Top 5 Best Life Insurance Companies in Ontario
Find out everything you need to know about the top 5 best life insurance companies in Ontario.
14 Minute read
Originally published: April 13, 2022
Updated: July 13, 2023
Top 5 Best Life Insurance Companies in Ontario
Find out everything you need to know about the top 5 best life insurance companies in Ontario.
14 Minute read
Originally published: April 13, 2022
Updated: July 13, 2023
The best life insurance company for you will differ depending on your specific circumstances and what you are looking for. That being said, the factors you should look for in life insurance companies are their overall financial stability, pros and cons, product offerings, and pricing. Below are the top 5 life insurance companies in Ontario with the best range of products, pricing, pros & cons, and financial stability to consider.
In this article
Why is financial stability important to consider?
All insurance companies receive financial strength and stability ratings from independent agencies. These ratings indicate an insurance company’s ability to pay policyholders’ claims. Looking at these ratings can give you an indicator of how well an insurance company is doing financially, and if you should take a policy with them. If they have a strong rating, you can trust that they’ll still be around when your beneficiaries need to receive your payout, and that they won’t go insolvent while you are under their policy.
Canada Life
Canada Life: Overview
Canada Life is a subsidiary of the Canada Life Assurance Company and is one of the largest and oldest life insurance companies in the nation. They have a financial strength rating of A+ from AM Best Company and offer some of the best life insurance policies. They offer a variety of plans with high flexibility and affordability, as well as multi-variety discounts for families. They lack in term life insurance offerings and it can be difficult to obtain a quote online, but their pros outweigh the cons and we at Protect Your Wealth have awarded them a rating of 5/5 stars.
Read our full Canada Life insurance review to find out more about what they offer!
Canada Life: Pros and Cons
Competitive pricing
Multiple rider options for joint and single policies
Wide range of insurance products
Offer renewable and convertible policies
Variety of term life insurance lengths
Multi-variety discounts
No online life insurance quotes are available
Canada Life: Insurance Products
Canada Life’s term life insurance products offer optional riders, and both single and joint first-to-die policies are available with this type of insurance. They currently offers 8 types of term life insurance, that comes in Term 10, Term 20, Term 30 and Term-to-age-65 life insurance products, all of which are convertible to permanent insurance. Their term insurance products can be uniquely customizable to individuals’ unique needs and financial situation.
One thing to note is that the lowest amount of life insurance coverage available is $100,000, so if you’re looking for less coverage, bear in mind that Canada Life’s minimum is $100,000.
For their permanent life insurance, they offer participating life and universal life permanent insurance products.
Canada Life: Other Insurance Products
- Critical illness insurance
- Disability insurance
- Health and dental insurance
Canada Life: Pricing
Below we have recorded the cost of Canada Life term life insurance for a 10-year term with $500,000 coverage. These are the monthly rates for a male/female smoker/non-smoker for ages 35-65:
Canada Life: Customer Reviews
Many Canada Life clients are satisfied with their experience with the company:
Advisors are well-educated and knowledgeable on insurance policies
Effective quote estimations with good benefits for reasonable prices
High rates of return
However, some customers have found that:
Low transparency on the website which offers limited information on policies
Difficult to obtain quotes as it can only be done through advisors
CPP (Canada Protection Plan)
CPP: Overview
Canada Protection Plan (CPP) is a leading life insurance company for No Medical and Simplified Issue Life Insurance products. With their extensive line of products and financial strength rating of A from AM Best Company, they’re one of the best insurance companies in Canada. Our review finds that they offer excellent solutions for clients who may otherwise have a difficult time qualifying through a traditional life insurance underwriting process. That being said, unfortunately, the overall product shelf is limited to mostly term solutions with a lack of dividend-paying whole life or universal life insurance products and there is no comprehensive critical illness insurance product currently available, thus leading us to the rating of 3/5 stars from Protect Your Wealth.
Read our full Canada Protection Plan (CPP) insurance review to find out more about what they offer!
