Canada’s life insurance rates held steady in 2026 — what it means for buyers
Term premiums stayed broadly flat across Canadian insurers through the first half of the year. Here’s what’s behind the calm — and why it’s a reasonable moment to lock a rate.
The short version
- Term-life premiums were broadly flat across major Canadian insurers in H1 2026.
- Steady long-term bond yields and stable mortality assumptions kept pricing calm.
- For healthy applicants, locking a level term now carries little downside.
If you’ve been putting off comparing life insurance because you assumed rates were climbing with everything else, the first half of 2026 offers some quiet reassurance: for most healthy applicants, term-life pricing barely moved.
Why rates stayed flat
Life insurance pricing leans heavily on two things — long-term interest rates and mortality assumptions. Both were stable through the period. Insurers price level-term products years ahead, so the day-to-day noise that moves mortgage rates doesn’t ripple through term premiums the same way.
The practical upshot: the number you’d be quoted today is, for most people, close to what it would have been a year ago. Comparing across 21 insurers still surfaces meaningful spread between carriers, which is where the real savings live — not in market timing.
What it means if you’re shopping
Two things matter far more than the month you buy in. First, your age and health — premiums rise with age and can change if your health does, so waiting rarely helps. Second, the spread between insurers, which for identical coverage can differ by a wide margin.
If you’re healthy and have a clear need — a mortgage, young kids, an income to protect — locking a level term now removes the one variable you actually control. Use the needs calculator to size it, then compare.
See where rates sit for you
Compare illustrative term rates across 21 Canadian insurers — no email wall, no pressure.
Compare my rateSources
- CompuLife — comparative term-premium data across Canadian insurers, H1 2026.
- Bank of Canada — long-term benchmark bond yields.
- Canadian Life and Health Insurance Association (CLHIA) — industry pricing context.