Top 10 life insurance providers in Canada
Are you looking for the best Canadian life insurance providers? You’re in the right place! This list of the top life insurance providers in Canada will guide you through, in alphabetical order, everything you need to know to get the best deal for you. Whether you are looking for term, whole or universal life insurance, our ranking of Canada's best life insurance providers get you started shopping for a plan.
Canada Life life insurance
Founded in 1847, The Canada Life Assurance Company was Canada’s first domestic life insurance company. In 2013, the company joined with Great-West Life insurance and London Life insurance, keeping their original name; Canada Life. Since then, Canada Life has continued to provide a wide range of insurance and wealth management products for individuals, families and business owners from coast to coast. Canada Life offers many life insurance solutions to match all types of profiles, regardless of your age or situation. Whether via permanent or term life insurance, you will surely find the life insurance that suits you!
Canada Life also offers critical illness insurance and disability insurance.
What are the advantages and disadvantages of Canada Life life insurance?
Below are some factors we think you'll like and dislike about this life insurance provider:
Pros
- Several types of life insurance offered by Canada Life: temporary or permanent
- Customer area to manage your complaints, contracts, and more
- Possibility to transform your insurance at the end of the protection period
Cons
- No online chat forum
- Minimum $100,000 coverage or $500 annual premium required
What coverage options are available with Canada Life life insurance?
Below is a table to show, in more detail, the different types of life insurance Canada Life has to offer:
| Types | Term Life Insurance | Whole Life Insurance | Universal Life Insurance | Participating Life Insurance |
|---|---|---|---|---|
| Term | From 5 to 50 years | Unlimited | Unlimited | Unlimited |
| Age | N/A | N/A | N/A | N/A |
| 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) |
Get a life insurance policy that's right for you and your loved ones
CIBC life insurance
Canadian Imperial Bank of Commerce (CIBC) was founded in 1961, after the merger of two chartered banks in Canada — The Canadian Bank of Commerce (established 1867) and the Imperial Bank of Canada (established 1875). CIBC prides itself on having a history of helping people, businesses and communities in Canada and around the world with their financial and insurance needs.
CIBC offers term and whole insurance through CIBC Private Wealth Wood Gundy. The website is easy to find and is an extension of the normal CIBC website. All the information is set out well, explained in detail and yet in an easy way to understand. Your CIBC Wood Gundy Investment Advisor can provide the attention you deserve to determine the type of insurance that best meets your needs.
CIBC also offers critical illness insurance and disability illness insurance.
What are the advantages and disadvantages of CIBC life insurance
Below are some factors we think you'll like and dislike about CIBC Life Insurance:
Pros
- CIBC has a very clear site which also includes a sample policy PDF
- You have the option to receive 50% of your coverage amount up to $250,000 during your lifetime if you are diagnosed with a terminal illness and have fewer than 12 months to live
- Coverage ends at age 75, but you can extend beyond age 75 by changing your term from a 10-year or 20-year to a term that lasts your lifetime
Cons
- CIBC only offers Term Life with terms of 10- years or 20- years
- 90-day waiting period for life-threatening cancer coverage
- No online claims processing
What are the details of term life insurance with CIBC?
In this table, you will find some information regarding CIBC term life insurance:
| Coverage | Term Life |
|---|---|
| Term | 10 or 20 years |
| Age | -10-year inclusive for 18-65 years old -20-year inclusive for 18-55 years old |
| Price | Between $10 and $4,000 per month depending on age, term, and the amount of coverage |
Desjardins life insurance
The Desjardins Insurance belongs to Desjardins Group life and health insurance subsidiary. Desjardins Group stands among the top financial institutions in Canada and named by Global Finance’s 2011 World’s 50 Safest Banks as one of the most secure in the world. Since founded in 1944, Desjardins has been providing high-quality insurance to more than 5 million Canadians and counting. Desjardins Insurance offers a wide range of life and health insurance and savings and investment solutions through their extensive distribution networks.
Desjardins also offers critical illness insurance and disability insurance.
What are the advantages and disadvantages of Desjardins life insurance?
