Top 5 Best Life Insurance Companies in Manitoba

Selecting a life insurance provider in Manitoba can be challenging due to the numerous popular and well-established providers available. Taking into account various factors such as financial stability, range of insurance products, and premium costs, we’ve determined the five best life insurance companies in Manitoba. Keep reading to discover what options are available for you and your family.

For the best providers elsewhere in Canada, check out our guide to the best life insurance providers in Ontario, British Columbia, and Alberta.

In this article 

• What to consider when choosing a provider
• Canada Life Assurance Company
  • Canada Life Pros and Cons
  • Canada Life Insurance Products
  • Canada Life Pricing
• Royal Bank of Canada (RBC)
  • RBC Pros and Cons
  • RBC Insurance Products
  • RBC Pricing
• Industrial Alliance (iA) Financial Group
  • iA Financial Pros and Cons
  • iA Financial Insurance Products
  • iA Financial Pricing
• Bank of Montreal (BMO)
  • BMO Pros and Cons
  • BMO Insurance Products
  • BMO Pricing
• Canada Protection Plan (CPP)
  • CPP Pros and Cons
  • CPP Insurance Products
  • CPP Pricing
• Frequently Asked Questions (FAQs) about Life Insurance in Manitoba

What to consider when choosing a provider

When selecting a life insurance provider, it’s crucial to consider your coverage requirements to find an insurance provider that offers plans that align with your financial goals and budget. Your coverage needs include options such as the length of coverage, with a choice between permanent life insurance which covers you permanently for the rest of your life, or term life insurance which covers you for a set term typically 10, 20, or 30 years. You should also consider the amount of coverage you will need and the frequency and cost of premiums that fit within your family’s budget.

Here is a quick overview of the best life insurance companies in Manitoba and their pros and cons:

Canada Life Assurance Company

Canada Life Assurance Company, also known as Canada Life, is a Canadian financial services company that has been offering financial solutions to Canadians for over 175 years. Founded in Winnipeg, Manitoba, Canada Life offers a wide variety of policies that offer flexibility to policyholders and is an affordable option with great value. This provider is one of Manitoba’s best life insurance companies thanks to its competitive pricing, variety of policy options, and financial strength as an insurer.

Canada Life Pros and Cons

Canada Life Insurance Products

Canada Life provides a wide range of life insurance policies that offer extensive coverage at competitive prices. This includes permanent life insurance options such as universal life and participating whole life insurance plans, as well as term life insurance, critical illness and disability insurance, health and dental insurance, and creditors insurance. With its diverse array of insurance solutions, Canada Life helps customers in Manitoba discover a plan that aligns with their financial objectives and preferences as policyholders.

Canada Life Pricing

If you are interested in Canada Life Assurance Company, check out this helpful guide that outlines the monthly rates of Canada Life term life insurance based on a 10-year term with $500,000 of coverage for male and female smokers and non-smokers:

Royal Bank of Canada (RBC)

Known for its competitive term rates and efficient services, RBC is a reliable choice for Canadians seeking financial security through life insurance. With a history of providing financial services to Canadians that spans over 160 years, RBC Insurance offers a wide range of policies that provide flexibility to policyholders, making it an affordable option with great value. As one of the top life insurance companies in Manitoba, RBC Insurance stands out for its affordable premiums, high limit for maximum coverage, and strong financial strength.

RBC Pros and Cons

RBC Insurance Products

RBC provides a range of life insurance products catering to the various needs of Canadians. This insurer offers term life insurance through two policies, simplified issue term life insurance and standard term life insurance. Both policies allow customers to choose a custom term length between 10-40 years. For permanent life insurance, options include term 100 life insurance, universal life insurance, whole life insurance, as well as guaranteed issue life insurance. In addition, RBC offers personal accident insurance for customers with high-risk occupations and a wide variety of other insurance solutions including home insurance, auto insurance, critical illness and disability insurance, travel insurance, and more. The wide variety of affordable insurance options RBC offers allows Canadians to choose insurance solutions that best suit their needs and cover a variety of insurance needs through the same provider.

