Life insurance
Life insurance: protect the people who count on you
Term, permanent, universal, participating or simplified issue: understand the differences, then let an advisor compare insurers for you. Free and without obligation.
- The 5 types explained simply
- Comparison of several insurers through brokerage
- Advisor reply the same day (business days)
Connect with a partner financial security advisor.
- AMFCertified advisors
- $0Free quote
- FR · ENBilingual service
- QuebecProvince-wide
Types of life insurance
Each type meets a different need. Click to understand how it works, its advantages and what to consider.
Term life insurance
- Term :
- 10 to 40 years
- Relative cost :
- $
- Cash value :
- None
It is the most affordable way to cover a need that has an end date: a mortgage, children in school, a business loan or replacing income during the years the family depends on it.
See detailsPermanent life insurance
- Term :
- Lifetime
- Relative cost :
- $$$
- Cash value :
- Guaranteed
Part of each premium builds a guaranteed cash value that grows tax-sheltered. You can access it during your lifetime — by withdrawal, policy loan or collateral loan — or let it accumulate for your heirs.
See detailsUniversal life insurance
- Term :
- Lifetime
- Relative cost :
- $$ to $$$
- Cash value :
- Depends on investments
The account grows tax-sheltered within the limits allowed by law. At death, the insured amount and, depending on the option chosen, the account value are paid tax-free to the beneficiaries.
See detailsParticipating life insurance
- Term :
- Lifetime
- Relative cost :
- $$$
- Cash value :
- Guaranteed + dividends
Dividends are not guaranteed, but once paid they are yours. Used to buy additional insurance, they grow the death benefit and cash value year after year, tax-sheltered.
See detailsSimplified issue life insurance
- Evidence of health :
- Questionnaire only
- Relative cost :
- $$
- Amounts :
- $10,000 to $500,000
It comes in term and permanent versions. For people who cannot answer "no" to every question, some insurers offer guaranteed issue insurance: no health questions, but a lower amount and a two-year waiting period for non-accidental death.
See detailsWhat is life insurance?
Life insurance is a contract under which an insurer agrees to pay an agreed amount — the death benefit — to the beneficiaries you name, at your death. The amount is tax-free and paid directly to the beneficiaries, bypassing the estate.
It is used to replace income, pay off a mortgage or debts, cover funeral costs and taxes at death, fund children's education, leave a legacy or protect a business. The right type and amount depend on your situation, your budget and how long the need lasts.
At a glance
- Death benefit
- Tax-free
- Types
- Term · Permanent · Universal · Participating · Simplified
- Amounts
- $25,000 to several million
- Application
- From birth to age 85
Free · No obligation · An advisor compares insurers for you
How to choose your life insurance
- 1
Assess the need
Add up debts, mortgage, a few years of income, children's education and final expenses; subtract savings and existing insurance.
- 2
Determine how long the need lasts
A need that ends (mortgage, children) calls for term; a need that lasts a lifetime (estate, tax, legacy) calls for permanent. Often, both are combined.
- 3
Compare insurers
Premiums, definitions and options vary from one insurer to the next. A brokerage advisor submits your profile to several companies.
- 4
Sign and review
The contract is issued after the insurer's review. Revisit your coverage at each major step: marriage, birth, home purchase, starting a business, retirement.
Why buy life insurance
- Guarantees an income for your family if you are no longer there
- Pays off the mortgage and debts so your loved ones keep the house
- Covers funeral costs and taxes due at death (RRSPs, buildings, business)
- Benefit paid quickly, tax-free and in many cases protected from creditors
- Can build a value accessible during your lifetime (permanent insurance)
- The younger and healthier you are when you apply, the lower the premium and the longer it is guaranteed
What to know before signing
- Answer health questions accurately: a misrepresentation can void the contract
- Compare the total cost over the duration of the need, not just the first month's premium
- The bank's mortgage insurance belongs to the lender, not to you
- Name a beneficiary (and a contingent beneficiary) so the benefit bypasses the estate
- The contract includes a 10-day period to cancel at no cost after receipt
Common riders
Most life insurance contracts can be enhanced with these options, depending on the insurer.
Waiver of premium on disability
The insurer pays your premiums if you become disabled.
Child rider
A small amount on each of your children, convertible at adulthood.
Built-in critical illness
Lump sum at diagnosis of a covered illness, in the same contract.
Accidental death
Additional benefit if death results from an accident.
Guaranteed insurability
Scheduled coverage increases without new evidence of health.
Term rider
Adds term coverage to a permanent contract to cover a one-time need.
