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About Life Insurance In Ontario

Take care of your family with life insurance in Ontario. Millions of residents already have Ontario life insurance in place. It is a valuable form of financial protection that ensures your beneficiaries have access to financial resources when you pass.

With ThinkInsure you can compare Ontario life insurance quotes from the top providers for free. Our life insurance advisors will work with you to assess your coverage needs and create a plan designed for you. Then they will shop for the best rate from our large partner network to help you save.

Below you will learn the importance of having life insurance in Ontario. Find out about the types of coverage if you need it. You’ll get answers to common questions Ontarians have about this type of protection.

Read the information below and compare life insurance quotes from the top insurers in the country.

How Ontario Life Insurance Works

two Girls sitting on the bench,, Toronto Islands, Ontario

How your life insurance coverage works is largely dependant upon the type of plan you qualify for and its terms. Generally, here is how life insurance works in Ontario:

Request a quote: You request a quote from our life insurance advisor
Provide your information: You complete the application
Medical testing: Undergo the required medical tests as recommended by the insurer
Answer health questions: Provide answers to the health questionnaire
Choose coverage: Select your policy type and limits based on what is offered
Activation: You are approved. You may need to complete a probationary period
Payment: You make regular premium payments
Claims: Your beneficiaries will receive a lump sum payout when you pass away

Specific details for how everything works will vary by insurer.

Get A Life Insurance Quote In Ontario

Shop around for the best life insurance to meet your lifestyle. Follow these steps to get a quote:

Tell us about your needs

What type of coverage are you interested in?

We’ll shop for the best quotes

We’ll compare quotes from the top life insurance providers in Canada.

Get the best rate and protection

Get the best price and a policy that protects your family and yourself.

What Are The Different Types Of Life Insurance In Ontario That Are Available?

Residents have access to a long list of life insurance products. There is an option for people of all ages, financial situations, and lifestyles. The most common are:

There are also many specialized products such as no medical life insurance, mortgage life insurance, critical illness insurance, and disability insurance.

Why Do Ontario Residents Need Life Insurance?

People have different reasons for investing in life insurance. Here are the most common:

Cover final expenses: Cover the cost of a funeral and final expenses.
Financial security for dependants: Ensure your partner, children and dependants have financial protection in the event of your death.
Pay off your estate: Use death benefits to pay off your mortgage, debts, taxes and other financial obligations. Use it as part of your financial plan.
Inheritance: To provide children or grandchildren with money for college education, a down payment on a house or other purposes.
Investment: Utilize it as an investment vehicle to secure loans, access investment profits or access tax benefits.

What Is the Average Cost Of Life Insurance In Ontario?

Unlike other types of insurance, the average cost is based very little on where you live. Your premiums are based on your health, age, career, and lifestyle. The type of product you select, and limits also factor into how much you will pay.

Since every quote is based entirely on your situation, it is challenging to provide an average cost. Getting a quote can help you understand your policy and pricing options.

How Do I Get The Best Life Insurance Rates In Ontario?

father and daughter wrapped in large Canadian flag sitting on wooden pier by lake

We all want to pay less for insurance. But you can’t overlook the importance of considering the overall value you receive. Here are some things to think about when comparing quotes:

Age matters: The lower your age, the less you will pay.
Don’t smoke or drink: This alone could cause your rates to skyrocket.
Be as healthy as possible: Good health results in good premiums. Stay active, eat well, and be proactive with your health.
Choose the right insurer: No two are the same. The number of products they offer, special services, and options varies.
Pass on no medical or guaranteed plans: If you are healthy, choose an option requiring a medical exam. It will result in lower premiums.
Use a broker: Life insurance brokers can help you compare products from many insurers. This will give you more options.
Pay annually: You will save on administrative and interest fees.

Tips To Buy Life Insurance In Ontario

As a consumer, you have a responsibility to be diligent in your search for life insurance. Here are tips to help you make a sound decision and find the right policy:

Ask questions: Make sure you are clear about any wording, conditions, and how your policy works.
Verify information: Ensure all information you provide is accurate and up to date. Lying or leaving out information is grounds for cancellation.
Review the paperwork: Read through your documents. Again, if you have questions, ask your insurer. If you are not satisfied with the plan, you have the option to cancel within 30 days.
Documentation: Keep a copy of your application and other documents for your records. Give a copy of your policy to your beneficiaries.

