Canada’s life insurance landscape is dominated by a select group of large, well-established insurers serving Canadians’ needs for many decades. With over 150 providers in Canada’s robust life insurance market, choosing the best coverage for your needs and budget requires careful consideration of financial strength, product offerings, customer service, and pricing. Understanding the unique strengths and offerings of Canada’s largest life insurers helps you make informed decisions for your needs.
How Life Buzz Determine the Best Life Insurance Companies
Our research team thoroughly evaluates and ranks life insurance providers using a comprehensive scoring system. We take into account the factors most important to consumers when choosing coverage. Our rigorous analysis examines each company across four critical criteria:
- Financial Strength (30% weight): As payouts can exceed $100,000, we heavily weigh financial strength scores from independent rating agencies like A.M. Best. Companies with higher ratings inspire trust in their ability to deliver on promises.
- Pricing (30% weight): While life insurance costs vary by individual factors, we compare the relative affordability of each company’s policies, considering the value they provide for the price.
- Policy Options (20% weight): More types of insurance available mean more ways to customize protection. We favour companies that offer a diverse selection of term, whole, universal, and no-medical-exam life insurance.
- Customer Experience (10% weight): Ease of getting quotes, applying, and reaching support matters. We assess communication channels, agent availability, mobile apps, claims servicing, and other touchpoints.
- Policy Customization (10% weight): Insurers that allow tailored coverage through riders receive credit. We count relevant riders like critical illness, disability income, and child life insurance.
Our methodology aims to provide the most comprehensive and impartial guidance to help consumers make informed choices.
The 20 Largest Life Insurance Companies in Canada
Below are Canada’s 20 largest life insurance companies by market share for individual policies, according to the latest data available by the Canadian Life and Health Insurance Association (CLHIA).
| Company | Financial Strength Rating (A.M. Best) | Lifebuzz Rating |
|---|---|---|
| Manulife | A+ | 5/5 |
| Sun Life | A+ | 4.5/5 |
| Canada Life | A+ | 5/5 |
| RBC Insurance | A | 5/5 |
| BMO Insurance | A | 5/5 |
| Industrial Alliance | A+ | 5/5 |
| Empire Life | A | 5/5 |
| Desjardins Insurance | – | 4.5/5 |
| Foresters Financial | A | 4.5/5 |
| Canada Protection Plan | – | 4/5 |
| equitable life insurance | A | 4.5/5 |
| Ivari Life Insurance | A+ | 4/5 |
| Humania Assurance Inc. | A+ | 4/5 |
| Beneva Life Insurance | A | 4.5/5 |
| Wawanesa Life Insurance | A | 5/5 |
| Assumption Life | A- | 5/5 |
| The Co-operators | A | 5/5 |
| Primerica | A+ | 5/5 |
Canada Life
- Established/Headquarters: 1846, Ontario
- Total Assets: ~$470B
- Financial Strength: A+
- Lifebuzz Rating: 5 Stars
Canada Life is one of Canada’s largest and most established life insurance providers, with a history dating back to 1847. By focusing on participating life insurance policies, Canada Life Insurance allows policyholders to benefit from the company’s financial success through dividend payments.
| Pros | Cons |
|---|---|
| – Financial solid ratings and stability – Participating policies with potential for dividend growth – A diverse range of individual and group insurance offerings, and a comprehensive range of rider options – Personalized retirement and investment planning services – Excellent customer service and claims handling | – Some policies may require higher minimum coverage amounts – Stringent underwriting process for certain health conditions – Limited online tools and resources compared to some competitors |
- Term life
- Permanent life
- Critical illness insurance
- Disability insurance
- Health and dental insurance
- Creditor insurance
- Business insurance & workplace benefits
Read the full review: Canada Life Assurance Company
Manulife
- Established/Headquarters: 1887, Ontario
- Total Assets: ~$1,000B
- Financial Strength: A+
- Lifebuzz Rating: 5 Stars
Manulife is a global financial services provider with a strong presence in the Canadian life insurance market. With a focus on innovation and customer-centric solutions, Manulife offers a diverse array of life insurance products designed to meet the unique needs of Canadians at various life stages.
| Pros | Cons |
|---|---|
| – Robust financial stability and international reputation – Advanced digital tools for easy policy access and management – Preferred pricing for health-conscious individuals – Wide array of customizable policy riders – Comprehensive wealth management and investment solutions | – Higher premiums for some demographics – Complex underwriting process for specific policies – Mixed customer service experiences reported |
- Term life
- Permanent life
- Critical illness insurance
- Disability insurance
- Mortgage life insurance
Read the full review: Manulife Life Insurance
Sun Life Financial
- Established/Headquarters: 1865, Ontario
- Total Assets: ~$370B
- Financial Strength: A+
- Lifebuzz Rating: 4.5 Stars
As a leading international financial services organization, Sun Life Financial has a robust presence in the Canadian life insurance landscape. Sun Life’s commitment to delivering high-quality products and exceptional customer service has made it a trusted choice for Canadians seeking financial protection.
