Canada’s top life insurance providers can lower your monthly or yearly payments, offer sufficient insurance coverage, and safeguard your beneficiaries’ financial futures.
Finding the ideal life insurance plan can take time and effort.
While the costs you pay are frequently foremost in your mind, other considerations also exist:
- Which form of life insurance should you purchase: permanent or term?
- Is the life insurance provider reputable and financially sound?
When selecting the best life insurance for your needs, knowing the answers to these and other questions is crucial.
I discuss some of the top life insurance companies in Canada, how to select one that suits your needs and the price of life insurance in the sections below.
List of top 10 life insurance companies in Canada
You should consider the cost of coverage, the types of life insurance plans offered and their conditions, the company’s financial stability, customer evaluations, and the simplicity of application when comparing the best life insurance companies.
I base the price of term life insurance, which is what most people require, on the cost of coverage.
With 1.3 trillion in assets, Manulife is Canada’s biggest insurer.
Manulife offers banking and investing services in addition to insurance coverage.
The life insurance policies offered by this organization come with various choices.
For instance, you can choose from CoverMe, Family Term, Business Term, and Family Term with Vitality for term life insurance, which offers a means to reduce your premiums when you engage in healthy and fitness-related activities.
Additionally, it can forego medical exams with its term life insurance coverage.
Pros of Manulife
- One of Canada’s oldest life insurance providers, Manulife, has been around for 133 years.
- Online applications are simple to submit, and many different coverage options are available.
- It offers insurance that doesn’t call for a physical.
- When you take part in particular programs, you have the option of having your rates reduced.
Cons of Manulife.
- If you’re searching for the most affordable premiums, Manulife is not the best option.
- It has a finite number of terms.
Despite not being an insurance provider itself, PolicyAdvisor is a valuable resource for comparing life insurance rates from the top 20 companies in Canada.
You can also acquire quotations for critical illness insurance, disability insurance, mortgage protection, and no medical insurance in addition to life insurance (term and whole life).
Several suppliers offer instant quotations for different terms, insurance types, and more.
If you have questions about the possibilities, you can call a qualified advisor for free.
Pros of PolicyAdvisor
- Comparing real-term quotations from 20 leading insurers is simple, thanks to this free tool.
- The online application process is quick, and you will receive help with your final application to improve your chances of being accepted.
- There are many free tools, calculators, and resources on the website.
Cons of PolicyAdvisor
- Only Ontario, Alberta, and Manitoba have granted PolicyAdvisor permission to offer insurance products.
An international leader in the insurance industry is SunLife Financial.
It has more than $328 billion in total assets and has operations in many other nations, including the United States, Australia, and the United Kingdom.
If you’re seeking life insurance protection, SunLife offers a variety of options, including different permanent and term life insurance plans.
There are options for 10, 15, 20, or 30-year terms.
Pros of Sunlife
- You can alter a life insurance policy to suit your particular needs by choosing from various riders.
- A respected business with 150 years of experience in Canada is SunLife.
- Additionally, it has a solid financial grade, earning an A+ from A.M. Best Company and an AA from Standard & Poor’s.
- The firm can meet other insurance requirements, such as critical sickness, long-term care, and personal health.
Cons of SunLife
- Term life insurance policies from SunLife can cost much more than those from other life insurance providers.
- There are several offline steps to the application procedure.
- The policies with no health coverage are costly.
Online life insurance provider PolicyMe was the first digital life insurance platform to debut in Canada.
The business first launched in 2018 as a website for comparing life insurance.
It currently offers reasonably priced life insurance products, most of which are provided by the respectable, federally regulated Canadian Premier Life Insurance Company.
AM Best has given the Canadian Premier Life Insurance Company an A Financial Strength Rating (FSR), and the company has been around for more than 60 years.
Other big insurance companies, including BMOLife Assurance Company, Canada Protection Plan, Manufacturers Life Insurance Company, and Wawanesa Life Insurance Company, are also represented by plans on PolicyMe.
This company’s online onboarding is where it excels.
Most applicants get a quick quote after completing their 15-minute online application and don’t need to undergo medical testing.
Pros of PolicyMe
- You get a decision straight away from the convenience of your home rather than waiting weeks.
- Your insurance plan includes a free $10,000 per child benefit if you have children.
- Whenever it comes to saving money, every little bit helps, and PolicyMe’s products often cost less because life insurance premiums are an independent monthly expenditure.
Cons of PolicyMe
- Residents of Quebec, Newfoundland, and New Brunswick cannot utilize PolicyMe.
- The business does not offer permanent life insurance and is smaller than other life insurance companies on the list.
The Royal Bank of Canada, the largest bank in Canada based on market capitalization, has an insurance division called RBC Insurance.
