Where to Get Life Insurance in Canada — Your Best Options
There are four main ways to get life insurance in Canada: online comparison platforms, independent brokers, banks, and directly from insurers. Each has pros and cons — but using a comparison platform that shows quotes from 50+ providers is the fastest way to find the absolute lowest rate.
50+
Providers
3 min
To compare
$450
Avg. annual savings
4.8★
Customer rating
4 places to get life insurance in Canada
Online comparison platforms (like LowestRates.io) show quotes from 50+ providers side by side. You see every option in one place, compare rates instantly, and apply directly. This is the most transparent and efficient way to shop for life insurance.
Independent insurance brokers represent multiple insurers (typically 10–20) and provide personalized advice. They're helpful if you have complex needs or health conditions. However, they don't always show you every option — a comparison platform covers more providers. Banks (RBC, BMO, TD, Scotiabank, CIBC) sell life insurance through their branches and online platforms. Convenient for existing clients, but rates are often 15–30% higher than the cheapest independent insurer because you're only seeing one company's products.
Why online comparison is the best starting point
The single most important factor in getting the lowest life insurance rate is comparing multiple providers. For identical coverage, the spread between cheapest and most expensive insurer is typically 30–50%. A comparison platform shows you all options at once.
Even if you prefer working with a broker or buying through your bank, starting with an online comparison gives you a benchmark. You'll know exactly what rates are available and can ensure you're not overpaying.
What you need to get a quote
Getting a life insurance quote is simple and takes about three minutes. You'll need: your date of birth, province of residence, smoking status, desired coverage amount (e.g., $500K, $1M), and preferred term length (10, 20, or 30 years). No personal health details are shared during the quoting phase.
How It Works
Answer a few questions
Basic info about yourself and your coverage needs. Under 3 minutes.
Compare quotes
See personalized rates from 50+ Canadian providers, side by side.
Choose & save
Pick the lowest rate and apply online or speak with a licensed advisor.
Frequently Asked Questions
Where is the best place to get life insurance in Canada?
▾
An online comparison platform like LowestRates.io that shows quotes from 50+ providers. This ensures you see every option and find the absolute lowest rate. You can then apply directly or connect with an advisor.
Should I get life insurance from my bank?
▾
Bank life insurance is convenient but typically costs 15–30% more than the cheapest independent insurer. Always compare rates from multiple providers before buying through your bank.
Can I buy life insurance online in Canada?
▾
Yes. Most major Canadian insurers offer online applications. Some provide instant approval without a medical exam. LowestRates.io compares 50+ providers and lets you apply online.
Related Pages
Explore More
Compare life insurance quotes from 50+ Canadian providers.
Free quotes in under 3 minutes. No obligation. Lowest rates guaranteed.
Join 26,000+ Canadians who found the lowest rates for life insurance