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One million dollars in life insurance. It has a certain ring to it. Canadians have always been told to strive for one million dollars in savings before they retire so why wouldn’t you need the same in life insurance? Maybe you do, but maybe you don’t. To know what you really need in life insurance you just need to do some simple math (or head over to our insurance calculator to take all the guesswork out of it): all outstanding debt + 10x your annual salary is a good place to start.
One thing is for sure, having some life insurance is better than having none so if 1 million in life insurance seems out of reach to you, start small. Many people decide not to buy life insurance because they think it is too expensive but leaving your family with one hundred thousand dollars is a lot nicer than leaving them with nothing.
For a quick price comparison you can always read these articles below:
How Much Does $250,000 In Life Insurance Cost?
How Much Does $500,000 In Life Insurance Cost?
Below are the rates for $1,000,000 in life insurance based on your age, assuming you are a healthy non-smoker. You can easily check your rates for any insurance coverage amounts by using our quoter below.
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Cost of One Million In Life Insurance Coverage
*based on a ten year term for a healthy non-smoker, on January 15, 2024. Rates subject to change.
| Age | Coverage Amount | Cost (Male) | Cost (Female) |
| 20 | $1,000,000 | $36.90 | $22.40 |
| 21 | $1,000,000 | $36.90 | $23.40 |
| 22 | $1,000,000 | $37.26 | $23.40 |
| 23 | $1,000,000 | $37.26 | $23.40 |
| 24 | $1,000,000 | $37.26 | $23.40 |
| 25 | $1,000,000 | $37.26 | $23.40 |
| 26 | $1,000,000 | $37.26 | $24.30 |
| 27 | $1,000,000 | $37.26 | $25.20 |
| 28 | $1,000,000 | $37.26 | $25.67 |
| 29 | $1,000,000 | $37.26 | $26.50 |
| 30 | $1,000,000 | $37.26 | $27.00 |
| 31 | $1,000,000 | $37.26 | $27.00 |
| 32 | $1,000,000 | $37.26 | $27.32 |
| 33 | $1,000,000 | $37.26 | $27.32 |
| 34 | $1,000,000 | $37.26 | $27.32 |
| 35 | $1,000,000 | $37.26 | $27.32 |
| 36 | $1,000,000 | $40.23 | $30.64 |
| 37 | $1,000,000 | $42.39 | $31.46 |
| 38 | $1,000,000 | $44.64 | $31.46 |
| 39 | $1,000,000 | $46.98 | $33.12 |
| 40 | $1,000,000 | $49.50 | $34.78 |
| 41 | $1,000,000 | $53.73 | $38.09 |
| 42 | $1,000,000 | $58.38 | $41.40 |
| 43 | $1,000,000 | $63.36 | $45.18 |
| 44 | $1,000,000 | $68.85 | $48.69 |
| 45 | $1,000,000 | $74.97 | $52.16 |
| 46 | $1,000,000 | $81.45 | $56.88 |
| 47 | $1,000,000 | $88.56 | $61.65 |
| 48 | $1,000,000 | $96.30 | $66.87 |
| 49 | $1,000,000 | $104.76 | $72.54 |
| 50 | $1,000,000 | $113.94 | $78.75 |
| 51 | $1,000,000 | $125.91 | $87.30 |
| 52 | $1,000,000 | $139.14 | $96.84 |
| 53 | $1,000,000 | $153.81 | $107.46 |
| 54 | $1,000,000 | $170.10 | $119.34 |
| 55 | $1,000,000 | $188.19 | $132.66 |
| 56 | $1,000,000 | $219.42 | $154.89 |
| 57 | $1,000,000 | $255.87 | $180.99 |
| 58 | $1,000,000 | $298.53 | $211.50 |
| 59 | $1,000,000 | $337.69 | $240.30 |
| 60 | $1,000,000 | $374.85 | $267.30 |
| 61 | $1,000,000 | $420.48 | $302.40 |
| 62 | $1,000,000 | $471.65 | $342.90 |
| 63 | $1,000,000 | $529.06 | $385.09 |
| 64 | $1,000,000 | $593.46 | $425.24 |
| 65 | $1,000,000 | $665.69 | $666.07 |
If you would like some help determining how much coverage you need or would like to start an application you can contact us any time or book a call with one of our life insurance specialists. We can’t stress enough that having some life insurance is always better than none.
