Best Life Insurance Companies in Canada in 2023
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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
- RBC Insurance: Best option for comprehensive coverage
- Canada Life insurance: Comprehensive options from one of the largest insurers
- BMO life insurance: Best for those seeking flexible options
- Equitable Life of Canada: Good option for permanent life insurance
- Manulife life insurance: disability and critical illness coverage included
- Sun Life life insurance: A great option for families
- Ivari life insurance: Great for customizable plans
- Desjardins life insurance: Canada's leading cooperative financial group
- 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 Insurance | Coverage Features | Eligibility |
|---|---|---|
| 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: 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.
| Age | Female | Male |
|---|---|---|
| 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 |
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.
| Types | Term Life Insurance | Whole Life Insurance | Universal Life Insurance | Participating Life Insurance |
|---|---|---|---|---|
| Term | From 5 to 50 years | Unlimited | Unlimited | Unlimited |
| 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: 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.
| Age | Non-smoking woman | Non-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 |
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 Insurance | Coverage Amount | Who can get | Medical Exam Required |
|---|---|---|---|
| BMO Term Life Insurance | From $100,000 to $5,000,000 | Ages 18 to 75 | Required |
| BMO Life Insurance Term 100 | From $50,000 to $5 million | Ages 18 to 80 | May be required or not |
| BMO Universal Life Insurance | From $50,000 to $20 million | Ages 0 to 80 | May be required or not |
| BMO Whole Life Insurance | From $50,000 to $20 million | Ages 0 to 80 | May be required or not |
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 years | 30-year-old | 45–year-old | 60-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 |
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.
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 Type | Policy Options | Maximum Coverage | Cash Value | Key Features |
|---|---|---|---|---|
| Term Life | 10 years, 20 years, Term 30/65 | Up to $10 million | Convertible to permanent life insurance Optional Equiliving Critical Illness rider | |
| Whole Life | Equimax Estate Builder, Equimax Wealth Accumulator | Up 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 Fees | Up to $10 million | Self-directed investment of cash value Various plan options for cost-effectiveness |
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.
| Age | Male | Female |
|---|---|---|
| 30 | $33.70 | $23.80 |
| 40 | $52.03 | $37.35 |
| 50 | $136.15 | $93.55 |
| 60 | $437.35 | $315.40 |
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:
| Type | Term Life | Whole Life | Universal Life | Gauranteed Issue |
|---|---|---|---|---|
| Term | 10-year increments | Lifetime | Lifetime | Guaranteed Issue |
| Coverage plans |
|
|
|
|
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.
| Age | Non-smoking woman | Non-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 |
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.
| Types | Term Life |
|---|---|
| Term | 10, 15, 20, 30 years |
| Age |
|
| Price | Between $26 and $107 per month depending on age, term, and the amount of coverage |
| Coverage Amount | $50,000 and up |
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.
| Policy | Features |
|---|---|
| Participatory permanent life insurance |
|
| Non-participatory permanent life insurance |
|
| Universal life insurance |
|
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.
| Age | Non-smoking woman | Non 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 |
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 Type | Duration | Coverage Amount | Plans | Riders | Cash Value |
|---|---|---|---|---|---|
| Term Life Insurance | 10, 20, 30 years | $50,000 - $10 million | Term 10, Term 20, Term 30 with SelectOptions | Accidental 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 million | 4-conditions, 25-conditions | Accidental 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 million | N/A | N/A |
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.
| Age | Male | Female |
|---|---|---|
| 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 |
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.
| Types | Term Life Insurance | Whole Life Insurance | Universal Life Insurance | Participating Life Insurance |
|---|---|---|---|---|
| Term | 10, 20, 30 years | Unlimited | Unlimited | Unlimited |
| Age | Until aged 65 | From ages 50 to 75 years old | No age limit | No 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: 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.
| Age | Female non-smoker | Male 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 |
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.
Compare the best life insurance companies
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.
| Types | Life and Serenity 65 | Whole Life | Access Life | Child & health Duo |
|---|---|---|---|---|
| Term | Unlimited | Unlimited | Unlimited | Unlimited |
| Tax-free? | ||||
| Benefit | $1 million | $10,000 | $500,000 | $500,000 |
| Fixed premiums | ||||
| Cash surrender value |
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.
| Age | Female non-smoker | Male 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 |
What are 5 tips to get the cheapest life insurance in Canada?
- Shop Around: Compare quotes from multiple insurance providers to find the most cost-effective policy tailored to your needs.
- Healthy Lifestyle: Maintain a healthy lifestyle, including diet and exercise, to secure lower premiums.
- Term vs. Permanent: Consider term life insurance for affordability, as it's typically cheaper than permanent coverage.
- Bundle Policies: Bundle your life insurance with other insurance products, like home or auto, for potential discounts.
- 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.
