Best Life Insurance Companies in Canada in 2024

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Amount coverage
Up to$ 10,000,000
Features
Age at issue
From 18 to 75 years
Premium options
10, 15, 20, 25, 30, or 40 years
Additional coverages
7
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  • Fixed premiums for the term duration
  • Option to renew the contract from the 5th year
  • Fixed or decreasing insured capital
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Term Life Insurance by Beneva offers tailored flexibility to adapt to various coverage needs over 10, 15, 20, 25, 30, or 40 years, making it ideal for those looking to cover specific financial responsibilities such as personal loans or educational expenses for dependents. This policy is particularly advantageous for first-time buyers or those on a strict budget due to its affordable nature compared to permanent policies. It includes options to extend or modify the term, switch to permanent coverage without further health checks, and choose between decreasing or fixed capital to match changing financial obligations or provide a consistent benefit.

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  • Over 75 years of combined insurance expertise
  • Affordable and flexible with multiple term options
  • Premiums are constant during the initial term, aiding in financial planning.
  • Ability to choose between decreasing or fixed insured capital.
  • Can switch to a longer term within five years without a medical exam.
  • Add-ons like critical illness coverage, disability waiver, children’s insurance, and more
  • Premiums may rise upon renewal, although increases are known in advance.
  • Decreasing Benefit Option is economical but reduces coverage over time, which may not suit everyone's long-term needs.
  • Website doesn’t provide enough information about coverage
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Amount coverage
Up to$ 15,000,000
Features
Age at issue
From 30 to 60 years old
Premium options
10, 15, 20 or 30 years
Additional coverages
7
Our review
From 30 to 60 years old only
  • Guaranteed premiums
  • Option to convert the policy to permanent insurance at any time before age 75
  • Ideal for business owners
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SunSpectrum Term Life Insurance from Sun Life offers flexible term lengths of 10, 15, 20, or 30 years, suitable for various temporary protection needs such as income replacement, debt protection, and future financial security for families or businesses. The product features guaranteed premiums and the option for guaranteed conversion to permanent insurance without health re-qualification before the policyholder's 75th birthday. This makes it ideal for individuals looking for affordability with the potential for lifelong coverage. It is especially beneficial for business owners concerned with succession planning and key employee protection.

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  • Guaranteed premiums and convertibility ensure cost predictability and easy transition to permanent coverage.
  • High coverage limit with policies up to $15 million coverage, accommodating significant financial needs.
  • Available in 10, 15, 20, and 30-year terms to match specific coverage durations.
  • Includes living benefits for terminal illness and waivers during total disability.
  • Tailored benefits for both personal and business needs, including child term and partner protection benefits.
  • After the initial term, premiums increase significantly upon renewal.
  • Conversion and longer term options are not available as age increases.
  • Wide range of options may require careful consideration to ensure appropriate coverage.
Amount coverage
Up to$ 10,000,000
Features
Age at issue
From 0 to 70 years old
Premium options
From 10 to 40 years
Additional guarantees
12
Our review
Ideal as mortgage protection
  • Fixed or decreasing insurance amount
  • Fixed premiums and guarantees
  • Option to convert to permanent life insurance without medical evidence
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Pick-A-Term by iA is a term life insurance solution designed with affordability and flexibility in mind, suitable for various stages of life including young families and pre-retirees. It offers terms from 10 to 40 years, which can align with significant financial commitments like mortgages or educational expenses. The fixed and guaranteed premium structure simplifies budgeting, while options to renew annually or convert to permanent insurance provide adaptability as needs evolve. This product is ideal for those seeking financial security without the long-term commitment of permanent life insurance, accommodating both personal and business insurance needs.

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  • Versatile term options from 10 to 40 years, matching key financial periods.
  • Premium rates are guaranteed and known upfront, aiding in financial planning.
  • Allows conversion to permanent coverage at any time without health checks.
  • Can be renewed annually to adapt to changing insurance needs.
  • Available with additional benefits such as critical illness and disability insurance.
  • At renewal, premiums may increase based on the new term.
  • Decreasing Benefits Option is not suitable for those needing consistent coverage amounts throughout the term.
  • Numerous coverage and benefit options could complicate decision-making.
Amount coverage
Up to$ 25,000,000
Features
Age at issue
From 18 to 70 years old
Premium options
From 10 to 40 years
Additional coverages
3
Our review
  • Flexible offer
  • Policy convertible to permanent insurance
  • Several optional guarantees available
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RBC YourTerm® Life Insurance offers a range of flexible and affordable term life options to fit different life stages and financial needs, making it an attractive choice for individuals aged 18 to 70. With coverage terms from 10 to 40 years and amounts ranging from $50,000 to $25 million, this policy is versatile enough to protect everything from personal debts to family businesses. It features fixed premiums for the chosen term length, ensuring cost predictability and ease in budgeting. Additionally, the policy can be converted to a permanent policy without further health assessments, providing long-term security. It's particularly suited for young professionals starting their careers, families planning for the future, or anyone needing solid, temporary financial protection with the option for longer coverage.

