Canadian Tire Life Insurance: Conveinence Comes at a Price

Canadian Tire started offering term life insurance, underwritten by Canada Life, in 2005. In March of 2009, they tweaked the details of the plan and began rolling out a new marketing campaign, complete with TV commercials.

On the plus side the plan is available with no medical tests but does have a series of health questions. The convenience of not have to meet with a nurse comes at a steep price.

Canadian Tire’s term life plan is nearly double the cost of competing Term plans. As illustrated below, Canadian Tire’s Term 5 Life Insurance Plan is twice as much as the competing term 10 plans. With competitors, you can get double the term for half the price.

Moreover, Canadian Tire premiums are only level for five years and the plan is not convertible without a medical to a permanent plan. The following is a list of rates showing how Canadian Tire Term Life Insurance stacks up with the competition:

$250,000.00 – 40-year-old male non-smoker standard rates
RBC Insurance term 10: $21.15/month.
Equitable Life: $21.60/month.
Canadian Tire Term 5: $42.00/month.

$250,000.00 – 50-year-old male non-smoker
RBC Insurance Term 10: $42.93/month
Equitable Life Term 10: $43.88/month
Canadian Tire: $92.00/month.

$250,000.00 – 60-year-old male non-smoker
Western Life Term 10: $120.58/month
BMO Life Term 10: $121.05/month
Canadian Tire Term 5: $228.25/month.

$250,000 – 40-year-old female non-smoker
RBC Insurance Term 10: $16.92/month
Equitable Life Term 10: $17.23/month
Canadian Tire Term 5: $30.38/month.

$250,000.00 – 50-year-old female non-smoker
RBC Insurance: $30.60/month
Equitable Life: $31.28/month
Canadian Tire Term 5: $62.88/month.

$250,000.00 – 60-year-old female non-smoker
Western Life Term 10: $84.13/month
Empire Life Term 10: $85.28/month
Canadian Tire Term 5 $157.63/month

You can get more information on term life policies in Canada by contacting us at 1-866-899-4849, or visiting our instant online Term Life Quote Page