AplusWealth
Language
Talk to usUse the app
Language
Menu

Life insurance in Ontario: how it works and who regulates it

Written by the AplusWealth team.

A plain-language guide to buying life insurance in Ontario: the main types, what changes the price, and how to check that the person selling it is licensed.

Talk to an advisorCall 888-461-6120

Education only. Insurance is arranged for clients in Ontario and British Columbia.

Quick answer

Life insurance in Ontario is a contract with an insurance company that pays a lump sum, the death benefit, to the people you name if the insured person dies while the policy is in force, subject to the policy’s terms and exclusions. FSRA, the Financial Services Regulatory Authority of Ontario, licenses and regulates the life and health agents who sell it. Prices depend on your age, health, smoking status, the amount and the type of policy, and each insurer sets its own.

On this page

How life insurance works for Ontario residents

Life insurance is a contract between you and an insurance company. You pay premiums. If the insured person dies while the policy is in force, the insurer pays a lump sum, called the death benefit, to the beneficiaries named, subject to the policy’s terms and exclusions. A claim can be refused if the application was not answered completely and honestly. The rules are the same whether you live in Toronto, Ottawa or a small town, because the contract is with the insurer and the Ontario Insurance Act applies to how it is sold.

People use the money in different ways: to replace income for a family, to pay off a mortgage or other debts, to cover final costs, or to leave something to family or a charity. The Financial Services Regulatory Authority of Ontario (FSRA) also points out that some life products, such as segregated funds and whole life, are considered investments. That is one reason it helps to know which type of policy you are looking at. For the basics, see our page on life insurance in Canada.

Who regulates life insurance agents in Ontario

FSRA licenses and regulates the life and health insurance agents who sell life, health and dental insurance in Ontario. It also licenses insurance companies and checks that both follow the Ontario Insurance Act. An agent may represent one or more insurance companies. Source: FSRA, Life and health insurance (fsrao.ca), as of 5 November 2026.

FSRA also lists what it cannot do: it does not set insurance premiums, it does not settle contract disputes between you and your insurer, and it cannot make an insurance company sell you cover. If a complaint with your insurer’s own ombuds service is not resolved, FSRA’s page points to the OmbudService for Life and Health Insurance (OLHI).

AplusWealth’s advisors are licensed to sell life insurance in Ontario and British Columbia. We arrange insurance only for clients in those two provinces, and our education pages are for all Canadians.

Types of life insurance sold in Ontario

There are two main types of life insurance: term and permanent. Whole life and universal life are the most common kinds of permanent insurance (Financial Consumer Agency of Canada). Other labels, such as no-medical, senior and mortgage life insurance, describe how a policy is sold or underwritten rather than a separate type.

  • Term life insurance

    Coverage for a set number of years. Often chosen to cover a mortgage or the years when children depend on your income.

  • Whole life insurance

    Cover designed to last for life while the policy stays in force, with a level premium that builds cash value inside the policy.

  • Universal life insurance

    Permanent coverage combined with an investment account. Premiums can be flexible within limits. The cash value and death benefit can rise or fall with investment returns, and premiums could go up if returns drop (FCAC, Life insurance, as of November 2026).

  • Mortgage life insurance

    Cover tied to a mortgage. When a lender sells it, the lender is paid, and the amount goes down as the mortgage is paid off. A personal term policy can be sized to the mortgage and pays the people you name instead.

Two more pages cover simpler applications and later-life cover: no-medical life insurance and life insurance for seniors.

What affects the cost of life insurance in Ontario

This page does not list prices, because a price only means something once an insurer has reviewed your answers. What is known is the short list of things insurers weigh:

  • your age when you apply,
  • your health and medical history,
  • whether you smoke or use nicotine,
  • the amount of cover,
  • the type of policy, and for term, how many years it lasts.

Insurers set their own prices, so two companies can look at the same answers and reach different results. That is the main reason people compare more than one insurer. Insurers we work with include Industrial Alliance, Manulife, Beneva, RBC, BMO, Foresters, Canada Protection Plan and Assumption Life. The GetCovered app shows sample prices, which are illustrative until an insurer reviews your health answers. You can also read about life insurance quotes in Canada.

How to check an agent before you buy

FSRA’s consumer page lists steps people can take before buying life insurance in Ontario. Among them: speak with two or three agents or companies and see whether you feel comfortable, focus on sound advice rather than only the lowest premium, and confirm that the agent or company is licensed by FSRA. FSRA publishes a directory of licensed agents and an enforcement database, and its page says that if an agent has had an enforcement action, it is reasonable to ask what it was for and how it was fixed. FSRA also suggests completing a financial and medical needs analysis first, so the policy fits your debts, income needs and goals. Source: FSRA, Life and health insurance, as of 5 November 2026.

If you are choosing between planners as well as insurance agents, our page on choosing a financial advisor in Toronto explains the credentials to look for.

How to meet us

You can talk with an advisor by phone or video from anywhere in Ontario. Our office is at 180 Steeles Ave West, Unit 213, Thornhill, ON L4J 2L1. It takes in-person meetings by appointment.

To pick the advisor and topic that fit your question, use find an advisor or contact us.

Cities we serve in Ontario

Each city page covers what is particular to that area, such as who lives there and which kinds of cover come up most often.

We also serve clients anywhere else in Ontario by phone or video.

Questions people ask

Who regulates life insurance agents in Ontario?

The Financial Services Regulatory Authority of Ontario (FSRA) licenses and regulates life and health insurance agents in Ontario, and checks that insurance companies and agents follow the Ontario Insurance Act. Its website is fsrao.ca.

How much does life insurance cost in Ontario?

It depends on your age, health, whether you smoke, the amount and the type of policy, and each insurer prices differently. We do not publish prices here. The GetCovered app shows sample prices from several insurers, which stay illustrative until an insurer reviews your health answers.

Do I need a medical exam to get life insurance in Ontario?

Not always. Some insurers accept a health questionnaire for smaller amounts or younger applicants. Others ask for a paramedical exam or tests. There are also no-medical plans, which usually cost more for the same cover.

Can I buy life insurance on a family member in Ontario?

FSRA says you can buy a life insurance policy to cover a family member or a close business associate, such as a business partner. You need their written consent, and they will likely go through the application process themselves.

Where can I get life insurance quotes in Ontario?

You can see sample prices in the GetCovered app, or talk with an advisor who can compare several insurers. Final prices come from the insurer after it reviews your application. Our page on life insurance quotes explains the steps.

Do I have to live in the Toronto area to work with you?

No. Advisors work with clients anywhere in Ontario by phone or video, and the Thornhill office takes in-person meetings by appointment. City pages for the Greater Toronto Area, Hamilton, Kitchener and Barrie are listed above.

Education only, not advice. This page explains how life insurance generally works for Ontario residents. Each policy’s terms are set by the insurer’s contract. For advice on your own situation, talk with a licensed advisor.

Sample prices in the GetCovered app.

Built for learning first. Sample figures are estimates, not quotes or advice.

Get it on Google PlayDownload on the App Store
Photo of one of our two advisors, leftPhoto of one of our two advisors, right

Licensed advisors in Ontario and British Columbia.

Talk it through with a licensed advisor.

An advisor will contact you within one business day of your request.

Talk to usCall 888-461-6120