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  • Premiums remain constant throughout the term, enhancing budget management.
  • Offers substantial coverage up to $25 million, accommodating large financial needs.
  • Ranges from 10 to 40 years, allowing tailored protection based on personal needs.
  • Policies can be converted to permanent coverage without additional medical information.
  • Additional benefits include accidental death benefits and a 10-day review period with a full refund option.
  • Coverage limits decrease for individuals over 55.
  • If not converted, premiums can increase significantly after the initial term.
  • Multiple term lengths and coverage options may require careful consideration to select the appropriate plan.
Amount coverage
Up to$ 20,000,000
Features
Age at issue
From 18 to 60 years old
Premium options
10 years, 20 years, to age 65, or for life
Additional coverages
3
Our review
Best protection for your family
  • Cash advance if you are diagnosed with a terminal illness
  • Access to Manulife Vitality benefits at no cost
  • Cover your family’s bereavement counseling costs
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Manulife Family Term life insurance offers an affordable and flexible way to secure financial protection for both families and businesses. This policy helps maintain lifestyles, cover debts, and fund future needs like education and retirement, with the option to enhance the plan through Manulife Vitality, a program that rewards healthy living. Coverage ranges from $100,000 to $20 million, with level premiums for set periods, and includes unique features like bereavement counseling and a terminal illness advance. It is well-suited for individuals or families seeking comprehensive coverage that adapts to changing life circumstances and those interested in linking their health with insurance benefits.

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  • Coverage is affordable and can be adjusted to meet changing family and business needs.
  • Manulife Vitality Program offers rewards for healthy living, potentially reducing premiums.
  • High coverage options available from $100,000 up to $20 million.
  • Allows conversion to permanent insurance without further medical underwriting.
  • Premiums are level for terms like 10 years, 20 years, or until age 65.
  • Participation in the Manulife Vitality program requires meeting specific health milestones to maintain premium discounts.
  • With coverage limits up to $20 million, there’s a risk of over-insuring, which could lead to unnecessarily high premiums.
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Did you know that there are over 150 life insurance companies operating in Canada? With so many options to choose from, making a decision can be overwhelming. To help you filter out the noise, we have created our picks of the top life insurance companies.

Once you know what the best options offer, their pros, cons, and prices, you can use the comparator at the top of this page to compare the best life insurance plans and get free quotes in seconds right here.

Top Life Insurance Companies in Canada

  1. RBC Insurance: Best option for comprehensive coverage
  2. Canada Life insurance: Comprehensive options from one of the largest insurers
  3. BMO life insurance: Best for those seeking flexible options
  4. Equitable Life of Canada: Good option for permanent life insurance
  5. Manulife life insurance: disability and critical illness coverage included
  6. Sun Life life insurance: A great option for families
  7. Ivari life insurance: Great for customizable plans
  8. Desjardins life insurance: Canada's leading cooperative financial group
  9. iA life insurance: An insurance giant with a variety of policies

As mentioned, Canada boasts several leading life insurance companies known for their financial stability and comprehensive coverage. These top life insurance companies are recognized for their financial stability, diverse product offerings, and strong customer service, making them prominent choices for individuals seeking reliable coverage in Canada. So, let's take you through some of the best ones.

RBC Insurance: Best option for comprehensive coverage

Keep in mind

RBC Insurance, a division of the Royal Bank of Canada, specializes in insurance services. Established in 1960 and headquartered in Toronto, Ontario, RBC Insurance has evolved into a highly reputable provider in Canada. It holds an "A" (Excellent) rating from AM Best, signifying its financial strength and resilience during periods of economic uncertainty, distinguishing it from lower-rated companies.

What types of life insurance policies does RBC offer?

