Best Life Insurance Companies in Canada: Reviews, Ratings (Updated May 2025)

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Term Life Insurance
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Term Life Insurance
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Ontario
Age at issue
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Features
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Recommended Offer
Amount coverage
Up to$ 10,000,000
Age at issue
From 18 to 75 years
Premium options
10, 15, 20, 25, 30, or 40 years
Additional coverages
7
Age at issue
From 18 to 75 years
Premium options
10, 15, 20, 25, 30, or 40 years
Additional coverages
7
Flexible insurance for your family
  • Fixed premiums for the term duration
  • Option to renew the contract from the 5th year
  • Fixed or decreasing insured capital
  • Fixed premiums for the term duration
  • Option to renew the contract from the 5th year
  • Fixed or decreasing insured capital
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Beneva's Term Life Insurance offers a flexible and affordable way to secure financial protection for dependents, making it particularly attractive for first-time buyers or those managing a tight budget. Coverage is available up to $10 million, with term lengths of 10, 15, 20, 25, 30, or even 40 years, and eligibility spans from ages 18 to 75. One of its key strengths lies in its adaptability: policyholders can switch to a longer term or even to permanent insurance without undergoing a new medical exam within the first five years. Customers can also choose between fixed or decreasing benefit structures, depending on their evolving needs. Premiums stay constant during the initial term, simplifying financial planning, although they may rise upon renewal. Additional features include optional riders like critical illness coverage and disability waivers. However, while the product is solid and backed by Beneva’s 75 years of industry experience, its online resources are relatively sparse, potentially requiring more direct interaction with an advisor to fully understand all options.

Ideal profile: This policy is best suited for young professionals, new parents, and individuals taking on major financial obligations like mortgages or business loans who need affordable, predictable protection over a defined period. It also appeals to those who value future flexibility without the risk of repeated health underwriting.

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  • Very broad choice of terms, from 10 to 40 years, adapting to many life stages
  • Premiums remain fixed during the term, helping with predictable budgeting
  • Option to switch to a longer term or permanent insurance without a new medical exam
  • Choice between fixed and decreasing capital based on personal financial strategies
  • Add-ons like critical illness or disability coverage can further customize protection
  • Beneva's extensive experience (over 75 years) adds a layer of credibility and stability
  • Premiums may increase substantially upon renewal after the initial term
  • Decreasing benefit may not meet long-term protection needs for everyone
  • Limited information available online, requiring direct consultation for complex cases
Recommended Offer
Age at issue
From 20 to 60 years old
Premium options
10, 15, 20 or 30 years
Additional coverages
7
Age at issue
From 20 to 60 years old
Premium options
10, 15, 20 or 30 years
Additional coverages
7
  • Guaranteed premiums
  • Option to convert the policy to permanent insurance at any time before age 75
  • Ideal for business owners
  • 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 a flexible and robust term life solution with term lengths of 10, 15, 20, or 30 years, accommodating a variety of short- to medium-term protection needs such as income replacement, debt coverage, or business continuity planning. Policies are available to applicants aged 30 to 60, with coverage amounts reaching up to an impressive $15 million, ensuring substantial financial protection. A standout feature is the guaranteed premium structure, providing cost predictability throughout the initial term, and the built-in option to convert the policy to permanent insurance without medical requalification before the insured's 75th birthday—an attractive benefit for those wanting lifetime coverage eventually. Additionally, the plan includes living benefits for terminal illnesses and disability waivers, catering to both personal needs and business applications, such as key employee coverage. However, it is important to note that premiums can rise sharply after the initial term, and conversion opportunities diminish with age, necessitating careful timing and planning.

Ideal Profile: This product is especially well-suited for business owners needing succession planning, middle- to high-income professionals seeking high coverage amounts for family security, and individuals aiming for flexibility now with the possibility of permanent coverage later. It is also a strategic fit for those who prioritize guaranteed insurability without future medical exams.

