Life Insurance in Ontario: Best Quotes from 20+ Life Insurers

For more than 25 years, LSM Insurance has helped people in Ontario with their life, health, and living benefits needs. Whether you live in Toronto, Ottawa, Windsor, London, Markham, Hamilton, or Brampton; whether you live in an urban area or out by the one of the beautiful lakes, there is an LSM broker ready to customize a policy just for you.

Get a free, tailored life insurance quote in Ontario

    Life Insurance in Ontario: Background

    Toronto, ON, Canada

    Mississauga, ON, Canada

    Ottawa, ON, Canada

    Kingston, ON, Canada

    Hamilton, ON, Canada

    Sudbury, ON, Canada

    Insurance products we offer in Ontario:

    • Medical Life Insurance
    • No Medical Life Insurance
    • Mortgage Insurance
    • Funeral Insurance
    • Disability Insurance and Income Replacement Insurance
    • Critical Illness Insurance
    • Health Insurance
    • Group Insurance for Organizations

    While life insurance is important for everyone, the structure of that insurance varies from person to person. In Ontario, the high cost of real estate often means long and expensive mortgages. Life insurance is vital protection; if the breadwinner dies, it can be the difference between the family retaining the home or losing it. The cost of living in Ontario is also higher than in many other provinces – especially for those living in Toronto. Life and living benefits expenses greatly help mitigate your financial risk. Read on to learn why life insurance in Ontario is important for these, and other reasons. 

    Our Life Insurance Brokers in Ontario

    Broker
    Years of Experience
    Specialties
    Languages spoken

    Lorne Marr

    Years of Experience:
    Over 27 years
    Specialties:
    • Life Insurance
    • No Medical Life Insurance
    • Disability Insurance
    • Critical illness Insurance
    • Health Insurance
    Languages:
    • English

    Jack Bendahan

    Years of Experience:
    Over 14 years
    Specialties:
    • Life Insurance
    • No Medical Life Insurance
    • Disability Insurance
    • Critical illness Insurance
    • Health Insurance
    Languages:
    • English

    Mark Potter

    Years of Experience:
    Over 14 years
    Specialties:
    • Life Insurance
    • No Medical Life Insurance
    • Disability Insurance
    • Critical illness Insurance
    • Health Insurance
    Languages:
    • English

    William Shung

    Years of Experience:
    Over 10 years
    Specialties:
    • Life Insurance
    • No Medical Life Insurance
    • Disability Insurance
    • Critical illness Insurance
    • Health Insurance
    Languages:
    • English
    • Cantonese
    • Mandarin

    Tamara Humphries

    Years of Experience:
    Over 20 years
    Specialties:
    • Life Insurance
    • No Medical Life Insurance
    • Disability Insurance
    • Critical illness Insurance
    • Health Insurance
    Languages:
    • English

    Andrew Burdi

    Years of Experience:
    Over 20 years
    Specialties:
    • Life Insurance
    • No Medical Life Insurance
    • Disability Insurance
    • Critical illness Insurance
    • Health Insurance
    Languages:
    • English

    Chad Larmond

    Years of Experience:
    Over 20 years
    Specialties:
    • Life Insurance
    • No Medical Life Insurance
    • Disability Insurance
    • Critical illness Insuranc
    • Health Insurance
    Languages:
    • English

    Noor Kapur

    Years of Experience:
    Over 10 years
    Specialties:
    • Life Insurance
    • No Medical Life Insurance
    • Disability Insurance
    • Critical illness Insurance
    • Health Insurance
    Languages:
    • English
    • Hindu
    • Urdu

    Richard Parkinson

    Years of Experience:
    Over 20 years
    Specialties:
    • Life Insurance
    • Disability Insurance
    • Critical Illness Insurance
    • Long-Term Care Insurance
    • Annuities
    Languages:
    • English
    The Insurance Consultants listed above are independent brokers and not employees of LSM insurance or representing LSM Insurance.

    Life Insurance Licensing in Ontario

    The Financial Services Commission of Ontario (FSCO) regulates and licenses agents and brokers in the province. It also provides access to a page where you can check the current licensing status of each life insurance broker in Ontario.

    Interested to find out Life Insurance or Living Benefits rates in Ontario?

    Key life insurance types in Ontario

    Term Life Insurance Quote

    Term life insurance in Ontario is the easiest and cheapest policy to get. Term insurance is best used to cover a risk with a start and end date, which is why it is ideal for mortgages. Term is also used to boost certain years of coverage if you have permanent insurance. For example, you can choose permanent coverage with a lower cap if you have a term policy (within or without the permanent policy) to add a boost to your mortgage years, or the years your dependents live at home. A healthy, non-smoker, 35-year old male can get a Term 10 policy for as low as $22.05/month for $500,000 of coverage.

    Term 100 Insurance Quote

    Permanent insurance does not expire, and since all other term policies except Term 100 (which covers you to age 100) cost more with each renewal, purchasing Term 100 is a great way to lower your premium costs over the course of your lifetime. Spending a little more now for Term 100 helps you avoid a sharp premium increase later in life. A healthy, non-smoker, 35-year old male can get a Term 100 policy for as low as $136.26/month for $200,000 of coverage.

