Life insurance in Canada
Life insurance, demystified.
One simple application, no medical exam, and a decision within 24 hours. This guide covers what life insurance actually does, how much you need, and which type fits your life, term, no-medical, or final expense.
Check my price- No exam, ever
- Decision within 24 hours
- Every applicant 18–80 gets an offer
- Available in 7 provinces
Why it matters
What a policy actually does for the people you love.
A life insurance payout is a tax-free lump sum your beneficiaries can spend on anything. In practice, it does four jobs.
Keeps the home
Pays off the mortgage so the house stays in the hands of the people you love, not the bank’s.
Replaces your income
Gives your spouse and children the years of breathing room they would need to keep life running without your paycheque.
Closes your debts
Clears loans, credit cards, and lines of credit so no burden passes to your family.
Covers final costs
Handles funeral expenses, final medical bills, and taxes so nobody pays out of pocket to say goodbye.
Three ways in
Find the coverage type that fits.
Every path uses the same 14 plain-language questions, skips the medical exam, and returns a decision within 24 hours. What changes is the shape of the protection.
Term life
Most popularFor parents, homeowners, and anyone whose income other people count on.
- Coverage for a set term, 5-year steps, up to 30 years
- The most coverage per premium dollar
- Tax-free lump-sum payout, up to $500,000
- Renewal and conversion options, where available
No-medical
Health conditions welcomeFor diabetics, health histories, and anyone an insurer has turned away before.
- No exam, no needles, no doctor’s note
- 14 plain-language questions instead
- Every applicant aged 18–80 gets an offer
- Term and permanent options
Final expense
End-of-life planningFor covering funeral costs, final bills, and a small legacy, on your terms.
- Permanent coverage that stays for life
- Pays for funeral, debts, and taxes
- A guaranteed-acceptance path, ages 18–80
- Beneficiaries spend it however they need
You never pick a product from a brochure, your answers place you in the strongest offer we can make, shown with the price before you commit to anything. Depending on your health answers, a 24-month deferral may apply; here is exactly what that means.
How much coverage?
Four numbers tell you. We call it DIME.
Skip the guesswork. Add these four numbers together and you have a practical coverage target.
D, Debt
Everything you owe outside the mortgage: loans, credit cards, lines of credit.
I, Income
Your annual income, times the number of years your family would need it replaced.
M, Mortgage
The remaining balance on your mortgage, so the home is paid off outright.
E, Education
Future schooling costs for your kids, tuition, residence, the works.
Add the four together, subtract savings already earmarked, and you have your number. Oneday coverage runs from $5,000 to $500,000.
How it works
All it takes is Oneday.
1. Answer simple questions
Height, weight, and 14 health questions in plain language. Say yes to something and we ask a follow-up instead of failing you.
2. See your real price
No email wall, no callback ambush. Your price locks to today’s age, rates go up on your birthday, not before.
3. Get your decision within 24 hours
Most applicants finish entirely online. Your first payment secures coverage, and policy documents arrive by email.
Where we operate
Licensed in seven provinces.
Coverage is available to residents of Ontario, British Columbia, Alberta, Manitoba, Saskatchewan, New Brunswick, and Nova Scotia. Province-specific guides:
Oneday is a brand of Oneday TPA Inc., a licensed insurance intermediary and third-party administrator operating under the oversight of the Financial Services Regulatory Authority of Ontario (FSRA) and the insurance regulators of each province we serve.
Life insurance FAQ
The questions everyone asks.
What is life insurance?
Life insurance is a contract between you and an insurance company. In exchange for your premium payments, the insurer agrees to pay a set amount of money (the death benefit) to the people you name as beneficiaries after you die. They can use the money for anything they choose.
What can the payout be used for?
Anything your beneficiaries need. Most families use it to cover funeral and burial costs, pay off a mortgage or other debts, replace lost income so day-to-day life keeps running, or fund future goals like a child’s education. There are no restrictions on how a death benefit is spent.
How much life insurance do I need?
A simple rule of thumb is DIME: add your Debts, your Income times the number of years your family would need it, your remaining Mortgage, and future Education costs for your kids. That total is your coverage target. Oneday coverage runs from $5,000 to $500,000, so most answers fit.
Can I get life insurance with pre-existing conditions?
Yes. Diabetes, heart conditions, weight, a past decline elsewhere, none of it closes the door here. There is no medical exam and no doctor’s note. Your answers to 14 plain-language questions decide which offer you receive: tougher health answers change the amount, the price, and whether a 24-month deferral applies, but every applicant aged 18 to 80 gets a real offer.
What ages are eligible?
Every applicant aged 18 to 80 receives an offer. Coverage is available to residents of Ontario, British Columbia, Alberta, Manitoba, Saskatchewan, New Brunswick, and Nova Scotia.
How long does a payout take?
Once the insurer receives the claim form, death certificate, and any required documents, valid claims are typically paid within a few weeks. If a policy carries a 24-month deferral and death from natural causes occurs inside that window, the premiums paid are returned to the beneficiary instead of the face amount, accidental death is covered in full from day one.
Will my beneficiaries pay tax on the death benefit?
In Canada, life insurance death benefits are generally paid tax-free to your beneficiaries, as a lump sum.
What happens if the insurance company fails?
Canadian life insurance policies are protected by Assuris, the not-for-profit organization that guarantees you will not lose your coverage or benefits if your insurer becomes insolvent.
Who underwrites my policy, Oneday or someone else?
Oneday TPA Inc. designs the products, runs the technology, and administers your policy. The insurance itself is underwritten and guaranteed by Humania Assurance Inc., a Canadian life insurer founded in 1874. Your contract is with Humania; your day-to-day experience is with us.
Find out in 60 seconds if we can cover you.
No email required. Rates are set by your age at application and go up on your birthday, checking today locks in today’s age.
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