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Best Life Insurance Companies in Canada: Reviews & Ratings (2024)
We’ve rated the Best Life Insurance Companies in Canada to help you figure out which provider you should choose. We looked at overall performance and features like the best options for couples and families, no-medical options, and more. Use this list as a guide to help you compare and shop for the best life insurance policy in Canada.
- Which are the best life insurance companies in Canada?
- Top life insurance companies in Canada
- Choosing the right insurance company
- Our Reviews: Best providers for term life insurance
- Assumption Life
- Beneva
- BMO
- Canada Life
- Canada Protection Plan
- Desjardins
- Empire
- Equitable Life
- Foresters
- Humania
- Industrial Alliance
- Ivari
- Manulife
- RBC
- Sun Life
- Wawanesa
- What's the best type of life insurance?
- How to get the best term life insurance in Canada?
- Frequently asked questions
The best life insurance company in Canada depends on your insurance needs. However, with the number of players offering life insurance products, making the right choice can be hard. Each company has their own benefits and features that can suit different needs.
That’s why our licensed life insurance experts have reviewed and rated the top providers to bring you our list of the 16 Best Rated Life Insurance Companies in Canada.
Which are the best life insurance companies in Canada?
The best life insurance companies in Canada include Manulife, Canada Life, Desjardins, Empire Life, BMO, RBC, and more.
After careful research, our expert insurance advisors have created a list of the best companies for term life insurance in Canada. We have years of experience profiling and analyzing the best of what the industry has to offer. In this article, our team of experts have provided real insight on different life insurance providers and how they can meet your needs.
The following list of the top life insurance companies in Canada will help you to expertly compare and choose your best term life insurance options.
Top life insurance companies in Canada
The best life insurance company for you depends on your unique needs. But, if you’re looking for term life insurance coverage, our team recommends:
| Company | Best for… | AM best financial strength rating | PolicyAdvisor rating |
| Assumption Life | Simplified issue | A- | 5 |
| Beneva | Combo coverage | A | 4 |
| BMO | Affordability | A | 5 |
| Canada Life | Financial strength | A+ | 4 |
| Canada Protection Plan | Non-medical | NA | 5 |
| Desjardins | Stability | NA | 4 |
| Empire Life | Personalization | A | 5 |
| Equitable Life | Families | NA | 4 |
| Foresters | Giving back | NA | 4 |
| Humania | Quick issue | NA | 4 |
| Industrial Alliance | Flexibility | A+ | 5 |
| Ivari | Layering | A+ | 3 |
| Manulife | Digital innovation | A+ | 5 |
| RBC | Value for money | A | 5 |
| Sun Life | Buying in-person | A+ | 5 |
| Wawanesa | Price | A | 4 |
Choosing the right insurance company
Selecting a life insurance provider is an important decision that involves various factors to ensure you get the right coverage and support. Here are some key factors to consider:
- Policy costs: Comparing several insurance policies to find the right fit for your budget is important. You must also look for hidden charges, administrative charges, and more
- Customer service: Look into the claims handling process, service availability, and overall satisfaction of the already existing customers
- Riders and customization options: The availability of riders and a wide range of customization options may be equally important for an insurance policy to contain. Individuals should go forward with insurance policies that offer such benefits easily
- Underwriting process: Look for companies with easy underwriting processes. Some providers offer no-exam policies, though they may be more expensive
Call 1-888-601-9980 to speak to our licensed advisors right away, or book some time with them below.
Detailed ratings and reviews of the top life insurance companies in Canada
Best for Simplified Issue: Assumption Life
Our Assumption Life rating and review:
We’ve given Assumption Life Insurance Company 5 stars and rated them as the best life insurance provider for Simplified Issue policies. These policies do not ask you to do a medical exam, but may have some simple medical questions on the application.
Assumption Life offers 4 different types of non-medical policies, making them a great option for people who may have health issues. You can also get bigger amounts of coverage if you opt for full underwriting.
Assumption Life pros and cons
| Pros | Cons |
|---|---|
| Multiple term coverage options | Wide range of options can be confusing |
| Simplified, non-medical issue options available | High policy fees and rider fees on non-medical policies |
| Quick, easy electronic process | |
| Decreasing option available for mortgage coverage | |
| Online access to account | |
| Digital e-policy | |
| Exchange and conversion options to convert to longer term products or permanent coverage |
Best for Combo Coverage: Beneva
Our Beneva rating and review:
We’ve given Beneva Life Insurance 4 stars and rated them as the top provider if you want combined coverage. Their insurance products, riders, and features let you get a lot of different types of insurance in one place.
Beneva is rare in that they include an Extreme Disability Benefit for free in all of their life insurance plans. You get double the coverage than usual, and that’s unique!