Below are some factors we think you'll like and dislike about Desjardins life insurance:
Pros
- Many possibilities of life insurance according to your situation, your means, your desires
- Desjardins is an asset management expert, your life insurance will be in good hands, especially for permanent life insurance offering savings and investment options
- Desjardins Retirement Health Insurance: Desjardins offers health and retirement coverage in addition to life insurance
Cons
- No life insurance quote online
- No online chat forum available
Which different types of life insurance does Desjardins offer?
In the table below, you'll see the different coverage types Desjardins offers for life insurance:
| 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) |
Want an easy way to compare all these different providers? Use our life insurance comparison tool below!
Empire Life insurance
Empire Life was founded in 1923. Since then, they have offered a wide variety of insurance options to satisfy individuals, families and business owners. Empire life is one of Canada's top life insurance companies. It offers life insurance, investment products and employee benefits, including:
- Life and critical illness insurance
- Segregated funds and annuities
- Mutual funds, through our subsidiary, Empire Life Investments Inc
- Group health, critical illness, disability, and dental insurance plans
What are the advantages and disadvantages of Empire Life?
Here are some factors we think you'll like and dislike about Empire Life life insurance:
Pros
- Several types of life insurance offered by Empire Life: temporary, permanent, with participation
- Customer service to manage your complaints, contracts, and more
- Possibility of obtaining an online quote for certain covers
- Possibility of adding amendments
Cons
- No Universal Life insurance coverage
- Does not provide a quote online
Which different types of life insurance does Empire Life offer?
Below is a table showing the different types of life insurance that are offered by Empire Life:
| Types | Term Life Insurance | Whole Life Insurance | Universal Life Insurance | Participating Life Insurance |
|---|---|---|---|---|
| Term | 10, 20, 25 or 30 years | Unlimited | N/A | Unlimited |
| Age | N/A | N/A | N/A | N/A |
| 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) |
Get a life insurance policy that's right for you and your loved ones
Equitable Life insurance
Canadians have turned to Equitable Life since 1920 to protect what matters most. A philosophy of growth and a commitment to our policyholders was instilled from the beginning. Equitable Life Insurance works with independent advisors across Canada to offer Individual Life and Health, Savings and Retirement, and Group Benefits solutions to meet your needs.
What are the advantages and disadvantages of Equitable Life insurance?
Here are some factors we think you'll like and dislike about Equitable life insurance:
Pros
- Several types of life insurance offered by Equitable Canada: temporary, participating or universal
- Personalized insurance plan tailored to your needs
- Possibility to add protection coverage for critical illnesses
Cons
- Missing online customer service
- No Permanent Life insurance available
What different types of life insurance does Equitable Life offer?
In the table below, you will see the different life insurance coverage types Equitable Life has available to you:
| Types | Term Life Insurance | Whole Life Insurance | Universal Life Insurance | Participating Life Insurance |
|---|---|---|---|---|
| Term | 10, 20, or 30 years | N/A | Unlimited | Unlimited |
| Age | From ages 18 to 65 | N/A | N/A | N/A |
| 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) |
Foresters life insurance
Foresters Life Insurance is a part of the core of Foresters Financial which began nearly 150 years ago. They set out to provide life insurance solutions to help individuals and families achieve financial health and security. Foresters Life Insurance offers Term Life, Whole Life and Universal Life policies. They have a very user-friendly mobile version of their site which allows for easy access to information on the go.
What are the advantages and disadvantages of Foresters life insurance?
Below are some factors we think you'll like and dislike about Foresters life insurance:
Pros
- Long history within the industry
- Focuses on giving back to the community
- Simple, easy to read products
Cons
- Lack of variety of products
- No online application process
What different types of life insurance does Foresters life insurance offer?
Here is a table detailing the different types of life insurance Foresters has to offer you:
| Type | Term Life | Whole Life | Universal Life |
|---|---|---|---|
| Term | 10, 15, 20, 25, 30 years | Lifetime | Lifetime |
| Guaranteed cash value | Guaranteed minimum | Guaranteed minimum | |
| Policy loans available | |||
| Cash withdrawals allowed | Possible based on potential dividends on some products |
Manulife life insurance
Manulife began in 1887 when they began offering products to Canadians. They have since expanded worldwide all while offering a variety of insurance products, including life, health and income insurance protection.
What are the advantages and disadvantages of Manulife insurance?
Below are some factors of Manulife Life Insurance we think you'll like and dislike:
Pros
- Online client service portal
- Online claims submission
- Access to My Vitality
- Online chat option available
Cons
- Site can be difficult to navigate
- Quebec residents cannot obtain a quote online
What are the different life insurance coverage types Manulife offers?
Here is a table showing the difference in each life insurance option available:
| Type | Term Life | Whole Life | Universal Life |
|---|---|---|---|
| Term | 10-year increments | Lifetime | Lifetime |
| Coverage plans | 6 Options | 2 Options | 2 Options |
Sun Life life insurance
Sun Life Insurance began over 150 years ago in Canada and currently services clients around the world. They offer a wide range of wealth and insurance products to fit individual and business needs.
Sun Life offers Term Life, Permanent Life, Participating Life Insurance and Universal Life Insurance.
Sun Life has many different resources available to help you make sure you not only have the right coverage but what to do when life brings changes.
What are the advantages and disadvantages of Sun Life life insurance?
Below are some factors we think you'll like and dislike about this insurance provider:
Pros
- Online portal including online claims submission
- Mobile app claims submission
- Priority service when contacting customer service using mobile app
Cons
- Cannot obtain online quote for all plans, some require speaking to an advisor
How does term life insurance with Sun Life life insurance work?
Here is a table showing the details of Sun Life life insurance:
| Types | Term 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 |
Our life insurance comparison tool below is free and easy to use, helping you find the best plan and deal!
TD Life insurance
TD Insurance is a part of the TD Bank Group, one of the largest financial institutions in Canada. They specialize in two sectors within the industry - general insurance and health and life insurance. TD Insurance is a member of Toronto-Dominion Bank (TD Bank), originally a product of the merger of the historic Bank of Toronto and The Dominion Bank. TD Bank was founded in 1955, and it is now the largest bank in Canada, and amongst the top ten largest banks in North America
What are the advantages and disadvantages of TD life insurance?
Here are some factors we think you'll like and dislike about TD life insurance:
Pros
- Easy to navigate website
- Personalized online portal
- 10% off for insurance bundles for existing TD customers
Cons
- Lack of variety in plans
- Coverage expires at 80 years old, while most competing life insurance policies expire at 85 years old
How does TD life insurance coverages differ?
Below is a table showing the different life insurance plans TD has to offer:
| Type | Term Life | Guaranteed Life |
|---|---|---|
| Term | 10 to 20 years | Lifetime |
| Age | -Term 10: 18-70 -Term 20: 18-60 | 50-75 |
| Price | The premium amount per month will depend on age, term, and the amount of coverage | Contact an advisor |
RBC Life Insurance
RBC, or the Royal Bank of Canada, is Canada's largest bank. They offer a wide range of insurance and finance products that serve clients across Canada and around the world.
RBC offers Term Life, Term 100 Life, Whole Life, Universal Life and Guaranteed Life insurance products to fit your personal needs. Their site is very comprehensive and easy to navigate for information and comparisons.
RCB also offers critical illness insurance and disability insurance.
What are the advantages and disadvantages of RBC Life Insurance?
Here are some factors of RBC life insurance we think you'll like and dislike:
Pros
- Comprehensive online portal
- Express, "paperwork free" claims service
- Some plans allow coverage with no medical exam
Cons
- No online chat option available
- No online claims submission
How do RBC life insurance coverages differ?
Below is a table of the different types of life insurance RBC has to offer you:
| Types | Term Life | Whole Life | Universal Life | Guaranteed Life |
|---|---|---|---|---|
| Term | 10, 15, 20 or 40 years (and anything in between) | Lifetime | Lifetime | Lifetime |
| Age | -10- to 15- year term: age 18 to age 70 -16- to 40- year term: max 60 | 0-80 | 0-85 | 40-75 |
| Price | Between $12 and $115 per month depending on age, term, and the amount of coverage | - | Choose how you want to pay your premiums | Premiums are guaranteed to stay the same. At age 95, you no longer have to pay premiums. |
| Coverage Amount | $50,000 - $1,000,000 | $250,000 - $25,000,000 | $250,000 - $25,000,001 | $5,000 to $40,000 |
Get a life insurance policy that's right for you and your loved ones