How much does life insurance cost in Canada?
A 35 year old non smoker in Canada typically pays about $21 to $25 a month (women) or $28 to $33 (men) for a $500,000 policy on a 20 year term. Life insurance is widely assumed to cost far more than it does, so that figure surprises many people. The full picture by age, sex, term and smoking status is below, along with the six things that actually set your price.
The figures on this page are a yardstick, not a quote: your own price depends on your health, your file and the insurer, which is what a personalized estimate is for. How the tables were built is explained below them.
Typical monthly rates by age
$500,000 of coverage on a 20 year term, non smokers:
| Age | Women | Men |
|---|---|---|
| 20 | $21 to $26 | $30 to $34 |
| 25 | $20 | $27 to $28 |
| 30 | $19 to $28 | $27 to $35 |
| 35 | $21 to $25 | $28 to $33 |
| 40 | $32 to $44 | $43 to $53 |
| 45 | $49 to $50 | $63 to $70 |
| 50 | $75 to $99 | $106 to $140 |
| 55 | $115 to $152 | $161 to $213 |
Two patterns are worth noticing. Price is nearly flat through your twenties and thirties, then rises steeply: it more than doubles from 40 to 50 and roughly triples from 50 to 60. And women commonly pay about 20 to 35 percent less than men at the same age, because they live longer on average. Some ranges overlap or dip between neighbouring ages because different publishers cover different ages, and at 55 much of the spread is the difference between health classes.
Shorter and longer terms
$500,000 of coverage, non smokers, monthly:
| Age | 10 year, women | 10 year, men |
|---|---|---|
| 20 | $14 to $20 | $22 to $29 |
| 30 | $15 to $21 | $22 to $29 |
| 40 | $19 to $27 | $27 to $32 |
| 50 | $37 to $55 | $53 to $74 |
A 30 year term costs more again: published prices for non smoking men were about $42 to $54 a month at 30 and $85 to $104 at 40. Many insurers stop issuing 30 year terms around age 50 to 55.
The same coverage for smokers
Smoking is one of the most expensive answers on a life insurance application. The same $500,000, 20 year policy:
| Age | Women | Men |
|---|---|---|
| 20 | $33 to $35 | $59 to $65 |
| 30 | $35 to $50 | $52 to $73 |
| 40 | $90 to $112 | $139 to $156 |
| 50 | $230 to $237 | $374 to $400 |
That is about 1.2 to 2.5 times the non smoker price under 35, and 2 to 3.5 times from 40. Many Canadian insurers reclassify you as a non smoker after 12 months completely free of tobacco and nicotine, including vaping, and the drop in premium is large enough that requalifying is usually worth pursuing. The details, including how insurers treat vaping and cannabis, are in our guide to life insurance for smokers and vapers.
Where these figures come from. We compiled these prices in October 2026 from monthly term life prices published by Canadian insurers, licensed brokers and comparison sites, using rates dated, or pages published, between October 2025 and September 2026. We included regular term products, including some that can approve applicants without an exam, and left out products sold only as no-medical or simplified issue coverage. Where a publisher listed several insurers, each insurer’s price counted as its own figure; a published average counted as one figure. Each range runs from the lowest to the highest figure we found, rounded to the dollar and paid monthly, and we show a price only where at least two independent publishers gave one; reprinted figures and identical figures were counted once. Most sources did not state a health class, and some showed several, so treat these as sample prices, not quotes. None of these numbers is an offer of insurance.
What actually sets your price
- Age. The largest factor, and the only one guaranteed to get worse. Each birthday adds a little; each decade adds a lot.
- Smoking status. About 1.2 to 3.5 times the premium, depending on age, as above.
- Health. Insurers sort applicants into health classes. Controlled conditions like high blood pressure or type 2 diabetes are routinely approved at standard or mildly rated premiums, and which carrier you apply to often matters more than the condition itself.
- Sex. Women pay less at every age.
- Term length. For a 30 year old man with $500,000 of coverage, published prices ran about $22 to $29 a month on a 10 year term, $27 to $35 on a 20 year term, and $42 to $54 on a 30 year term. Longer terms cost more per month because the rate is locked while you age.
- Coverage amount. Price does not scale linearly. Insurers price in bands, and the cost per dollar of coverage usually drops at thresholds, so $500,000 of coverage typically costs well under twice the price of $250,000. In rates published over the past year, $250,000 usually cost about 55 to 65 percent of the $500,000 premium and $1 million about 1.3 to 1.9 times it. It is worth quoting the next band up before settling. Full price tables are in our guides to what $250,000, $500,000 and $1 million of coverage cost.
Term versus permanent, briefly
Everything above is term insurance, which covers a set period and is often all a family needs. Permanent insurance (whole life or universal life) lasts for life and builds cash value, and it typically costs several times the premium of term coverage for the same death benefit. It is the right tool for needs that never expire, such as the estate tax bill covered in life insurance and estate taxes, and the wrong tool for making a $500,000 income replacement need affordable.
How to pay less for the same coverage
- Buy at your current age, not a future one. The premium you lock today is the one you keep for the whole term. Waiting five years buys the same coverage at a permanently higher rate, and it bets your health will not change in the meantime.
- Size the coverage from your actual needs. Our free life insurance calculator works from your debts, income and savings, which prevents paying for coverage you do not need, and buying less than your family does need.
- Match the term to the obligation. A 20 or 25 year term that outlasts the mortgage and the kids’ dependence usually beats renewing a 10 year term at attained-age prices later. What renewal actually costs is covered in what happens when term life insurance expires.
- Requalify as a non smoker after 12 months nicotine free.
- Pay annually if convenient. Many insurers charge about 8 percent more over a year for monthly payments.
- Let a broker place the file. The price of any given policy is set by the insurer and is the same everywhere. What changes the outcome is which insurer quotes your particular age, health and history most favourably, and that spread is largest when there is anything interesting in your file.
Frequently asked questions
How much is life insurance per month in Canada?
A 35 year old non smoker typically pays about $21 to $25 a month (women) or $28 to $33 (men) for $500,000 on a 20 year term, based on rates published in Canada between October 2025 and September 2026. At 45 the same coverage ran about $49 to $70, and at 55 about $115 to $213. Smokers pay about 1.2 to 2.5 times as much under 35, and 2 to 3.5 times from 40.
Why do women pay less for life insurance?
Women live longer than men on average, so insurers price female rates lower at every age, commonly about 20 to 35 percent below male rates for the same term policy.
Is it cheaper to buy life insurance through a broker or directly?
For the same policy, the price is set by the insurer and is the same whether you buy through a broker or directly; a broker does not add a markup. A broker’s value is placement: knowing which insurer prices your age, health and file most favourably, since the same person can get noticeably different offers from different insurers.
Does term length change the price much?
Yes. For a 30 year old man with $500,000 of coverage, published prices ran about $22 to $29 a month for a 10 year term, $27 to $35 for a 20 year term and $42 to $54 for a 30 year term. Renewing a short term later is usually far more expensive than locking a longer term up front.
Will a health condition make life insurance unaffordable?
Usually not. Controlled conditions like high blood pressure, high cholesterol or well managed type 2 diabetes are routinely approved at standard or mildly rated premiums. A rating is usually a percentage added to the standard premium or a flat extra per $1,000 of coverage, and which insurer you apply to often matters more than the rating itself.
Is it cheaper to pay life insurance annually?
Yes, modestly. Many Canadian insurers charge about 8 percent more over a year for monthly payments than for a single annual payment.
Get your own number
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