Beneva pros and cons
| PROS | CONS |
|---|---|
| Built-in Extreme Disability Benefit (rare in the market) | Longer turnaround times for policy approval |
| Options to add critical illness and monthly disability indemnity for comprehensive financial protection | |
| Several optional riders: accidental death and dismemberment and children’s term coverage | |
| Preferred rates available starting at $250,000 | |
| Online access to account | |
| Digital e-policy | |
| Top 10 largest insurance company based on annual premiums |
Best for Affordability: BMO Insurance
Our BMO Insurance rating and review:
We’ve given BMO Insurance 5 stars and rated them as the best company if you’re looking for affordable coverage. Most of their policies have good prices and can be used for multiple purposes.
BMO’s term life insurance is a great option for just about anyone — individuals, couples, or business owners. On top of their great pricing, their plans cover most of the standard features expected in a life insurance plan in Canada.
BMO Insurance pros and cons
| PROS | CONS |
|---|---|
| Great value for cost | No online account |
| Multiple term coverage options | Only issues paper policies, no digital option |
| Can exchange 10-year term into longer term products | Longer-term life insurance policy (25 and 30-year) not renewable |
| Compassionate benefit program — death benefit advance in event of terminal illness | |
| Options to convert into permanent coverage | |
| Electronic contract delivery | |
| Multi-policy discount available | |
| Top 10 largest insurance company based on annual premiums |
Best for Financial Strength: Canada Life
Our Canada Life Insurance rating and review:
We’ve given Canada Life Assurance Company 4 stars and rated them as the top choice for financial strength. Which is to be expected considering they’re the biggest insurance companies in Canada.
Canada Life earns billions in annual premiums, with $396 billion in assets and a financial strength rating of A+ from A.M. Best. They’re extremely stable, and they have great life insurance policy options to boot.
Canada Life Insurance pros and cons
| PROS | CONS |
|---|---|
| Multiple term coverage options (5-50 years) | Minimum $100,000 coverage or $500 annual premium required |
| Multiple rider options for single and joint policies | Limited access to online account features |
| Options to convert into permanent coverage | |
| Digital e-policy | |
| Top 10 largest insurance company based on annual premiums |
Best for Non-Medical Policies: Canada Protection Plan
Our Canada Protection Plan rating and review:
We’ve given Canada Protection Plan 5 stars and rated them as the best provider for No-Medical policies. These plans do not ask you for a medical test or have medical questions, but usually cost a bit more.
Like Assumption Life, Canada Protection Plan also gives you great options if you’re looking for life insurance coverage without doing medicals. They have both simplified or guaranteed insurance policies available.
Canada Protection Plan pros and cons
| PROS | CONS |
|---|---|
| Multiple products offering simplified, no-medical coverage | Premiums can be more expensive than competition |
| Most products available through an easy online application without any medical tests | Max. coverage of $1 million |
| Multiple term coverage options | Coverage ends at age 80 (most other Canadian providers end at 85) |
| Affordable premiums, including no-medical policies | |
| Available to temporary residents such as those on a student or work visa | |
| Most plans offer life protection | |
| Customers can pay annual premiums by credit card | |
| Options to convert into permanent coverage | |
| Decreasing term option available (ideal for covering mortgage debt) | |
| Digital e-policy |
Best for Stability: Desjardins Insurance
Our Desjardins Insurance rating and review:
We’ve given Desjardins 4 stars and rated them as the best company for stability. Saying that they’re a well-established company would be putting it too mildly.
Desjardins is one of Canada’s top ranked life insurance companies and financial groups, one of the biggest and oldest providers, and one of the world’s 50 safest banks and financiers. Their term life products can meet a wide range of needs.
Desjardins pros and cons
| PROS | CONS |
|---|---|
| Several optional riders and benefits | Limited term options |
| Robust suite of critical illness, disability, and permanent life insurance available | Premiums can be more expensive than competition |
| Allows multiple applicants on the same policy; 1 policy can cover the needs of an entire family | |
| Options to convert to permanent coverage | |
| Multi-policy discount available | |
| Digital e-policy | |
| Top 10 largest insurance company based on annual premiums |
Best for Personalization: Empire Life
Our Empire Life rating and review:
We’ve given Empire Life 5 stars and rated them as the best insurer for personalization. They give you a lot of leeway to choose the options that work best for you. This is flexible and affordable coverage that can suit many Canadians perfectly.
Their Solution series offers 10-year, 20-year-, or 30-year term insurance, or permanent insurance that covers you up to age 100. Or you can get an annual renewable term that lasts for 1-year increments.
Empire Life pros and cons
| PROS | CONS |
|---|---|
| Some of the most versatile coverage options in Canada | Limited term options |
| Options to exchange into longer term coverage | Max. annual renewable term coverage of $499,999 |
| Instant approval possible | |
| Highly competitive premiums | |
| Comprehensive rider options | |
| Solution 100 term policy has cash value (rare in the market) | |
| Online access to account | |
| Digital e-policy |
Best for Families: Equitable Life
Our Equitable Life rating and review:
We’ve given Equitable Life 4 stars and rated them as the best company for families. They make it easy for you to add coverage for multiple people on one policy. This helps families save on fees and put some cash back in their wallets.
