Life Insurance Rate by Age Chart (Canada)
If you’re relatively young and shopping for your first life insurance policy in Canada, we have some good news.
Ever wonder about life insurance rates by age in Canada? If you’re relatively young and shopping for your first life insurance policy in Canada, we have some good news. Times two.
Good news item #1
Life insurance rates in Canada are always less expensive when you’re young. That means your monthly premiums (i.e., the amount you pay for an insurance policy) can easily be tailored to fit your budget. The chart below will help you estimate your cost based on your age.
Good news item #2
You’re very wise to be buying life insurance coverage when you’re young because, if you go for whole life insurance with an investment component, you have time on your side when it comes to growth. We’ll explain why you need coverage and how much you should buy below.
Why life insurance rates vary by age
Life insurance providers collect premiums from customers every day. They also pay out death benefits (i.e., a payment made to designated family members, other loved ones, or the charity of your choice after you die) when the insured person dies. It’s a simple matter of “money in” and “money out.” Since young people are less likely to die, there is less risk of the insurance provider having to pay out a benefit any time soon, so it costs less.
Life insurance rates by age
The charts below help you estimate the monthly cost of taking out a term life insurance policy or a whole life insurance policy in Canada. Serenia Life offers both kinds of coverage so we can help you decide which one is right for you. Note: All costs below include a policy fee.
Term life insurance rates (cost) by age: Non-smokers
| Age | Sex | Term 10 $250,000 |
Term 20 $250,000 |
Term 30 $250,000 |
|---|---|---|---|---|
| 20–35 | Female | $10.58 to $11.03 | $13.28 to $15.08 | $15.98 to $24.53 |
| Male | $13.95 to $14.18 | $17.78 to $19.35 | $21.15 to $32.40 | |
| 36–50 | Female | $11.70 to $27.90 | $15.98 to $53.33 | $26.78 to $94.95 |
| Male | $14.85 to $37.58 | $20.70 to $73.80 | $35.33 to $136.13 | |
| 51–65 | Female | $31.28 to $135.68 | $59.18 to $252.90 | $104.63 to $153.23* |
| Male | $42.08 to $198.00 | $82.13 to $375.98 | $149.85 to $219.38* |
*55 is maximum age to issue a Term 30 policy
Term life insurance rates (cost) by age: Smokers
| Age | Sex | Term 10 $250,000 |
Term 20 $250,000 |
Term 30 $250,000 |
|---|---|---|---|---|
| 20–35 | Female | $16.20 to $22.73 | $20.03 to $39.15 | $32.40 to $61.88 |
| Male | $25.88 to $29.25 | $33.53 to $51.75 | $40.28 to $83.93 | |
| 36–50 | Female | $24.53 to $72.90 | $42.08 to $128.93 | $66.83 to $199.13 |
| Male | $31.50 to $117.68 | $56.48 to $205.43 | $92.25 to $305.78 | |
| 51–65 | Female | $78.75 to $261.90 | $139.28 to $480.38 | $215.33 to $293.85* |
| Male | $130.28 to $484.65 | $226.58 to $762.52 | $329.85 to $445.50* |
*55 is maximum age to issue a Term 30 policy
Whole life insurance rates (cost) by age: Non-smokers
| Age | Sex | Whole Life $50,000 |
20-Pay Whole Life $50,000 |
Term to 100 $50,000 |
|---|---|---|---|---|
| 20–29 | Female | $48.60 to $64.35 | $84.60 to $104.85 | n/a* |
| Male | $53.10 to $69.30 | $88.65 to $108.90 | n/a* | |
| 30-39 | Female | $66.15 to $90.45 | $107.55 to $137.25 | $37.80 to $49.50 |
| Male | $71.55 to $98.10 | $111.60 to $143.55 | $42.75 to $55.35 | |
| 40–49 | Female | $93.60 to $128.70 | $ 140.85 to $172.35 | $50.40 to $67.50 |
| Male | $101.70 to $141.75 | $147.60 to $180.00 | $56.70 to $79.20 | |
| 50-59 | Female | $133.65 to $189.90 | $176.40 to $226.35 | $68.85 to $105.75 |
| Male | $147.15 to $208.35 | $184.05 to $238.05 | $81.00 to $122.40 | |
| 60-69 | Female | $197.55 to $284.85 | $233.10 to $319.95 | $110.70 to $188.55 |
| Male | $216.45 to $321.30 | $245.70 to $344.70 | $128.25 to $234.00 |
*30 is the minimum age to issue a Term to 100 policy