Type of InsuranceCoverage FeaturesEligibility
RBC Term Life Insurance
No medical exam (Simplified)
Term lengths: 10-40 years (Simplified)
Coverage amounts: $50,000-$1,000,000 (Simplified)
Convert to permanent life insurance before age 71 (Simplified)
Flexible term lengths (YourTerm)
Coverage amounts: $1,000,001-$25,000,000 (YourTerm)
Conversion options (YourTerm)
Canadian residents aged 18-70 (Simplified)
Canadian residents aged 18-70 (YourTerm)
RBC Permanent Life Insurance
Participating whole life (Growth)
Cash value (Growth)
Premium payment options (Growth)
No medical exam (Guaranteed Acceptance)
Permanent coverage (Guaranteed Acceptance)
Coverage amounts: $5,000-$40,000 (Guaranteed Acceptance)
Lifetime coverage (Term 100)
Guaranteed premiums (Term 100)
Multiple add-ons available (Term 100)
Varies by product
Typically 0-85 years old (Growth, Term 100)
Ages 45-70 (Guaranteed Acceptance)
RBC Universal Life™ Insurance
Lifetime coverage
Flexible premiums
Tax-advantaged investing
Customizable investment portfolio
Canadian residents aged 0-85
Eligibility discounts available
RBC Personal Accident Insurance
Covers sudden death due to accidents
Coverage amounts: $50,000-$250,000
No medical exam
Supplement to existing life insurance
Canadian residents aged 18-69
RBC customers
RBC Life insurance types

RBC Life Insurance: Pros and cons

Pros

  • Comprehensive selection of RBC term life and whole life options
  • Guaranteed acceptance for no medical life insurance coverage
  • Coverage available up to $25,000,000
  • Digital access to policies and quotes via RBC life insurance login and app
  • Offers senior life insurance options
  • Ability to convert term life policies into permanent life insurance

Cons

  • Slightly higher costs for older individuals
  • Absence of an RBC life insurance contact email provided

How much does an RBC life insurance policy cost?

RBC Life Insurance offers transparent and easily accessible quotes and rates on its website. Below, we've compiled sample rates for both men and women, based on a 20-year term life policy with a $250,000 death benefit. These rates apply to healthy, non-smoking individuals.

AgeFemaleMale
25
$14.20$18.34
30
$15.03$18.95
35
$17.42$22.05
40
$23.45$30.56
45
$35.73$49.39
50
$56.03$79.36
55
$97.18$140.87
60
$173.14$247.88
RBC life insurance quote

The price of life insurance depends on factors such as age, health, coverage amount, policy type, term length, riders, gender, family medical history, occupation, hobbies, and location. You can get a personalized quote right here.

What is the OSFI?

Office of the Superintendent of Financial Institutions (OSFI): OSFI is the primary regulator for federally chartered life insurance companies in Canada. It operates at the federal level and ensures that these companies adhere to national regulations.

Canada Life life insurance: Comprehensive options from one of the country's largest insurers

Keep in mind

Founded in 1847, The Canada Life Assurance Company was Canada’s first domestic life insurance company. In 2013, Canada Life merged with Great-West Life Insurance and London Life Insurance. As one of the largest insurance companies in Canada, it collects over $36 billion in insurance premiums each year and employs over ten thousand people.

What types of life insurance policies does Canada Life offer?

Let's take a look in the table below at the range of coverage options available from Canada Life.

TypesTerm Life InsuranceWhole Life InsuranceUniversal Life InsuranceParticipating Life Insurance
Term
From 5 to 50 yearsUnlimitedUnlimitedUnlimited
Guaranteed burial insurance
Debt repayment
Inheritance transfer for beneficiaries
Value growth in your life insurance
Increases your savings (non-taxable)
Participation in investment results (in the form of dividends)
Canada Life life insurance coverage types

Canada Life Life Insurance: Pros & cons

Pros

  • Flexible terms ranging between 5 and 50 years
  • Wide variety of optional riders
  • Unique Business Growth Protection Rider

Cons

  • Minimum $100,000 coverage
  • Limited online features compared to other life insurance companies

How much does a Canada Life insurance policy cost?

How much does it cost to get insured with Canada Life? Each person and situation is different, however, we have drawn up a table of estimated costs for $500,000 of Canada life insurance coverage to help you get an idea of premiums.

