Life Insurance in Ontario
Protect the people who depend on you. We connect Ontario residents with licensed advisors who compare term, whole and universal life insurance from multiple insurers.
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Life Insurance for Ontario Families and Business Owners
Life insurance pays a tax free lump sum to the people you name if you pass away. It can replace your income, pay off a mortgage, cover your children’s education, or fund a business succession plan.
The right policy depends on how much protection you need, for how long, and your budget. We connect Ontario residents with licensed advisors who compare insurers and explain the options in plain language.
Connect NowHow CommercialInsurance.ca works
We are not an insurer or an advisor. We find you the right one.
Matched by need
We connect you with an advisor who works with businesses and families like yours.
Licensed life and health advisors
Life and health insurance advisors in Ontario are licensed by the Financial Services Regulatory Authority of Ontario (FSRA).
Fast follow up
Once we receive your information, a professional in our network will connect with you within 24 hours.
No cost to be matched
Our referral service is free. You deal directly with the advisor for quotes and coverage.
Types of life insurance
Most people choose between term and permanent coverage, or a mix of both.
Term life insurance
Coverage for a set period, commonly 10, 20 or 30 years. It is the most affordable way to buy a large amount of protection while your family depends on your income or you carry a mortgage.
- Lowest cost per dollar of coverage
- Often renewable or convertible to permanent coverage
- Ends at the end of the term if not renewed
Whole life insurance
Permanent coverage for your lifetime with guaranteed premiums and a cash value that grows over time. Participating policies may also earn dividends.
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Universal life insurance
Permanent coverage with flexible premiums and a tax advantaged investment component. It suits people who want lifelong coverage and more control over how the policy is funded.
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Simplified and guaranteed issue
If you have health conditions, simplified issue policies ask a few health questions and guaranteed issue policies ask none. Coverage amounts are lower and premiums are higher, but they can be a good fit when traditional coverage is not available.
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How much life insurance do you need?
A licensed advisor can run a full needs analysis. As a starting point, think about:
Income replacement
How many years of income your family would need to maintain their lifestyle.
Debts
Your mortgage, lines of credit, car loans and any business debts you have personally guaranteed.
Future costs
Children’s education, final expenses and any gifts or estate plans you want to fund.
Life insurance for business owners
Protect your business and partners
Business owners often need coverage beyond personal protection. See our key person and buy-sell insurance guide for coverage that keeps the business running and funds a partner buyout.
Group life through work
Group life through an employer is valuable, but it usually ends when you leave the job and may not be enough on its own. Many people add an individual policy they control.
Life Insurance FAQs
Is a life insurance payout taxable in Canada?
The death benefit paid to a named beneficiary is generally not taxable.
Term or permanent: which is better?
Term is usually the right fit when you need a lot of coverage for a specific period, such as while children are young or a mortgage is outstanding. Permanent coverage suits lifelong needs such as estate planning. Many people combine both.
Do I need a medical exam?
It depends on your age and the amount of coverage. Many policies only need a health questionnaire, and simplified or guaranteed issue policies are available if you have health conditions.
Is my group life insurance enough?
Group life is often one or two times salary and usually ends when you leave your job. Many families need more coverage than that.
Can I get life insurance with a health condition?
Often yes. Your advisor can approach insurers that are more flexible with certain conditions, or suggest simplified or guaranteed issue coverage.
What to expect from a benefits advisor
A licensed advisor handles the details so you can make a clear decision.
1Discovery call
Share who needs coverage, what matters most and your budget. For businesses, bring your current plan and renewal if you have one.
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2Plan design
Your advisor recommends coverage levels and cost sharing that fit your needs, and explains the trade offs in plain language.
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3Compare insurers
Your advisor gathers quotes from multiple insurers and compares price, coverage and service side by side.
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4Enrol and support
Once you choose, your advisor handles the application and enrolment, and stays available for claims questions and renewals.
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5/5 rating on GoogleThe Commercial Insurance Difference: Feedback from those referred
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