Whole life insurance rates (cost) by age: Smokers
| Age | Sex | Whole Life $50,000 |
20-Pay Whole Life $50,000 |
Term to 100 $50,000 |
|---|---|---|---|---|
| 20–29 | Female | $67.95 to $91.80 | $115.65 to $144.45 | n/a* |
| Male | $74.70 to $99.90 | $123.30 to $150.30 | n/a* | |
| 30-39 | Female | $94.95 to $124.20 | $148.05 to $178.65 | $50.40 to $66.60 |
| Male | $103.05 to $139.05 | $153.45 to $185.40 | $54.90 to $79.20 | |
| 40–49 | Female | $129.15 to $175.05 | $183.60 to $222.75 | $68.40 to $99.00 |
| Male | $144.90 to $200.25 | $191.25 to $244.80 | $81.90 to $124.20 | |
| 50-59 | Female | $181.80 to $269.10 | $227.70 to $310.50 | $102.60 to $146.25 |
| Male | $207.90 to $299.70 | $252.45 to $330.75 | $128.25 to $198.00 | |
| 60-69 | Female | $282.60 to $411.75 | $323.55 to $447.30 | $152.55 to $252.90 |
| Male | $311.85 to $455.85 | $342.45 to $485.10 | $208.80 to $349.65 |
*30 is the minimum age to issue a Term to 100 policy
Types of life insurance policies and their rate structure
When you compare the cost of a term life insurance policy to a whole life insurance policy, you may be asking why whole life is more expensive. Let us explain.
A term life insurance policy can last for 10, 20, or 30 years, which means your coverage may end while you’re still alive and the insurer would not provide a payout. This results in lower financial risk for the insurer, especially if you purchase the policy at a young age.
On the other hand, permanent life insurance coverage is guaranteed to pay a death benefit because it never expires as long as you continue to make payments. Find out if this option is right for you.
How age affects life insurance premiums in Canada
You already know that age is the primary driver of life insurance cost. That doesn’t mean you shouldn’t consider buying coverage in midlife or beyond. Here’s a look at three Canadians and how age affected their decision to purchase life insurance.
Who? | What's at stake? | Advisor recommendation |
|---|---|---|
| Shane is in his early 20s, recently married, and about to embark on a long career. | Shane has a lifetime of earning potential ahead of him. Right now, he’s thinking about how his partner would make ends meet without his salary. Because of his age, the cost will be quite affordable. | Shane should consider Term 30 life insurance and select an amount at least equal to 10 years of his best estimated salary. At age 50, Shane can either renew his coverage or convert to permanent coverage. Find out how much you need. |
| Dale and Erin are parents in their mid-40s both with good-paying jobs. | The couple lives well, but one salary will not be enough to provide for the family if either partner dies too soon. | Dale and Erin should consider a term policy for themselves while exploring the benefits of a whole life insurance policy with an investment component that gives them access to tax-free money that will continue to grow, thanks to annual dividends1 |
| Janet is retired, in her mid-60s, and living off her retirement savings. | Janet has no need to replace her income but would like to cover final expenses, like funeral costs and any debt she may leave behind. Her age will make the cost of life insurance higher, but she doesn’t need a huge amount of coverage. | Janet should estimate the cost of her final expenses and leave that amount to her beneficiaries so that they will inherit the full value of her estate. For a more affordable option, she should speak with her advisor about Term to 100. |
Tips for choosing the right life insurance based on your age
Life insurance policies come with a lot of ways to personalize the cost to fit your budget today. They also let you adjust coverage as you get older, make more money, or take on new responsibilities, like starting a family or even a family business.
Here’s what to think about ahead of your first insurance planning meeting with a Serenia Life advisor.
