Life Insurance Canada

Shopping for life insurance in Canada? There's some important differences between the US and Canadian market that you should be aware of.

First, while there are far fewer life insurers in Canada than in the US, it's still important to shop around. Even amongst the roughly 25 Canadian life insurance companies quotes vary considerably so it's important to compare premiums.

Secondly Canada has a number of product differences. While in the US 30 year term life insurance is commonly sold, in Canada 10 year term is the term life insurance product sold most frequently. That also implies that it tends to be more competitively priced by insurers.

Canada also has a product not available in the US - Term to 100 life insurance. Term to 100 is a life insurance with level premiums for life, typically fully guaranteed and with a level face amount. Purchase a policy today, and you'll have the same premiums and death benefit for as long as you keep the policy. The lack of cash values in the product help to make the premiums lower than other permanent life insurance alternatives.

And one other difference between the markets; US insurers in many cases have products and premiums that vary by state. For the most part Canadian life insurance companies offer the same premiums from coast to coast. So for folks looking for Toronto life insurance you'll see the same quotes as someone shopping for Ottawa life insurance.