Are you searching for the best life insurance companies in Canada, but feeling overwhelmed by the multitude of options available? The Best Life Insurance Companies in Canada 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
What You Need to Know…
- How Much Life Insurance Coverage Do You Actually Need?
- What type of life insurance plan should I buy?
- The different types of life insurance
- What can life insurance do for my business?
- What are the best life insurance companies in Canada?
- How much does life insurance cost?
- List of Best Life Insurance Companies in Canada
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.
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.
What factors do I need to consider?
When choosing a life insurance company, it’s crucial to consider several factors. Firstly, examine the company’s financial stability by looking for a strong rating from reputable agencies like A.M. Best or Moody’s, ensuring they can fulfill obligations and pay claims. Additionally, assess customer satisfaction through reviews and ratings, as positive feedback signifies excellent service and reliable claims processing. Also, evaluate policy options to ensure they offer flexibility and customization according to your needs. Lastly, compare premium rates while keeping in mind that the cheapest option may not provide optimal coverage or service quality.
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 keep your premiums the same for a term, and they will increase after the term is renewed. Term life insurance is often the most affordable option and is suitable for those with temporary financial responsibilities, such as mortgage payments or college tuition.
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
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 companies have consistently demonstrated excellence in terms of financial stability, customer satisfaction, policy options, and affordability. 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.
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 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
Customer Reviews
- A significant number of BMO Insurance customers express satisfaction with their overall experience with the company.
- The availability of flexible term life insurance options is particularly advantageous for many clients.
- Easy access to customer service contributes to a positive customer experience.
- Some customers have reported lengthy delays in cancellation and claim processing times
- Limited availability of online information makes it a challenge for customers seeking to make informed decisions
2. Canada Life
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
Customer Reviews
- A considerable number of Canada Life Insurance customers express satisfaction with their experience with the company
- They appreciate the well-educated and knowledgeable advisors who provide valuable insights into insurance policies
- The company is praised for providing effective quote estimations with good benefits at reasonable prices, as well as delivering high rates of return
- ive:
- Some customers have encountered challenges They have reported low transparency on the company’s website, which offers limited information on policies.
- Additionally, obtaining quotes can be difficult as it can only be done through advisors
3. Canada Protection Plan (CPP)
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
Customer Reviews
- Overall, customer experiences with Canada Protection Plan have been predominantly positive.
- Clients appreciate the quick approvals and straightforward application process, which does not require fluids for completion.
- The application questions are deemed to be straightforward and easy to understand.
Worth noting that some clients have reported longer waiting periods for benefit payouts, which can be a source of dissatisfaction
4. Empire Life
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
Customer Reviews
- A significant number of Empire Life Insurance clients express satisfaction with their overall experience with the company.
- They appreciate the company’s diverse range of term, permanent, and group products, providing options that cater to different needs.
- Clients also value Empire Life’s simplified and no medical options, which streamline the application process.
- The intuitive electronic contract application and delivery system further enhance the customer experience
Some customers have encountered occasional communication issues when trying to reach the company during the claims process, which has led to dissatisfaction among certain individuals
5. Foresters Financial
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
Customer Reviews
- Advisors are well-educated and knowledgeable on insurance policies.
- The company has a long-standing reputation with good member benefits
- Long response times from agents.
- Low transparency on the website, which offers limited information on policies.
- Difficulties in obtaining quotes as it can only be done through advisors
6. Humania Assurance
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
Customer Reviews
- User-friendly online application and customer service.
- Competitive pricing.
- Flexible term coverage that is useful for specific personal circumstances.
- Strict underwriting requirements.
- Limited options for permanent life insurance.
- Negative experiences with cancellations reported by some former clients.
7. Industrial Alliance
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
Customer Reviews
- Many clients appreciate the great customer service resources provided by iA Financial Group, which are available anytime.
- The company is known for having easy application processes, making it convenient for clients to obtain coverage.
- iA Financial Group is recognized for its major flexibility compared to other life insurance companies, offering options that cater to diverse needs.
- Some clients have expressed dissatisfaction with the rates offered by iA Financial Group, stating that they are not comparable to those of competitors.
- There have been complaints about a lack of customer transparency, suggesting that clients may feel that they do not have access to sufficient information about their policies or the company’s processes.
8. Ivari
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
Customer Reviews
- Many ivari clients express satisfaction with the company, particularly enjoying the security of working with an established and financially stable firm.
- The flexible and customizable 30-year term insurance options offered by ivari are appreciated by clients.
- Some customers have reported that the customer service provided by ivari can be lacking, with miscommunication errors being a common concern.
- There have been complaints about difficulties reaching the company to address concerns regarding payments and policies.
- Customers have expressed frustration over the lack of digital access to policies, indicating a desire for online access and management options.
9. Manulife
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
Customer Reviews
- Agents are professional, helpful, and generally respond to their questions and claims promptly
- Manulife advisors are helpful in finding the best possible coverage for those with less insurance experience
- Clients have been redirected numerous times before being able to access their account information
- Experienced delays in certain claims, especially since the onset of COVID-19
- Been hit with certain unexpected charges
10. RBC Insurance
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
Customer Reviews
- Many RBC clients express satisfaction with the company, particularly appreciating the speedy and secure access to claims and regular updates on policy status.
- Clients enjoy the affordability and flexibility of RBC’s insurance products.
- RBC is praised for providing clarity and transparency, with disclosure information presented prominently and readily available at all business locations and on their website.
- Some clients have reported feeling that RBC representatives lack empathy and treat them more like numbers than individuals, especially when facing financial difficulties.
