The most commonly selected coverage amount for term life policies in Canada is $500,000, according to data from online insurance company PolicyMe.
For core working age Canadians 18 to 44, a $500,000 coverage is most often paired with a 30-year term.
Older Canadians typically choose smaller face amounts and shorter terms, PolicyMe found. Those aged 45–59 were more likely to want $250,000 of coverage with a 10-year term, and those aged 60 and above tended to look for a $100,000 policy over 10 years.
“Both coverage amounts and policy lengths generally decrease with age, reflecting shifting financial priorities and shorter-term obligations later in life,” the report said.
Three-quarters of beneficiaries are a spouse or life partner, the report noted. While men were found to be more likely to name their partner (83%) as beneficiaries than women (65.5%), women were more likely to name children as beneficiaries (28.8%) than men (10.7%).
More than half of applicants (51.3%) reported at least one medical condition. Mental health conditions were found to be most prevalent among Canadians aged 18–29 (37.1%), compared with just 8% of those over age 60 who expressed these struggles. Those aged 18–29 were also found to be more likely to have allergies and immune disorders.
The data also show that young adults are drinking much less than seniors. Only 1% of those aged 18–29 reported drinking daily, compared to 4.4% of those over age 60.
However, those aged 18–29 are reportedly consuming more nicotine, with 7.3% using the substance, compared to 5.5% of those over age 60. Cannabis use is also higher among young people, at 13%, compared to 4.8% of older Canadians.
British Columbians were the most likely to consume cannabis while those in Quebec were the most likely to consume nicotine.
PolicyMe collected the data from 18,000 term life insurance customer interactions in the fourth quarter of 2025.