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  • Guaranteed premiums and ease of conversion to permanent insurance
  • High coverage limits up to $15 million accommodating major financial responsibilities
  • Flexible term options (10, 15, 20, or 30 years) to suit different planning horizons
  • Living benefits included for terminal illness and total disability
  • Tailored add-ons for personal and business needs, such as child and partner protection benefits
  • Significant premium increases after the initial term
  • Fewer conversion and longer-term options available as the insured ages
  • Complex range of options requiring careful matching to specific needs
Age at issue
From 18 to 75 years old
Premium options
10, 15, 20, 25 or 30 years
Additional coverages
Contact the insurer
Age at issue
From 18 to 75 years old
Premium options
10, 15, 20, 25 or 30 years
Additional coverages
Contact the insurer
10% couple’s discount in the first year
  • Cancel anytime without fees or penalties
  • 30-day grace period for missed payments
  • Beneficiaries get 100% of the payout, tax-free
  • Cancel anytime without fees or penalties
  • 30-day grace period for missed payments
  • Beneficiaries get 100% of the payout, tax-free
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PolicyMe Term Life Insurance stands out as a streamlined and highly cost-effective solution for Canadians seeking straightforward life insurance coverage. Offering coverage amounts from $100,000 up to $5 million and term durations of 10, 15, 20, 25, or 30 years, PolicyMe targets individuals and families wanting affordable, predictable protection without unnecessary complexity. Rates are locked in for the full duration of the policy, helping clients plan with confidence. The 100% online process enables immediate approval, making it accessible to a wide audience, especially tech-savvy users. Added perks such as no cancellation fees, a 30-day grace period for missed payments, and a complimentary child coverage feature enhance its appeal. A notable 10% discount for couples in the first year encourages joint applications. However, the lack of deep customization options and the exclusively digital service model might not suit those who value personalized advice or face-to-face interactions, which remain common preferences in the Canadian insurance market.

Ideal profile: PolicyMe is an excellent fit for young to middle-aged adults, digital natives, and cost-conscious families who want reliable term life insurance without the hassle of dealing with brokers. It’s particularly suitable for those who prioritize speed, simplicity, and managing their insurance policies independently online.

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  • Affordable rates offering up to 20% savings compared to traditional insurers
  • Wide range of term options (10 to 30 years) for different life stages
  • Immediate online approval process with no medical exam in many cases
  • Free child coverage and a first-year 10% couple’s discount
  • No fees or penalties for cancelling the policy at any time
  • Entirely online interaction may not appeal to those who prefer personal consultation
  • Limited customization of coverage options compared to full-service insurers
Age at issue
From 0 to 70 years old
Premium options
From 10 to 40 years
Additional guarantees
12
Age at issue
From 0 to 70 years old
Premium options
From 10 to 40 years
Additional guarantees
12
Ideal as mortgage protection
  • Fixed or decreasing insurance amount
  • Fixed premiums and guarantees
  • Option to convert to permanent life insurance without medical evidence
  • 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 from iA Financial Group is a highly flexible term life insurance solution designed to meet the evolving needs of individuals and families across different life stages. Offering term options from 10 to 40 years, it aligns perfectly with financial obligations such as mortgages, education funding, or business needs. The product guarantees fixed premiums for the chosen term, simplifying budgeting and financial planning. Additionally, policyholders have the option to renew coverage annually or convert to permanent insurance without requiring new medical evidence, providing valuable adaptability as circumstances change. It also includes access to additional benefits like critical illness and disability coverage for more comprehensive protection. However, at renewal, premiums can increase sharply, and the decreasing benefit option may not be suitable for those needing stable, predictable coverage. The wide array of optional features, while a strength, could overwhelm clients unfamiliar with life insurance choices.

Ideal profile: Pick-A-Term is ideal for young families, professionals, and pre-retirees seeking flexible, cost-effective coverage tied to specific financial milestones, such as paying off a mortgage or raising children. It’s perfect for those who prioritize simplicity upfront but may want the option to secure lifetime coverage later without new health checks.

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  • Wide selection of term durations (10 to 40 years) for customized financial protection
  • Guaranteed premiums within the term for budgeting predictability
  • Easy conversion to permanent life insurance without a new medical exam
  • Renewable annually after term expiration, maintaining access to protection
  • Access to optional critical illness and disability coverage for added security
  • Renewal premiums can be significantly higher than initial premiums
  • Decreasing benefits option may not suit clients who need stable coverage
  • Broad range of optional features could complicate decision-making for some applicants
Amount coverage
Up to$ 25,000,000
Age at issue
From 18 to 70 years old
Premium options
From 10 to 40 years
Additional coverages
3
Age at issue
From 18 to 70 years old
Premium options
From 10 to 40 years
Additional coverages
3
  • Flexible offer
  • Policy convertible to permanent insurance
  • Several optional guarantees available
  • Flexible offer
  • Policy convertible to permanent insurance
  • Several optional guarantees available
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YourTerm Life Insurance from RBC offers a flexible and accessible term insurance solution designed for Canadians aged 18 to 70 seeking affordable, predictable protection for key financial stages. With terms ranging from 10 to 40 years and coverage amounts between $50,000 and $25 million, the policy is versatile enough to cover everything from personal debts to substantial family or business needs. Premiums are guaranteed to remain constant for the duration of the chosen term, supporting easier budget planning. An important feature is the ability to convert to a permanent policy without further medical underwriting, ensuring long-term insurability even if health conditions change. Optional benefits like accidental death coverage and a 10-day free look period enhance flexibility. However, coverage limits may tighten after age 55, and premiums can rise steeply if the policy is not converted after the original term ends. Additionally, the variety of term options may require thoughtful selection to align perfectly with personal financial goals.