Comparison of life insurance types
An overview to point you in the right direction; your advisor refines the numbers for your profile.
| Type | Term | Cost | Cash value | Ideal for |
|---|---|---|---|---|
| Term | 10 to 40 years | $ | None | Mortgage, family income, loan |
| Permanent (whole life) | Lifetime | $$$ | Guaranteed | Estate, tax at death, legacy |
| Universal | Lifetime | $$ to $$$ | Depends on investments | Additional tax shelter, investment control |
| Participating | Lifetime | $$$ | Guaranteed + dividends | Growth without management, estate planning |
| Simplified issue | 10, 20 years or lifetime | $$ | Depends on product | Health history, quick answer, ages 50-85 |
The $ symbols indicate relative cost for the same amount and profile.
Life insurance makes sense if…
- You have dependants: children, spouse, parents
- You have a mortgage or debts that would survive your death
- You want to cover funeral costs and your final taxes
- You want to leave a legacy, make a gift or protect your business
- You want to guarantee the insurability of your children or grandchildren
Options to compare with your advisor
Trademarks of their respective owners. Sommet Protection is not affiliated with any insurer and does not distribute any product.
How it works
- 1
Request your callback
Your coverage, your first name, your mobile: three answers are enough. The rest is optional.
- 2
An advisor contacts you
Your request goes to one partner advisor, who calls you at a time that suits you. You follow the progress live.
- 3
Receive your scenarios
You get clear options, with the advantages and limits of each. You decide.
Frequently asked questions
How much does life insurance cost in Quebec?
The premium depends on age, sex, smoking, health, type of coverage, amount and term. A 20-year term for $500,000 often costs a few dozen dollars a month at 35; permanent insurance costs several times more. Only the insurer sets the premium after reviewing the file.
How much coverage do I need?
A common method: debts + mortgage + 5 to 10 years of income + children's education + final expenses, minus savings and existing insurance. Your advisor does this needs analysis with you, free of charge.
Term or permanent?
Term for a large need that will end (mortgage, young children); permanent for a need that lasts a lifetime (estate, tax, legacy). Many families combine term for today and a small permanent policy for always.
Do I need a medical exam?
Depending on age and amount: a simple questionnaire, a blood test, or a paramedical exam at home. Simplified issue insurance without an exam exists for more limited amounts.
Who can be a beneficiary?
Any person or organization: spouse, children, parent, trust, charity or your estate. Naming a direct beneficiary allows a quick payment outside the estate. An irrevocable beneficiary cannot be changed without their consent.
Is the death benefit taxable?
No. It is paid tax-free to the beneficiaries.
Can I buy directly online on this site?
No. Sommet Protection connects you with a financial security advisor, who completes the needs analysis and the application with you. The quote is free and without obligation.
What happens if I stop paying?
After a grace period (usually 30 days), the contract lapses. Some permanent contracts use the cash value to keep coverage in force for a time. It is often possible to reinstate a contract within two years, with evidence of health.
Our coverage
Choose the coverage you're interested in — your advisor can also combine them.
Term life insurance
Cover your mortgage, your debts and your family's income for a specific period. Your advisor compares terms, premiums and options from several insurers.
Learn morePermanent life insurance
Coverage designed to last a lifetime, provided the policy stays in force. Depending on the product, premiums and cash values may be guaranteed or variable.
Learn moreUniversal life insurance
Lifetime insurance paired with an investment account you control. You decide the amount deposited, the funds selected and the pace of deposits, within tax limits.
Learn moreParticipating life insurance
Permanent insurance whose death benefit and value increase each year through dividends paid by the insurer — without you having to manage investments.
Learn moreSimplified issue life insurance
A few health questions, no blood test, no medical appointment. Coverage that stays accessible even if you were declined elsewhere or have a health history.
Learn moreDisability insurance
Illness or accident: your ability to earn an income is your most valuable asset. Disability insurance pays you a monthly benefit while you recover.
Learn moreCritical illness insurance
At diagnosis of a covered illness, you receive a tax-free amount to use as you wish: care, time off, help at home, debts. No requirement to be unable to work.
Learn moreSommet Protection is a marketing company: it is neither a firm nor an insurer, does not sell insurance and gives no advice. This site does not allow you to purchase insurance online. Your request is passed on to an independent, AMF-certified partner financial security advisor who will contact you to analyze your needs. Eligibility and premiums are established by the insurer after reviewing your file. Product descriptions are provided for information purposes and do not replace the insurance contract, which alone prevails.