| Pros | Cons |
|---|---|
| – Well-established reputation and financial stability – Comprehensive life insurance product offerings – Flexible health insurance plans with extensive coverage – Exceptional customer support and claims experience – Expert financial advice and wealth management services – Extensive community outreach and charitable programs | – Higher premiums for some age groups – Limited online account management features |
- Term life
- Permanent life
- Critical illness insurance
- Disability insurance
- Health and dental insurance
- Long-term care insurance
- Mortgage life insurance
Read the full review: Sun Life Financial
iA Financial Group
- Established/Headquarters: 1892, Quebec
- Total Assets: ~$100B
- Financial Strength: A+
- Lifebuzz Rating: 5 Stars
iA Financial Group is a Canadian financial services company that offers a range of life insurance products, including term, whole life, universal life policies, critical illness, and disability insurance. The company is known for its competitive pricing and strong presence in the Quebec market.
| Pros | Cons |
|---|---|
| – Attractive pricing for various age groups and lifestyles – Comprehensive critical illness and disability coverage options – Cutting-edge digital tools and platforms for easy policy management – Specialized financial planning and investment solutions | – Some policies may have lower maximum coverage limits – Underwriting may be more extensive for certain occupations – Brand recognition may be lower outside Quebec |
- Term life
- Permanent life
- Critical illness insurance
- Disability insurance
- Home insurance
- Car & RV insurance
Read the full review: iA Financial Group Life Insurance
Empire Life
- Established/Headquarters: 1923, Ontario
- Total Assets: ~$20B
- Financial Strength: A
- Lifebuzz Rating: 5 Stars
Empire Life is a Canadian life insurance company that offers a range of products, including term, whole life, and universal life policies, as well as investment and group benefits solutions. It is known for its personalized customer service, strong advisor network, and comprehensive life insurance and investment solutions.
| Pros | Cons |
|---|---|
| – Personalized customer service and strong advisor relationships – Competitive pricing for many demographics – Flexible coverage options and policy riders – Good claims handling and financial stability | – Some policies may have higher minimum coverage amounts – Limited online tools and resources compared to some competitors |
- Term life
- Permanent life
- Critical illness insurance
- Disability insurance
- Health and dental insurance
- Group insurance
Read the full review: Empire Life Insurance
BMO Insurance
- Established/Headquarter: 1817, Ontario
- Total Assets: ~$20B
- Financial Strength: A
- Lifebuzz Rating: 5 Stars
BMO Insurance is the insurance arm of Bank of Montreal, one of Canada’s largest financial institutions.
As the insurance arm of BMO Financial Group, BMO Life Insurance provides a wide array of life insurance solutions, as well as competitive travel and accident insurance options.
| Pros | Cons |
|---|---|
| – Strong financial backing from BMO Financial Group – Wide range of life insurance solutions – Attractive pricing for many customer profiles – Comprehensive travel and accident insurance options | – Some policies may have higher minimum coverage requirements – Online policy management tools may be less advanced than some competitors |
- Term life
- Permanent life
- Critical illness insurance
Read the full review: BMO Insurance
RBC Insurance
- Established/Headquarters: 1864, Ontario
- Total Assets: ~$30B
- Financial Strength: A
- Lifebuzz Rating: 4.5 Stars
RBC Insurance is the insurance division of Royal Bank of Canada, one of the country’s largest financial institutions. The company offers a comprehensive range of life insurance products, including term, whole life, universal life policies, critical illness, and disability insurance.
| Pros | Cons |
|---|---|
| – Solid financial backing from one of Canada’s largest banks – Diverse range of life insurance products – Competitive pricing for many customer segments – Integrated banking and investment services for comprehensive financial planning | – Higher premiums for smokers and some health conditions – More complex underwriting process for certain occupations – Limited online tools and resources compared to some competitors |
- Term life
- Permanent life
- Critical illness insurance
- Disability insurance
- Health insurance
- Auto insurance
- Home insurance
- Group insurance
- Creditor insurance
- Business insurance & reinsurance
Read the full review: RBC Insurance
Desjardins Insurance
- Established/Headquarters: 1948, Quebec
- Total Assets: ~$470B
- Financial Strength: N/A
- Lifebuzz Rating: 4.5 Stars
Desjardins Insurance is part of Desjardins Group, Canada’s largest cooperative financial group. The company offers a range of life insurance products, including term life insurance, whole life insurance, universal life policies, critical illness, and disability insurance.
