Life insurance in Toronto that fits your budget

Save up to 20% on Toronto life insurance with Citadel – for the same quality coverage.

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Get better prices on life insurance in Toronto, ON with Citadel

Rodney

“The quote I received from Citadel on $650k in insurance was less than I was quoted for $600k at my previous company. 100% satisfied!”

Kerry

“Impressed with Citadel’s straightforward, easy application process. And their policies are way more affordable!”

Josie

“Great rates and coverage put into effect in less than 24 hours. Highly recommended.”

Save time with our super simple and intuitive application process

Casey

“Made a very daunting and important task so easy. I'm relaxed and happy to have things in place for my loved ones.”

Pamela

“Easy application, fully online. It took a couple of days and I am fully insured. Couldn't be happier.”

Michelle

“I am older and had to authorize my doctor to answer some questions for the life insurance company, but the process was actually very easy and created zero stress for me.”

Why are our life insurance rates more affordable?

Within the traditional insurance industry, 40% of a standard policy's rate comes down to underwriting and distribution costs.

With Citadel, you get to sidestep the convoluted steps of the process tied to traditional insurance.

You still get a fully underwritten policy, just with a better monthly rate.

What kind of coverage could you get with Citadel in Toronto?

We’ve helped thousands of Canadian families help plan for their financial future with almost $5 billion in life insurance.

Average coverage amount

$432K

Average policy length

17.5 years

Average premium starts at

$20.46/mo

Looking for life insurance tips? Talk to an advisor (if you want!)

Call us from 9AM-5PM EST Monday to Friday or email us. Our Ontario-based team is happy to help!

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See how much you're saving with Citadel.

Sample life insurance rates for families in Toronto

Check out some estimated quotes for Citadel’s 20-year term life insurance coverage with a coverage amount of $250,000:

Woman, aged 36, non-smoker from Yorkville: $22.38/mo
Man, aged 32, non-smoker from Leaside: $26.33/mo
Woman, aged 46, non-smoker from Bloor West Village: $49.49/mo
Man, aged 42, non-smoker from Davisville Village: $48.53/mo
Man, aged 30, smoker from Roncesvalles: $50.43/mo

Ready to see what kind of affordable rate you can get with Citadel?

Quick Toronto life insurance facts

There are 6 major life insurance companies with headquarters in Toronto: PolicyMe, Manulife, Canada Life, Sun Life, RBC and BMO

Some of the best-rated life insurance companies in Toronto have their headquarters in the city. We opened our very first office in Toronto in 2018.

The average real estate cost in Toronto is about $1.15 million

Many families take out life insurance when they buy a home. Your family can potentially use a tax-free life insurance payout to help cover the mortgage payments and home bills.

zolo.ca/toronto-real-estate/trends

"The Office" category makes up over half of Toronto's employment (51.5%)

Do you have group life insurance with your job (often called optional or employee life insurance)? If you have a family, you might need more coverage. Term life insurance provides an additional safety net if you have a partner, kids, or a mortgage.

toronto.ca/city-government/data-research-maps

FAQ: Life insurance in Toronto

What type of life insurance do you need in Toronto?

There is no particular type of life insurance you need in Toronto, as in: you’re not legally required to have any. But it can be a smart move if you want to have an additional safety net for your family.

Think about how your family might cover costs if you weren’t around – do they currently rely on your income to pay for things like groceries, school fees, and mortgage payments? A tax-free payout from an insurance company could be used to help pay for the things they need. With term life insurance, you get peace of mind in return for super affordable monthly premium payments.

Where can I get life insurance in Toronto, Ontario?

In Toronto, you can get life insurance from an insurance company or a licensed insurance agent. Before you start drawing up your list of top-rate companies and agents, head over to the Financial Services Commission of Ontario's website. There you’ll find a list of licensed agents and companies that are regulated by the FSCO.

You can help narrow down your options by looking up independent reviews online (spoiler: PolicyMe has a nearly 5-star rating from 690+ customers over on Reviews.io). And take a look at YouTube and online blogs for more in-depth reviews on different insurance solutions.

What happens if I outlive my life insurance in Toronto?

If you outlive your life insurance in Toronto, your policy will no longer be in effect. This means that you aren’t covered anymore and your family won’t get a death benefit if you pass away.

To get ahead of the end of your policy term, you can contact your insurer to renew your existing policy. You might also consider converting your policy to a permanent life insurance policy (meaning you’re covered for the rest of your life). But if you do decide to convert your policy to a permanent one, your monthly premiums will likely increase.

What does life insurance cover in the city of Toronto, Ontario?

Life insurance in the city of Toronto can cover anything your loved ones need it to. Your family can use a potential life insurance payout, also known as the death benefit, to cover things like mortgage payments, tuition, child care, time off work, etc.

To help make sure you have the best coverage to meet your family’s needs, think about your biggest everyday costs and how your family's future plans.

If you have younger children, you’re probably already thinking about how your family could use a potential payout to cover childcare, extracurricular activities, hobbies, and monthly mortgage payments. But also consider if your children will want to head off to college or travel the world after they graduate.

Does life insurance actually pay out in Toronto?

Life insurance does actually pay out in Toronto. Many people (understandably!) fret over whether or not their life insurance will pay out. But you take out life insurance to help provide a financial safety net for your family during a difficult time.

One of the reasons life insurance won’t pay out is if you stop making your monthly payments. Another reason? You gave incorrect information on your application or didn’t share everything you needed to with your insurer.

Examples of this may include: leaving out important facts about your medical history, answering medical questions incorrectly, or failing to mention past drug or alcohol misuse. This is also the case if you fail to let your insurer know about a change in your circumstances.