Ontario · Relationships for life — across generations.
How much does $1M term life insurance cost in Ontario?
A million dollars is a common target for families relying on one income. The honest answer to what it costs is: it depends on age, sex, smoking status, and term — and the spread between insurers is large. Here are real sample rates.
The honest range
For a non-smoker in their 30s, a $1M 20-year term sample premium can start in the range of roughly $60–$90 a month depending on carrier. It rises with age and jumps for smokers. Those are sample rates, subject to underwriting — not a guarantee and not a banner 'from' price.
Why the carrier matters at $1M
At higher coverage amounts the price difference between insurers compounds fast. Two carriers can quote the same $1M 20-year profile at different monthly premiums that add up to thousands over the term. Comparing real figures is where you save.
Do you need $1M?
Use the free calculator: income × years to replace + debts + future costs − savings. For a household with a mortgage and kids, $1M often lands in the defensible range. For one with little debt and strong savings, less may be enough.
After you see a rate
Leave your number and Habib's broker will call — usually Habib — to confirm the premium still applies and walk you through the application. Applying costs nothing and obliges you to nothing.
Questions
- Is $1M too much coverage?
- It depends on the household. If income replacement, debt, and future costs add to roughly $1M, it is in range. The free calculator gives your number.
- Does a $1M policy need a medical exam?
- For medically underwritten term, often a questionnaire and possibly labs. If a medical is a concern, the separate no-medical quote is the alternative — at a higher premium.
Size your coverage
Habib’s broker will call within one business hour — usually Habib. Or dial (647) 512-7271 now.