| Pros | Cons |
|---|---|
| – Solid financial backing from Canada’s largest cooperative financial group – Wide variety of life and health insurance products – Competitive pricing for many age groups and lifestyles – Exceptional customer service and claims support | – Some policies have higher minimum coverage requirements – More complex underwriting for certain occupations – Fewer online account management features compared to some rivals |
- Term life
- Permanent life
- Critical illness insurance
- Disability insurance
- Health and dental insurance
- Home insurance
- Pet insurance
- Group insurance
- Creditor insurance
- Business insurance
- Mortgage insurance
Read the full review: Desjardins Life Insurance
Wawanesa Life Insurance
- Established/Headquarters: 1896, Manitoba
- Total Assets: ~$11B
- Financial Strength: A
- Lifebuzz Rating: 5 Stars
Wawanesa Life Insurance is a Canadian insurer that provides a variety of life insurance solutions, with a focus on affordable rates and strong customer service.
- Term life
- Permanent life
- Critical illness insurance
- Disability insurance
- Auto insurance
- Home & renters insurance
- Pet insurance
- Group insurance
Key Features:
- Competitive term and permanent life insurance options
- Simplified application process for certain policies
- Affordable rates for a wide range of age groups and health profiles
- Strong commitment to customer service and policyholder satisfaction
| Pros | Cons |
|---|---|
| – Competitive pricing for various customer segments – Simplified application process for some policy types – Strong focus on customer service and policyholder support – Solid financial stability and history | – Some policies may have lower maximum coverage limits compared to larger insurers – Online policy management tools may be less robust than some competitors |
Read the full review: Wawanesa Life Insurance Company
Canada Protection Plan
- Established/Headquarters: 1846, Ontario
- Total Assets
- Financial Strength: N/A
- Lifebuzz Rating: 4 Stars
Canada Protection Plan specializes in no-medical and simplified issue life insurance, offering quick and easy access to coverage without the need for extensive medical exams.
| Pros | Cons |
|---|---|
| – No medical exams required for most policies – Fast and simple application process with quick approvals – Competitive pricing for various age groups and health profiles – Guaranteed acceptance options for individuals with pre-existing conditions | – Maximum coverage amounts may be lower than traditional life insurance policies – Higher premiums compared to fully underwritten policies for healthy individuals – Limited rider options and customization compared to some competitors |
- Term life
- Permanent life
- Critical illness insurance
- Disability insurance
Read the full review: Canada Protection Plan Life Insurance
Equitable Life of Canada
- Established/Headquarters: 1920, Ontario
- Total Assets: ~$10B
- Financial Strength: A
- Lifebuzz Rating: 5 Stars
Equitable Life of Canada, one of the country’s largest mutual life insurance companies, is committed to providing policyholders with financial protection and long-term value. As a mutual company, Equitable Life is owned by its participating policyholders, who can share in the company’s success through dividend payments.
| Pros | Cons |
|---|---|
| – Mutual company structure prioritizes policyholder interests – Potential for dividend growth with participating whole life policies – Exceptional customer service and policyholder support – Strong community involvement and charitable giving | – Some policies may have higher minimum coverage requirements – Online policy management tools may be less advanced than some competitors |
- Term life
- Permanent life
- Critical illness insurance
- Disability insurance
- Health and dental insurance
- Group insurance
Read the full review: Equitable Life of Canada life insurance
Ivari Life Insurance
- Established/Headquarters: 1927, Ontario
- Total Assets: ~$15B
- Financial Strength: A+
- Lifebuzz Rating: 5 Stars
Ivari is a Canadian life insurance provider that offers a diverse range of products, including term, permanent, and critical illness insurance. Its focus is on flexible solutions and personalized service.
| Pros | Cons |
|---|---|
| – Diverse product lineup with flexible coverage options – Comprehensive critical illness insurance with multiple benefit periods – Competitive pricing for a range of customer profiles – Personalized service and support through experienced advisors | – Some policies may have lower maximum coverage limits compared to larger insurers – Underwriting process may be more extensive for certain health conditions – Online policy management tools may be less robust than some competitors |
- Term life
- Permanent life
- Critical illness insurance
Read the full review: Ivari Life Insurance
Humania Assurance Inc.
