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Compare life insurance for 35-year-olds

Protect your family and assets with affordable premiums and wide coverage.

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By

Katia Iervasi

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Chelsey Hurst

Updated

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When you reach your mid-30s you may have a home, debt, or even a family depending on you for financial support. The good news is, life insurance is very affordable at this age and a good way to protect your loved ones should something happen to you. As a typical, healthy 35-year-old, you’re likely to be privy to low premiums and preferred rates. What’s more, you can probably boost your coverage for as little as a few extra dollars a month.

What’s the best life insurance policy for 35-year-olds?

We recommend: Term life insurance

Term life insurance is the ideal policy for someone in their mid-30’s because of its practicality and affordability. At this stage in you could be married, have children, and/or have taken out a mortgage. A term policy can guarantee financial protection for your family and assets in the event that something happens to you. And because the chances of you outliving your policy are high, life insurance carriers will typically offer a healthy 35 year old very low premiums that you can lock in for years to come.

How much is life insurance for 35-year-olds?

The 30 to 39 age bracket is a good time to apply for life insurance for one main reason: You’re young enough to qualify for a low premium and likely have the funds to apply for a higher amount of coverage.

Keep in mind that life insurance rates are tailored to the individual. Generally speaking, and lacking any specific information related to an individual’s health and lifestyle, a nonsmoking man in perfect health will typically pay between $20 and $30 a month for a $250,000, 20-year term policy. A woman would pay a little less, between $15 and $25 per month, for the same amount of coverage.

How does the cost change with the size of the death benefit?

At 35, the difference between a quarter- and a half-million dollars of coverage for a 20-year term life policy usually comes down to $10 – $15 per month. Using a popular life insurance company like Manulife as an example, a 35-year-old nonsmoking woman might be charged $19 a month for a $250,000 policy. To double that coverage to $500,000, Manulife may charge the same woman $27 a month – a price difference of less than $10. And to boost it to $1 million, the price goes up to $48 a month.

What’s the cheapest life insurance provider for 35-year-olds?*

To figure this out, we compared the costs of a $500,000, 20-year term life policy from 16 major carriers. For a nonsmoking 35-year-old man, RBC offered the cheapest rates at $32.63 a month. The insurer is also the most cost-effective option for women, charging $24.26 a month. As always, the rates for a smoker will be higher.

Monthly costs of a 20-year, $500,000 term life policy for a 35-year-old in excellent health and with a perfect driving record:

ProviderMaleFemale
Empire Life$32.85$24.75
BMO$33.30$26.10
RBC$32.63$24.26
Canada Life$35.10$26.55
Manulife$35.46$26.77
Desjardins$33.30$25.20

*Based on sample rates from PolicyAdvisor, June 2020.

How much life insurance do I need at age 35?

When you’re working out how much life insurance to buy, consider what you pay for now and what you predict you’ll be paying for in the future. To crunch the numbers, consider any financial obligations, such as outstanding student loans, a mortgage, or children. Then, aim to take out a policy that can cover those costs for 5 to 10 years of expenses.

Life insurance is highly personal, so it’s smart to review your policy as your circumstances change, like if you buy a new home, have a child, start a business or get a promotion.

Compare life insurance policies for 35-year-olds

1 - 3 of 3
Name Product Types of Insurance Coverage Range Issue Ages Medical Exam Required Province Availability
PolicyMe Life Insurance
PolicyMe Life Insurance
Term Life, Critical Illness
$100,000 - $5,000,000
18 - 75
No
AB, BC, MB, NS, ON, PEI, SK, NL, YT, NT, NU
Get fast and affordable term life insurance. Personalize your policy details and get an estimate price within seconds. No phone call, meeting or paperwork required. Get an instant decision.
Get a quote
More Info
RBC Life Insurance
RBC Life Insurance
Term Life
$50,000 - $1,000,000
18 - 70
No
AB, NS, ON, PEI
Select from two unique RBC term life insurance plans to get flexible and affordable coverage that suits your lifestyle and budget. Get a free quote through Walnut.
Get a quote
More Info
PolicyAdvisor
PolicyAdvisor
Whole Life, Term Life, Universal, No Medical
$25,000 - $25,000,000
18 - 75
No
AB, BC, MB, ON
PolicyAdvisor is a digital life insurance brokerage that has partnerships with 20 insurers in Canada.
Get a quote
More Info
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What’s my risk of dying as a 35-year-old?

A healthy 35-year-old can expect to live a long life. Based on data from the Canadian Institute of Actuaries according to Canada Life, the percentage chance of a 35-year-old non-smoker dying before the age of 65 is 6% for men and 4% for women.

Living in Canada, the life expectancy rate is in your favor. A man who reaches his 35th birthday is likely to live another 46.3 years, while a woman can expect to live another 50.0 years.

What are your odds of dying at any age?

Bottom line

At age 35, you’re probably in the market to protect a family or financial assets. You may also have some debt to your name, such as a mortgage or student loans, that you don’t want being transferred to someone else in case of a tragedy. Those are among the major motivators for a 35-year-old taking out a life insurance policy, and the low monthly premiums can often swing those sitting on the fence.

If you decide to purchase life insurance, it will be tailored to your situation and financial goals. Before signing the dotted line, learn more and compare providers with our extensive guide to life insurance.

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