Life Insurance in Canada: Cost-effective and Convenient Coverage
Save up to 20% with Unity Financial Services, offering some of the most competitive life insurance rates in Canada.
Derived from public rates, the quoted figures pertain to a 40-year-old non-smoking woman seeking $500,000 in coverage for a 10-year term.
Compare Quotes for Life Insurance
Monthly rates for life insurance for a non-smoker, with $450,000 in coverage over 20 years.
What's your gender?
30 years old
35 years old
40 years old
PolicyMe
$20.96
$24.65
$35.42
Desjardins
$21.82
$24.66
$33.57
Manulife
$23.99
$26.73
$36.41
BMO
$27.18
$34.06
$42.57
Sun Life
$30.60
$34.65
$45.18
30 years old
35 years old
40 years old
PolicyMe
$28.73
$32.88
$48.92
Desjardins
$29.92
$32.35
$46.53
Manulife
$30.74
$34.40
$48.98
BMO
$31.23
$35.69
$47.84
SunLife
$38.30
$43.97
$56.12
About Unity Financial Services life insurance
Unity Financial Services is a Canadian digital insurance solution that simplifies and makes financial protection for families affordable. Founded by two insurance consultants, Andrew Ostro and Laura McKay, along with an experienced Chief Technology Officer, Jeff McKay, Unity Financial Services has partnered with Canadian Premier, a Fortune 500 company and a subsidiary of Securian Financial.
Get started with 5 easy questions
Key Features of Unity Financial Services Life Insurance
- Rates remain fixed for the entire term.
- Coverage options ranging from $100,000 to $5 million.
- Policy durations range from 10 to 30 years.
- Enjoy a 10% discount for couples in the first year.
- Complimentary coverage of $10,000 for children.
- Cancel at any time with no fees or penalties.
- A 30-day grace period is provided for missed payments.
- Beneficiaries receive the full payout, tax-free.
- Automatic annual renewals ensure continuous protection.
What is life insurance?
life insurance is a cost-effective and uncomplicated form of life insurance that furnishes financial protection for a specified duration. In the event of the policyholder’s demise within that timeframe, the beneficiary receives a lump sum death benefit. policies are frequently the most economical life insurance option in Canada.
life insurance is designed for individuals seeking financial protection for a specific duration, such as during the years of raising a family or paying off debt. If there are individuals who rely on you financially, a policy could be a suitable choice for your needs.
life insurance stands out as one of the most budget-friendly life insurance options, with premiums approximately 7.5 times less than the cost of whole life insurance. It offers greater flexibility, allowing you to select the duration and coverage that suits your needs, and provides the option to renew or convert to permanent life insurance later on.
On average, life insurance in Canada costs approximately $34 per month, according to industry data. Payment options include monthly or annual premiums. The precise rate is contingent on factors such as age, gender, smoking status, health, lifestyle, and occupation.
life insurance operates by offering coverage for a specified duration, typically 20 years. During the active period of the policy, if the policyholder passes away, their beneficiaries receive a tax-free lump sum, commonly referred to as a death benefit.
What is life insurance vs. whole life insurance?
Whole
Term
- Who it's for
Ideal for individuals with a high net worth and intricate estate planning requirements.
Ideal for the typical Canadian family.
- Type of coverage
- Average cost
- Policies
- Payout
When should you buy life insurance?
As a new or expecting parent, securing your family’s financial future is likely a top priority, amidst the challenge of finding even half a minute to yourself. In the unfortunate event of something happening to you, life insurance can offer your family the necessary financial resources to manage living expenses, childcare, and education costs.
With a significant investment comes substantial mortgage payments. In the event of your unexpected passing, life insurance can furnish your family with the necessary resources to retain the home, settle the mortgage, and meet other financial obligations.
As a business owner, your employees or partners may rely on your income. Life insurance can offer the essential funds to sustain your business in the event of your death. Additionally, it can be utilized to buy out partners or cover other business-related expenses.
Approaching retirement age and finding your savings less than desired? Life insurance can serve as a safety net for your partner or dependent children. The payout from life insurance can be utilized to handle living expenses, clear debts, or bestow an inheritance upon your beneficiaries.
Couples reliant on each other’s income should contemplate acquiring coverage. In the unfortunate event of one partner’s death, the surviving partner can utilize the payout to sustain their standard of living, cover expenses, or settle debts. After all, financial security has its own romantic charm, doesn’t it?
Why choose life insurance with Unity Financial Services?
Join thousands of Canadians with affordable life insurance coverage they can count on; when their families’ need it most.
More coverage for less cost
Our simplified process results in more economical life insurance quotes.
Canadian advisors available every day
Coverage you can trust
How to get a term policy with Unity Financial Services
How much term life insurance do I need?
The amount of life insurance you require depends on various factors, including your debts, income, financial obligations, existing policies, and more. According to CLHIA data, the average coverage per household in Canada is $458,000.
Based on public rates for a 30-year-old non-smoking woman, $425,000 in coverage, 20-year term
How to get a term policy with Unity Financial Services
- Get a quick quote online
- Apply in around 20 mins
- See if you’re approved right away
- Sign & pay when ready
Need help with your life insurance quote?
Our life insurance advisors can help
- Talk to our experts
Call +1 438 701 3770from 9AM-5PM EST Monday to Friday or book a call with our team of Canadian advisors. We’re always happy to help!
+1 855 410 9006 (Toll-Free for Outside Canada)
- Send us an emai
General Inquiries: info@unityfs.ca
Existing Customers: info@unityfs.ca
Claims: info@unityfs.ca
FAQ: life insurance Canada
Once term life insurance concludes, your policy will expire, resulting in the cessation of coverage. In the absence of an active policy, your beneficiaries would not receive a payout in the event of your passing. However, it’s crucial to be aware that you do have alternatives once your term concludes. Depending on the terms of your policy, you might have the option to renew it or convert it into a permanent life insurance policy.
