Ben Nguyen 
Finding the right life insurance company is one of the most crucial financial decisions a Canadian can make. With countless providers to pick from, it can be challenging determining which one truly fits your needs and budget best.
This guide examines Canada’s best life insurance companies based on financial strength, types of policies offered, customer service track record, ease of getting a quote, policy features, and more.
We provide tailored recommendations on the #1 providers for term, whole, universal, mortgage, critical illness, and disability insurance. Reviews of leading Canadian life insurers are included with detailed advantages, products, rates, and key metrics.
Discover Canada’s best life insurance companies and expert tips to choose the right coverage.
How Life Buzz Determine the Best Life Insurance Companies in September 2024
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 based on individual factors, we compare the relative affordability of each company’s policy, 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 offering diverse selections, including 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 allowing tailored coverage through riders get credit. We count relevant riders like critical illness, disability income, and child life insurance.
Through extensive research across these weighted criteria, we compile in-depth company profiles and determine the top recommended picks in categories like term, whole, family, and no-exam life insurance. Our methodology aims to provide the most comprehensive and impartial guidance to help consumers make informed provider choices.
List of Best Life Insurance Companies in Canada
Canada boasts a robust life insurance market, with numerous providers offering a wide range of policies to meet the diverse needs of Canadians. Here is a list of the top life insurance companies in Canada, along with their key features and strengths:
- Best for Term life insurance in Canada: RBC life insurance
- Best for Whole life insurance in Canada: Sun Life
- Best for Universal life insurance in Canada: BMO life insurance
- Best for Family life insurance in Canada: Desjardins life insurance
- Best for Life insurance for children in Canada: Foresters Financial insurance
- Best for Critical illness insurance in Canada: Empire Life
- Best for Disability Insurance in Canada: IA life insurance
- Best for Mortgage life insurance in Canada: Canada Protection Plan Company
- Best for Final Expense life insurance in Canada: Foresters Financial insurance
- Best for No medical exam life insurance in Canada: Canada Protection Plan
- Best for Life Insurance Companies For Pre-Existing Health Conditions: Canada Protection Plan
- Best for Senior Life Insurance: Canada life
- Best for Affordable life insurance: Industrial Alliance
- Best for customer service: Manulife
- Best for life insurance for smoker: Empire Life
LifeBuzz’s best life insurance companies for September 2024
| Company | Financial Strength Rating | Best For |
|---|---|---|
| Sun Life | A+ | Whole life insurance |
| Canada Life | A+ | Insurance for seniors |
| RBC Insurance | A+ | Affordable term life |
| BMO Insurance | A+ | Universal life insurance |
| Industrial Alliance | A+ | Disability insurance |
| Empire Life | A+ | Critical illness insurance |
| Desjardins | A | Family and child life insurance |
| Foresters Financial | A | Final expense and no medical underwriting |
| Canada Protection Plan | A- | Mortgage, no exam, and guaranteed issue insurance |
This comprehensive analysis of some top life insurance companies in Canada examines key details like financial ratings, policy options, advantages, and sample costs. Continue reading for tips on choosing the right provider…
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 based on 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 in Canada
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 are 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 in Canada
Our #1 Pick: BMO Insurance
Runner Up: Manulife
For flexible permanent life insurance, BMO Insurance is our top recommendation based on the versatility of their 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 up 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 in Canada
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 insure 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 in Canada
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-on-one, multi-person bundled policy.
Read Full Review: Best Children’s Life Insurance Companies
Best Critical Illness Insurance Companies in Canada
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 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 in Canada
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 in Canada
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 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 in Canada
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 in Canada
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 their range of no exam required products.
Read Full Review: The Best No Medical Exam Life Insurance Companies in Canada
Best Life Insurance Companies For Pre-Existing Health Conditions
Our #1 Pick: Canada Protection Plan
Runner Up: Foresters Financial
Canada Protection Plan dominates as the top choice for clients with existing health issues like heart disease, diabetes, or cancer. Their guaranteed issue and simplified issue life insurance options available up to $500,000 don’t require any medical questions or exams.
This provides a high coverage life insurance solution for those unable to qualify elsewhere who may have been declined for traditional policies from other providers.