AgeNon-smoking womanNon-smoking man
20
$22.50$31.04
25
$23.85$31.05
30
$24.30$31.05
35
$29.25$36.45
40
$39.60$51.30
45
$59.85$85.50
50
$94.05$141.30
55
$169.20$234.45
60
$305.10$423.90
65
$474.75$696.15
Cost of life insurance Canada

As you can see from the way that premiums quickly go up over time, there is a strong financial incentive to get insured earlier and lock in those cheaper rates for 10 or 50-year terms. Are you ready to lock in a great deal?

BMO life insurance: Best for those seeking flexible options

Keep in mind

BMO Life Insurance, a subsidiary of the Bank of Montreal (BMO), is a well-established Canadian insurance provider. With a history dating back to 1817, BMO Life Insurance offers a range of life insurance products, including term life, whole life, and critical illness insurance, providing financial security and protection to Canadians. BMO's insurance services are known for their reliability and comprehensive coverage options.

What types of life insurance policies does BMO offer?

Type of Life InsuranceCoverage AmountWho can getMedical Exam Required
BMO Term Life Insurance
From $100,000 to $5,000,000Ages 18 to 75Required
BMO Life Insurance Term 100
From $50,000 to $5 millionAges 18 to 80May be required or not
BMO Universal Life Insurance
From $50,000 to $20 millionAges 0 to 80May be required or not
BMO Whole Life Insurance
From $50,000 to $20 millionAges 0 to 80May be required or not
BMO Life insurance options

BMO Life Insurance: Pros and cons

Pros

  • Economical rates
  • Flexible term life insurance durations with customizable coverage
  • Term life plan includes a compassionate benefit program, providing coverage amount prepayment to aid policyholders dealing with terminal illnesses
  • Opportunity to transform a 10-year policy into one with an extended term (15, 20, 25, and 30 years)
  • Options for transitioning to various permanent life policies

Cons

  • Products with extended lifespans are not eligible for renewal
  • Online account access is not available
  • Lacks online claim submission forms
  • Policy documentation is provided solely in printed form unlike other life insurance companies

How much does a BMO life insurance policy cost?

To calculate the pricing for BMO's Term and Permanent insurance products, the BMO Life Insurance calculator was used. This user-friendly calculator delivers personalized results. For the BMO Term product quote below, we considered a non-smoking male with a maximum policy of $100,000. The listed figures represent the monthly BMO life insurance payments.

BMO Term Life Insurance in years30-year-old45–year-old60-year-old
10
$11.43$17.91$56.97
15
$12.33$21.60$84.96
20
$13.05$28.98$139.05
25
$14.76$33.93
30
$14.94$40.86
BMO insurance life prices - term life

The price of BMO life insurance much like insurance in general depends on factors such as age, health, coverage amount, policy type, term length, riders, gender, family medical history, occupation, hobbies, and location, making a personalized quote necessary. You can get a quote right here.

Who regulates life insurance companies in Ontario?

Financial Services Regulatory Authority (FSRA): In Ontario, the FSRA regulates life insurance companies and other financial service providers. Similar bodies exist in other provinces and territories, such as the Autorité des marchés financiers (AMF) in Quebec and the Alberta Insurance Council in Alberta. Read our complete guide on life insurance in Quebec for more information.

Equitable Life of Canada: Good option for permanent life insurance

Keep in mind

Equitable Life Insurance, founded in 1920 in Waterloo, Ontario, is a reputable Canadian mutual life insurance company with a century-long history of serving Canadians. In 2016, it achieved a milestone by surpassing $100 billion in life insurance policies. Besides life insurance, it offers personal insurance, retirement and investment products, and group benefits, with a unique focus on the long-term well-being of participating policyholders rather than short-term profits.

What types of life insurance policies does Equitable offer?

Policy TypePolicy OptionsMaximum CoverageCash ValueKey Features
Term Life
10 years, 20 years, Term 30/65Up to $10 million Convertible to permanent life insurance
Optional Equiliving Critical Illness rider
Whole Life
Equimax Estate Builder, Equimax Wealth AccumulatorUp to $20 million Earns dividends, can be paid out or used to reduce premiums or purchase additional coverage
Universal Life
Equitable Generation IV with Bonus, Equation Generations Low FeesUp to $10 million Self-directed investment of cash value
Various plan options for cost-effectiveness
Equitable Life of Canada coverage options

Equitable Life Insurance: Pros and cons

Pros

  • Term policies can be converted into permanent plans
  • Offers multiple riders: Additional Accidental Death Benefit, Children’s Protection rider, Disability Waiver of Premium provision, and EquiLiving® Critical Illness insurance
  • Includes critical illness riders
  • Automatic qualification for EquiLiving Critical Illness coverage
  • Competitive insurance rates compared to many rivals

Cons

  • Term insurance plans are more limited than some competitors (3 options)
  • Policies cannot be bought online unlike other life insurance companies

How much does an Equitable life insurance policy cost?