Who? | 3 things an advisor will tell you |
|---|---|
| Young adults | Get started The cost of life insurance will be as low as they will ever go when you’re young. Stay covered Once you have life insurance, you’re covered as long as you continue to make your payments. Review and revise Every time your circumstances change, reach out to your advisor and ask if you should make any changes to your coverage . |
| Mid life | Get started It’s not too late. You can probably add life insurance to your current financial plan without needing any new money. For example, investing in permanent life insurance may require you to save less for retirement. Buy enough In your prime earning years, your salary is essential to helping your loved ones stay on track financially. Take a multigenerational view Life insurance policies that accumulate a cash portion2 and give you the potential to earn dividends are highly flexible tools in a family insurance plan. If you can’t afford whole life insurance for yourself at this stage, consider investing in your child’s future instead. |
| Older Canadians | Get started You guessed it. This is always the right answer at any age, but later in life it’s essential that you get good advice on the type and amount of coverage you need. Be realistic You want to spare your loved ones from the cost of final expenses and you don’t want to leave them with debt. So-called “funeral insurance” is often not enough. Find out why. Communicate with everyone Let others know how you want the death benefit to be spent. For example, be very specific about your expectations for things like final expenses and any gifts you would like to leave in your will. |
Other factors that impact life insurance rates
You now know why age and risk go hand in hand when insurance providers calculate the cost of coverage. But age isn’t the only thing that determines cost. These important factors also play a part in how much you pay.
1. Health & lifestyle
Lifestyle choices like smoking, working in a dangerous industry, or participating in high-risk hobbies can affect the cost of your life insurance because you are seen as riskier than the rest of the population.
2. Coverage amount
More coverage will always cost more. Work with your advisor to make sure the amount you’ve chosen is appropriate but not excessive. Overpaying for life insurance takes money out of your financial plan that could be put to better use.
3. Policy length
The cost of a term life insurance policy goes up when the length of coverage increases. This makes sense because there’s more time for something bad to happen to you.
How to lock in the best rate for your age
After years of operating as a member-based organization and helping families get the right kind of protection, we can say that the cheapest policy is rarely the best one. You may be faced with limitations on coverage, poor customer service, or longer settlement times.
There are many things you can do at every life stage to balance cost and coverage. Here are three of the common ways we help our members find the best value.
1. Buy early
By now, the idea that time is on your side when you’re young will not be new. It’s always a good idea to start buying coverage as soon as you can afford it.
2. Get a health exam
Beware of television ads that promise low rates for life insurance with a “no medical exam”. These so-called no-medical plans often come at a high cost and may not give you the coverage you expect.
3. Stay flexible
Flexibility is crucial as we age. Policies that provide the option of converting to another form of coverage as you get older and as your income rises are worth every penny.
Why choose Serenia Life for your life insurance needs?
As a member-based organization that’s been around for nearly 100 years, we encourage kindness by sharing our profits through community outreach, fundraising, and unique member benefits that help Canadians support their family, their community, and the causes they care about. The more we grow, the more we can give.
We provide members with access to a growing collection of member benefits that make a positive impact on their lives and the lives of others, including:
- $2,500 post-secondary scholarships
- Up to $600 towards fundraising events and up to $400 to cover volunteering expenses in Canada
- Financial support for legal wills through a lawyer
- And much more!
View a full list of our member benefits.
Get started at any age
There’s a place for life insurance in everyone’s financial plan, regardless of age. The best time to explore your options is now. Use the rate chart above to help you estimate the cost of coverage and then let a Serenia Life advisor get to work on a personalized, affordable policy that works with your budget and changing needs.
Disclaimers
1Dividends are not guaranteed and are paid based on the overall experience of Serenia Life Financial, considering all the risk factors. Dividends may be subject to taxation. Dividends will vary based on the actual investment returns in the participating account as well as mortality, expenses, taxes, lapses, withdrawals, and other experience of the participating block of policies. They have the potential to increase the value of your policy above the guaranteed amount, depending on the dividend option selected.
2Cash values are accessible via a withdrawal, policy loan or surrender. These may be subject to taxation and a tax slip may be issued. Accessing the cash value of the policy will reduce the available cash surrender value and death benefit.