RBC Pricing

If you are interested in life insurance through the Royal Bank of Canada (RBC), check out this helpful guide that outlines the monthly rates of RBC term life insurance based on a 10-year term with $500,000 of coverage for male and female smokers and non-smokers:

Industrial Alliance (iA) Financial Group

The Industrial Alliance Financial Group, also known as iA, is a big name in the world of insurance and wealth management in Canada. They serve over 4 million clients across the country and have a strong presence in the life insurance industry. People appreciate iA for its easy application process and the flexibility of its life insurance policies. In Manitoba, iA is a popular choice for those looking for life insurance due to its financial stability, wide-ranging coverage, and great reputation nationwide.

iA Financial Pros and Cons

iA Financial Insurance Products

iA life insurance provides a variety of options, including both term and permanent life insurance. They offer term life insurance plans with term lengths of 15, 20, or 25 years. They also have a flexible “pick a term” option for young families where policyholders can choose a term length ranging from 10 to 40 years, allowing coverage to align with other financial commitments. In addition to term insurance, iA offers a broad spectrum of permanent life insurance choices, encompassing participating whole life and universal life insurance options, alongside specialized coverage such as critical illness and disability insurance. With its extensive range of policies and flexibility, iA stands out as a top provider of life insurance in Manitoba.

iA Financial Pricing

If you are interested in Industrial Alliance Financial Group, check out this helpful guide that outlines the monthly rates of iA term life insurance based on a 10-year term with $500,000 of coverage for male and female smokers and non-smokers:

Bank of Montreal (BMO)

The Bank of Montreal, commonly referred to as BMO, stands as one of Canada’s oldest financial institutions and a trusted provider of life insurance nationwide. Renowned for its competitive pricing and diverse range of term periods, BMO is a go-to option for individuals seeking life insurance. For those in Manitoba seeking affordable life insurance from a well-established provider, BMO insurance is a trusted choice.

BMO Pros and Cons

BMO Insurance Products

While BMO stands as an affordable choice for Canadians in Manitoba, its range of policy options is comparatively limited. This provider offers only one term insurance option, covering a range from $100,000 to $5 million and requiring a medical examination. However, this term insurance does provide a diverse selection of term lengths, including 10, 15, 20, 25, or 30 years, with the added benefit of policy renewal or conversion to permanent life insurance. For those seeking permanent life insurance, BMO presents options such as universal life insurance, whole life insurance, and term 100 insurance. Despite the narrower scope of policy choices, BMO’s life insurance policies are popular thanks to their flexibility and affordability.

BMO Pricing

If you are interested in life insurance through the Bank of Montreal, check out this helpful guide that outlines the monthly rates of BMO term life insurance based on a 10-year term with $500,000 of coverage for male and female smokers and non-smokers:

Canada Protection Plan (CPP)

Canada Protection Plan (CPP) is recognized as a leading Canadian life insurance provider, known for its guaranteed and simplified issue life insurance policies. CPP’s extensive range of life insurance plans, customized for individuals facing challenges in obtaining coverage due to pre-existing conditions like mental health disorders, heart conditions, or cancer makes it a popular choice for many Canadians. For residents of Maniotba seeking a life insurance provider offering no medical life insurance, CPP is one of the top choices available.

CPP Pros and Cons

CPP Insurance Products

Canada Protection Plan stands out as one of the few insurance providers focusing on insuring individuals who are traditionally hard to insure. Clients presenting higher risk factors to insurers, such as those with pre-existing conditions or engaging in hazardous occupations, can secure insurance through CPP without the need for medical exams and with minimal or no medical inquiries necessary for qualification. CPP provides both term and permanent life insurance plans, with coverage amounts varying across different plans. Additionally, CPP offers critical illness insurance, concentrating on diagnoses related to cardiac and cancer conditions.

CPP Pricing

If you are interested in Canada Protection Plan, check out this helpful guide that outlines the monthly rates of CPP term life insurance based on a 10-year term with $500,000 of coverage for male and female smokers and non-smokers:

Frequently Asked Questions (FAQs) about Life Insurance in Manitoba

Finding the right life insurance for you

Determining the most suitable life insurance provider for you hinges on various factors such as your financial objectives, budget, health condition, coverage requirements, and other considerations. With numerous excellent options accessible in Manitoba, pinpointing the ideal provider can be challenging. However, consulting with a knowledgeable life insurance advisor can help you navigate through these choices and identify the plans and providers that align best with your specific circumstances.

At Protect Your Wealth, we work with and compare policies and quotes from the top life insurance companies in Canada to create the best solution for you and your financial needs. We’ve been providing expert life insurance solutions to our clients since 2007, including no medical life insurance, term life insurance, and permanent life insurance, to help you find the plan that gives you the protection you need.

You can contact Protect Your Wealth online or call us at 1-877-654-6119 to talk to an advisor today! We’re proudly based out of Hamilton,  and service clients anywhere in Manitoba, Ontario, Alberta, and British Columbia; including areas such as Winnipeg, Guelph, St. Albert, and Surrey.