    Whole Life Insurance Quote

    Whole life insurance in Ontario is a permanent policy with a cash savings account and guaranteed cash values. It is an excellent way to combine insurance, savings, and long-term financial planning. This is a very nuanced policy that should always be set up with a qualified professional. Our LSM brokers in Ontario will help you structure a whole life insurance policy that provides tax advantaged savings. A healthy, 30-year old, non-smoker female can expect to pay a minimum of $102.06/month for $200,000 in coverage.

    Universal Life Insurance Quote

    Universal life insurance is the answer for those that want permanent insurance and a cash savings account, but more flexibility among the premium and savings components. Depending on how it is structured, it can be cheaper than whole life insurance in Ontario. The premium varies as there is a minimum/maximum amount available to deposit monthly, depending on your financial situation and goals. Use an insurance broker in Ontario to help you set up your universal life insurance policy so you can get the best coverage and tax advantaged savings.

    Simplified Life Insurance Quote

    Simplified issue insurance was created for those that: have a health condition that disqualifies them from the best underwritten rates, need to get a policy in a hurry, and those that dislike doctor’s appointment. Simplified issue in Ontario does not require a medical exam. The applicant must simply clear a few health-related questions. E.g. a healthy 30-year old, non-smoker male can get a simplified term policy for around $53.55/month.

    Guaranteed Life Insurance Quote

    Guaranteed issue no medical insurance in Ontario saves families from financial stress. Anyone can get it. It has no health questions or doctor’s visits required. This is the policy of choice for seniors whose age makes getting a term policy difficult, and for those with serious health conditions that exclude them from all other policies. The coverage cap is low ($10,000 - $25,000) and the premium high. There is also a two year waiting period; if the life insured passes for any reason other than an accident during the first two years, the policy does not pay out, but the premiums are returned to the beneficiary. Why get guaranteed issue life insurance in Ontario? It is ideal for final expenses and protection when there are no other insurance options available.

    Other Life Insurance types

    Living benefits are also available as life insurance products in Ontario. These include health and dental, critical illness, and disability insurance. Living benefits means the policy pays while the life insured is alive. It protects against routine medical costs and serious health risks that are not necessarily fatal.

    Life Insurance rates in Ontario: Sample

    Life insurance rates in Ontario are driven by your personal risk factors and financial goals. Since there are many variables that affect your application, talking to a broker that will compare the policies on the market for you is the best idea. Broker services are free and provide you with the widest range of options. Following are sample quotes for a variety of scenarios.

    Term 10 life insurance for a 35-year old male, non-smoker, with no serious health conditions, for coverage of $200,000.
    $25.56/month
    Term 20 life insurance for a 35-year old female, non-smoker, with no serious health conditions, for coverage of $200,000.
    $22.86/month
    Whole life insurance for a 25-year old male, non-smoker, with no serious health conditions with coverage of $100,000.
    $90.27/month
    Simplified life insurance for a 45-year old female, non-smoker, with a health condition that would deny her for fully underwritten term. Coverage for $50,000.
    $14.76/month (simplified term)

    Other Living benefits products in Ontario

    Disability Insurance Quote

    What happens if you cannot get to your job in Toronto because you are temporality disabled due to an accident? Disability insurance replaces part of your income so you can pay the bills when you can’t work. Disability insurance rates in Ontario are tied to your occupation. A broker can explain if you should top up your disability group insurance, or if you need a standalone policy.

    Critical Illness Insurance Quote

    For many young professionals in Ontario, the risk of a critical (but not necessarily fatal) illness is greater than the risk of premature death. This policy provides a tax free cash benefit if you become ill as described in the policy (some cover heart attack, stroke, and cancer, other policies cover 25+ illnesses). The money is yours to do with as you wish: pay down your mortgage, take time off work, hire medical assistance, get treatment not covered by the province, etc. Critical illness rates are not expensive and are tied to your health and the coverage level selected.

    Health & Dental Insurance Quote

    If you’ve ever had to make a sudden trip to the dentist, you know that without health and dental coverage, you could be hundreds of dollars out of pocket. Health insurance is a living benefit in Ontario. The plans are very flexible so you can put the emphasis on paramedical services, medications, or dental. Rates will vary depending on the package you choose.

    Other Living benefits

    Life insurance polices in Ontario can be customized with riders. For example, if you do not wish to have a critical illness policy, you can select a life policy with a condition that pays out (against the death benefit) a sum if you become drastically ill. Some riders return your premiums if you do not pass away during a certain number of years. Rider options and other living benefits within policies vary across providers. A broker will show you which insurer can customize the best policy for your needs.
    Interested to find out Life Insurance or Living Benefits rates in Ontario?

    Frequently Asked Questions about Ontario Life Insurance

    Term has the cheapest life insurance rates in Ontario. It expires and renews at a higher rate, so lock in as long of a term as possible, or only get a term that covers your years of greatest risk. A healthy 40-year old male non-smoker can pay as little as $27/month for a Term 10 policy with coverage of $500,000.

    Life insurance in Ontario is available through agents, brokers, group providers (employee benefits, association benefits, etc.) and even some banks. Brokers shop the market for you and present your best option, as opposed to a bank or agent that only sells the products of one company.

    Financial Services Commission of Ontario (FSCO) regulates and licenses agents and brokers in the province.

    Disability insurance in Ontario is available through group insurance, from an agent, a broker, or a bank. A bank may term this as mortgage or debt insurance. Note that such insurance through a bank usually lists the bank as the beneficiary, not you or your family.

    Interested to find out Life Insurance or Living Benefits rates in Ontario?