Best Life Insurance Companies in Canada: Reviews, Ratings (Updated December 2024)
- Fixed premiums for the term duration
- Option to renew the contract from the 5th year
- Fixed or decreasing insured capital
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.
- 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
- Flexible offer
- Policy convertible to permanent insurance
- Several optional guarantees available
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.
- 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.
- 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
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.
- 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.
- Available as level and decreasing term life insurance
- Automatic renewal until 90 years old
- Convertible until 75 years old
FlexTerm by Assumption Life offers a customizable approach to term insurance, with coverage ranging from $50,000 to $10,000,000. The offer is tailored for individuals aged 18 to 75, with the possibility of skipping a medical exam for coverage under $999,999. Also, FlexTerm offers a variety of terms ranging from 10 to 35 years, with premiums locked in for the selected term duration. The offer is available as individual or joint policies, with automatic renewals up to age 90 and conversion options up to age 75.
- 10, 15, 20, 25, 30, 35 years terms available.
- Life insurance premiums remain the same for the term selected.
- Renewal is automatic up to age 90; no medical exam required.
- Convertible up to age 75.
- No medical exam not available for individuals seeking higher coverage amounts.
- Potential Cost Variability.
- Renewable up to age 85 with no medical questions
- Tax-free, lump-sum payout
- Guaranteed rates for 10 years
Manulife CoverMe™ Term life insurance offers affordable and straightforward protection for a 10-year term, with coverage amounts ranging from $100,000 to $1 million. This plan is renewable up to age 85 without a new medical exam or questionnaire, making it easy to maintain coverage as you age. The fixed premiums for each term provide financial predictability, and the policy is especially suited for individuals seeking basic term life coverage with the flexibility to adjust based on personal needs and budget. It's ideal for those looking for quick, simple coverage with a safety net in cases of terminal illness through an advanced benefit option.
- Rates are locked in for each 10-year term, simplifying budgeting.
- Can be renewed up to age 85 without a medical re-assessment.
- Beneficiaries receive a lump-sum, tax-free payment.
- Terminal Illness Advance offers up to 50% of the coverage amount in advance if diagnosed with a terminal illness.
- Includes a 30-day full refund policy if not satisfied.
- Maximum coverage is capped at $1 million, which might not be sufficient for all applicants.
- Only available in 10-year increments, which may require multiple renewals.
- More basic compared to other policies that may offer various riders or additional coverage options.
Did you know there are over 150 life insurance companies operating in Canada? With such a wide array of choices, finding the right provider can feel overwhelming. To simplify your decision-making, we’ve carefully evaluated the best life insurance companies in Canada based on critical factors like coverage amounts, diversity of plans, affordability, reliability, and financial strength.
Our picks highlight the best options tailored to your unique needs, whether you're looking for extensive coverage, flexible policies, or top-notch customer support. You can also use our easy-to-navigate comparator at the top of this page to compare coverage and get free quotes instantly—all in one place.
What is the Best Life Insurance Company 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
- Canada Protection Plan: Great option for no-medical life insurance
RBC Insurance: Best option for comprehensive coverage
Who is RBC Life Insurance?
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 |
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| RBC Permanent Life Insurance |
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| RBC Personal Accident Insurance (Add-on) |
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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.
You can read our full RBC Life Insurance review here.
Canada Life Insurance: Comprehensive options from one of the country’s largest insurers
Who is Canada Life Insurance?
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 and best life insurance companies in Canada, it collects over $36 billion in insurance premiums each year. Canada Life offers diverse insurance options, including health and travel insurance, supported by a network of 23,000 advisors. With over $219 billion in assets, it’s one of the most financially secure providers in our best life insurance companies in Canada list.
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
- Offers term life, participating life, and universal life plans
- Up to $20,000,000 in coverage
- Flexible terms ranging between 5 and 50 years
- Wide variety of optional riders
- Claims can be filed online
Cons
- Minimum $100,000 coverage
- Limited online features compared to other life insurance companies
- Participating permanent life insurance can become expensive over time
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?
You can read our full Canada Life Insurance review here.
BMO life insurance: Best for those seeking flexible options
Who is BMO life insurance?
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.
You can read our full BMO Life Insurance review 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
Who is Equitable Life of Canada life insurance company?
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.
