Life insurance in Saskatchewan can be simple and affordable
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Term life insurance quotes in Saskatchewan
Average starting costs for PolicyMe term life insurance with $500,000 over 20 years
Age | Premiums For Women | Premiums For Men |
|---|---|---|
30 | $20.68 | $29.67 |
35 | $22.93 | $31.29 |
40 | $33.27 | $44.96 |
45 | $51.25 | $71.49 |
*For a non-smoking person with average health.
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How much does life insurance cost in Saskatchewan?
Calculated based on rates from 20 insurance providers, a term life insurance policy in Saskatchewan for healthy, non-smoking applicants aged 30-39 with $500,000 in coverage costs an average of $54.83 per month, or $657.96 per year.
Term Length | Industry Average Rates | PolicyMe Average Rates |
|---|---|---|
10 years | $32.58 | $20.79 |
15 years | $41,75 | $25.76 |
20 years | $50.33 | $30.11 |
25 years | $66.00 | $42.60 |
30 years | $83.50 | $54.15 |
*The table above shows average premiums for term life insurance across 20+ carriers in the industry.
What impacts life insurance cost?
Life insurance rates don’t vary by province in Canada, so living in Saskatchewan won’t affect the cost of your life insurance; however, insurance providers typically use the following key factors to determine your policy rate:
- Your age
- The amount of coverage
- Your policy’s term length
- Your health status
- Your smoking status
- Other lifestyle factors (e.g., high-risk hobbies or your career)
Your life insurance rates are also influenced by policy add-ons or riders, such as critical illness insurance or disability insurance. These inclusions typically lead to higher premiums.
What are the best life insurance companies in Saskatchewan?
There isn’t necessarily a “best” life insurance company across the board. The right company for you depends on your coverage needs, lifestyle, budget, and more. With that said, here’s a rundown of the best life insurance companies across the most popular products.
Category | Provider | Rating | Average premium |
|---|---|---|---|
Best term life insurance | PolicyMe | ★★★★★ (5.0) | $20/month |
Best whole life insurance | Assumption Mutual Life | ★★★★★ (4.5) | $30/month |
Best universal life insurance | Desjardins | ★★★★★ (4.5) | $30/month |
Best no medical life insurance | Beneva | ★★★★★ (4.5) | $25/month |
* We compared each product's yearly costs to the average cost of similar products for the same type of applicant. For term life insurance, we pull premiums for $500,000 in coverage, for permanent and no medical life insurance, we pull premiums for $50,000 in coverage. Your life insurance premium will vary based on your sex, age, health, and policy specifications.
PolicyMe’s rankings are based on an independent, data-driven review of Canada’s best life insurance products and providers.
Our analysis combines 450,000+ quotes for 70+ Canadian life insurance products with in-depth research on 20+ providers, plus expert recommendations from our insurance advisors. Our star rating system assigns three stars for financial stability, one star for competitive pricing, a half-star for customer satisfaction, and a final half-star for ease of purchase.
Rankings are determined first by star rating and then by price. Our findings are entirely data-based and do not include paid placements, but should not be considered a substitute for personalized financial advice. The rates listed in this article are based on publicly available rates as of December 2025.
How much life insurance does the average Saskatchewanian need?
When deciding how much life insurance you’ll need or what your budget should be for a policy, it's helpful to look at your debt, income, mortgage, and educational expenses (also known as the DIME method). Here’s an overview of some average Saskatchewanian data to help you visualize how this calculation works:
Debt: $23,478
According to a 2024 Equifax report, the average debt in Saskatchewan is $23,478.1
Income: $57,600
For Saskatchewanians ages 15 and older, the average annual income is $57,600.2
Mortgage: $156,146
Across all age groups, the average mortgage debt in Saskatchewan is $156,146.3
Education: $39,452
The average annual tuition fee in Saskatchewan is $9,863 for a Canadian undergraduate. For a standard four-year program, that costs an average of $39,452 for your child’s education. 4
According to our research, the average Saskatchewanian would benefit from $276,676 in term life insurance coverage.
This DIME method analysis gives us an estimated average of $600,000 in life insurance needs for the average Saskatchewanian.
Keep in mind that Saskatchewanians living in main urban hubs like Saskatoon or Regina may have different DIME values (and rates) than those living in rural areas.
The fastest way to calculate your personal insurance needs is by using PolicyMe’s online term life insurance calculator. You can gain insight on rates for three levels of coverage, making your life insurance shopping experience smoother.
1 https://www.equifax.ca/about-equifax/newsroom/-/intlpress/delinquency-levels-show-signs-of-stabilizing-but-the-financial-gap-continues-to-widen-for-some-canadians/
2 https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1110023901
3 https://www.innovationcu.ca/content/dam/innovationcu/en/resources/2025-Q2-residential-mortgage-report.pdf
4 https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3710004501
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Using technology for good, we cut out unnecessary costs and passed those savings back to you.
Our life insurance policies are fully underwritten with the same quality protection you deserve, but at a lower monthly price.