- There have been instances where representatives seemed to lack the expertise to address clients’ claims directly, particularly when it comes to unexpected charges.
11. Beneva (Formerly SSQ Insurance)
Beneva (formerly known as 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
Customer Reviews
- Many Beneva clients express satisfaction with the flexibility of policies offered by the company.
- Clients appreciate the convenience of online access to their accounts and other online services.
- The inclusion of free benefits in many plans is enjoyed by clients.
- Some customers have reported that the customer service provided by SSQ can be lacking, indicating potential issues with responsiveness or quality of support.
- Traditional policy approval times have been cited as a concern, with some customers experiencing longer waiting periods before their policies are approved
12. Sun Life Insurance
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
- Limited policy information available online
- Online quotes are not offered
Customer Reviews
- Enjoy the security of working with an established and financially stable firm
- Enjoy the flexible and various term, and permanent life insurance options
- Diverse life insurance options are fitting for those with health conditions
- The customer service can be lacking with miscommunication errors
- Unable to reach the company with concerns about their payments and policies
13. CIBC Insurance
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
Customer Reviews
- Enjoy the fact that they can apply directly for a policy online, without having a call with an advisor
- Appreciate that they can get life insurance here if they’ve been previously denied
- CIBC lacks variety in the term lengths available and life insurance offerings in general
- There are few additional life insurance coverage options (such as riders) for additional customization
14. Equitable Life Insurance Company of Canada
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
Customer Reviews
- Equitable Life has one of the best customer service systems in the industry and works hard to provide personalized care to each and every customer with accessible service hours.
- Equitable Life has competitive insurance rates, especially for clients aged 30-55. Many customers are impressed at their rate of return after purchasing a policy.
- Those who have filed a claim with Equitable Life report that the process is smooth and relatively speedy through their online platform. The online platform allows customers to film claims online, via email, phone, or fax.
- Currently, Equitable Life only issues paper policies and does not trade in electronic copies. Because they operate with in person advisors, you will need to purchase a policy through these agents.
- Slow payouts: Clients have noted that it can take some time for Equitable Life to deliberate and settle on the exact terms of a policy if the circumstances surrounding the claim are in any way unusual. This being said, the problem is not unique to Equitable Life. Most insurance companies will stall when it comes to letting go of large funds.
15. Primerica Life Insurance Company
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
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
Customer Reviews
- Many Desjardins clients express satisfaction with the competitive rates offered by the company.
- The insurance options provided by Desjardins are described as straightforward and simple, making it easier for clients to understand and choose their coverage.
- Some clients have reported difficulties in reaching customer service representatives, indicating challenges in obtaining assistance or information.
- There have been complaints about Desjardins not offering competitive options for term life insurance, suggesting that clients may seek more favorable terms from other providers.
- Negative experiences with cancellations have been mentioned by some former clients, indicating dissatisfaction with the cancellation process.
17. Co-operators Life Insurance Company
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
Customer Reviews
- Co-operators Life Insurance offers a yearly renewable term period, providing flexibility for policyholders.
- There is potential for higher returns on investments, allowing policyholders to benefit from their insurance policies.
- The company has a strong financial position and a good reputation, which instills confidence in customers.
- The coverage amount for term life insurance is reported to be low, potentially limiting the financial protection provided by the policy.
- Some customers have noted a lack of customer transparency on the company’s website, indicating a desire for more easily accessible information.
- The online functionality of Co-operators Life Insurance is considered to be low, suggesting limited options for managing policies or obtaining information through online platforms.
18. Assumption Life
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
Customer Reviews
- Assumption Life offers multiple coverage terms
- Assumption Life offers no-medical life insurance solutions, making it easier for individuals who may have difficulty qualifying for traditional coverage.
- Exchange and conversion options are available, allowing policyholders to adjust their coverage as their needs change.
- Online access to accounts and services provides convenience and ease of managing policies and accessing information.
- Assumption Life only offers paper policies with no digital option, potentially causing inconvenience for customers who prefer electronic documentation.
- Some non-medical policies from Assumption Life may have high policy and rider fees, which can impact affordability for certain individuals.
- Assumption Life does not offer standalone disability policies, limiting the options for customers seeking disability coverage separate from their life insurance policy.
19. ScotiaLife Financial
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
Customer Reviews
- ScotiaLife Insurance offers lifetime term coverage without the need for a medical exam
- They provide accidental death insurance coverage up to $300,000, offering additional protection in case of accidental death.
- The online application process offered by Scotiabank for ScotiaLife Insurance is excellent, providing convenience and ease of use.
- The term coverage offered by ScotiaLife Insurance is limited to a maximum of $250,000
- Products offered by ScotiaLife Insurance expire at age 75, and there are no permanent life insurance products available for conversion, which may not suit individuals seeking lifelong coverage options.
- ScotiaLife Insurance is only available to Scotiabank clients, and customers are required to use Scotiabank agents, which may restrict options for those who prefer more flexibility in their choice of insurance provider.
20. TD Insurance
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
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.
Consider factors such as reputation, financial strength, product offerings, customer service, and pricing when comparing life insurance providers. Understand the different types of life insurance policies and coverage options available, and select the one that aligns with your needs and goals. Obtain quotes and compare life insurance rates to ensure that you are getting the best value for your money.
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, Alberta, and British Columbia, and Manitoba including areas such as Edmonton, Maple Ridge, Richmond Hill and, Winnipeg Contact Protect Your Wealth or call us at 1-877-654-6119 to talk to an advisor today!
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