Even if cost is your main concern, keep in mind that you don't buy life insurance only for the price. You have to look at what you're getting. The cheapest insurance doesn't give you the same benefits. For example, permanent life insurance costs more than most term life insurance. Still, it offers special benefits that make it a good choice for many people.

You can add extra options to your life insurance coverage, but each option will add to your costs. Before you buy, find out if you have any insurance from work. Your work plan may cost less than insurance you buy on your own.

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Comparing the cost of life insurance

Here are the stories of two people looking to buy or change their life insurance, the choices they explored, and typical costs:

Buying life insurance after a new baby: Peter's story

Peter is 35. He and his wife just had a new baby and want to buy life insurance to protect against the loss of his income. Read Buying life insurance after a new baby: Peter's story.

Buying life insurance after the kids leave home: Pradeep's story

Pradeep, age 60, is nearing retirement. He wants to reduce his life insurance coverage, but he also wants to leave an inheritance for his children. Read Buying life insurance after the kids leave home: Pradeep's story.

Content in this section is provided in partnership with the Investor Education Fund, a non-profit organization promoting financial literacy to Canadians. To find out more go to GetSmarterAboutMoney.ca.