How Much Is The Ontario Life Insurance Premium Tax?

Insurance premiums are taxed in Ontario. The life insurance premium tax is 2%. This is paid by the insurance companies, but it is reflected in your rates.

The premium tax is also applied in other provinces. For example, Alberta charges 3% and Quebec charges 3.48%.

Provincial retail tax is also applicable to group insurance group insurance at 8%.

Ontario Life Insurance Agent Obligations

city Street Building View, Toronto, Ontario,

Life insurance companies, brokers, and agents have obligations to you. It is important to be aware of these responsibilities as you compare your options. They must be fully licensed by the FSRA and comply with all laws and regulations. Additionally, agents must:

Comply with the Ontario Insurance Act
Have errors and omissions insurance
Disclose the names of financial products, services, and insurance they represent
Disclose any conflicts of interest
Follow all industry best practices
Provide you with their contact information
Provide you with a document outlining the products they recommend
Explain how your policy works
Assist beneficiaries file a claim when you pass

Ontario Life Insurance FAQs

What Are The Best Life Insurance Companies In Ontario?

All the top life insurance companies offer life insurance in the province. Some of the best-known providers include Sunlife, Manulife, Desjardins, BMO, and Canada Life. Work with a ThinkInsure advisor and get access to quotes from all these top providers in one place.

Who Regulates Life Insurance In Ontario?

The Financial Services Regulatory Authority of Ontario (FSRAO) is the regulator for the life and health insurance sector in the province. They protect the rights of consumers.

What Are The Life Insurance Beneficiary Rules In Ontario?

A beneficiary is a person who will receive the death benefit when you pass. As part of your life insurance, you can name your spouse, children, family, members and even a charity as a beneficiary. You can name multiple beneficiaries and divide up the death benefit as you see fit.

Children under 18 cannot receive a death benefit. If you name a child as a beneficiary you should name a trustee or set up a trust for the child. If you fail to name a beneficiary, the benefit will go to your estate.

Can You Sell Your Life Insurance In Ontario?

No. You cannot sell your life insurance in Ontario. It is possible in some provinces, such as Quebec and Saskatchewan. Even so, it is a challenging and tedious process to complete.

How Old Do I Need To Be To Get Life Insurance in Ontario?

You need to be 18 years old to take out life insurance in the province of Ontario. Children can get coverage through a parent’s plan. Parents can add a Child Term Rider (CTR). This provides kids with insurance until they turn a certain age, usually between 21 and 25.

Do I Need Life Insurance In Ontario?

Individual life insurance is not mandatory in Ontario. But it does fill a need for many residents. Here are some questions to consider helping you determine if you require it:

If I pass away, will my dependants have the financial means to care for themselves?
Do I have financial debts and commitments you want to pay off?
Are there family members or organizations I want to leave money to?
Do I want to put money away for my child’s or grandchild’s education?
Can I use life insurance as part of my long-term financial objectives?

What Factors Will Increase Your Ontario Life Insurance Premiums?

Your age and health are at the top of the list of considerations used by insurers to determine your premiums. But there are also many other things insurers assess. They include:

Family medical history
Pre-existing conditions
Smoking
Drinking
Physical characteristics (height, weight, BMI)
Gender
Occupation
Hobbies
Coverage amounts

About The Ontario Life Insurance Industry

The Canada Life and Health Insurance Association provides a look at the life insurance industry:

Individual Plans

11 million Ontarians have some form of health or life insurance. 8.4 billion have life insurance
The average protection per household in Ontario is $467,000
The average protection per individual is $242,000
The average size of a new individual policy is $483,000
The median age of people with a plan is 40.

The industry

There are 87 total health and life insurers in the province with 64 having their head office in the province
There are 72,900 people employed by the industry
$2.745 billion in total tax contributions
$836 million in benefits are paid out weekly
There is a total of $9.789 billion in premiums ($8.256 billion in individual benefits)
There is over $2 trillion of coverage in force ($1.285 trillion in individual benefits)

*Based on 2020 provincial data.

Get An Ontario Life Insurance Quote

Take care of your financial obligations, cover financial expenses and protect your family’s financial future. Compare life insurance quotes in Ontario. Speak with our advisors to get assistance with choosing the best policy for you.

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Ontario Life Insurance Quotes

Compare life insurance quotes from the top providers in Ontario and save with great rates.