Ideal profile: YourTerm is ideal for young professionals, growing families, and business owners who seek affordable, customizable temporary protection with the future option of upgrading to permanent life insurance. It’s particularly appealing for those who value premium stability and long-term flexibility.

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  • Fixed premiums throughout the term enable easier financial planning
  • Wide coverage range ($50,000 to $25 million) to meet both personal and business needs
  • Term options from 10 to 40 years provide customization based on life stages
  • Conversion option to permanent life insurance without medical exams
  • Additional benefits such as accidental death protection and refund within a 10-day review period
  • Coverage limits are reduced for applicants over the age of 55
  • If not converted, premiums can spike significantly at term renewal
  • Multiple choices may complicate decision-making for less experienced applicants
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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?

  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
  10. 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 InsuranceCoverage FeaturesEligibility
RBC Term Life Insurance
  • Coverage from $50,000-25,000,000
  • Flexible term lengths: 10-40 years
  • No medical exam option
  • Instant approval until $1,000,000
  • Convert to permanent life insurance before age 71
  • Canadian residents aged 18-70
RBC Permanent Life Insurance
  • Universal, guaranteed acceptance, and participating whole life plans
  • Coverage from $25,000 to $25,000,000
  • No medical exam option
  • Multiple investment options
  • Multiple riders
  • Customizable investment portfolio
  • Flexible premiums
  • Typically 0-85 years old
  • 45-70 years old (Guaranteed Acceptance)
RBC Personal Accident Insurance (Add-on)
  • 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 Ontario quotes for 2025

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.

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

  • 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.

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?

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 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.

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 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 Ontario 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.

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:

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

  • 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.

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 life insurance Ontario 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.

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.

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

  • 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.

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
Sun Life Insurance Quebec Cost

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 TypeDurationCoverage AmountPlansRidersCash Value
Term Life Insurance
10, 20, 30 years$50,000 - $10 millionTerm 10, Term 20, Term 30 with SelectOptions
  • Accidental Death and Dismemberment
  • Critical Illness Protection
  • Multiple waiver of premium options
  • Children's Insurance
  • Term Riders
  • Payor Waiver of Monthly Deductions
Universal Life Insurance
For life$25,000 to $10 million4-conditions, 25-conditions
  • Accidental Death and Dismemberment
  • Critical Illness Protection
  • Multiple waiver of premium options
  • Children's Insurance
  • Term Riders
  • Payor Waiver of Monthly Deductions
Ivari life insurance options

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.

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.

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.

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

  • 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.

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
Desjardins Life Insurance Quebec cost

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.

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
iA Life Insurance Canada

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.

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 insurance Canada cost

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 TypeFeaturesCoverage AmountEligibility Age
Term Life Insurance
  • Up to 6 plans
  • Simplified and fully underwritten options
  • No medical exam required for most
  • Immediate coverage up to $750,000 with instant approval
  • Flexible terms for individuals with varying health conditions
  • Guaranteed coverage for healthy applicants
Up to $1,000,00018–70
Permanent Life Insurance
  • Up to 5 plans
  • Guaranteed acceptance and simplified options
  • Fully underwritten policies available for healthy individuals
  • Lifetime coverage options
  • Cash value growth
Up to $1,000,00018–75
Canada Protection Plan Life Insurance plans

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 TypeCoverage AmountPremium/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
Canada Protection Plan Life Insurance quotes

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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. Application Process and Accessibility
    Providers offering simplified applications with no medical exam options or quick online approvals ranked higher for convenience and accessibility.
  7. 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.
  8. 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.

2025 reviews on the best 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.

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