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

LSM Insurance has been helping people in Toronto with their life and living benefit needs for more than 25 years. From the boroughs of Etobicoke to Scarborough and Markham, from East York to North York and beyond, everyone in Toronto can rely on LSM’s experienced life insurance brokers.

Get a free, tailored life insurance quote in Toronto

    Life Insurance in Toronto: Background

    Toronto, ON, Canada

    Insurance products we offer in Toronto:

    • 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

    Life insurance in Toronto is very important for everyone, and even more so for those with a mortgage. Housing prices in Toronto are among the highest in Canada; those that achieve home ownership must protect their asset. Life insurance can ensure the mortgage is paid if the earner(s) in the household pass, leaving dependents behind. Other insurance components, such as permanent insurance that comes with a cash savings account, are important for long-term insurance and wealth protection planning. Brokers address the individual needs of their clients then shop the market to provide the best policy at the best price. If you live in Toronto, a broker can customize a policy for you today.

    Our Life Insurance Brokers in Toronto

    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 Toronto

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

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

    Key life insurance types in Toronto

    Term Life Insurance Quote

    Term life insurance in Toronto is best used to cover a risk with a defined start and end date, for example, the years you hold a mortgage. As term is the cheapest of the insurance types, many turn to term as their life insurance solution – however, term gets more costly with each renewal. Consider a term policy with an option to convert to permanent to avoid gaps in your coverage. A healthy 35-year old male non-smoker can get $250,000 of coverage for as low as $18.68/month.

    Term 100 Insurance Quote

    Despite being called “term,” this is a permanent policy that covers you to age 100. Unlike the other permanent policies (whole life and universal life) it has no perks or extras. It is pure insurance, which makes it a more affordable choice for permanent coverage. A healthy 35-year old female non-smoker can get $200,000 in coverage for as low as $118.80/month.

    Whole Life Insurance Quote

    Whole life insurance in Toronto is permanent coverage that comes with a tax advantaged savings account. The investment is guaranteed and the cash can be used as a policy loan. Always have a professional set up your whole life insurance to ensure you remain CRA compliant and understand the details of this policy. Whole life is more expensive than Term 100.

    Universal Life Insurance Quote

    Universal life insurance in Toronto is a permanent policy that also has a cash savings account, but unlike whole life, the investment is not guaranteed and the cash can be removed instead of loaned. With more risk for the individual instead of the carrier, universal life is cheaper than whole life but more expensive than Term 100, generally speaking. The premium varies as it has a min/max payment that is somewhat flexible.

    Simplified Life Insurance Quote

    Those that think they would not be approved for insurance because of an existing medical condition can turn to simplified life insurance. Simplified does not require a medical exam but has a few health questions instead. Premiums vary as this product is offered across life and living benefits products.

    Guaranteed Life Insurance Quote

    Guaranteed issue policies do not require a health exam nor a health questionnaire. The carrier assumes the risk and therefore assumes the applicant is in poor health. To help mitigate the risk, the claim will not be paid if the life insured dies from any cause other than an accident within the first two years of the policy. However, the premiums will be returned to the beneficiary. While guaranteed issue has a low coverage cap and high premium, it is often used to cover final expenses or to insure someone with a shortened life expectancy due to age or illness.

    Other Life Insurance types

    Living benefits include any policy that pays while you are still alive, such as health and dental benefits, and riders that, for example, advance a portion of the premium upon diagnosis of a serious illness.

    Life Insurance rates in Toronto: Sample

    Life insurance rates in Toronto are based on a variety of factors such as health, commute, prevalence of health conditions in your family background and more. The following are average, sample rates. To get the best rate, consult with a broker that will shop the market for you and provide you the best policy in your price range.

    Term 10 life insurance for a 30-year old male non-smoker in excellent health, for coverage of $200,000.
    $25.20/month
    Term 20 life insurance for a 30-year old female, non-smoker in excellent health, for coverage of $200,000.
    $21.69/month
    Whole life insurance for a 25-year old male, non-smoker in excellent health, for coverage of $100,000.
    $176.04/month
    Simplified life insurance for a 45-year old female non-smoker using simplified because of a health condition. Coverage for $50,000.
    $14.76/month

    Disclaimer: Remember, life insurance rates are highly individual and depend on a number of criteria including but not limited to your age, lifestyle habits, occupation, and much more. A broker can assess if you should apply for a traditional or simplified policy and match you with the best policy for your needs.

    Other Living benefits products in Toronto

    Disability Insurance Quote

    Disability insurance in Toronto helps protect your income when you cannot work due to an accident and some forms of illness. Group benefits provided by your employer often contain a disability component, but you can also get an individual policy if you are self employed or your workplace does not provide coverage. Rates are tied to your occupation.

    Critical Illness Insurance Quote

    Critical illness insurance in Toronto provides a tax free lump sum when you are diagnosed with an illness named in the policy. This lump sum can be used however you wish, from debt repayment to time off work, to an adventure where you check items off your bucket list. Some policies cover the “big 3” (cancer, heart attack, stroke). Other policies cover 25+ conditions. The rate will dependent on your personal risk factors along with the type of policy you choose.

    Health & Dental Insurance Quote

    Health insurance helps to cover the cost of paramedical services, prescriptions, and dental work. Many employer-sponsored plans provide health coverage. Those without employer group benefits can purchase an individual policy. The cost will depend on the level of coverage you choose.

    Other Living benefits

    Living benefits refer to benefits that pay out while you are still alive. For example, disability and critical illness insurance in Toronto are living benefits.
    Interested to find out Life Insurance or Living Benefits rates in Toronto?

    Frequently Asked Questions about Toronto Life Insurance

    Life insurance rates in Toronto depend on the type of policy you choose and your personal risk factors. Term is the cheapest type of policy. A healthy 35-year-old male non-smoker can get $250,000 of coverage for as low as $18.68/month.

    Life insurance in Toronto is sold by agents, brokers, and direct (online/phone/app). A broker reviews all your options on your behalf, eliminating the need for you to spend time comparing rates on your own.

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

    Disability insurance in Toronto is best purchased through agents or brokers. It is a very nuanced policy and having professional input is important to ensure you get the right coverage.

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