You can read our full Equitable Life Insurance review here.
Manulife life insurance: Life insurance with disability and critical illness coverage
Who is Manulife life insurance company?
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 the oldest and most trusted providers in our best life insurance companies in Canada list. 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 |
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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
- Wide range of term and permanent life insurance plans.
- Coverage up to $25 million.
- No-medical exam options.
- Vitality Plus™ program provides premium discounts and health rewards.
- Guaranteed acceptance life insurance with instant approval.
Cons
- No online application for certain products.
- 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.
You can read our full Manulife Life Insurance review here.
Sun Life life insurance: A great option for families
Who is Sun Life Insurance?
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 |
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| 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 |
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| Non-participatory permanent life insurance |
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| Universal life insurance |
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Sun Life Life Insurance: Pros and cons
Pros
- Universal, term life, whole life and participating life insurance plans
- Coverage up to $25,000,000
- Instant online quotes for term life insurance policies
- Free online Sun Life Insurance calculator
Cons
- Not all plans can get an online quote
- Less competitive for simplified life insurance offers
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.
You can read our full Sun Life Insurance review here.
Ivari life insurance: Great for customizable plans
Who is Ivari life insurance?
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 the Canada Pension Plan Investment Board owns. With an impressive A+ financial rating from A.M. Best Company and assets totalling $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 |
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| Universal Life Insurance | For life | $25,000 to $10 million | 4-conditions, 25-conditions |
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Ivari Life Insurance: Pros and cons
Pros
- Demonstrates strong financial stability
- Term life and universal life options
- ivari provides a range of optional riders, such as children's insurance
- Accessible My Insurance View online life insurance calculator
- 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.
You can read our full Ivari Life Insurance review here.
Desjardins life insurance: Coverage from Canada’s leading cooperative financial group
Who is Desjardins life insurance?
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. From our list of best life insurance companies in Canada, 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
- Reputed history with strong financial standing
- Term life insurance in multiple lengths
- Option to convert term life insurance into permanent coverage
- Allows multiple applicants on a policy
- Also takes applications from non-residents of Canada
Cons
- No Desjardins life insurance quotes online
- Quotes and policy information require speaking with an advisor
How much does a Desjardins life insurance policy cost?
Here are Desjardins Life Insurance Quebec quotes for $500,000 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 |
You can read our full Desjardins Life Insurance review here.
iA life insurance: An insurance giant with a variety of policies
Who is iA Financial Group?
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
- Coverage up to $20 million
- Term life, participating, universal life insurance plans
- Customizable term lengths (10-40 years)
- Guaranteed premiums
- No-medical life insurance option
- Multiple investment and wealth growth options for high net-worth individuals
Cons
- No online application for most plans.
- Premiums for specialized plans can be higher than market average.
- Limited rider options.
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 |
You can read our full iA Life Insurance review here.
Canada Protection Plan Life Insurance: Great option for no-medical life insurance
Who is Canada Protection Plan?
Founded in 1992 in Toronto, Canada Protection Plan (CPP) is one of the best life insurance companies in Canada for quick, simplified, non-medical life insurance solutions. Underwritten by Foresters Financial, they offer term and whole life products, along with additional benefits like grants and scholarships for policyholders. With an A rating from AM Best and over 30 years of experience, CPP is supported by 25,000 advisors and a dedicated call center. Known for helping hard-to-insure Canadians, they paid out 98% of non-contestable claims in 2018.
What types of life insurance policies does Canada Protection Plan offer?
| Policy Type | Features | Coverage Amount | Eligibility Age |
|---|---|---|---|
| Term Life Insurance |
| Up to $1,000,000 | 18–70 |
| Permanent Life Insurance |
| Up to $1,000,000 | 18–75 |
Canada Protection Plan life insurance: Pros and cons
Pros
- Most plans offer immediate coverage with no waiting periods or medical exams
- Diverse term life insurance and permanent life plans
- Immediate coverage up to $750,000 with online approval
- Easy quotes, quick application, and purchase of policy online without medical exams
Cons
- May be expensive for those in good health as compared to other providers
- Coverage is capped at $1 million
- No participating whole life or universal life insurance options
How much does a Canada Protection Plan life insurance policy cost?