- Established/Headquarters: 1874, Quebec
- Total Assets: ~$700M
- Financial Strength: A+
- Lifebuzz Rating: 5 Stars
Humania Assurance is a Quebec-based life insurance company specializing in simplified issue and guaranteed issue policies, providing accessible coverage options for a wide range of customers.
| Pros | Cons |
|---|---|
| – No medical exams required for simplified issue policies – Guaranteed issue options for individuals with pre-existing conditions – Competitive pricing for various age groups and health profiles – Fast and straightforward application process with quick approvals | – Maximum coverage amounts may be lower than traditional life insurance policies – Limited rider options and customization compared to some competitors – Online policy management tools may be less advanced than some larger insurers |
- Term life
- Permanent life
- Critical illness insurance
- Disability insurance
- Health insurance
Read the full review: Humania Assurance Life Insurance
Beneva Life Insurance
- Established/Headquarters: 1941, Quebec
- Total Assets: ~$28B
- Financial Strength: A
- Lifebuzz Rating: 5 Stars
Formed through the merger of La Capitale and SSQ Insurance, Beneva is a leading Canadian insurance and financial services company with a strong presence in Quebec.
| Pros | Cons |
|---|---|
| – Wide variety of life and health insurance offerings – Competitive pricing for many customer segments – Advanced digital tools and platforms for policy management – Comprehensive financial planning and investment solutions | – Some policies may have lower maximum coverage limits compared to larger insurers – Underwriting process may be more extensive for certain occupations and health conditions – Brand recognition may be lower outside of Quebec |
- Term life
- Permanent life
- Critical illness insurance
- Disability insurance
- Creditor insurance
- Group insurance
- Business insurance
Read the full review: Beneva Life Insurance
The Co-operators Life Insurance Company
- Established/Headquarters: 1945, Ontario
- Total Assets: ~$10B
- Financial Strength: A+
- Lifebuzz Rating: 5 Stars
As part of The Co-operators Group, a leading Canadian insurance and financial services cooperative, The Co-operators Life Insurance Company offers a range of life insurance solutions with a focus on sustainability and community well-being.
| Pros | Cons |
|---|---|
| – Wide range of life insurance products – Strong focus on sustainability and ethical investing – Competitive pricing for various customer segments – Active involvement in local communities and charitable initiatives | – Some policies may have higher minimum coverage requirements – Online policy management tools may be less advanced than some competitors |
- Term life
- Permanent life
- Critical illness insurance
- Disability insurance
- Property & casualty insurance
- Group insurance
- Business insurance
Read the full review: The Co-operators Life Insurance Company
Assumption Life
- Established/Headquarters: 1903, NB
- Total Assets: ~$2.3B
- Financial Strength: A-
- Lifebuzz Rating: 5 Stars
Assumption Life is a Canadian life insurance provider with a strong presence in Atlantic Canada, offering a range of life and health insurance solutions focusing on customization and affordability.
| Pros | Cons |
|---|---|
| – Wide range of life insurance products with flexible customization options – Competitive pricing for various customer segments – Strong focus on personalized service and customer support – Active involvement in local communities and charitable initiatives | – Some policies may have lower maximum coverage limits compared to larger insurers – Online policy management tools may be less advanced than some competitors |
- Term life
- Permanent life
- Critical illness insurance
- Group insurance
- Commercial mortgage insurance
Read the full review: Assumption Life Insurance
Foresters Financial
- Established/Headquarters: 1874, Ontario
- Total Assets: ~$2B
- Financial Strength: A
- Lifebuzz Rating: 5 Stars
Foresters Financial is an international financial services provider that offers life insurance, savings, and investment products. It focuses on member benefits and community involvement.
| Pros | Cons |
|---|---|
| – Wide range of life insurance products – Unique member benefits and perks – Competitive pricing for various customer segments – Strong focus on community involvement and giving back | – Some policies may have lower maximum coverage limits compared to larger insurers – Online policy management tools may be less advanced than some competitors |
- Term life
- Permanent life
- Critical illness insurance
- Disability insurance
- Mortgage insurance
Read the full review: Foresters Financial Life Insurance
Primerica Life Insurance Company of Canada
- Established/Headquarters: 1977, Ontario
- Total Assets: ~$4.1B
- Financial Strength: A+
- Lifebuzz Rating: 5 Stars
Primerica Life Insurance Company of Canada is a subsidiary of Primerica, Inc., a leading provider of financial services to middle-income families. The company offers term life insurance and investment products, focusing on education and empowerment.
| Pros | Cons |
|---|---|
| – Affordable term life insurance rates for middle-income families – Strong focus on client education and financial empowerment – Opportunity for individuals to build a business as a Primerica representative – Simplified underwriting process for certain term life insurance policies | – Limited product offerings compared to some larger insurers – Maximum coverage amounts may be lower than some competitors – Online policy management tools may be less robust than some competitors |
- Term life
- Disability insurance
- Auto insurance
Read the full review: Primerica Life Insurance Company of Canada
Lifebuzz’s Pick of Best Canadian Life Insurance Companies By Category
Size alone doesn’t necessarily make an insurer the best fit for every individual’s needs. When comparing providers, it’s essential to look at critical characteristics like:
- Types of policies offered (term life insurance, whole life insurance, universal life insurance, etc.)
