What types of life insurance can I buy in Ontario?
| Type | Lasts | Good for |
|---|---|---|
| Term life | 10 to 30 years | Income, mortgage and child-raising years |
| Whole life | For life | Estate planning, final expenses, a lifelong policy for a child |
| Universal life | For life | Lifetime coverage with flexible premiums and investment choices |
| No-medical plans | Term or for life | People who cannot qualify for underwritten coverage |
| Mortgage protection | Length of the mortgage | Keeping the home |
Most families start with term. Term versus whole life explains when permanent insurance earns its higher price.
Who regulates life insurance in Ontario?
FSRA licenses life insurance agents and oversees how insurers and agents deal with the public. Anyone selling life insurance in Ontario must hold a licence, and you can check an agent's licence on FSRA's public registry.
What protections do buyers have?
- Licensing. Your agent must be licensed by FSRA and carry errors and omissions insurance.
- A review period. Policies normally allow 10 days after delivery to cancel for a refund.
- A complaint path. If a problem is not resolved by the insurer, the OmbudService for Life and Health Insurance (OLHI) reviews complaints at no cost.
- Assuris. If a member insurer fails, Assuris protects policyholders' benefits up to set limits.
How do I buy it?
- Work out the amount and the length you need. The calculator gives a starting figure.
- Request a quote. I compare the insurers I work with.
- Apply. The insurer underwrites the application and confirms the final price.
- Receive the policy, review it, and keep it where your family can find it.
Common questions
How do I check that an agent is licensed?
Search the agent's name on FSRA's public listing of licensed agents, reached from fsrao.ca. My licensed name is the one shown at the top of this site.
Is life insurance cheaper in Ontario than in other provinces?
Premiums are set by insurers on age, sex, health and tobacco use. They do not generally vary by province.
What does an agent cost?
Nothing to you. Insurers pay agents a commission when a policy is issued. See how I get paid.
What if the insurer refuses a claim?
Start with the insurer's complaints process. If you are not satisfied with its final answer, OLHI offers a free, independent review.
Sources
Written and reviewed by Sandeep Singh Pawar, licensed life insurance agent in Ontario. Last reviewed .