10 Best Life Insurance Companies in Canada

Largest Insurance Companies in Canada.

Best Life Insurance Companies based on their share of the life insurance market which is the amount of premium in Canada.

The best life insurance companies in Canada bring the benefits for you like you can save your money on your monthly or annual premiums, provide adequate insurance coverage, and secure the financial future of your beneficiaries.

Finding the Right Life Insurance Policy can be a matter of tricks. No doubt the costs you incur are often top of mind but other factors also come into play:

Answers to these and other questions are important while choosing the best life insurance for your needs.

According to a Recent Study, 62% Canadians with life insurance get it through their employer.

When the pandemic started, more people appeared to have bought or considered life insurance where a good portion of them are also being sold “Expensive Permanent Policies”  which they don’t need.

Below, I outlined some of the best life insurance companies in Canada, in order that you may choose one that meets your needs, and the cost of life insurance.

You want to examine the cost of coverage, types of life insurance products available and terms, user reviews, ease of application, the company’s financial stability are the matters you keep in mind while assessing the top life insurance providers and best Life insurance companies in Canada. For the cost of coverage, I use the cost of term life insurance that most people need.

The numbers below reflect estimated quotes available to a person whose age is 40 years or below 40, who are non-smokers, a 10-year term, and $500,000 coverage. This data are obtained using the life insurance calculators provided by each company.

1. PolicyMe

PolicyMe is the first fully digital life insurance platform to launch in Canada and an online life insurance company. Back in 2018, this company initially started as a life insurance comparison site.  At present it  offers affordable life insurance policies mostly issued by the Canadian Premier Life Insurance Company which is a reputable federally regulated life insurance company.

For over 60 years Canadian Premier Life Insurance Company has been in business  and carries a Financial Strength Rating (FSR) of A from AM Best.

PolicyMe also offers policies of other top insurance providers like Canada Protection Plan, BMOLife Assurance Company, Manufacturers Life Insurance Company, and Wawanesa Life Insurance Company. This company proudly shines is its online onboarding because after completing its 15-minute Online Application, most applicants instantly get a quote  and they do not require medical exams.

The rates at PolicyMe are approximately 10-15% which is surprisingly lower than other big players, which makes it the best life insurance company in Canada as affordable life insurance.

PolicyMe has coverage amount: $100,000 to $5,000,000.

It's term length: 10, 15, 20, 25, and 30 years.

It's cost of 10-year term life insurance: $26.55/month for male, non-smoker, $500k coverage

It's cost of 10-year term life insurance: $19.24/month for female, non-smoker, $500k coverage.

PolicyMe offers a 5% discount on monthly rates for those who are couples, and child coverage is included at no extra cost if you have kids.

Pros of PolicyMe

PolicyMe’s policies are generally cheaper. As  life insurance premiums are an additional expense in your monthly budget, everybody thinks of little bit of savings.

2. Manulife

With 1.3 trillion in assets Manulife stands as the largest insurance company in Canada, Manulife also offers banking and investment services in addition to providing insurance policies. This Manulife's life insurance policies offer a variety of options. For example, for term life insurance, you can select Family Term, CoverMe, Business Term, and Family Term with Vitality, a policy lowering your premiums when you complete fitness and health-related activities. Its term life insurance policies also offer an option to waive medical exams.

Manulife also issues policies for permanent life or whole life insurance, as well as a “Guaranteed Issue Life Insurance” that provides coverage regardless of health history or age.

Manulife's coverage amount: $50,000 to $20 million

It's term length: 10, 20, or until age 65 or 100

It's cost of 10-year term life insurance: $30.35/month for male, non-smoker, $500k coverage.

It's cost of 10-year term life insurance: $25.29/month for female, non-smoker, 500k coverage.

3. PolicyAdvisor

PolicyAdvisor is a great portal to compare life insurance quotes from Canada’s top 20 life insurance providers although PolicyAdvisor  is not an insurance company, .

Nevertheless it’s not just life insurance whether term or whole life but you can also get quotes for mortgage protection, critical illness insurance, disability insurance, and no medical insurance.

In order to find the best rates for your needs, visit PolicyAdvisor to complete an application.

From several providers for various terms, insurance types, and more you can get Instant quotes. You can consult with a licensed advisor for free by phone in case you have questions about the options available.This free service makes it easy to compare real-term quotes from 20 of the best insurers in Canada.

This platform also provides a plethora of free calculators which you can use to figure out your coverage costs.

PolicyAdvisor's coverage amount: $25,000 to $5,000,000

It's term length: 10, 15, 20, 25, 30, 35, and 40 years

It's cost of 10–year term life insurance: $28.80/month for male, non-smoker, $500k coverage.

It's cost of 10-year term life insurance: $20.52/month for female, non-smoker, $500k coverage.

4. SunLife

SunLife Financial is proud of being it one of the largest insurance companies in the world. SunLife's total assets exceed $328 billion, and it operates in other countries also, including the United States, United Kingdom, Australia.

If you are looking for life insurance coverage, including various term life insurance and permanent life insurance options, SunLife is the best choice for you because it offers a wide array of options.

