What to look for when comparing term life insurance in Ontario

What exactly is life insurance, and where should you begin?

It's common for Canadians to have questions about life insurance, and providers like PolicyMe are making it easier to get answers. According to PolicyMe's 2026 Life Insurance Gap Report, 33 per cent of Ontario life insurance policyholders reported having term life insurance. 

PolicyMe is a Canadian insurance distributor offering term life insurance online to Ontario residents, with licensed advisor support available.

Before you apply for term life insurance, there are a few things to weigh: which type of policy fits your needs, how long your coverage should last, how much coverage you need, what you’ll pay, and what the application involves.

Term life insurance vs. whole life insurance

What makes term life insurance different from whole life insurance? The answer is right there in the name. Term life insurance offers financial protection for a set period of your life, whereas whole life insurance is designed to cover you for your entire life.

Whole life insurance is generally more expensive and may be a better choice for high net-worth individuals with estate planning needs. Term life insurance can be a good fit for families looking to cover financial responsibilities for a set period. 

How long should your term life insurance last?

It varies for everyone based on their needs.

People with short-term debts, or who are closer to retirement, might only want 10 years of coverage. Young families and new homeowners might opt for 20 years of coverage, and people with long-term financial obligations could benefit from a 30-year term. 

A good way to choose is to consider how your financial responsibilities might change over time to help determine which term makes sense for you.

Choosing a coverage amount

Next, you'll need to decide how much you want to be covered for. To do this, start by adding up your outstanding debts, including your mortgage balance, childcare, and education costs, and the annual income your family would need replaced.

It's also worth considering other expenses you may want your life insurance to cover, whether that's college tuition for your kids, the cost of your funeral, or supplemental everyday expenses. 

What does term life insurance cost in Ontario?

Your price depends on your age, health, smoking status, coverage amount and term length.

As a reference point, as of October 2026, PolicyMe's 20-year term life insurance for a 35-year-old non-smoking woman with $500,000 in coverage starts as low as $23 per month. Couples who apply together can save 10 per cent on their first year.

Other considerations

You'll need to decide who your beneficiary will be and what sort of support you want from your insurance provider.

For Ontario residents who want to apply for term life insurance online, PolicyMe offers a digital application process with licensed advisor support available. You can get an estimated quote and submit an application online, with advisors available by phone to answer your questions.

Get a life insurance quote from PolicyMe in seconds, and when you're ready, explore your coverage options on PolicyMe's website.

The sooner you start, the more protected you'll be!