Before you buy the cheapest term life insurance policy you can find online, you need to understand the feature of guaranteed renewability. Some of the lowest cost policies are missing this feature (to get the lowest price), but you might find that a policy that is guaranteed renewable makes more sense, and the increased cost might be pennies.

I asked the Financial Services Regulatory Authority of Ontario (FSRA) for their comments about online life insurance advertising and their entire response is posted below in quotes. There is some valuable information here to consider (and I think the general info is relevant to jurisdictions outside of Ontario, too):

"In Ontario, consumers access a wide range of life insurance products in a robust and highly competitive insurance marketplace. FSRA promotes high standards of business conduct by licensing and supervising life insurance agents in Ontario. FSRA protects Ontario consumers by helping to ensure they are treated fairly. Life insurance agents are duty-bound to provide their customers with products that meet their needs. In addition, FSRA expects agents to follow best practices to demonstrate that products meet customers’ needs and that customers understand what they are buying. All promotional material must be accurate, clear, and not misleading. Although comparison websites or advertisements might reference an average price, it’s important to remember that the cost of each customer’s insurance will be determined by the type of life insurance and features they choose and the underwriting risk they present to the insurer. FSRA encourages consumers to take the time to learn about the life insurance options available to them. Consumers should consider working with a licenced life insurance agent to help with their life insurance needs. If someone feels they are being misled and not being treated fairly they can contact FSRA to make a formal complaint."

00:00 Intro
02:00 Example term life policy
02:55 Renewable term life
04:55 Getting sick during your term
06:22 If you are healthy at end of term
07:15 If you are NOT healthy at end of term
08:40 Are renewable policies more expensive?
10:36 Actual quotes compared
12:00 Personally I would only ever get renewable term
12:30 Life Insurance Needs Analysis

Free insurance quoting website mentioned in the video:
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