- Flexibility in coverage amounts and term lengths
- Availability of riders and additional features
- Underwriting process and turnaround times
- Cost competitiveness and value for money
- Digital capabilities for online applications and account management
Through extensive research across these weighted criteria, Lifebuzz compiles in-depth company profiles and identifies the top recommendations for specific needs and preferences:
- Best for Term life insurance: RBC Life Insurance, Manulife, Sun Life, and Canada Life
- Best for Permanent Life Insurance: Canada Life, Sun Life, and Manulife
- Best for Whole Life Insurance: Sun Life
- Best for Universal Life Insurance: BMO Life Insurance
- Best for Critical illness insurance: Empire Life
- Best for Disability Insurance: IA Life Insurance
- Best for Mortgage life insurance: Canada Protection Plan Company
- Best for Final Expense life insurance: Foresters Financial Insurance
- Best for Simplified Issue: Assumption Life
- Best for No Medical Exam Life Insurance: Canada Protection Plan, Assumption Life, Humania Assurance
- Best for Senior Life Insurance: Canada Life
- Best for Family life insurance: Desjardins Life Insurance
- Best for Life insurance for children: Foresters Financial Insurance
- Best for Affordable life insurance: BMO Insurance, Wawanesa Life, and RBC Insurance
- Best for life insurance for smokers: Empire Life
- Best for customer service: Manulife, Canada Life, and Empire Life
- Best for Online Tools and Resources: Sun Life, Manulife, and Canada Life
Best Term Life Insurance Companies
Our #1 pick: RBC Life Insurance
Runners Up: Industrial Alliance, Desjardins
RBC stands out as the best for term life insurance, offering very affordable pricing across all policy lengths, from 10 to 30 years. Their rates routinely beat competitors.
A key advantage RBC has over other term life providers is exceptional flexibility – you can customize any policy length in between 10 to 30 years rather than selecting a fixed duration. This ensures you get the perfect coverage length for your situation.
RBC term policies offer robust features, too, like coverage up to $25 million, options to renew terms to age 90, and a fast, easy online application process.
Here are sample 10, 20, and 30-year term life rates for a 40-year-old non-smoker for $500,000 of coverage from RBC Insurance:
| Term Length | Male | Female |
|---|---|---|
| 10 years | $33 | $26 |
| 20 years | $50 | $41 |
| 30 years | $87 | $65 |
With competitive pricing across all policy terms, flexibility to pick any term length and strong features, RBC Life Insurance is hard to beat for affordable term life insurance.
Read Full Review: Best Term Life Insurance Companies
Best Whole Life Insurance Companies
Our #1 Pick: Sun Life
Runner Up: Equitable Life
For whole life insurance, Sun Life leads among Canadian insurers. Their wide range of whole life policies is known for providing competitive annual dividends and building cash value that policyholders can borrow against.
Sun Life offers both participating whole life insurance that earns dividends, along with non-participating guaranteed whole life plans. Their dividends consistently rank among the highest in Canada, according to the most recent data.
Policyholders report building up significant long-term cash value with Sun Life’s whole life that can be used to fund future needs like retirement. Highly rated financial strength provides added peace of mind.
Sample monthly premiums for a non-smoker for $250,000 of Sun Life whole life coverage:
| Age | Male | Female |
|---|---|---|
| 34 | $325 | $306 |
| 44 | $457 | $428 |
| 54 | $674 | $625 |
For those seeking permanent life insurance with lifelong coverage, lifelong dividends, and reliable cash value accumulation, Sun Life dominates as the top pick.
Read Full Review: Best Whole Life Insurance Companies
Best Universal Life Insurance Companies
Our #1 Pick: BMO Life Insurance
Runner Up: Manulife
For flexible permanent life insurance, BMO Insurance is our top recommendation based on the versatility of its universal life (UL) products. BMO’s universal life policies make it easy to adjust your coverage amounts, premium payments, and investment allocations – even after the policy is issued.
