Life insurance in Quebec
Quebecois families can save big with term life insurance from PolicyMe.
Term life insurance quotes in Quebec
Average starting term life insurance cost for $500,000 over 20 years
Age | Premiums For Women | Premiums For Man |
|---|---|---|
30 | $20.68 | $29.67 |
35 | $22.93 | $31.29 |
40 | $33.27 | $44.96 |
45 | $51.25 | $71.49 |
*For a non-smoking person with average health.
How much does life insurance cost in Quebec?
We looked at rates from 20 insurance companies and found that a term life insurance policy in Quebec with $500,000 in coverage costs an average of $54.83 per month, or $657.96 per year, for non-smoking applicants in good health, aged 30-39.
Term Length | Industry Average Rates | PolicyMe Average Rates |
|---|---|---|
10 years | $32.58 | $20.79 |
15 years | $41,75 | $25.76 |
20 years | $50.33 | $30.11 |
25 years | $66.00 | $42.60 |
30 years | $83.50 | $54.15 |
*The table above shows average premiums for term life insurance across 20+ carriers in the industry.
What impacts life insurance cost?
Life insurance prices are consistent across Canada, so your Quebec address won’t impact your premiums. But, there are other key factors that life insurance providers use to determine your rate, including:
- Your age
- Your coverage amount
- Your policy’s term length
- Your health
- Your smoking status
- Your risk factors (e.g. if you partake in high-risk activities or work a high-risk job)
- Policy riders (e.g. critical illness insurance, disability insurance, or children’s coverage)
What are the best life insurance companies in Quebec?
There isn’t necessarily a “best” life insurance company in Quebec. The right fit for you will depend on your coverage needs, budget, lifestyle, and what you value most from an insurance provider.
To help you make a smart decision, here’s an overview of the best life insurance companies, ranked across nine key categories.
Category | Insurance Company |
|---|---|
Best Life Insurance Company | PolicyMe |
Best Term Life Insurance | PolicyMe |
Best Whole Life Insurance | Manulife |
Best Whole Life Insurance with Cash Value | Sun Life |
Best Universal Life Insurance | BMO |
Best Participating Life Insurance | Canada Life |
Best No Medical Life Insurance | Canada Protection Plan |
Best Life Insurance for Seniors | Co-operators |
Best Life Insurance for Smokers | Co-operators |
To find the best life insurance companies in Canada, we evaluated over 20 of the largest and most well-known insurers in the country using three categories:
- Affordability: To determine which insurers charge the lowest premiums, we gathered over 2,000 life insurance quotes. Our price data spans smokers, non-smokers, and birth sex, across six age groups from 18-70 and five products (including term and permanent life insurance).
- Customer service: To find out which life insurance companies offer the best customer experience, we averaged review scores from the Better Business Bureau, Trustpilot, Insureye and Google. We also counted the number of contact methods each insurer offers to its customers.
- Industry reputation: To ensure our recommendations were financially sound, we reviewed each life insurance company’s financial stability ratings from leading credit agencies A.M. Best, Morningstar DBRS and S&P Global. We incorporated Glassdoor reviews to reflect each insurer’s ability to manage and support its employees.
All three categories received a final, averaged score out of 5. After adding the results together, we had a definitive list of the best life insurance providers in Canada.
PolicyMe does not receive compensation for any life insurance reviews.
How much life insurance does the average Quebecois need?
One of the most insightful ways to calculate your life insurance needs is by assessing your debt, income, mortgage, and education costs; also known as the DIME method. Let’s build a sample DIME analysis using average data from Quebec’s population:
Debt: $22,802
Equifax’s 2025 Province Debt Analysis shows that the average debt in Quebec is $22,802.1
Income: $59,900
Quebec’s annual average income for residents aged 15 or older is $59,900. 2
Mortgage: $357,942
The average mortgage debt in Quebec is $357,942 across all age groups.3
Education: $14,376
The average annual tuition in Quebec is $3,594. For those who plan to send their kids to university, this number can rise to $14,376 for a typical four-year program.4
According to our research, the average Quebecois would benefit from $455,020 in term life insurance coverage.
Based on the total number from our DIME analysis, we’ve estimated that the average Quebecois might require a life insurance policy with just under $500,000 in coverage. A 20-year term life insurance policy with this coverage amount can cost an average of $39.12 per month or $469.44 per year for non-smoking applicants, aged 40.
Keep in mind that your debt, income, mortgage, and education costs may be higher or lower than Quebec’s averages based on your location. For example, residents of Montreal or Laval may face higher DIME estimates than those in rural areas, or vice versa. PolicyMe’s online term life insurance calculator can help you define your life insurance needs with more precision, and it offers rates for three levels of term coverage.
1 https://www.equifax.ca/business/blog/all-news/-/story/delinquency-levels-show-signs-of-stabilizing-but-the-financial-gap-continues-to-widen-for-some-canadians/
2 https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1110023901&pickMembers%5B0%5D=1.13&pickMembers%5B1%5D=2.1&pickMembers%5B2%5D=3.1&pickMembers%5B3%5D=4.1&cubeTimeFrame.startYear=2019&cubeTimeFrame.endYear=2023&referencePeriods=20190101%2C20230101
3 https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1110001601&pickMembers%5B0%5D=1.13&pickMembers%5B1%5D=3.1&pickMembers%5B2%5D=5.1&pickMembers%5B3%5D=4.1&cubeTimeFrame.startYear=2005&cubeTimeFrame.endYear=2023&referencePeriods=20050101%2C20230101
4 https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3710004501
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Affordable life insurance for Quebecois families…
Plus an easy-peasy application process!