Among the insurance products it offers are:
Term life insurance amounts to $1 million and coverage for 10, 15, 20, or 40 years.
Whole life insurance offers many levels of protection, up to $25 million, cash value guarantees, and dividend possibility.
Term 100 life insurance with coverage starting at $50,000 and a variety of add-ons, as well as universal life insurance with various options and riders.
Pros of RBC Insurance
- The most valuable bank in Canada owns this reliable insurer.
- It offers a substantial maximum coverage value of $25 million, and term durations of 10 to 40 years can be easily modified.
- RBC’s term life insurance premiums are affordable, and you can exchange your policy without getting a medical exam.
Cons of RBC Insurance
- Not all of the application and approval steps are done electronically.
- To be eligible, you must be a Canadian citizen or a permanent resident who has resided in Canada for more than a year.
Canada Protection Program.
Canada Protection Plan is the best option if you want easy access to simple issues and no medical life insurance coverage in Canada.
There are five alternatives for term life insurance, with coverage up to $500,000 (no medical) or $1 million (with medical).
Additionally, it offers no medical underwriting and six types of permanent life insurance.
Pros of Protection Plan for Canada
- It is excellent for candidates who are difficult to insure and who struggle to meet the requirements for life insurance, such as those in bad health or who participate in extreme activities.
- Provides additional insurance products, such as health, travel, and critical illness insurance.
Cons of Protection Plan for Canada
- You can find coverage elsewhere for less money if you’re in good health.
Industrial Partnership (iA)
One of Canada’s most comprehensive insurance and wealth management organizations, iA Financial Group, had $214.5 billion in assets as of September 30, 2021.
It is rated A+ by AM Best.
Industrial Alliance Insurance and Financial Services Inc., its insurance division, offers a variety of personal insurance products, such as life insurance, automobile, recreational vehicle, home, mortgage, health, and travel insurance.
Additionally, participation life insurance (with dividend access) and universal life insurance are provided by iA Insurance.
These cost more and include a cash value or savings element.
All across Canada, Desjardins Insurance offers life and health insurance products.
At the end of 2020, the corporation, which was created in 1948, managed $139.5 billion in assets.
Based on written premiums, it is the fifth-largest insurance provider in Canada.
The term permanent, participation, and universal life insurance are all available from Desjardins.
Additionally, it provides health, travel, house, auto, credit, and disability insurance.
The length of coverage under its term life insurance policies is 10, 20, or 30 years.
Pros of Desjardins
- If you like, Desjardins offers a wide range of insurance products so that you may stick with just one provider.
- With riders and add-ons, its life insurance policies can be substantially personalized.
Cons of Desjardins
- To receive a term life insurance coverage price, you must speak with a salesperson.
- Online rate comparison is more challenging as a result.
- There are only 10, 20, or 30-year terms available.
A leading provider of life insurance in Canada is Canada Life Assurance Company.
It is also one of the enormous thanks to the merger of Great-West Life Company, London Life, and Canada Life into one organization.
This organization’s insurance products include critical illness, life, disability, health, and creditor insurance.
You can select a coverage duration for term life insurance that ranges from five years to fifty years.
Additionally, it may be rewarded annually or changed into permanent or long-term insurance.
It provides participating and universal life insurance as the two types of permanent life insurance.
Pros of Canada Life
- Flexible durations between 5 and 50 years
- Quickly upgrade to permanent life insurance or prolong a term life insurance.
- The business has been in operation since 1847 and is trustworthy.
Cons of Canada Life
- As there is no online calculator to obtain estimates, you must meet with an advisor to obtain a price.
- A $500 yearly premium or $100,000 in minimum coverage must be paid.
One of Canada’s top 10 life insurance providers is Empire Life.
Along with other insurance programs, the organization also provides investment products (annuities, segregated funds, and mutual funds).
As of December 31, 2020, it has an $18.7 billion asset base.
There are 10, 20, 25, and 30-year options for term life insurance.
It also provides an annual renewable term policy, which is suitable if you only need temporary insurance.
Some of Empire Life’s additional life insurance options include permanent participating life insurance and guaranteed issue life insurance.
Pros of Empire Life’s
- Empire Life provides a variety of possibilities for both term and permanent life insurance.
- Ten, twenty, twenty-five, and thirty-year durations are available, and its ART product enables flexible and momentary coverage.
Cons of Empire Life
- For its Solution ART product, $499,999 is the maximum coverage amount.
- You cannot estimate premiums using an online calculator before speaking with an advisor because it does not provide one.
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Finally, Canada is home to many of the biggest worldwide financial organizations, including important international insurance companies.
Manulife, Canada’s biggest insurer, receives over $40 billion in premiums annually.
Among the top insurance providers in Canada are Canada Life, Sun Life, Desjardins, and Industrial Alliance (iA).