Term policies conclude at the end of the specified term, determined by your age at the time of application. For instance, if you apply for a 30-year term policy at the age of 32, it will expire at the age of 62. PolicyMe offers term coverage up to the age of 85, with available term lengths of 10, 15, 20, 25, and 30 years. Therefore, the maximum age to apply with the minimum term length is 75.
Term life insurance provides coverage for accidental death as well as other causes of death. However, there are two significant caveats to consider. Firstly, most life insurance policies have a two-year contestability period during which suicide is excluded from coverage, often referred to as a “suicide clause.” Secondly, individual companies may have different approaches, with variations in contestability periods and suicide clauses. It’s essential to carefully read your policy before signing to avoid any misunderstandings.
Getting term life insurance may require a medical exam, though it’s less likely for individuals of average health and under 40 years old. The medical exam serves as a check-up to assess your overall health. Insurance companies use this information to determine the cost of your policy and assess potential risks.
However, not everyone needs to undergo a medical exam. The necessity depends on the insurance company, your age, and the desired coverage amount. Some companies provide “no medical” life insurance policies, although these options might be pricier or offer less coverage.
The length of your term life insurance should align with the duration of your financial commitments. Here are general guidelines for the most common term lengths:
1 to 9-year term policy: Suitable for temporary needs, such as covering a loan or mortgage or providing for children until they reach adulthood.
10-year term policy: Chosen by those with young children or a mortgage to pay off in 10 years. Also a good option for locking in lower premiums while still young and healthy.
20-year term life insurance: Ideal for those with young children seeking financial protection until they can support themselves. Also suitable for paying off mortgages or other debts within that timeframe.
30-year term policy: Preferred by those aiming for long-term financial security, covering college expenses for children, or supplementing retirement income. Also a good choice for locking in low premiums for an extended period.
Term life insurance has some drawbacks, but their significance depends on your individual financial requirements. One disadvantage is that once the policy term concludes, you no longer have coverage. This means that if you outlive the term, you won’t receive any payout or benefits. It’s important to note that term life insurance is designed to address temporary financial needs, such as a mortgage or while your children are growing up.
Renewing a term policy is possible, but the premiums may increase as you age. Despite these drawbacks, term life insurance is generally more affordable and straightforward, offering valuable protection for your family during a specific period.
Term life insurance plans often have specific exclusions, although they can vary among companies. Here are some common exclusions in term life insurance policies:
1. Suicide: Most policies include a suicide exclusion during the initial two years of coverage.
2. High-risk activities: Engaging in high-risk activities, such as extreme sports or hazardous occupations, may result in coverage exclusions or higher premiums.
3. War or acts of terrorism: Some policies may exclude death directly caused by war or acts of terrorism.
4. Misrepresentation: Providing false information during the application process can lead to claim denials or policy cancellations.
It’s essential to thoroughly review the terms and conditions of your policy to understand any exclusions that may apply before signing it.
It seems like there might be some confusion in the provided text. It appears to be a repetition of the information about term lengths rather than details about term life insurance riders and add-ons. Could you please clarify or provide additional information so I can assist you better?
unityfs offers some of the most cost-effective life insurance rates in Canada. By maintaining the same high-quality coverage, we have effectively lowered the cost barriers associated with life insurance, making it more affordable for individuals seeking reliable protection.
No, insurance policies do not accumulate cash value. When the expires, the coverage ends, and if the policyholder doesn’t pass away during the , there is no payout (death benefit) or return of premiums.
life insurance is generally considered worthwhile for many Canadian families. Its primary advantage lies in providing affordable and straightforward coverage for a specified duration, typically 10, 20, or 30 years. This makes it an attractive option for individuals aiming to secure financial protection for their dependents, pay off debts, or address future expenses such as childcare or education. Nevertheless, it’s crucial to assess your individual circumstances and financial objectives before deining if life insurance aligns with your needs.
Unlike whole or universal life insurance, life insurance does not accumulate cash value. There is no refund when the ends, or if you cancel the policy before its conclusion. While this may seem disadvantageous, it’s comparable to auto or home insurance – if you don’t make a claim, you don’t receive a refund. life insurance operates similarly in that regard.
Life insurance rates can vary between men and women for a few reasons. One important factor is the difference in life expectancy. On average, women tend to live longer than men, which means they may pay premiums for a longer period. Another factor is that women often have lower mortality rates for certain health conditions compared to men. This lower risk of mortality can result in lower insurance rates for women. While these are generalizations about life expectancy for each gender, life insurance companies use this data to calculate the risk of covering an applicant. It’s important to remember that individual circumstances, including age, health, and lifestyle choices, also play a role in deining life insurance rates. So it’s not just about gender but a combination of factors.
unityfs provides life insurance policies through its licensed life insurance agency, underwritten by Canadian Premier Life Insurance Company.
You don’t necessarily need to be Canadian or a Canadian resident to get a term life insurance policy. However, it’s less common for companies to approve coverage in this scenario, and if they do, coverage amounts may be more limited. For PolicyMe’s term life insurance coverage, you are required to be either a Canadian citizen or a resident of Canada. Additionally, you must be a Canadian resident at the time of application, and the contract must be signed while in Canada; it cannot be signed while overseas.
PolicyMe operates like any other insurer: we sell insurance products, which are underwritten by Canadian Premier. The great news is that because we’ve automated operations, cut out the middleman and reduced underwriting requirements (such as medical exams), we’re able to pass along the savings to you, while still delivering the same quality of coverage.
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