Term Life Insurance Canada 2026: 10 vs 20 Year + Best Rates
Term life is the cheapest life insurance in Canada.
A 35-year-old pays $22 per month for 10 year term.
He pays $28 per month for 20 year term.
That is for $500,000 coverage.
Canada Life and Sun Life offer the best prices.
You can get a quote online in 2 minutes.
Manulife and RBC Insurance also let you compare rates.
2026 Rates: 10 vs 20 Year
We checked a healthy non-smoker.
Here are the costs:
- 10 Year: $22/month → Canada Life
- 15 Year: $25/month → Sun Life
- 20 Year: $28/month → Manulife
- 25 Year: $34/month → RBC Insurance
- 30 Year: $41/month → Desjardins
So, 20 year is most popular.
It covers your mortgage.
Best Companies
Canada Life wins for 10 year.
Sun Life wins for no medical exam.
Manulife wins for 20 year.
BMO and iA Financial also offer quotes.
Ontario Prices
Ontario pays $24/month for 20 year.
See Cheapest Life Insurance Ontario 2026 for full rates.
Canada Guide
Want national rates?
Read Life Insurance Canada 2026 for all provinces.
Term vs Mortgage Insurance
Banks sell mortgage insurance.
It costs more and covers less.
See Life Insurance vs Mortgage Insurance Canada 2026.
5 Ways to Save
1. Pick 20 year: -$120
Not 30 year. So, you save 25%.
2. Buy at 30: -$180
Not at 40. Then, rate is lower.
3. No smoking: -$200
Non-smoker saves 40%.
4. Annual pay: -$70
Pay yearly. So, you save 8%.
5. Compare 3: -$50
Get quotes from Canada Life, Sun Life, Manulife.
FAQ
10 or 20 year?
Pick 20 year.
It covers kids and mortgage.
Can I convert?
Yes.
Most plans convert to whole life.
Do I need exam?
No.
Sun Life offers up to $1M no exam.