverage
For comparison, PolicyAdvisor says long-term disability insurance premiums tend to range between 1% and 3% of your income. Critical illness insurance is priced separately and has its own page.
Frequently asked questions
Is $1 million in life insurance too much? Not necessarily. Take a family with a $700,000 mortgage, two young children and a primary earner making $120,000 a year: $1M in coverage would pay off the mortgage ($700K) and replace two years of income ($240K), leaving a small buffer. The DIME method in the coverage calculation guide gives an actual number rather than a guess.
Is it cheaper to pay annually? PolicyAdvisor notes that paying the premium annually instead of monthly may reduce your overall cost. The quote or policy illustration shows both amounts.
Related Resources
Sources
The figures and rules on this page come from these sources, last checked against them on September 25, 2026. How we check facts.
- policyadvisor.com: Life insurance cost in Canada in 2026 | PolicyAdvisor
- policyadvisor.com: How much does whole life insurance cost in Canada (2026)
- policyadvisor.com: How Much Does Disability Insurance Cost? - PolicyAdvisor