Foresters Financial also focuses on easily approved simplified issue insurance for those with pre-existing conditions. But, Canada Protection Plan offers larger coverage amounts in this category making them the leader.
Best Seniors’ Life Insurance Companies in Canada
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 up 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 in Canada
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 their 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 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 Best Life Insurance Company
Choosing the right life insurance company takes research. Follow these steps when comparing providers:
- Compare Quotes – Get quotes from multiple insurers to compare monthly costs. Save time using a quote comparison platform like Lifebuzz.
- Assess Financial Strength – Review financial strength ratings from agencies like A.M. Best. Look for ratings of A or higher for established insurers.
- Match Policy Type – Make sure the company offers the type of life insurance you need, whether term, whole, universal, etc.
- Customer Reviews – Read third-party customer reviews on sites like Google to evaluate customer satisfaction.
- Policy Details – Look closely into policy conditions, fine print, exclusions, and riders available.
- Advisor Guidance – To help you choose, consider speaking with a licensed life insurance advisor.
Take the time to carefully compare insurers on these key criteria. This ensures you select the life insurance provider that best fits your coverage requirements, budget, and financial situation.
Determining Your Coverage Amount
One of the big decisions is choosing the right amount of life insurance coverage you need. Consider the following:
- Income Replacement – You or your family’s ongoing living expenses. Aim for 10-20x your gross annual household income.
- Debt Coverage – Mortgage, loans, credit cards, tuition etc. Add up current debts.
- Final Expenses – Funeral costs, medical bills, etc. Typically $15,000-$20,000.
- Existing Resources – Subtract savings, spouse income, and pension death benefits.
An online calculator makes getting a tailored life insurance estimate easy by factoring in all of the above.
Get Expert Help Finding the Right Policy
Choosing the best life insurance to protect your family is an important decision. The licensed advisors at Life Buzz are here to help. Connect with LifeBuzz today to:
- Get quotes from Canada’s top insurers
- Assess your financial needs
- Find the right policy type and amount
- Answer any questions you have
Are you looking for more options? We’ve compiled reviews of other leading Canadian insurance providers. Explore our collection below to find the perfect fit for your insurance needs:
- Manulife insurance
- Sun Life insurance
- BMO life insurance
- Canada life insurance
- CPP life insurance
- IA life insurance
- Wawanesa life
- Forester life insurance
- UV life insurance
- The Co-Operators Life Insurance
- Benava life insurance
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 right life insurance doesn’t need to be complicated. Hopefully this extensive guide better equips you to compare top life insurance companies and choose the best life insurance coverage for your needs and budget.
Frequently Asked Questions (FAQs) about Best Life Insurance Companies in Canada
What is the best life insurance company in Canada?
There is no single best life insurance company for every person. The best provider depends on your specific needs and situation. Top-ranked insurers include Sun Life, Canada Life, RBC Insurance, Industrial Alliance, and Manulife.
What is the best life insurance for estate planning in Canada?
Sun Life, Manulife, Equitable Life, and Canada Life offer permanent cash value policies that can be useful for estate planning.
Where can I find the best life insurance for seniors over 70 in Canada?
Canada Life, Foresters Financial, and Canada Protection Plan have good senior life insurance options over age 70. Canada Protection Plan policies go up to age 80.
Where can I find the best 10-year term life insurance in Canada?
Top picks for 10 year term insurance include Canada Life, Industrial Alliance, Desjardins, and RBC Insurance.
What is the best renewable term life insurance in Canada?
Desjardins, Canada Life, Foresters Financial, Industrial Alliance, RBC Insurance, and Sun Life offer renewable term life insurance options in Canada.
What is the best life insurance for new immigrants to Canada?
New immigrants may qualify for Foresters Financial and Canada Protection Plan's simplified issue life insurance needing minimal health questions.
Where can new parents find the best life insurance in Canada?
RBC Insurance, Desjardins, Canada Life, Sun Life, and Manulife have strong options for new parents needing life insurance, some with child coverage.
Where can I find the best life insurance for women in Canada?
Top picks for women include Foresters Financial, Canada Life, Industrial Alliance, and RBC Insurance based on affordable pricing and coverage options.
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