In the event you’ve ever puzzled how your selections evaluate to different Canadians, PolicyMe’s newly launched 2026 examine, Canadian Time period Life Insurance coverage: A Market Snapshot, offers some solutions. The examine analyzed over 18,000 buyer interactions and highlighted protection preferences, beneficiary selections, and generational well being habits.
$500,000 is the candy spot
Throughout age teams, $500,000 is essentially the most generally chosen time period life protection. Youthful Canadians (ages 18–44) additionally want longer phrases (usually 30 years), whereas older adults (45+) have a tendency to pick out smaller protection quantities and shorter phrases.
The sample is evident: life insurance coverage wants mirror life levels. Younger adults with mortgages, automobile loans, or rising households lean towards bigger, longer insurance policies. As monetary obligations reduce with age, protection quantities and phrases lower. Respondents over age 60 primarily selected time period insurance policies of simply $100,000. It’s in all probability not shocking to see the time period lengths diminish, too. In spite of everything, pensioners usually tend to be financially steady, and so they aren’t on the lookout for a long time of protection.
Ladies prioritize kids whereas males prioritize companions
Practically three-quarters of Canadians named a partner or companion as their beneficiary. However gender variations emerge: 83% of males named a companion, in comparison with 66% of girls, who had been twice as prone to embody their kids as beneficiaries.
Finally, your beneficiaries are your selection—however understanding these tendencies can assist you assume by what issues most for your loved ones.
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Medical circumstances are widespread amongst candidates
Greater than half of respondents reported having a minimum of one medical situation. Psychological well being points had been commonest amongst youthful adults: 37.1% of these aged 18–29 reported a psychological well being situation, in comparison with simply 3.8% of candidates over 60. Older respondents reported greater charges of diabetes and hypertension.
The info suggests youthful generations are extra clear about well being and psychological wellness, which can affect protection alternatives and insurance policies as generations age.
The 5 mostly reported medical circumstances included allergy and immune issues, diabetes, hypertension, respiration or respiratory circumstances, and psychological well being circumstances.
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Ingesting much less, smoking extra
Life-style habits additionally impression life insurance coverage charges. The PolicyMe examine discovered that Gen Z drinks far lower than older Canadians, with simply 1% reporting day by day alcohol use (in comparison with 4.4% of these 60+)—however they eat extra nicotine and hashish.
7.3% of youthful respondents reported utilizing nicotine merchandise previously 12 months, in contrast with 5.7% of these aged 30 and older. Hashish use was even greater: 13% of Gen Z reported consuming it over the previous 12 months vs. simply 4.8% of these over 60
Even vaping or occasional nicotine merchandise can impression premiums. Understanding how way of life selections have an effect on protection prices can assist you make smarter choices when looking for a coverage.
Associated studying: Do I actually need life insurance coverage?
The underside line
Life insurance coverage isn’t one-size-fits-all. It’s clear that Canadians worth significant protection, however the correct coverage relies on private elements and your loved ones’s monetary wants. Being clear in your priorities can assist you select a coverage that gives you and your family members with peace of thoughts.
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