Here are the monthly premiums for non-smokers for a 20-year Equitable Life term insurance policy with $500,000 coverage.

AgeMaleFemale
30
$33.70$23.80
40
$52.03$37.35
50
$136.15$93.55
60
$437.35$315.40
Equitable life insurance cost

Life insurance prices are determined by various factors like age, health, coverage amount, policy type, and more, requiring a personalized quote for accurate rates. You can get a quote right here in seconds.

Manulife life insurance: Life insurance with disability and critical illness coverage

Keep in mind

Manulife is a prominent Canadian insurance company that offers a wide range of life insurance products. With a history dating back to 1887, Manulife is one of Canada's oldest and most trusted insurance providers. They provide customizable life insurance solutions, retirement planning, investment options, and other financial services, serving millions of customers in Canada and around the world. Strong financial stability, innovative products, and commitment to customer well-being make it a key player in the insurance industry.

What types of life insurance policies does Manulife offer?

Manulife offers term, whole, and universal life policies. Under each type, they have several plans. Here is a table showing the difference in each life insurance option available:

TypeTerm LifeWhole LifeUniversal LifeGauranteed Issue
Term
10-year incrementsLifetimeLifetimeGuaranteed Issue
Coverage plans
  • Family Term with Vitality Plus
  • Family Term
  • CoverMe Term Life
  • CoverMe Easy Issue
  • Manulife Par whole life insurance
  • Performax Gold whole life insurance
  • Manulife UL with Vitality Plus
  • Manulife UL
  • InnoVision
  • Guaranteed Issue up to $25,000
Manulife insurance plan

Interested in combining life insurance with disability and critical illness? You can get Manulife synergy 3-in-1 policies.

Manulife Life Insurance: Pros and cons

Pros

  • Online client service portal
  • Online claims submission
  • Access to My Vitality
  • Online chat option available

Cons

  • The site can be difficult to navigate
  • Quebec residents cannot obtain a quote online

How much does insurance from Manulife cost?

How much does it cost to get insured with Manulife? Each person and situation is different, however, we have drawn up a table of estimated costs for $500,000 of life insurance coverage over a 20-year term to help you get an idea of premiums.

AgeNon-smoking womanNon-smoking man
20
$23.49$32.74
25
$24.59$33.35
30
$24.85$33.83
35
$26.75$35.45
40
$37.77$50.07
45
$57.86$79.82
50
$93.01$134.20
55
$106.80$244.97
60
$312.06$433.61
Manulife cost

Ready to get protected and secure your peace of mind? Get a personalized quote to see if Manulife is the right choice for you right here in seconds.

Sun Life life insurance: A great option for families

Keep in mind

Sun Life is a renowned Canadian life insurance company with a rich history dating back to 1865. It offers a diverse range of life insurance products and financial services, serving millions of customers in Canada and around the globe. Sun Life is recognized for its innovative insurance solutions, retirement planning, and investment options. Originally headquartered in Quebec, the group now provides insurance over the whole American continent as well as in India, the Philippines, the UK, and North Africa.

What types of life insurance policies does Sun Life offer?

Sun Life Insurance offers term, permanent, and whole-life policies. However, it has a wide variety of optional riders that can be added or bought separately. Let's take a look at what Sun Life offers for its term life customers.

TypesTerm Life
Term
10, 15, 20, 30 years
Age
  • Term 10: 0 - 75
  • Term 15: 0 - 70
  • Term 20: 0 - 65
  • Term 30: 0 - 55
Price
Between $26 and $107 per month depending on age, term, and the amount of coverage
Coverage Amount
$50,000 and up
How Sun Life term life insurance works

Sun Life has a range of policies to suit every individual need. Take a look at the table below to see what other types of life insurance they offer.