This flexibility helps match the policy to your evolving needs over time. BMO UL plans also offer lifetime protection, tax-advantaged growth based on market performance, and the option to build cash value that can be borrowed against in the future if needed.
BMO Insurance provides competitively priced universal life insurance with death benefit options ranging from $25,000 to $10 million coverage. For a real advantage, BMO policies allow for the making of ongoing changes to optimize the policy better as your situation progresses.
Here are sample monthly costs for $100,000 of BMO universal life coverage:
| Age | Male | Female |
|---|---|---|
| 34 | $372 | $346 |
| 44 | $477 | $425 |
| 54 | $768 | $655 |
With flexible universal life insurance that adjusts to your needs and competitive rate structures, BMO Insurance dominates as our top universal life insurance pick.
Read Full Review: Best Universal Life Insurance Companies
Best Family Life Insurance Companies
Our #1 Pick: Desjardins
Runner Up: Canada Life
Desjardins also comes out on top as the best life insurance provider for families overall. Their Together for Life plan bundles spouse and child coverage together under one policy.
Rather than managing multiple policies, families can ensure their full household easily through Desjardins with flexible individual coverage amounts tailored to each person.
Canada Life also makes it straightforward for households to bundle coverage across all family members. However, Desjardins edges them out with even more built-in child-focused features like their child term rider. Desjardins is the top choice for the most convenient process of insuring an entire family under one plan.
Read Full Review: Best Family Life Insurance Companies in Canada
Best Children’s Life Insurance Companies
Our #1 Pick: Foresters Financial
Runner Up: Desjardins
Foresters Financial makes insuring your children’s lives simple and convenient through their built-in child term rider that bundles right into parent policies.
The affordable rider automatically covers kids for $5,000. With easy online enrollment, parents can increase child coverage from $5,000 up to $50,000 per child without any medical underwriting required.
Sample monthly child rider rates:
| Coverage Amount | Cost |
|---|---|
| $5,000 | $2 |
| $25,000 | $10 |
| $50,000 | $20 |
Foresters’ child rider approach streamlines getting affordable term life insurance for your kids with an all-in-one, multi-person bundled policy.
Read Full Review: Best Children’s Life Insurance Companies
Best Critical Illness Insurance Companies
Our #1 Pick: Empire Life
Runner Up: Sun Life
Empire Life makes it simple to add high-quality critical illness insurance to their life insurance policies. Their comprehensive critical illness rider covers 27 conditions with a lump sum payout if diagnosed.
The rider includes all of the major illnesses like cancer, heart attack, stroke, paralysis, kidney failure, and more. Payout amounts can range from $25,000 to $2 million based on the life insurance coverage purchased.
Empire Life also allows customizing the critical illness rider with optional benefits like child coverage, recurrence coverage, and a death benefit conversion if your condition becomes terminal.
Adding a critical illness rider provides exceptional value by bundling robust critical illness protection with your core life insurance. Here are sample monthly costs for a healthy non-smoker for $50,000 of CI coverage:
| Age | Male | Female |
|---|---|---|
| 34 | $15.66 | $18 |
| 44 | $29.75 | $29.16 |
| 54 | $95 | $80.73 |
Empire Life is hard to top because of its convenient critical illness insurance paired with life coverage.
Read Full Review: The Best Critical Illness Insurance Companies in Canada
Best Disability Insurance Companies
Our #1 Pick: Industrial Alliance
Runner Up: Manulife
Industrial Alliance (iA Financial) dominates as the top pick for disability insurance thanks to their highly customizable rider that integrates disability coverage directly into life insurance policies.
The iA disability insurance rider enables you to customize your own occupation period, monthly benefit, waiting period, and duration to age 65 or 67. This degree of flexibility is unparalleled.
The rider replaces lost income if you can’t work due to illness or injury. Having disability insurance bundled right into a term life policy is both convenient and can offer cost savings compared to buying separate policies.
Sample monthly costs to add a $3,000 per month iA disability rider:
| Age | Male | Female |
|---|---|---|
| 30 | $40 | $50 |
| 40 | $60 | $70 |
| 50 | $100 | $110 |
For those seeking robust and customizable disability insurance paired with life coverage, Industrial Alliance dominates as our top recommendation.
Read Full Review: The Best Disability Insurance Companies in Canada
Best Mortgage Life Insurance Companies
Our #1 Pick: Canada Protection Plan
Runner Up: Desjardins
Canada Protection Plan specializes in providing streamlined mortgage life insurance to cover your outstanding mortgage loan. Their decreasing term life insurance policies directly match the declining balance of your mortgage.
