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Life insurance

A financial safety net

Help reassure your loved ones that they will be taken care of now and in the future.

What is life insurance?

Life insurance provides whomever you choose with a one-time, tax-free payment when you die, as long as you continue to pay your premiums.

There are different types of life insurance, and different ways to make it work for you. It’s not only to  protect your family. It can also be part of your financial plan, so you may be able to access money in your policy while you’re alive.

  • Starting a family

    Help make sure the people you love are protected. 

    Learn more
  • Buying a home

    Term insurance can cover debts like a mortgage.

  • Getting married

    Protect your spouse and the plans you’ve made for the future.

    Learn more

What kind of life insurance is available?

There are 2 basic types of life insurance coverage: term and permanent. Each has unique features designed to meet different needs.

Term insurance

  • Temporary coverage
  • Lower cost
  • Fixed payments
  • Option to convert to permanent
View term life insurance

Permanent insurance

  • Lifetime coverage
  • Higher cost
  • Flexible payments
  • Opportunity to build cash value
View permanent life insurance
What kind of insurance do you need?
Term life insurance
Permanent life insurance

What does it provide?

Temporary protection

Long-term protection

How can it help?

  • Replace lost income
  • Cover debt and funeral expenses
  • Replace lost income
  • Cover debt and funeral expenses
  • Build wealth
  • Estate planning  

What's the cost?

Typically the most affordable type of insurance 

Usually more expensive than term life insurance

Investment options




  • You choose who receives a tax-free one-time payment when you die
  • You choose who receives a tax-free one-time payment when you die
  • Build wealth inside your policy, within limits, that you can access during your life    
View term life insurance
View permanent life insurance

Get help with your Canada Life products and services.

Contact us

How much insurance coverage do you need?

Ideally, you want to make sure your debts are covered, so you don’t leave major expenses behind for your loved ones.

Here are a few things to consider:

  • Your income
  • Net worth
  • Family needs
  • Debt
  • Other insurance you have 

How much does life insurance cost?

It depends on the type of coverage you choose. Generally, term insurance is more affordable than permanent insurance. But there are a lot of factors that determine the cost of your policy, including: 

  • Age

    Generally, insurance is less expensive when you’re younger.

  • Health

    Family history, chronic diseases and lifestyle can increase costs.

  • Gender

    Women live longer than men on average, so insurance may cost less.

  • Occupation

    If you have a dangerous job, your insurance costs can be higher.

Submit a claim online

Notify us of a death and/or make a claim on a wealth or life insurance policy bought through an advisor.

Get started