PolicyFeatures
Participatory permanent life insurance
  • generates short-term cash value
  • covers you until death
  • generates long-term cash value
  • seeks to increase death benefit through investment
Non-participatory permanent life insurance
  • covers you until death
  • death benefits of $5,000 to $10 million
  • generates long-term cash value
  • seeks to increase death benefit through investment
Universal life insurance
  • wide variety of death benefit options
  • covers you until death
  • option to cease payments after 70 and remain covered
SunLife insurance offers

Sun Life Life Insurance: Pros and cons

Pros

  • Intuitive online platform for making claims
  • Slick mobile app
  • Fast-tracked digital customer service
  • Multiple term lengths to choose
  • Return of premium on death benefit in whole life permanent policy

Cons

  • Not all plans can get an online quote

How much does a Sun Life insurance policy cost?

How much does it cost to get insured with Sun Life? Each person and situation is different, however, we have drawn up a table of estimated costs for $500,000 of life insurance coverage over a 20-year term to help you get an idea of premiums.

AgeNon-smoking womanNon smoking man
30
$26.10$33.30
35
$28.80$35.10
40
$40.50$52.65
45
$59.40$82.80
50
$95.85$141.75
55
$176.40$295.20
60
$322.20$494.80
65
$498.60$718.20
Cost of Sun Life Insurance

You can get a free quote from Sun Life right here and then compare how it fares against other plans too.

Ivari life insurance: Great for customizable plans

Keep in mind

Founded in the 1920s, ivari is a long-standing Canadian insurance company with a rich history. They offer a diverse array of life insurance products and customizable riders to meet unique needs. Originally known as Transamerica Life Canada, ivari assumed its current name following its acquisition by Wilton Re in 2015, which is owned by the Canada Pension Plan Investment Board. With an impressive A+ financial rating from A.M. Best Company and assets totaling $11.5 billion, ivari stands in a robust financial position.

What types of life insurance policies does Ivari offer?

Insurance TypeDurationCoverage AmountPlansRidersCash Value
Term Life Insurance
10, 20, 30 years$50,000 - $10 millionTerm 10, Term 20, Term 30 with SelectOptionsAccidental Death and Dismemberment
Critical Illness Protection
Waiver of Planned Premiums
Payor Waiver of Planned Premiums
Waiver of Premium
Children's Insurance
Term Riders
Level Cost of insurance
Payor Waiver of Monthly Deductions
Universal Life Insurance
For life$25,000 to $10 million4-conditions, 25-conditionsAccidental Death and Dismemberment
Critical Illness Protection
Waiver of Planned Premiums
Payor Waiver of Planned Premiums
Waiver of Premium
Children's insurance
Term Riders
Level Cost of insurance
Payor Waiver of Monthly Deductions
Critical Illness Insurance
N/A$2 millionN/AN/A
Ivari life insurance options

Ivari Life Insurance: Pros and cons

Pros

  • Accessible My Insurance View online life insurance calculator
  • Demonstrates strong financial stability
  • ivari provides a range of optional riders, such as children's insurance
  • Offers flexibility with multiple-term options
  • Especially adaptable 30-year term policy
  • Allows joint policies for up to five individuals

Cons

  • Doesn't offer whole-life insurance alternatives
  • Higher premiums compared to select competitors
  • Requires policy purchases through advisors, not directly from the website

How much does an Ivari life insurance policy cost?

Here is an estimate of the premium non-smokers in good health can expect to pay monthly for Ivari life insurance. The rates are for coverage of $250,000 for a 20-year term life insurance.

AgeMaleFemale
20
$19.20$12.88
25
$19.44$13.37
30
$19.93$14.09
35
$21.38$16.52
40
$30.62$22.84
45
$48.36$34.51
50
$80.92$54.43
55
$155.95$102.30
Ivari life insurance policy cost

Life insurance pricing is determined by various factors like age, sex, smoker status, and more, requiring personalized quotes. You can get tailor-made quotes here in seconds.

Desjardins life insurance: Coverage from Canada's leading cooperative financial group

Keep in mind

Desjardins is a prominent Canadian financial cooperative that offers a wide array of insurance products, including life insurance. Founded in 1900, it has become a trusted insurance provider in Canada. Desjardins focuses on delivering personalized insurance solutions, financial security, and a range of services to meet the diverse needs of its customers. Desjardins is the largest insurance provider in Quebec but also operates across Canada with 200 outlets and over 700 points of service.

Which types of life insurance policies does Desjardins offer?

Desjardins offers a variety of life insurance policies to suit different needs. Have a look at our table below to see how they differ.