This ensures your mortgage will be fully paid off for your loved ones in the event of your death. Coverage amounts decrease annually just like your mortgage payments. Canada Protection Plan offers both 10-year and 20-year decreasing term life products.
You can also further customize the coverage length and amount to precisely match your mortgage’s amortization schedule and balance. Conveniently, no medical exams are required.
Sample monthly costs for $250,000 of coverage from Canada Protection Plan:
| Age | Male | Female |
|---|---|---|
| 30 | $27 | $22 |
| 40 | $39 | $29 |
| 50 | $73 | $54 |
With Canada Protection Plan, you get mortgage life insurance that directly matches your actual mortgage without hassles like medical underwriting. This makes them our #1 recommendation for mortgage protection.
Read Full Review: The Best Mortgage Life Insurance Companies in Canada
Best Final Expense Life Insurance Companies
Our #1 Pick: Foresters Financial
Runner Up: Sun Life
Foresters Financial dominates as the top final expense insurance provider thanks to their competitively priced permanent life insurance products designed to cover funeral costs and outstanding bills.
In particular, their non-participating whole life insurance provides lifetime guaranteed protection specifically for final expenses. Foresters also offers simplified issue term life (10 or 20 years) that can work for final costs.
Both the permanent and term options have guaranteed acceptance options with streamlined underwriting, so even seniors or those with health conditions can get approved.
Sample rates for seniors age 65:
- $15,000 whole life – $89/month
- $15,000 term life – $68/month
With easy application processes and affordable rates tailored to smaller final expense needs, Foresters Financial is an excellent final expense insurance choice.
Read Full Review: The Best Final Expense Life Insurance Companies in Canada
Best No Medical Exam Life Insurance Companies
Our #1 Pick: Canada Protection Plan
Runner Up: Assumption Life
Canada Protection Plan earns our #1 recommendation for no medical exam life insurance. They offer both guaranteed issue permanent life insurance up to $25,000 as well as simplified issue term life up to $500,000 that don’t require any health exams or blood work.
Even better, their simplified issue term life has guaranteed approval for qualified applicants. The underwriting only involves answering 5 health questions. Canada Protection Plan’s no medical insurance options provide exceptional value.
Sample monthly rates for $100,000 of Simplified Elite Term Coverage:
| Age | Male | Female |
|---|---|---|
| 40 | $20.16 | $17.19 |
| 50 | $35.64 | $29.43 |
| 60 | $87.66 | $64.62 |
For the best no-hassle life insurance without invasive medical underwriting, Canada Protection Plan dominates with its range of no-exam required products.
Read Full Review: The Best No Medical Exam Life Insurance Companies in Canada
Best Seniors’ Life Insurance Companies
Our #1 Pick: Canada Life
Runner Up: Foresters Financial
For seniors specifically, Canada Life emerges as the top choice. Canada Life stands out for making permanent and term life insurance available even into advanced ages like 75 and beyond.
They offer terms ranging from 10 to 40 years for older seniors, along with participating whole life insurance. Canada Life also has strong financial ratings that provide added security for policyholders as they age.
Foresters Financial runs a close second with their competitive permanent and term insurance options for retirees. But Canada Life edges them out based on unique, lengthier terms for seniors, keeping coverage affordable well into the later stages of retirement.
Best Affordable Life Insurance Companies
Our #1 Pick: Industrial Alliance
Runner Up: RBC Insurance
If your priority is finding the most affordable life insurance, Industrial Alliance emerges as one of the leaders. They offer highly competitive rates across all their simplified issue term life insurance plans.
RBC Insurance also consistently offers discounted pricing on their customizable term life products, emerging as another top affordable option.
So, in summary, if you want competitively priced life insurance on a budget, Industrial Alliance and RBC Insurance emerge as leaders worth considering. Distribution platforms like Lifebuzz then make it easy to get quotes and purchase their discounted policies online.
Best Life Insurance Companies For Customer Service
Our #1 Pick: Manulife
Runner Up: Sun Life
Manulife emerges as the top life insurance provider when it comes to customer service and support. Their team of knowledgeable advisors receives consistently high ratings for being responsive, empathetic, and able to resolve issues.
Even better, Manulife offers 24/7 emergency customer assistance for its most vulnerable life and health insurance clients. Their digital capabilities, like live chat and an intuitive mobile app, enhance the customer experience further.
For the best all-around customer service, from application to claims and everything in between, Manulife dominates the life insurance industry in Canada.
