Term life insurance rates by age in Canada: 2026 samples, ages 40 to 60
The same $500,000 of 20-year term cost $43.65 a month at 40 and $397.80 at 60 for a non-smoking man.
Age is the biggest single input in a term life price. The tables below show October 2026 sample rates for 20-year term at ages 40, 45, 50, 55 and 60, for four coverage amounts, so you can see how fast the monthly premium climbs with each five years.
In short
In October 2026 samples for regular non-smokers, $500,000 of 20-year term cost a man $43.65 a month at 40, $69.75 at 45, $120.15 at 50, $208.80 at 55 and $397.80 at 60. A woman paid $32.40 at 40 and $279.90 at 60. Each five years of waiting added roughly 50% to 95% to the price, before any change in health. Your own rate also depends on smoking, health, the term length and the amount.
20-year term life insurance rates by age: male
Monthly, regular non-smoker, lowest clean sample, October 2026.
| Age | $250,000 | $500,000 | $750,000 | $1,000,000 |
|---|---|---|---|---|
| 40 | $26.33 | $43.65 | $62.10 | $79.65 |
| 45 | $40.95 | $69.75 | $101.93 | $132.75 |
| 50 | $68.63 | $120.15 | $176.25 | $230.85* |
| 55 | $119.70* | $208.80 | $310.95 | $407.25 |
| 60 | $215.10* | $397.80 | $594.45 | $771.08* |
20-year term life insurance rates by age: female
| Age | $250,000 | $500,000 | $750,000 | $1,000,000 |
|---|---|---|---|---|
| 40 | $19.58 | $32.40 | $45.23 | $57.15 |
| 45 | $29.69 | $49.95 | $72.23 | $92.70 |
| 50 | $46.80 | $81.00 | $118.80 | $150.83 |
| 55 | $83.70 | $151.65 | $224.78 | $293.40* |
| 60 | $150.30* | $279.90* | $417.60* | $541.35* |
*In several older-age screens, a Manulife Vitality result was left out of the public "lowest" comparison because the advisor did not consider that design the best fit for a simple lowest-price table. The marked figures use the preferred clean comparison result rather than the software's first row.
See what five years of waiting costs
Pick an age, amount and sex. The finder reads the tables above and shows the change from five years earlier.
Regular non-smoker sample rates from October 2026 quote software. Your own price comes from a quote and the insurer's underwriting.
Why term premiums rise with age
A term premium reflects the chance of a claim during the years covered. A 20-year term bought at 40 covers roughly ages 40 to 60. The same policy bought at 60 covers roughly 60 to 80, when the risk of death is far higher. That is why the $1 million male sample is $79.65 at 40 and $771.08 at 60, nearly ten times as much.
The climb also speeds up. For a man buying $500,000, going from 40 to 45 added $26.10 a month. Going from 55 to 60 added $189.00. The price is locked for the term once the policy is issued, so the age you buy at matters for all 20 years.
What else drives a term life price
Age is only one input. The tables hold the rest steady: regular non-smoker, 20-year term.
Smoking
These are non-smoker rates. Insurers usually ask about tobacco and nicotine, including vaping, over the past year. Sun Life's example shows a smoker paying nearly double.
Health and underwriting
Medical history, build, family history, medications, occupation and lifestyle all change the final rating.
Term length
The FCAC notes insurers set term premiums by the length of the term. A 30- or 40-year term covers older ages, so it costs more per month at the start than a 20-year term.
Coverage amount
Higher amounts cost more, but not in proportion. Insurers use price bands, so the cost per $1,000 often falls at larger amounts.
Sex
Women's samples are lower at every age and amount in the tables, by about 25% to 35%.
Why $1 million can cost less than four times $250,000
At 40, a man's $250,000 sample was $26.33 a month, or about 10.5 cents per $1,000 of cover. His $1 million sample was $79.65, about 8 cents per $1,000. Four times the cover cost about three times as much.
This is worth checking when you are between two amounts. The step up may cost less than you expect. The $250,000, $500,000 and $1 million pages compare term with permanent options at each amount.
Cost per $1,000, man at 40
- $250,000
- $26.33 ≈ 10.5¢
- $500,000
- $43.65 ≈ 8.7¢
- $750,000
- $62.10 ≈ 8.3¢
- $1,000,000
- $79.65 ≈ 8.0¢
How the rates were chosen, and how your quote will differ
Quote software ranks results by premium, not by fit. A product can include a program or structure that changes what you are really buying. For these tables, Pankaj used a "clean comparison": where the cheapest result was a design he would not put in a simple price table, it was left out and the next clean result was used. Those cells carry an asterisk.
Your real quote can be higher or lower. It uses your exact age on the policy date, your health answers, your rating class and the insurer's current prices. Products and rates change, and the insurer sets the final premium after underwriting. These samples are not guaranteed.
When a term ends, the FCAC notes that premiums may increase on renewal. Look at the renewal schedule and any conversion privilege, not only the starting price.
Rates for other ages and terms
Under 40? See rates at age 25, where $500,000 of Term 30 started at $34.20 a month for men and $24.75 for women, and $1 million Term 40. For every product at one age, including Term 100 and whole life, see life insurance at 40 and life insurance at 50. To choose a term length, see Term 20 vs Term 30 and Term 30 vs Term 40.
Questions about term life insurance rates by age
What is the cheapest age to buy term life insurance?
Younger is cheaper for the same health, but the right time to buy is when you have a real financial need.
In the samples, $500,000 of 20-year term cost a man $43.65 a month at 40 and $120.15 at 50.
How much is term life insurance at 60?
At 60, $500,000 of 20-year term was $397.80 a month for a man and $279.90 for a woman in the October 2026 samples.
$250,000 was $215.10 and $150.30; $1 million was $771.08 and $541.35.
Why does $1 million sometimes cost less than four times $250,000?
Insurers use price bands and volume pricing, so the cost per $1,000 can fall at larger amounts.
At 40, a man's $1 million sample was $79.65 against $26.33 for $250,000.
Are these smoker rates?
No. All the rates on this page are regular non-smoker samples, and smoker premiums are much higher.
Sun Life's published example shows a 30-year-old man paying $50.13 a month as a non-smoker and $98.01 as a smoker for $700,000 of 20-year term.
How much does waiting five years add?
In these samples, each five years of waiting added roughly 50% to 95% to a 20-year term premium.
Use the finder to see the change for your age and amount.
Does my term premium go up each year?
Not during the initial term on a level-premium policy; the premium is set when the policy is issued and stays the same for the term.
It can rise sharply on renewal at the end of the term.
What does the asterisk in the tables mean?
It marks cells where a Manulife Vitality result was left out of the lowest-price comparison and the next clean result was used.
The aim is a simple, comparable table, not the software's first row.
Written by Pankaj Bhatia, CHS, PFA
Insure In Canada Inc. · 11 years in financial services · Licensed in Ontario, Alberta, British Columbia, Manitoba, Saskatchewan, New Brunswick and Nova Scotia
Pankaj compares term quotes from several Canadian insurers and looks past the lowest price to renewal, conversion and product design before recommending a policy.
Call 647-640-2222 · WhatsApp · info@pankajbhatia.ca · About Pankaj
Sources and related pages
- Financial Consumer Agency of Canada: Life insurance
- Sun Life: How smoking affects life insurance
- Sample premiums: Canadian life insurance quote software and LifeGuide survey screens, captured October 2026 (regular non-smoker classes)
Sample rates are for education only. They are not offers or guarantees. Your premium is set by the insurer after it reviews your application, and products and prices change. Pankaj does not offer coverage to Quebec residents.