Canada Protection Plan rates start as low as $19.44 per month for a 10-year term policy with $200,000 in coverage for a 30-year-old male in British Columbia. For permanent life insurance, rates for the same profile are approximately $119.70 per month.
Here’s an overview of Canada Protection Plan rates for a 30-year-old male in British Columbia with $200,000 coverage:
| Policy Type | Coverage Amount | Premium/Month |
|---|---|---|
| Term 10 | $200,000 | $19.44 |
| Term 20 | $200,000 | $19.17 |
| Term 25 | $200,000 | $35.46 |
| Term 30 | $200,000 | $26.55 |
These rates are indicative and vary based on individual circumstances. To find the best coverage for your needs and budget, we recommend getting a free personalized quote.
You can read our full Canada Protection Plan Life Insurance review here.
What are 5 tips to get the cheapest life insurance in Canada?
Finding affordable life insurance doesn’t have to be complicated. With the right approach, you can secure the coverage you need without overspending. Here are five actionable tips to help you get the cheapest life insurance in Canada:
- Shop Around and Compare Quotes
Different life insurance companies offer varying rates based on their underwriting criteria. Use our online comparison tool to explore multiple quotes in one place. Comparing plans side-by-side helps you find the most cost-effective policy tailored to your needs. - Choose Term Life Insurance Over Permanent Policies
If affordability is a priority, term life insurance is usually cheaper than permanent options. Term policies provide coverage for a specific duration (e.g., 10, 20, or 30 years), making them ideal for those seeking protection during their working years or while raising a family. - Maintain a Healthy Lifestyle
Insurers assess your health during the application process. By staying active, maintaining a healthy weight, and keeping conditions like hypertension and diabetes under control, you can qualify for lower premiums. Non-smokers, in particular, enjoy significantly reduced rates. - Bundle Your Insurance Policies
Many insurance providers offer discounts when you purchase multiple products, such as life, auto, and home insurance. Bundling your policies under one provider not only saves money but also simplifies your overall insurance management. - Lock In Rates Early
Life insurance premiums are heavily influenced by age. The younger you are when you apply, the lower your premiums will be. Securing a policy early locks in a favourable rate and protects you from age-related price increases in the future.
Good to know
Always assess your coverage needs carefully. Opting for the cheapest plan isn’t always the best choice if it doesn’t provide sufficient protection for your family’s financial future. By balancing affordability and adequate coverage, you can secure your and your family's future while staying within your budget.
You can compare life insurance rates with our free tool at the top of this page. Compare the best life insurance companies in Canada, and their coverage, and get free life insurance quotes in just seconds.
Methodology: How did we rank the best life insurance companies in Canada?
To create our comprehensive ranking of the best life insurance companies in Canada, we employed a robust methodology based on the following criteria:
- Coverage Options and Flexibility
We evaluated the diversity and range of products each company offers, including term life, whole life, universal life, and no-medical options. Companies with flexible policies and customizable features scored higher. - Financial Strength and Stability
The financial health of a provider is critical for long-term reliability. We assessed ratings from trusted agencies like AM Best, Moody's, and Standard & Poor’s to ensure the companies can fulfill their claims obligations. - Affordability of Premiums
Cost is a significant factor for consumers. We compared sample quotes across multiple demographics (age, smoker status, and coverage amount) to evaluate affordability relative to industry averages. - Customer Experience and Support
Companies with responsive customer service, online claim submission options, and easy-to-navigate websites scored higher. Feedback from online reviews and third-party surveys also played a role in assessing customer satisfaction. - Policy Features and Add-Ons
We analyzed the availability of riders, such as critical illness protection, disability waivers, and accidental death benefits. Therefore, companies offering more add-ons and customizable plans were ranked favourably. - Application Process and Accessibility
Providers offering simplified applications with no medical exam options or quick online approvals ranked higher for convenience and accessibility. - Claims Payout History
Companies with a proven track record of claims payouts and transparency in the claims process were given priority. Data from public reviews and industry reports helped gauge reliability. - Reputation and Longevity
Established life insurance companies in Canada with decades of service and strong reputations in the market scored higher. Longevity often correlates with trustworthiness and stability.
By focusing on these factors, we aimed to provide a balanced and reliable ranking of the best life insurance companies in Canada, ensuring that consumers can make well-informed decisions based on their individual needs.
2024 reviews on the best life insurance companies in Canada
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