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Life insurance in Saskatchewan: Quick facts
55 life insurance providers
Saskatchewanians can choose from 55 licensed life insurance companies, so options aren’t limited.5
Saskatchewanians buy more coverage
Saskatchewan’s average life insurance coverage amount is $503,000, which is slightly high compared to the national average of $483,000. This life insurance coverage amount is nearly nine times higher than the province’s average income. 6 7
Albertans buy life insurance younger
Alongside AB and MB, Saskatchewan’s median age of life insurance policyholders is 38. This is the lowest median of the provinces, with NL being the highest at 48 years. 8
Life expectancy is below average
Life expectancy at birth is 79 years in Saskatchewan, which is slightly lower than Canada’s national average of 81.5 years. 9
Less coverage from work policies
Canada’s employer-provided group life insurance plans only make up 35% of total active policies. 10
$17.3B paid out to policyholders
Canadian life insurance companies paid out $17.3 billion to policyholders in 2023, including $9.2 billion in death benefits to beneficiaries. 11
How do you get term life insurance in Saskatchewan?
Think about why you need life insurance. For example, you may need it to protect your loved ones from the financial burden of one-time costs like final expenses, or temporary responsibilities such as a mortgage, childcare expenses, or other large debts. In this case, term life insurance is typically the most cost-effective option. When preparing for lifelong dependents or estate planning, you may want to consider options like whole life or universal life insurance. A licensed insurance advisor can help you decide.
1. Choose the type of life insurance
Term life insurance is typically the best coverage for those who have temporary financial responsibilities, like a mortgage, dependent kids or family members, or outstanding debts. But, permanent life insurance, like whole life insurance, may be a better fit if you have lifetime dependents who require long-term financial planning.
2. Select a coverage amount
Calculate the amount of money your family would need for a secure financial future if you weren’t there to support them. Insurance experts typically recommend 7–10x your annual income, but you can uncover a more accurate estimate by using an online calculator or speaking with a financial professional about your unique situation.
3. Compare insurance companies in Saskatchewan
Research trusted life insurance providers in Saskatchewan, including customer reviews, policy features, and financial stability ratings. You can research on your own or work with a licensed broker, who can provide tailored recommendations and quotes.
4. Complete your application
When you’ve chosen an insurance company, fill out their application form online or with the help of an agent. At this step, you will need to provide details about your personal background, lifestyle, and health history.
5. Submit medical details if needed
Some insurance providers require a medical exam or health records to complete the underwriting process. This helps them accurately price your policy, which could save you money if you’re in good health.
6. Review and finalize your policy
Be sure to carefully read through your application once it's approved. Take note of your coverage amount, payment schedule, exclusions, and beneficiary details. If needed, ask your insurance agent for clarification on any aspects of the policy before signing.
Why term life is the best life insurance type for most families in Saskatchewan
Term life insurance is typically the best choice for most Canadian families, but before you commit to a term policy, it’s worth understanding how it compares to permanent life insurance.
First and foremost, term life coverage can be 5 to 10 times cheaper than permanent policies. The lower price point is partially due to the fact that term life insurance covers you for a specific period of time (usually when your financial responsibilities are high), whereas permanent coverage offers lifelong protection.
Permanent policies also include cash value or investment components, which contribute to higher insurance premiums for these plans.
There are some cases where permanent life insurance may be a good option to consider—for example, individuals with a high net worth or dependents who require lifelong care. But in most situations, term life is more cost-effective and makes sense for people with temporary responsibilities, such as paying off a mortgage or raising children.
Permanent life insurance products can offer a cash value component that grows over time, but it isn’t the wisest investment option. These policies are far more expensive than term life insurance and the return from their investment components don’t measure up to those of FHSAs, RRSPs, or TFSAs. So, you might be better off saving on life insurance premiums with a term policy and investing your money in another tax-deferred contribution.
For those with children who may need medical, emotional, or financial support beyond the age of 18, it may be a good idea to discuss your permanent life insurance options with an advisor. However, many term plans can be converted into permanent plans, so it’s a good idea to also review term life policies with convertibility options.
Not necessarily. Term life insurance helps you protect your family at a budget-friendly rate, which gives you financial flexibility for other expenses or investments. Term policies are a great way to have life insurance when it’s needed most, at a price that doesn’t greatly impact your bank account and allows you to grow your finances in other areas for you and your loved ones.
FAQs: Life insurance in Saskatchewan
In Saskatchewan, term life insurance plans typically cost between $40 and $138 per month for policyholders under age 40. These rates vary based on your age, health, lifestyle, coverage amount, and policy length. Overall, term life insurance is typically the most affordable type of coverage.
There isn’t a single “best” provider for life insurance in Saskatchewan since each company excels in different areas. Top insurance companies like Canada Life, RBC, Manulife, and PolicyMe all serve Saskatchewanians, and each have different strengths in affordability, customer service, and policy flexibility. The best insurance provider for your unique profile will depend on your needs and what you consider “good” traits in an insurer. Comparing quotes or working with a licensed advisor can help you find the right fit.
No, life insurance death benefits are tax-free across Canada (including SK). Your premiums are paid with after-tax dollars, which means you don’t owe tax on the coverage itself. Taxes may come into play if your policy has a cash value component (like whole or universal life) and you withdraw from it, but only if the withdrawn amount passes a certain threshold.
If your term life policy expires while you’re still alive, your policy will end and your beneficiaries won’t receive the tax-free lump sum payout. With that said, the money you save from cheaper term life premiums along the way can free up more of your budget for saving, investing, or covering other financial obligations. If you still need coverage after your term ends, you may be able to renew your policy for another term or convert it to a permanent policy.