Why are our policies so affordable? Here’s why:
Roughly 40% of an insurance policy's cost goes toward distribution and underwriting costs.
We've cut out unnecessary admin tasks and extras with technology and pass those savings onto you.
You'll still get fully underwritten, high-quality life insurance, but at a more affordable price.
Life insurance in Quebec: Quick facts
57 life insurance providers:
There are 57 licensed life insurance providers in Quebec, which means applicants have various options for coverage and price.5
Lower average coverage:
Quebec’s average life insurance coverage is $404,000, which is nearly $80,000 lower than Canada’s national average of $483,000.5
Policyholders are generally older:
The median age for life insurance policyholders in Quebec is 43, which is slightly higher than the average median for all provinces and territories; 41.5
Life expectancy is higher:
Quebec has a life expectancy of 82.6 years at birth, which is higher than Canada’s average of 81.5.6
Individual policies trump group policies:
65% of active policies in Canada are owned by individuals, while group life insurance term plans only add up to 35%.5
$17.3 billion in payouts:
Canadian life insurers paid out a total of $17.3 billion to policyholders in 2023, with $9.2 million in death benefits to beneficiaries.5
5 https://www.clhia.ca/web/CLHIA_LP4W_LND_Webstation.nsf/resources/Factbook2024/$file/CLHIA-2024Facts.pdf
6 https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1310011401&pickMembers%5B0%5D=1.10&pickMembers%5B1%5D=3.1&pickMembers%5B2%5D=4.8&cubeTimeFrame.startYear=2017+%2F+2019&cubeTimeFrame.endYear=2021+%2F+2023&referencePeriods=20170101%2C20210101
How do you get term life insurance in Quebec?
1. Pick a type of life insurance
Term life insurance is the most popular life insurance product due to its affordability and value for individuals with temporary financial obligations. Term insurance can help your beneficiaries cover a mortgage, support your dependent children, and replace lost income during what would’ve been your high-earning years.
2. Choose your coverage
Use the DIME method, an insurance calculator, or help from an advisor to understand your coverage needs and term length.
3. Compare Quebec life insurance providers
Once you know the amount of insurance you need and the best term length for your situation, you can research and compare plans from different insurers in Quebec. Take a look at reviews from policyholders, assess the financial strength of each company, and check out their special features (e.g. online portals or apps for policy management) and policy riders.
4. Apply for coverage
After the research phase, you’ll likely find a provider that suits your needs. You can now fill out an application online or through an insurance agent, which will request details like your contact information, personal identification, and health or lifestyle specifics.
5. Submit your documents
During the application and underwriting process, you’ll be asked to provide documents related to your health, finances, and more. You may also need to complete a medical exam, which can help your provider accurately calculate your rate.
6. Approval, review, and sign
It’s best practice to read through your policy once its approved. Review your coverage, exclusions and payment schedule, and be sure to ask your insurance agent if you have any questions or concerns.
Why term life is the best life insurance type for most families in Quebec
Affordability and overall value are the top reasons Canadians choose term life insurance. It provides coverage during the years when it's truly needed and prevents policyholders from paying for unnecessary coverage, meaning they can use their savings for other financial pursuits.
But, permanent life insurance may be a better fit for those with lifelong financial needs, including long-term dependents, estate planning, or covering high final expenses later in life.
To help you make the right choice for your specific needs, here are a few points that clear up some common questions related to permanent and term life insurance:
No. Permanent life insurance plans can include a cash value component, but the growth is typically slow and the cost of permanent life insurance can outweigh the benefit of the cash value growth. Term life policies are much cheaper, and you can use the savings from your lower premiums to invest in a better vehicle like an RRSP or TFSA.
Permanent life insurance can provide lifelong coverage, which may make it the better choice if your children rely on you for medical, emotional, or financial support. But, term policies often include the option to convert to permanent coverage, so it’s wise to review both life insurance options with an insurance advisor before making a final decision.
Term life insurance is generally much more affordable than permanent coverage, and it’s designed to give you peace of mind and financially protect your family during the most crucial years. Your beneficiaries won’t receive a payout if you’re still alive when your term ends, but you will have saved hundreds to thousands of dollars in premiums that can be invested elsewhere for your family’s benefit.
FAQ: Life Insurance in Quebec
Quebec doesn’t have a specific “best” life insurance provider; the best insurance company for you will depend on your unique budget, coverage amount, and what you value most from a provider. For example, if you want a seamless online application process and digital policy management for an affordable 20-year term life policy, PolicyMe might be the best insurance solution for you. But, if you’re looking for extra investment options or term coverage that can be converted to permanent coverage eventually, Manulife may be a better fit.
Term life insurance typically costs between $40 to $138 per month for policyholders under the age of 40 in Quebec. Keep in mind that your age, lifestyle, policy length, coverage, and policy riders (e.g. children’s coverage) will affect your rates.
Term life insurance is typically the best type of life insurance in Canada because it’s affordable and offers financial security for your loved ones during the years where it's needed the most. Policy lengths generally range between 10 to 30 years, so you can choose a term that aligns with your financial responsibilities. Term life insurance can be up to 10 times cheaper than permanent coverage, so it not only provides coverage for your beneficiaries in case you pass during your term period, but it also offers financial value during your living years.
