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What a life insurance quote is, and is not
A life insurance quote is a price estimate for a policy of a set type, amount and length. It is based on the answers you give at the start. It tells you roughly what you would pay each month or year.
It is not an offer. The insurer only commits to a price after it reviews your full application, and sometimes after a medical exam or records. If the review turns up something different from your first answers, the price or the decision can change. That is why accurate answers at the start matter.
A quote from a person or tool that compares several insurers is also a snapshot. Insurers change prices and rules from time to time, so a quote shows today’s figure and not a promise about next year’s.
What changes the price of a life insurance quote
Five things do most of the work. Change one and the quote moves.
| Item | How it affects the price |
|---|---|
| Age | The older you are when you apply, the higher the price. The price on a level plan stays at that age band for the term. |
| Health | Conditions, medication, weight and family history can raise the price or limit the plans open to you. Insurers sort applicants into risk classes. |
| Smoking and nicotine | Smokers pay more. Insurers differ on how recently you must have quit, and what counts. |
| Amount of cover | A larger amount costs more, though not always in a straight line. |
| Term or plan type | Term is for a set number of years. Whole life and universal life are designed to cover you for life while the policy stays in force, and they usually cost more at the start. With universal life, the account value and the premium needed can change with investment returns, so more premium may be needed to keep the policy in force (FCAC). See term, whole and universal life. |
Other details can matter too: sex, occupation, risky hobbies, travel plans and the province. Insurers set their own prices, so two insurers can give different results for the same answers.
Two ways to get a quote
| Item | GetCovered app | Licensed advisor |
|---|---|---|
| How it works | Answer a few questions on your phone or in a browser | A call or video meeting, at a time you choose |
| Speed | Sample prices within minutes | Usually within the call, with follow-up |
| Good for learning first | Yes, you can try different amounts and terms on your own | You can ask questions as you go |
| Application | Moves to an advisor when you are ready | The advisor checks the file before it goes to the insurer |
The app shows sample prices from several insurers. An advisor can also look at other insurers we work with. The app is for people who like to look first. An advisor can help where answers are less clear cut, for example a health condition or a business owner’s situation. Details on the app are on the GetCovered app page. To see what it does, read about the GetCovered app.
How getting a quote works
Gather the basics
Your date of birth, province, whether you use nicotine, the amount and the term you are thinking of.
Answer health questions honestly
Medical history, medication and family history. An incomplete answer can cause trouble at claim time.
Compare the same thing
Same amount, same term, same features. Otherwise the cheaper quote may be a smaller plan.
Ask about the fine print
Is the price level for the whole term? Can it be renewed or converted? What is excluded?
Apply
The insurer reviews and gives its final decision and price.
Life insurance quotes in Ontario and BC
We arrange life insurance for people who live in Ontario and British Columbia, and our quotes are for those two provinces only. If you are searching for life insurance quotes in Ontario, our Ontario life insurance page collects the Ontario-specific pages. The same factors apply in both provinces. Meetings are by phone or video, so you do not need to visit an office.
Elsewhere in Canada, you can still read our guides, but we cannot quote or arrange cover there.
Mistakes that distort a quote
- Comparing a term plan to a whole life plan and reading the difference as a better price.
- Guessing at health answers instead of checking. Insurers can check records.
- Choosing an amount before working it out. Our how much life insurance do I need guide walks through it.
- Assuming a plan with no medical exam is cheaper. Skipping the medical exam can mean a lower amount, a higher price or a waiting period. See no-medical life insurance.
- Treating a quote as final.
Life insurance quote questions
How do I get a life insurance quote in Canada?
You can use an online tool such as the GetCovered app, which gives sample prices within minutes, or talk to an advisor who compares several insurers. We arrange quotes for Ontario and British Columbia only.
What information do I need for a life insurance quote?
Mainly your date of birth, province, whether you use nicotine, the amount of cover and the term. For an application, you will also answer health questions.
Is a life insurance quote the final price?
No. The insurer sets the final price after it reviews your full application, and sometimes a medical exam or records.
Why do life insurance quotes differ between insurers?
Each insurer sets its own prices and rules, and weighs health and lifestyle differently. The same answers can lead to different prices.
Can I get life insurance quotes in Ontario if I am new to Canada?
Often yes. Residency rules depend on the insurer. An advisor can tell you which ones accept your situation.
Related pages
Life insurance overview
Term, whole and universal life explained.
How much life insurance do I need?
A step-by-step way to work out an amount.
Term life insurance
Cover for a set number of years.
Ontario life insurance
Ontario pages in one place.
The GetCovered app
Sample insurance prices, for learning.
Education only, not advice. This page explains how life insurance quotes generally work in Canada. A quote is an estimate, and the insurer sets the final price. For advice on your own situation, talk with a licensed advisor.
