How much does $1 million of life insurance cost in Canada?

$1 million sounds like a lot of coverage, but for a household with a large mortgage, young children and one or two incomes to replace, it can be the amount a needs calculation lands on. It can also cost less than you might expect: published prices for non-smokers aged 30 to 35 were about $60 a month or less on a 10 or 20 year term. The tables below show prices published by Canadian insurers and brokers over the past year.

What $1 million costs

Fewer sources publish prices at $1 million than at smaller amounts, so the tables show the ages where at least two independent publishers gave a price. The 10 year term has the most published data.

10 year term, non-smokers, monthly:

20 and 30 year terms, non-smokers, monthly:

Some ranges overlap or dip between ages because different sources cover different ages; the trend is a steep rise after 40.

Smokers

Smokers pay more at every age. In published prices across amounts, smokers paid about one and a half to two times the non-smoker price under 35, and about two to three and a half times from 40. Fewer publishers show smoker prices at $1 million, so ask for a quote rather than relying on a table. Many insurers offer non-smoker rates after 12 months free of nicotine.

Why $1 million costs less than double $500,000

In sources that publish both amounts, $1 million cost about 1.3 to 1.9 times the $500,000 premium, well under double. Insurers price coverage in bands and charge a lower rate per $1,000 above set amounts, such as $1 million, and the fixed policy fee is spread over more coverage. The saving is largest for young non-smokers on 10 year terms. Our guide to what $500,000 costs has the comparison.

Qualifying for $1 million

Income

Insurers limit coverage to an amount that makes sense for your income, using a multiple that falls with age. Under one insurer’s 2025 guidelines, the cap was 35 times income at ages 16 to 30, 25 times at 31 to 40, 20 times at 41 to 50, 15 times at 51 to 60 and 10 times at 61 to 69. That works out to a minimum income for $1 million of roughly:

Other insurers use similar bands, and the cap counts coverage you hold with every insurer. At $1 million, income is usually confirmed through the application’s financial questions; formal financial proof, such as an inspection report or a financial questionnaire, is typically needed only at several million dollars or when the amount is hard to justify. A spouse without an income can often get coverage too: one insurer allows up to $1 million, capped at the working spouse’s coverage, while others commonly allow about $500,000 (less at older ages) or half of the working spouse’s coverage, with larger amounts considered case by case.

Medical requirements

In the insurer requirement guides we reviewed, dated 2023 to 2026:

• Under about 50: $1 million often needs only the application and a phone interview. Some insurers approve up to $1 million or more with no automatic tests through accelerated underwriting, up to about age 50 or 60.
• Around 55: some insurers add blood and urine tests or a paramedical exam. Others need only a phone interview, and at least one approves $1 million with no automatic tests up to age 60.
• Around 65: blood and urine tests, and sometimes a report from your doctor.

These are starting points. Any insurer can ask for more based on your answers, and coverage you recently applied for or bought from the same insurer usually counts toward the limits. At several insurers, the lowest preferred rates for applicants up to 50 start only above $2 million, so most $1 million buyers pay standard rates.

No-medical coverage at $1 million

A few products with a simplified application go up to $1 million at younger ages, and some of them are priced like regular term coverage. Most simplified issue limits we found were $500,000 to $750,000, often lower after 50, and true no-medical products usually cost more. Because many applicants under 50 can get $1 million at fully underwritten rates without tests anyway, compare both before paying more for a no-medical policy. Our guide to no-medical life insurance explains the trade-off.

With a health condition: what a rating costs at $1 million

The tables are samples for healthy non-smokers and include no rating. At $1 million, a rating costs more in dollars than at any smaller amount, and the no-medical fallback is narrower: most simplified issue limits we found were $500,000 to $750,000, and only a few products reach $1 million at younger ages.