Best Life Insurance Companies For Smokers
Our #1 Pick: Empire Life
Runner Up: Industrial Alliance
Empire Life stands out as the most smoker-friendly life insurance option, offering non-smoker rates to applicants who have quit smoking for 3 consecutive years. This can make Empire Life significantly more affordable compared to other providers for former smokers.
For current smokers, Empire Life also has competitive permanent and term insurance rates compared to the often high prices from other insurers.
Industrial Alliance runs a close second with nicely discounted smoker rates on their simplified issue term life insurance plans up to $1 million.
Read full review: Best Life Insurance Companies for Smokers
How to Choose the Right Life Insurance Company in Canada
Choosing the right life insurance company can be daunting, but following these steps can help you make an informed decision that meets your unique needs and provides the best value for your money.
Step 1: Assess Your Life Insurance Needs
Before comparing life insurance companies, it’s essential to determine your coverage requirements. Consider factors such as Income replacement for your family.
- Mortgage and debt protection
- Future expenses, such as children’s education or retirement savings
- Final expenses and burial costs
Step 2: Decide on the Type of Life Insurance
There are two main types of life insurance: term life insurance and permanent life insurance. Term life insurance is generally more affordable and provides coverage for a specific period (e.g., 10, 20, or 30 years). Permanent life insurance, such as whole or universal life, provides lifelong coverage and includes a cash value component that grows over time.
Consider your long-term financial goals and budget when deciding between term and permanent life insurance.
Step 3: Compare Life Insurance Companies
Once you understand your coverage needs and the type of life insurance you prefer, it’s time to compare providers. Consider the following factors: Financial stability: Look for companies with strong financial ratings from independent agencies like A.M. Best, Moody’s, or Standard & Poor’s.
Step 4: Consult with a Licensed Insurance Advisor
- Working with a licensed insurance advisor can provide valuable guidance and help you navigate the complex world of life insurance. An advisor can assess your needs and recommend appropriate coverage options.
- Compare quotes and policy features from multiple providers.
- Answer your questions and provide ongoing support.
- Assist with the application process and any future policy changes.
Step 5: Review and Update Your Coverage Regularly
Life insurance is not a one-time decision. Your coverage needs may evolve as your life circumstances change, such as getting married, having children, or buying a home.
Review your life insurance policy regularly (at least every few years) to ensure it still meets your needs and make adjustments as necessary. Following these steps and carefully considering your options, you can choose the best life insurance company and policy to protect your loved ones and achieve your financial goals.
Key Takeaways
- For term insurance, the top recommendations are RBC Insurance and Industrial Alliance for competitive rates.
- Permanent insurance options like whole life and universal life from Sun Life and BMO Insurance can provide lifelong coverage and cash value growth.
- Simplified issue no-medical exam life insurance from Canada Protection Plan provides easy coverage if you have existing health issues.
- Use online quote comparison sites to instantly view rates from Canada’s leading insurers.
- Match policy type to your needs – term, whole, universal, mortgage, critical illness, etc.
- Read reviews, financial strength ratings, and policy details closely before deciding.
Finding the best life insurance doesn’t need to be complicated. This guide better equips you to compare top life insurance companies and choose the best life insurance coverage for your needs and budget.
FAQs: Best Life Insurance Companies in Canada
What are the top life insurance companies in Canada?
Some of Canada's top life insurance companies include Manulife, Sun Life Financial, Canada Life, iA Financial Group, and RBC Insurance. These companies are known for their financial stability, wide range of products, and vital customer service.
How do I choose the best life insurance company in Canada?
To choose Canada's best life insurance company, consider financial stability, product offerings, customer service, pricing, and digital capabilities. Compare quotes from multiple providers and read reviews from current and past policyholders to make an informed decision.
What types of life insurance policies do Canadian companies offer?
Canadian life insurance companies offer various policy types, including term life insurance, whole life insurance, universal life insurance, and participating life insurance. Each has unique features, benefits, and pricing structure.
How do I compare life insurance quotes from different life insurance companies in Canada?
You can use online comparison tools or work with an independent insurance broker to compare life insurance quotes from different Canadian companies. To receive the most accurate quotes, provide accurate information about your age, health, lifestyle, and coverage needs.
What happens if my life insurance company goes out of business in Canada?
In Canada, life insurance companies are regulated by the federal and provincial governments to ensure financial stability and protect policyholders. Suppose your life insurance company goes out of business. In that case, your policy may be transferred to another insurer, or you may be eligible for compensation through Assuris, the organization that protects Canadian policyholders.
Article Sources
As Canada’s most trusted universal life insurance knowledge source, Lifebuzz.ca provides this article referenced from leading reputable sources on the topic of Life Insurance Companies in Canada, such as: