Best Life Insurance Companies in Canada Guide [2022]

Reviews, comparisons, quotes, pros and cons and much more!

22 Minute read
Originally Published: January 6, 2021
Updated: May 31, 2022

Best life insurance companies in Canada in 2022 list and features and pros and cons

Reviews, comparisons, quotes, pros and cons and much more!

22 Minute read
Originally Published: January 6, 2021
Updated: May 31, 2022

Best life insurance companies in canada 2022 list and features and pros and cons

The Best Life Insurance Companies in Canada of 2022 Guide by Protect Your Wealth is made to help you make an informed decision and assist you in achieving your financial goals. Securing your finances is all about prior planning! Life insurance is a necessary tool in your wealth-building strategy because it protects your loved ones in cases of unexpected tragedies. A well-rounded policy can help your family:

  • Maintain their standard of living by replacing your income

  • Protect your children’s future by covering their education expenses

  • Cover expenses related to your home

  • Pay your funeral costs

  • Cover estate tax liabilities allowing assets to remain such as a 2nd home or cottage

  • Transfer wealth most tax efficiently to next generation

  • Allow an alternative tax sheltered investment vehicle

  • Leave a legacy

How Much Life Insurance Coverage Do You Actually Need?

A recent survey has found that over 90% of Canadians are severely underinsured. Approximately 49% of those with dependants said they had never taken out life insurance. Of those who stated that they did have a policy, 40% were only covered by a workplace or group benefits plan.

90% of Canadians are under-insured, and 40% were only covered by a workplace or group benefits plan. 49% of Canadians with dependents had never had life insurance.

This is problematic because the coverage provided tends to be minimal and rarely covers more than two years of your salary. Termination from said position also leads to complete loss of coverage.

What type of life insurance plan should I buy?

When you decide on life insurance from a trusted and reputable provider, the policy follows you from one career opportunity to the next, giving you peace of mind and ensuring that your family is always protected. Each of these business opportunities may require a different type of life insurance. It is strongly recommended that you speak with a financial planner who can show you the best life insurance options that fit your needs and circumstances. You might also be interested in reading our blog about How to Get the Best Life Insurance Policy and Rates in Canada.

The different types of life insurance

Term life insurance

This type of policy pays a death benefit if you die before reaching a certain age (e.g., 65) or within a specific time frame, such as 10 or 20 years. The insurance company will generally establish your premiums, which may increase over time.

Permanent life insurance

This type of policy protects you throughout your lifetime and leads to your family receiving payment if you die while the policy is in effect. Furthermore, these policies can provide access to cash values for your family or business during your lifetime. Types of permanent life insurance include participating whole life, which allows you to share the profits of the insurance company while providing permanent coverage, and universal life, which combines permanent life insurance with flexible investment account options.

Disability insurance

Many life insurers also offer disability insurance. This type of policy offers financial protection for you and your family in the event that an unexpected illness or injury prevents you from earning an income. Depending on the policy, it can cover up to 85% of your usual income (up to a maximum amount).

Critical illness insurance

This type of policy covers the costs that can arise from a life-changing illness. If you become sick from a covered illness, you’ll receive a cash payment at the end of a specified waiting period.

What can life insurance do for my business?

Life insurance stretches beyond protecting your family members, it exists also to protect your life’s work. Businesses can often be damaged by unexpected shifts in leadership and need a transition period to identify necessary changes for the future. If you own a business, your life insurance can also:

  • Cover existing debts and ongoing expenses related to operating the business

  • Fund buy/sell agreements to seamlessly transition the business

  • Protect it against financial hardship due to the unexpected loss of executives

  • Pay any tax liabilities beyond the capital gains exemption

  • Transfer retained earnings within the corporation most tax efficiently

  • Provide a tax-sheltered investment vehicle for the corporation

  • Provide a corporate asset to be leveraged to expand the business operations

Need help finding the right life insurance?

Contact Protect Your Wealth to learn more about the right insurance options for you.

Contact Protect Your Wealth

What are the best life insurance companies in Canada?

When considering the best life insurance companies in Canada, you must realize that there is no definitive ‘best’, but when you are looking for an insurance company, consider their reputation, financial strength and stability. You want to look for a financially strong and stable company, because of the long-term nature of life insurance: you want a company that will still be around in the next 100 years. 

If you’re not sure where to start, below is a list of the financial ratings of some of the major life insurance companies in Canada courtesy of AM Best Company. These are not ranked in any order but just alphabetical, each of these life insurance companies have their pros and cons, but this list showcases their financial strengths, size and stability.

Best Life Insurance Companies In Ontario Canada 2021

How much does life insurance cost?

Your premiums will depend on age, gender, and whether or not you smoke or have existing health conditions. We have compiled some of the average prices for a life insurance policy with some of the most popular companies in Canada. Remember that these prices are estimated averages and can change depending on your evaluation and other factors that are considered by the life insurance company.

We have the average prices for

  • $250K in coverage
  • $500K in coverage
  • $750K in coverage
  • $1M in coverage

Below are some example quotes for a 40-year-old males and females who are smokers and nonsmoker wanting to buy insurance for a 20-year term for $250k coverage.

40-year-old male and females, 20-year term, $250k coverage.

Below are some example quotes for a 40-year-old males and females who are smokers and nonsmoker wanting to buy insurance for a 20-year term for $500k coverage.

40-year-old male and females, 20-year term, $500k coverage.

Below are some example quotes for a 40-year-old male and females who are smokers and nonsmoker wanting to buy insurance for a 20-year term for $750k coverage.

40-year-old male and females, 20-year term, $750k coverage.

40-year-old male and females, 20-year term, $1M coverage.

Below are some example quotes for a 40-year-old male and females who are smokers and nonsmoker wanting to buy insurance for a 20-year term for $1M coverage.

Keep in mind that the prices listed above reflect a 20 year term life insurance policy, the prices in life insurance types can also change how much your premium is. Generally speaking, term life insurance is the absolute cheapest, and best life insurance policy to have for someone who has a preferred health rating. Although having a term life insurance policy can be ideal for most people who are looking to get life insurance it might not be the right policy for you. Therefore if you are in the market for life insurance it is best that you look into the various options that you have, to simplify this process contact our life insurance brokers who will find the best life insurance policies that fit your needs and wants.

The list

1.  BMO Insurance

BMO Life Insurance rated A by AM Best company, and 2/5 rating by protect your wealth

BMO Insurance is a member of BMO Financial Group, one of Canada’s largest banks. It’s widely known and has some of the most competitive pricing in the insurance industry. BMO term life insurance plans cover you for $100,000 to $5,000,000 for term periods of 10, 15, 20, 25 or 30 years while its three permanent life insurance plans provide coverage of anywhere from $50,000 to $5,000,000.

BMO Insurance is the best in providing competitive pricing and a variety of term period offerings.

  • Affordable
  • A variety of term period offerings
  • Multi-variety discounts
  • 10, 15, 20 year policies are renewable or convertible
  • Long turnaround times for policy issuing, rewrites, and changes
  • 25 and 30 year policies are non-renewable but convertible

2.  Canada Life

Canada-life-life-insurance-5_5-rating-protect-your-wealth Best life insurance companies Canada

Canada Life is a subsidiary of the Canada Life Assurance Company and one of the three largest and oldest life insurance companies in the country. It has a wide range of life insurance offerings that make it a provider of choice to millions of Canadian consumers since 1847. In 2020, Great-West Life Assurance Company, London Life were Canada Life consolidated under the Canada Life brand name.

Term life policies are available for 10, 20 and 30 years and up to age 65 with guaranteed premiums. There is a minimum coverage requirement of $25,000, and the policy can be converted into one of Canada Life’s permanent plan options, which are participating whole life or universal life.  Canada Life’s participating whole life insurance has paid policyholders an annual dividend since 1848 making it the oldest such product in Canada. 

Canada Life is the best in the flexibility of their plans and affordability.

  • Multiple rider options for joint and single policies
  • Wide range of insurance products
  • Multi-variety discounts
  • 10, 15, 20 year policies are renewable or convertible
  • Less range of term period offerings
  • No online quotes available

3.  Canada Protection Plan (CPP)

Canada Protection Plan CPP Life insurance

Canada Protection Plan is a leading life insurance provider with a simplified underwriting process that requires no medical exams on many of its plans. Its term life insurance plans offer protection for periods of 10, 20, 25, or 30 years, all of which are convertible to a permanent plan until age 70. Coverage of up to $1,000,000 available, even for applicants who are traditionally hard to insure.  CPP also provides no medical critical illness coverage for upto $100,000 and may be available to those even with a pre-existing condition. 

Canada Protection Plan is the best for people with medical conditions and a variety of term period offerings.

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  • Easy to apply and be approved for
  • No medical exams required on many plans
  • Plans can be more expensive than other insurers for those in good health in exchange for no medical underwriting

4.  Empire Life

Empire Life insurance review

Empire Life was incorporated in 1923 and is a subsidiary of E-L Financial Corporation Limited. Term insurance plans are for 10, 20, 25, and 30 years, with a special plan available for those seeking affordable temporary insurance. Joint first to die and multi-life policies are some of the most competitive in the marketplace.  

All term products are convertible into one of Empire Life’s permanent insurance plans, one of which has a potential for dividends. The company also offers a guaranteed issue permanent life plan with coverage of up to $50,000 and no medical questions asked. Furthermore, term policies allow critical illness coverage to be added as an additional benefit in 10 and 20-year terms.

Empire Life is the best for people with critical illnesses and a variety of term period offerings.

  • Allows for renewal up to age 100, and optional yearly renewal plan
  • Highly customizable plans to include other insurance products
  • Cheaper options for term plans available from other companies

5.  Foresters Financial 

Foresters Financial Life insurance review

Foresters Financial (previously known as Foresters Life)  was founded in 1874 to provide average, working families with access to life insurance. Foresters is unique in that it is a ‘fraternal organization’ and all policyholders become members. Member benefits, which are included at no additional cost) include invites to member-only events and volunteer initiatives throughout the year aimed at helping local communities. 

Its term life products, which cover periods of 10, 20, and 30 years, are unique in that they include a charity benefit: when a claim is paid to your beneficiary, Foresters will pay an additional 1% of the claim amount to a registered charitable organization that you designate. The permanent life insurance option, Advantage Plus Whole Life, is a participating product, which means it has the potential for dividends.

Foresters are the best in providing a unique community experience and charity benefits.

  • Convertible to any permanent insurance plan without additional evidence of insurability
  • Provides charitable donations to a charity of choice, made in the name of the policyholder
  • Less range of term products
  • Cheaper options for term plans available from other companies

6.  Humania Assurance

Humania assurance Life insurance

Based in Quebec, Humania Assurance (previously LS Mutual) has been providing Canadians with life insurance options since 1874. Its flexible term insurance products are renewable every 10, 15, 20, 25, or 30 years and at 80 years of age, and you have until age 65 to convert your plan into a permanent one. There is even an Insurance Without Medical Exam option for people who have had difficulty in obtaining life insurance.

Humania Assurance is the best for flexibility and people who have had difficulty obtaining life insurance.

  • Fast, on the spot issuing for a majority of their products
  • Online process for certain products available
  • Stricter underwriting requirements

7.  Industrial Alliance 

IA industrial alliance Financial group Life insurance review

Industrial Alliance (IA) is one of the largest insurance and wealth management groups in Canada, with operations in the United States and is a part of IA Financial Group. Industrial Alliance Excellence Life Insurance Company has merged with IA to offer an expanded range of product offerings.

Its term life insurance products are available in terms of 10 to 40 years, offer coverage of up to $500,000 or $10,000,000, depending on plan, and can be converted to permanent life insurance before you turn 71. Permanent life insurance options include universal and participating plans, with coverage amounts of up to $10,000,000 depending on plan chosen.  Simplified issue and guaranteed issue solutions are also available for up to $500,000  in coverage.

Industrial Alliance is the best for smokers and offers flexibility and customizability.

  • Competitive pricing for smokers
  • High customizability of term coverages
  • Offers level or decreasing term coverages
  • Cheaper options for straight term plans available from other companies

8.  Ivari

Ivari Life insurance review

Formerly the Canadian branch of Transamerica Life, Ivari has been providing Canadians with life insurance protection for over 80 years. It is 100% owned through a subsidiary of the Canada Pension Plan.

Term life insurance is available in 10, 20- or 30-year terms. You pay a set premium for the term period you purchased and can layer the plan with universal life or critical illness protection. If your needs change, you can convert your term policy to a permanent plan.

Ivari is best for customizing and layering plans.

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  • Offers multiple optional riders, including a children’s insurance rider
  • Ability to layer term plans with a universal life insurance policy
  • Offers level or decreasing term coverages
  • Cheaper options for straight term plans available from other companies
  • Less term options
  • Tend to have higher premiums

9.  Manulife

Manulife Life insurance review

Founded in 1887, Manulife is the largest insurer in Canada and one of the few life insurers with electronic policy delivery. It uses a predictive analytics process to approve up to $2,000,000 in coverage without medical underwriting is necessary. Being a larger company,

Manulife offers various term life products that serve specific purposes, such as Family Term for families and Business Term for business owners. Manulife Vitality is a unique rewards-based insurance offering providing incentives to stay fit while offering a potential reduction in insurance premiums.

Term plans, which are available for 10 years or 20 years or until age 65 or 100, can be converted into permanent coverage before you turn 70.  Manulife offers Universal Life products that provide lower management fees and access to industry-leading portfolio managers and participating whole life insurance. 

Manulife is the best for an easy and fast approval process and a specific family of business life term plans

  • Approval without medical underwriting

  • Specific term plans for family

  • Rewards program to save on payments and earn rewards with their Vitality Plan

  • Less term options

10.  RBC Insurance

RBC insurance Life insurance review

RBC Insurance is the insurance arm of the Royal Bank of Canada, the largest bank in the country. Its flagship term life product is YourTerm, which allows you to choose any term you want, between 10-40 years, instead of confining you to predefined terms. RBC Insurance also offers Simplified Term Life Insurance, which requires no medical exam and covers you for up to $1,000,000. This product can be converted into a universal life policy without providing additional medical evidence.

RBC Insurance is the best for customizing term lengths and offers a simple insurance plan with no medical exam.

  • YourTerm insurance product allows applicants to pick any term length between year 10 and 40

  • Ability to add a wide range of riders to all policies

  • RBC uses commissioned insurance advisors, who may come off as pushy for their sales

Need help finding the right life insurance?

Contact Protect Your Wealth to learn more about the right insurance options for you.

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11.  SSQ Insurance

SSQ Insurance review

SSQ Insurance, which has merged with La Capitale Life Insurance, is one of Canada’s newest insurance companies, having started in 1944. It is also one of the largest, with over three million policyholders.

The Term Plus product insures you for up to $10,000,000 for terms of 10, 15, 20, 25, 30, 35 or 40 years, and you can easily exchange your policy for a higher term without having to provide proof of insurability. You can also convert it to permanent life insurance, up to age 70. 

Three permanent life insurance options are available: traditional, simplified (receive your policy in as little as 60 minutes with no medical exam) and universal. A new simplified issue (up to $500,000) and guarantee issue (up to $50,000) were launched in the summer of 2020.

SSQ Insurance is the best in giving you a variety of term period offerings with high flexibility.

  • Large variety of term period offerings with easy exchanges

  • Large coverage of $10,000,000

  • Ability to add several optional riders

  • Longer turnaround times for most policy approvals

12.  Sun Life Insurance

Sun Life Life insurance review

Sun Life Insurance, founded in 1865, is one of the world’s largest life insurance companies. Its standard product, SunTerm, is offered in 10, 15, 20 and 30-year terms with guaranteed premiums and a minimum coverage amount of $250,000. Other term policies are: 

  • SunSpectrum, which has a lower minimum coverage amount of $50,000
  • Go Term Life, which is easy to apply for and covers you for anywhere from $100,000 to $1,000,000
  • Go Simplified Term, which provides small coverage amounts for those who may not qualify for traditional medically underwritten products 

Sun Life’s permanent life insurance options are traditional, universal, and whole life. Depending on the plan chosen, the coverage amount starts at $50,000 or $250,000, and premium amounts are guaranteed. 

Sun Life Insurance is the best in giving you a large variety of term policies that are customizable for your needs.

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  • Large variety of term period offerings with easy exchanges

  • Policy can be customized with multiple riders

  • Term Coverage is only up to $1,000,000

13. CIBC Insurance

CIBC Insurance Life insurance review

CIBC Insurance can trace its roots back to May 15, 1867, when the Canadian Bank of Commerce was founded. It offers pure term (including guaranteed acceptance term) and permanent life insurance.

The term product is available for 10-year or 20-year terms for amounts ranging from $50,000 to $5,000,000, with the monthly premium being guaranteed for each term. Coverage ends at age 75 but can be extended by changing your term to one that lasts for your lifetime. In addition, if you are diagnosed with a terminal illness and have less than 10 months to live, you can receive 50% of your coverage amount up to $250,000 during your lifetime.

The CIBC Guaranteed Acceptance Life Insurance product is available to those between the ages of 40 and 74 and pays up to $25,000, which can help cover any final expenses you leave behind.

CIBC Insurance is the best for finding simplified insurance products.

  • Online application available

  • Policy can be customized with multiple riders

  • Little customization available

  • Limited products available

14. Equitable Life Insurance Company of Canada

Equitable life of canada Life insurance review

Founded in 1920, the Equitable Life Insurance Company of Canada product offerings include term insurance, Equimax participating whole life insurance policies, and the Equation Generation IV universal life insurance policy.

Equitable term life insurance offers 10-year and 20-year term products that can be renewed every term until age 85. With Term 30/65, premiums are paid for 30 years or until you turn 65, whichever is later.

There are two Equimax participating whole life insurance policies: Equimax Estate Builder®, which can cover taxes and expenses after your death so that your estate is largely preserved for your beneficiaries and Equimax Wealth Accumulator®, which is recommended for building wealth that you can benefit from during your lifetime.

Equation Generation IV is a universal life insurance policy that comes in two types: Bonus, which provides guaranteed incentive and investment bonuses and Low Fees, which has an incentive bonus and lower management fees.

Equitable Life Insurance is the best for planning ahead with their affordable Equimax whole life insurance plans.

  • Affordable, Competitive pricing

  • Large range of individual insurance and have some group benefits

  • Limited terms available (10, 20, 30 years)

  • No option for 20 year term critical illness

  • No online quote

15. Primerica Life Insurance Company

Primerica Life insurance review

The Primerica Life Insurance Company is a newer company, having been founded in 1986 after Primerica began offering affordable life term insurance. Its term life products are available in increments of 10, 15, 20, 25, 30 and 35 years, with coverage of up to $400,000. All policies have a “guaranteed insurability” option, so you can renew your policy without a new medical exam or application until age 95. 

Primerica Life Insurance is the best for renewing policies with no new medical exam and provides a variety of term periods.

  • Large range of life term periods

  • No permanent life insurance

  • Term Coverage only up to $400,000

16. Desjardins Financial Security Life Insurance

Desjardins Insurance review

When it opened in 1948 as the Desjardins Life Assurance Company, Desjardins Insurance only sold individual life insurance. Today, it offers several products that include group insurance and retirement savings.

Desjardins term life insurance is available in terms of 10, 20, or 30 years or until age 65. You have the option of converting it to permanent coverage without having to pass a medical examination. 

With the participating life insurance product, you can decide whether to pay your premiums for 20 years or until age 100 and use any dividends to reduce your yearly premium or buy additional life insurance.

The Desjardins universal life insurance product includes a savings fund that you can use to cover future premiums or increase your coverage amount. After five years, the policy can be amended without penalty as your needs change and you can choose from over 30 diversified investment options.

Desjardins is the best for flexibility and customizability after 5 years, and for patients with critical illnesses or disabilities.

  • Large suite of products, including critical illness and disability products

  • Multi-policy discounts available

  • Less terms period offerings

17. Co-operators Life Insurance Company

cooperators Life insurance review

The Co-operators Life Insurance Company was founded in 1945 after the Saskatchewan Wheat Pool contributed $25,000 to develop it. It quickly became the fastest-growing life insurance company in Canada: by 1950, it had a presence in most offices.

Term life products include Term Life 1, which provides up to $475,000 in coverage for those between the ages of 18 and 49, and Versatile Term™, which comes in 10, 15, 20, 25, or 30-year renewable terms. They have a guaranteed death benefit and the option to convert to a permanent policy without medical screening.

The whole life policy has guaranteed fixed premiums while providing investment returns from an asset portfolio controlled by the company while the universal life product provides lifetime coverage and investment options that you control. Premiums vary depending on coverage and investments chosen and there is a potential for higher returns.

Co-operators Life Insurance is the best for a variety of renewable term plans and receiving investment returns.

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  • Yearly renewable term period available along with other longer term periods

  • Potential for higher returns on investments

  • Term Coverage is up to $475,000

18. Assumption Life

assumption Life insurance review

Assumption Life was founded in 1903 as the Foundation of Société l’Assomption in Waltham, Massachusetts. It started out as a fraternal benefit society and transitioned over the years into a leading and trusted life insurance provider.

The company has an extensive range of term life insurance products. FlexTerm covers individuals aged 18-75 for amounts ranging from $50,000 to $4,000,000. If your coverage is $499,999 or less, no medical exam is required. The other term policies are:

  • FlexOptions is available in terms of 15, 20 or 25 years. It includes a disability insurance option and can be converted into a permanent policy.
  • Youth Plus is for children aged 15 days to 17 years. Premiums stay the same for the life of the contract and coverage will not decrease until age 25.
  • No Medical Term Plus covers individuals aged 20-70 for $50,000 to $250,000. Like FlexOptions, it can be converted into a permanent policy.
  • No Medical Term covers individuals aged 20-70 for $50,000 to $150,000. No medical exam or attending physician statement are necessary.

Assumption Life’s permanent life products are equally extensive and customizable. 

  • Golden Protection covers policyholders aged 40-85 for up to $100,000 without a medical exam.
  • Total Protection insures people aged 18-80 for up to $50,000 with no medical exam and no waiting period for accidental death coverage.
  • No Medical Whole Life and No Medical Whole Life Plus covers individuals aged 20-70 for up to $150,000 and $250,000 respectively without any medical exam or blood tests.
  • Essential Whole Life offers coverage of up to $4,000,000 to individuals aged 18-75. No medical exam is required.

There are two participating life insurance programs: ParPlus, which covers those aged 18-75 for up to $4,000,000 (payable over 20 years or for life) and ParPlus Junior, which ensures young people aged 15 days-17 years for up to $4,0000,000 and pays over a 20-year period. Neither product requires a medical exam.

Assumption Life is the best for non-medical insurance policies with customizable term policies and permanent life products.

  • Large range of non-medical insurance policies, and regular term and permanent life products

  • Quick turnaround time for policies

  • High policy fees and rider fees on non-medical policies

  • Maximum critical illness coverage is only $100,000

19. ScotiaLife Financial

ScotiaLife financial insurance review

Scotiabank has a long and respected history. Founded in 1832 in Halifax Nova Scotia, it moved its headquarters to Toronto in 1900. Today, it is the third-largest bank in Canada. In 2009, Scotiabank began offering insurance products through its subsidiary ScotiaLife Financial. 

Term life insurance is available in terms of 10 years, 20 years, and lifetime coverage. The 10 and 20-year terms are renewable up to age 75 and cover you for up to $250,000. The ScotiaLife Guaranteed Life product has no medical exam and offers lifelong coverage to policyholders aged 50-75. It also has a terminal illness and accidental death benefit to protect you and your loved ones from the unexpected.

ScotiaLife Financial is the best for patients with terminal illnesses and victims of accidental deaths.

  • Lifetime term coverage available, with no medical exam necessary

  • Accidental death insurance up to $300,000

  • Term Coverage is only up to $250,000

  • Products expire at 75, and no permanent life insurance products to convert to

20. TD Insurance

TD Insurance review
  • Prices are much more expensive than competitors

  • Limited term life coverage options

TD Insurance is part of the TD Bank Group, one of the largest financial services organizations in Canada. Since its founding in 1855, TD Bank Group has grown into a major financial services company, with offerings that include life insurance.

  • TD Term Life Insurance can provide coverage for 10 years, 20 years or for life. The 10 and 20-year plans renew automatically at the end of each term until you turn 80, or you can convert them to permanent coverage any time before age 69. The maximum insurable amount is $10 million.
  • TD Guaranteed Life Acceptance protects those aged 50-75 with $5,000 to $25,000, regardless of medical history. The premiums stay the same, and you no longer have to pay them after the age of 100.

TD Insurance is the best for instant approval for Guaranteed Life insurance plans.

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  • Insurable coverage up to $10,000,000

  • Guaranteed Life Acceptance plan allowed for instant approval

21. UV Insurance

UV Insurance review

Founded in 1889 in Drummondville, Quebec, UV Insurance expanded into Ontario and New Brunswick in 2004. Its term life insurance products cover terms of 10, 20, or 30 years and can be renewed every 10 years until death at a guaranteed premium. Coverage range is $50,001 to $150,000. You can also convert your plan into permanent insurance until age 70, without evidence of insurability.

The permanent life insurance package offers whole life coverage of $5,000 to $150,000  to applicants aged 18-75 and does not require a medical examination. Should you need funds quickly, you can borrow against the surrender value.

UV Insurance is the best for permanent life insurance that requires no medical examination.

  • Term life products can be renewed at a guaranteed premium

  • Large range of additional protections for plans available

  • Limited life insurance product packages

How to Choose the Best Life Insurance Company in Canada For You?

It’s not easy to find the best life insurance companies in Canada but hopefully this list can help you identify what you need in your life insurance policy. It is strongly recommended that you get the opinion of a licensed life insurance or financial advisor when you are browsing through your choices because it can help you find ways to afford the right kind of coverage you need, while also clarifying any other questions you may have about life insurance products.

If you’re not sure of what’s the best insurance plan or company for you, working with a life insurance specialist can help you find the best solution to fit your particular situation. At Protect Your Wealth, we’ve been providing expert advice for all types of life insurance since 2007. As your trusted Life Insurance broker and financial planner, we work with you to create a plan for your family or business that covers and meets your needs. 

We’re proudly based out of Hamilton, and service clients anywhere in Ontario and British Columbia, including areas such as BurnabyMaple Ridge, and Richmond HillContact Protect Your Wealth or call us at 1-877-654-6119 to talk to an advisor today!

Need help finding the best life insurance company in Canada for you?

Contact Protect Your Wealth to learn more about the right insurance options for you.

Contact Protect Your Wealth