• Table ratings typically add about 25 percent of the standard premium per table. For a 40 year old man on a 20 year term, $82 to $95 a month becomes roughly $123 to $143 at Table 2 and $164 to $190 at Table 4. Actual results vary: the rating is not applied to the policy fee, and it is applied to the insurer’s standard rate, which can be above the lowest prices shown.
• Flat extras are charged per $1,000 of coverage, so they grow with the amount. A flat extra of $2.50 per $1,000 adds $2,500 a year on $1 million, about $208 a month, which more than triples that same man’s premium while it applies.

That makes the details of a rated offer worth checking closely at this amount. Ask whether a flat extra is temporary: many apply for three to five years and then drop off. Ask whether a lower amount would still meet your needs, since a flat extra falls in proportion to the coverage: at $2.50 per $1,000, each $100,000 less saves $250 a year. And ask how the rating can be reconsidered once your condition has been stable for a year or two.

Because the same file can draw a rating at one insurer and a different rating, or standard, at another, an anonymous pre-check before you apply is worth the most at $1 million, where requirements are heavier and the dollar gap between offers is largest.

Who needs $1 million?

$1 million is often the right size for:

• Families with a large mortgage. The national average home price was about $668,000 in August 2026, according to the Canadian Real Estate Association, so new buyers can owe well over $500,000.
• A main earner with young children, where the family would need many years of income on top of paying off debts.
• Higher earners whose income would take more than $500,000 to replace for the years their family relies on it.

Rules of thumb such as 10 times income have no authoritative source behind them, and insurers allow far higher multiples. Our life insurance needs calculator adds up debts, income and future costs so you can see whether the answer is $1 million or something else.

One policy or several?

Some people split $1 million into smaller policies with different terms, such as $500,000 for 30 years and $500,000 for 20, so coverage falls as the mortgage shrinks. It can save money, but there are trade-offs: each smaller policy may fall into a band with a higher rate per $1,000 and carries its own policy fee. Insurers count your total coverage when deciding on medical tests, so splitting with one insurer doesn’t avoid them, and your income limit counts coverage with every insurer. Some insurers let you combine several coverages on one policy for a discount. Ask for both prices.

Frequently asked questions

How much does $1 million of life insurance cost per month in Canada?

For a 20 year term, non-smoker prices published by Canadian insurers and brokers between October 2025 and September 2026 ran about $35 to $42 a month for a 30 year old woman and $51 to $60 for a 30 year old man, and about $59 to $73 for a 40 year old woman and $82 to $95 for a 40 year old man. A 10 year term costs less: about $23 to $31 for a 30 year old woman and $36 to $48 for a 30 year old man.

Is $1 million of life insurance twice the price of $500,000?

No. In sources that publish both amounts, $1 million cost about 1.3 to 1.9 times the $500,000 premium. Insurers charge a lower rate per $1,000 on larger policies and the policy fee is spread over more coverage.

How much income do I need to qualify for $1 million of life insurance?

Insurers cap coverage at a multiple of income that falls with age. Under one insurer’s 2025 guidelines, $1 million needs an income of roughly $29,000 at 25, $40,000 at 35, $50,000 at 45 and $67,000 at 55. A spouse without an income can often get coverage linked to the working spouse’s amount.

Do I need a medical exam for $1 million of life insurance?

Often not if you are under about 50. Several insurers approve $1 million on the application and a phone interview at younger ages, and some use accelerated underwriting with no automatic tests up to about age 50 or 60. From around 55, some insurers add blood and urine tests or a paramedical exam, while others need only a phone interview.

How much does a rating add to $1 million of life insurance?

Table 2 typically costs about one and a half times the standard premium, which takes a 40 year old man’s 20 year term from about $82 to $95 a month to roughly $123 to $143. A flat extra of $2.50 per $1,000 adds $2,500 a year on $1 million. Many flat extras apply for three to five years and then drop off.

Get your own number

These tables show published sample prices, not what you will pay. At $1 million, small differences between insurers add up over the term, so comparing is worth it. A licensed advisor can compare insurers for your exact age, term and health.