It’s also great for a strategy called “laddering”, where you only pay for coverage as you need it. This is another way Canadians can save a little bit more on their life insurance coverage.
Equitable Life pros and cons
| PROS | CONS |
|---|---|
| Options to add critical illness insurance and other term life riders | Limited term options |
| Options to convert into permanent coverage, regardless of health | Moderate premium costs |
| Preferred clients automatically qualify for EquiLiving critical illness insurance | Limited term offerings |
| Can create family plan by adding child term rider | |
| Online access to account | |
| Digital e-policy | |
| Top 10 largest insurance company based on annual premiums |
Best for Giving Back: Foresters Financial
Our Foresters Financial rating and review:
We’ve given Foresters Financial 4 stars and rated them as the best company for giving back. Many of their products come with a unique perk: a charitable benefit feature where they will donate to a charity of your choice on your behalf.
Foresters is also a great choice if you have changing needs. Their term insurance is simple and straightforward, but they also have options that give you better coverage if your needs change in the future and you need insurance to match that.
Foresters pros and cons
| PROS | CONS |
|---|---|
| Multiple term coverage options | Premiums can be more expensive than competition |
| Simplified and quick fulfillment options available | No online access to policy details |
| Options to convert to permanent coverage, including participating and non-participating | |
| Unique community membership benefits | |
| Digital e-policy |
Best for Quick Issue Options: Humania
Our Humania Assurance rating and review:
We’ve given Humania Assurance 4 stars and rated them as the best company for quick issue policies. Their main term life insurance product is designed to make it easy for you to get approved fast.
Humania’s policies usually don’t have many requirements. Most are done online and can be approved on the spot. They also let you choose coverage for multiple terms, up to a maximum of 30 years or until age 80.
Humania pros and cons
| PROS | CONS |
|---|---|
| Competitively priced premiums | No preferred pricing available clients in better health |
| Multiple term coverage options | Conversion only available until age 65 |
| Options to exchange into longer term products | No online access to policy details |
| Simplified and quick fulfillment options available | Term coverage only available until age 80 |
| Digital e-policy | |
| Non-medical coverage options available | |
| Automatic approval for critical illness and debt disability coverage for those with standard health |
Best for Flexibility: Industrial Alliance
Our iA Financial Group rating and review:
We’ve given Industrial Alliance (iA) 5 stars and rated them as the best for flexibility. They’re one of the few insurers that lets you customize your term length with their unique Pick-A-Term product.
You can pick anywhere between 10-40 years for term coverage with iA Financial Group, letting you match your term insurance with any specific number of years, like if you’re using life insurance to cover your mortgage.
Industrial Alliance pros and cons
| PROS | CONS |
|---|---|
| Flexible plans allow personalized coverage | Premiums can be more expensive than competition |
| Pick-a-term feature (rare in the market) | |
| Both level and decreasing options | |
| Optional disability rider — can be used with decreasing coverage for mortgage protection | |
| Non medical coverage options: simplified and guaranteed | |
| Online access to account | |
| Digital e-policy | |
| Underwriting can be more accommodating than competitors | |
| Top 10 largest insurance company based on annual premiums |
Best for Layering: ivari
Our ivari rating and review:
We’ve given ivari 3 stars and rated them as the best provider if you want to do a layering strategy. Laddering is when you buy multiple term life policies that end at different times. You can terms of 10, 20, or 30 years with this company.
ivari makes it easy for you to get multiple policies that overlap, so you can create custom coverage that is just perfect for you. You can get just one term life policy, or you can combine policies with more terms or different types of insurance.
Ivari pros and cons
| PROS | CONS |
|---|---|
| Several optional riders, including children’s insurance | Premiums can be more expensive than competition |
| Multiple term coverage options | Limited flexibility for term length |
| 30-year term has flexible options upon maturity | |
| Online access to account | |
| Digital e-policy |
Best for Digital Innovation: Manulife
Our Manulife rating and review:
We’ve given Manulife 5 stars and rated them as the best for digital innovation. This company almost needs no introduction. It’s one of the biggest insurers not just in Canada but in the entire world — an industry leader in every sense.
Manulife was one of the first companies to take more of the life insurance process online in Canada. Their underwriting uses advanced technology to approve up to $2 million in life insurance without needing a medical exam.
| Term Life Insurance | Whole Life Insurance |
|---|---|
| Temporary coverage for a fixed period of time e.g. 10years, 20 years, 25 years | Guaranteed lifelong coverage |
| Best suited for temporary needs (morgage, children’s education, lifestyle protection) | Best suited for permanent needs (estate planning, retirement income, final expenses) |
| Guaranteed premiums for the initial term only | Guaranteed level premiums for life |
- The best life insurance company varies depending on you and your family's needs
- You can find the best policy by shopping and comparing quotes on PolicyAdvisor.com
- The top 5 best providers are Canada Life. Manulife, Sun Life, Industrial Alliance (iA), and Desjardins