SunLife's term lengths vary with a choice of 10, 15, 20, or 30 years.

For those who do not want to go through an extensive medical underwriting process, SunLife has those options.

SunLife's coverage amount: $5,000 to $1 million (up to $10 million for permanent life)

It's term length: 10, 15, 20, or 30 years

It's cost of 10-year term life insurance: $51.24/month (male, non-smoker, $500k coverage)

It's cost of 10-year term life insurance: $41.20/month (female, non-smoker, $500k coverage)

5. RBC Insurance

RBC Insurance is the insurance arm of the Royal Bank of Canada which is the Largest Bank in Canada on basis of market capitalization.

RBC Insurance's line of insurance products include guaranteed acceptance life insurance with no medical exam and up to $40,000 coverage.

RBC Insurance's coverage amount: $5,000 to $25 million

It's term length: 10-40 years

It's cost of 10-year term life insurance: $29.25/month (male, non-smoker, $500k coverage)

It's cost of 10-year term life insurance: $20.52/month (female, non-smoker, $500k coverage)

It's RBC Insurance has an A.M. Best Financial Strength Rating of A.

6. Canada Life

Canada Life Assurance Company, a top life insurance company in Canada, is also one of the largest insurance company with the consolidation of Great-West Life Company, London Life, and Canada Life into one company. This company offers a variety of  insurance products, including life, disability, critical illness, health, and creditor insurance.

If you plan a term life insurance, you can choose a coverage period starting at 5 years to as long as 50 years.

Canada Life can also be rewarded on an annual basis, converted to longer-term or permanent insurance. The two forms of permanent life insurance Canada Life offers are: universal and participating life insurance. Canada Life has an AM Best rating of A+.

Canada Life's coverage amount: Varies; $100,000 minimum

It's term length: 5-50 years

It's cost of 10-year term life insurance: Not available online.

7. Canada Protection Plan

Canada Protection Plan tops the list If you are looking in Canada for ready access to no medical and simplified issue life insurance coverage.

For term life insurance, Canada Protection Plan has five options to choose from, with coverage up to $500,000 without medical or $1 million with medical. It also provides permanent life insurance of 6 different kinds but there is no medical underwriting.

Since 1992, this insurer has been around and you can buy its policies from 25,000+ independent advisors across Canada.

Canada Protection Plan's coverage amount: $25,000 to $1,000,000

It's term length: 10, 20, 25, and 30-year term

It's cost of 10-year term life insurance: $39.15/month if male, non-smoker, $500k coverage.

It's cost of 10-year term life insurance: $33.75/month if female, non-smoker, $500k coverage.

8. Industrial Alliance (iA)

As of September 30, 2021, iA Financial Group is one of the largest insurance and wealth management groups in Canada  with $214.5 billion in assets. Its insurance arm includes Industrial Alliance Insurance and Financial Services Inc. that offer personal insurance products, including car, life insurance, RV, home, mortgage, disability health and travel insurance. It has an AM Best Rating of A+.

Term life insurance is available via Access Life  for 15, 20, or 25 years with no medical exam, and up to $500,000 coverage and Pick-A-Term of 10-40 years and coverage up to $10 million.

Its permanent life insurance product includes four products that you can customize to meet your financial needs.

Industrial Alliance's coverage amount: $10,000 to $10 million

It's coverage term: 10-40 years

It's cost of 10-year term life insurance: $49.05/month (male, non-smoker, $500k coverage)

It's cost of 10-year term life insurance: $36/month (female, non-smoker, $500k coverage)

iA Insurance also offers participating life insurance with access to dividends and universal life insurance. These are more expensive and have a cash value or savings component.

9. Desjardins

Desjardins Insurance provides health insurance products and life insurance  across Canada. Back in 1948 the company was founded and at the end of 2020 it had $139.5 billion in assets under management. Based on written premiums It is ranked as the fifth largest insurance company in Canada.

Desjardins’ life insurance products include permanent, term, participating, and universal life insurance. It also offers credit, disability, travel, home, auto and health insurance. Desjardins's term life insurance policies provide coverage for 10, 20, or 30 years.

And you can access tax-efficient dividends or a tax-deferred savings fund through participating and universal life insurance products respectively.

Desjardins's coverage amount: Not available online

It's term length: 10, 20, or 30 years; or until age 65

It's cost of 10-year term life insurance: Not available online.

10. Empire Life

Empire Life has a top position among 10 life insurance company in Canada. The company also offers investment products like segregated funds, annuities, , mutual funds and other insurance plans. Its asset base is as of December 31, 2020, $18.7 billion.

Empire Life is also a term life insurance available for 10, 20, 25, and 30-year terms. It also offers an annual renewable term policy that can be renewed every year. This is certainly a good option if you are looking for temporary coverage. Empire Life’s other life insurance products include guaranteed issue life insurance, permanent life insurance and permanent participating life insurance.

Empire Life's coverage amount: $50,000 to $10 million

It's term length: 10, 20, 25, and 30 years

It's cost of 10-year term life insurance: Not available online

It's empire Life has an A rating with A.M. Best Company.

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