TypesTerm Life InsuranceWhole Life InsuranceUniversal Life InsuranceParticipating Life Insurance
Term
10, 20, 30 yearsUnlimitedUnlimitedUnlimited
Age
Until aged 65From ages 50 to 75 years oldNo age limitNo age limit
Guaranteed burial insurance
Debt repayment
Inheritance transfer for beneficiaries
Value growth in your life insurance
Increases your savings (non-taxable)
Desjardins life insurance plans

Desjardins Life Insurance: Pros and cons

Pros

  • Desjardins is an asset management expert
  • Desjardins offers health and retirement coverage in addition to life insurance

Cons

  • No life insurance quote online
  • No online chat forum is available

How much does a Desjardins life insurance policy cost?

How much does it cost to get insured with Desjardins? As you can see in the table below premiums can rise quickly as you get older. These figures are estimated for $500,000 of life insurance coverage over a 20-year term.

AgeFemale non-smokerMale non-smoker
20
$21.60$31.05
25
$22.05$31.50
30
$22.95$31.95
35
$25.20$33.30
40
$35.55$48.60
45
$55.35$77.40
50
$89.10$130.05
55
$161.10$230.40
60
$308.25$433.35
65
$486.90$715.50
Life insurance Desjardins

If you want to compare Desjardins with other policies in Canada, you can do it using our comparator below. You can explore plans from the best life insurance companies and get free quotes in seconds right here in a few quick steps.

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iA life insurance: An insurance giant with a variety of policies

Keep in mind

iA Financial Group, formerly known as Industrial Alliance, is a leading Canadian insurance and financial services company. Founded in 1892, it offers various insurance products, including life insurance, along with investment and retirement planning solutions. iA is recognized for its commitment to providing innovative, customer-centric insurance products and financial services to individuals and businesses across Canada serving over 4 million clients as of today.

What types of life insurance policies does iA offer?

iA has a variety of different life insurance policies to suit clients at different life stages and with differing lifestyles. Take a look at the table below to see what kinds of insurance they offer.

TypesLife and Serenity 65Whole LifeAccess LifeChild & health Duo
Term
UnlimitedUnlimitedUnlimitedUnlimited
Tax-free?
Benefit
$1 million$10,000$500,000$500,000
Fixed premiums
Cash surrender value
Compare iA life insurance

iA life insurance: Pros and cons

Pros

  • Flexible policies
  • No medical and guaranteed options
  • Optional disability add-on

Cons

  • Paper policies only
  • Term life is more expensive than some competitors

How much does an iA life insurance policy cost?

How much does it cost to get insured with iA? Whether you can get a good deal or not can depend on what length of term you buy and what get you currently have. The figures in the table below are estimated for $500,000 of life insurance coverage over a 20-year term.

AgeFemale non-smokerMale non-smoker
20
$22.95$33.30
25
$23.40$33.30
30
$23.85$33.75
35
$26.55$35.55
40
$37.80$52.20
45
$57.60$81.90
50
$92.70$136.35
55
$171.45$242.55
60
$314.55$437.40
65
$489.60$718.65
iA term life cost

What are 5 tips to get the cheapest life insurance in Canada?

  1. Shop Around: Compare quotes from multiple insurance providers to find the most cost-effective policy tailored to your needs.
  2. Healthy Lifestyle: Maintain a healthy lifestyle, including diet and exercise, to secure lower premiums.
  3. Term vs. Permanent: Consider term life insurance for affordability, as it's typically cheaper than permanent coverage.
  4. Bundle Policies: Bundle your life insurance with other insurance products, like home or auto, for potential discounts.
  5. Quit Smoking: If you're a smoker, quitting can significantly reduce your life insurance costs due to lower health risks.

You can find the cheapest life insurance right here using our comparator at the top of this page. Compare the best plans, and their coverage, and get free life insurance quotes in just seconds.

2024 reviews on life insurance companies in Canada

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Nishadh Mohammed
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Nishadh Mohammed is a seasoned news editor and financial writer, working with HelloSafe since May 2023. Nishadh has developed expertise in financial markets, insurance, and investment products, with a deep understanding of the Canadian financial landscape. He has honed his SEO skills and content marketing strategies while writing for Canadian publishing houses. Armed with a master's in Business Analytics and extensive journalistic experience, Nishadh uniquely combines data proficiency and thorough research to deliver comprehensive and accessible information.