CPP: Pros and Cons
Easy and quick application process over the phone or electronically
Fast approvals
No medical exams for several products
Automatic enrollment into Foresters member benefits which include complimentary access to discounted services access to academic scholarships and a number of member events and volunteer opportunities
Plans can be more expensive than other insurance companies if you’re in good health
Options are limited to mostly non-medical and simplified products
No dividend option for whole life insurance policies
CPP: Insurance Products
There are only a few life insurance companies in the country that are as open-minded about insuring people with pre-existing medical or non-medical conditions as Canada Protection Plan. You can get both term and permanent life insurance even if you work in a hazardous environment or there are other factors that make you a less than ideal candidate for other life insurance companies in Canada. The only trade-off is the cap on coverage at $750,000, which is still more than enough for many people. The simple ideology behind CPP’s life insurance policies is providing coverage for people with medical issues without probing or testing them further.
The company offers six permanent life insurance plans. The plans vary based on the applicant’s health condition and range from people with serious medical conditions to people in excellent health. For applicants with serious medical conditions, there is a cap on how much insurance they can buy, and it’s divided into two categories based on age.
There are five term life insurance policies, and they are categorized based on the applicant’s health. The maximum coverage you can get varies based on age, and it’s capped at $350,000 for applicants with severe health problems.
CPP: Other Insurance Products
- Cardiac Protect CI
- Cancer Protect CI
- Cardiac and Cancer Protect CI
- Cardiac or Cancer Product CI
CPP: Pricing
Below we have recorded the cost of CPP term life insurance for a 20-year term with $250,000 coverage. These are the monthly rates for a male/female smoker/non-smoker for ages 35-65:
Here we have recorded the cost of CPP simplified life insurance for $100,000 coverage. These are the monthly rates for a male/female smoker/non-smoker for ages 35-65:
CPP: Customer Reviews
Canada Protection Plan customer experiences have been generally positive:
Quick approvals, with a simple application process with no fluids required
Application questions are straightforward
However, some clients find that:
Benefit payouts sometimes take long
Empire Life
Empire Life: Overview
Empire Life is one of the best insurance companies in Canada, and has been named the best life insurance company in Canada 4 times in 2013, 2016, 2018, and 2019. With a financial strength rating of A from AM Best Company, they’re reliable and financially stable with a large selection of highly customizable term life insurance products that can cover you for life, along with an intuitive and industry leading electronic application, and an excellent underwriting track record, which leads us to our rating of 4.5 stars.
Read our full Empire Life insurance review to find out more about what they offer!
Empire Life: Pros and Cons
Allows for renewal up to age 100, and optional yearly renewal plan
Highly customizable plans to include other insurance products
Have an intuitive and industry leading electronic application
Have an excellent underwriting track record
Cheaper options for term plans available from other companies
Empire Life: Insurance Products
Empire Life Insurance offers the Solution series of term life insurance products, which provide life insurance coverage for 10, 20, or 30-year terms and a permanent product up to age 100. The Solution series offers flexible and affordable coverage with coverage available upon renewal up to age 100.
Empire Life also offers annual renewable terms (ART), where your life insurance policy renews every year, as opposed to a multi-year term.
Empire Life offers 4 different permanent life insurance products, including a guaranteed life insurance option.
Empire Life: Other Insurance Products
- CI Protect
- CI Protect Plus
Empire Life: Pricing
Below we have recorded the cost of Empire Life term life insurance for a 10-year term with $500,000 coverage. These are the monthly rates for a male/female smoker/non-smoker for ages 35-65:
Empire Life: Customer Reviews
Many Empire Life clients are satisfied with their experience with the company:
Empire Life’s range of term, permanent and group products
Empire Life’s simplified and no medical options
Intuitive electronic contract application and delivery
However, some customers have been displeased with:
Benefit payouts sometimes take long
Manulife
Manulife: Overview
Manulife is Canada’s largest and possibly most recognizable insurance provider, and easily one of the best insurance companies in Canada. Serving 30 million customers with a financial strength rating of A+ from AM Best Company, they’re reliable and financially stable with a large selection of high quality life insurance products fit for people of different needs. But while Manulife life insurance is one of Canada’s largest and most highly recognizable policies, its lack of instant approval on applications and traditionally slow underwriting process, along with limited-term options when compared to the competition leads us to the final rating of 3.5/5 stars.
Read our full Manulife insurance review to find out more about what they offer!
Manulife: Pros and Cons
Approval without medical underwriting available
Term plans designed for families
Rewards program to save on payments and earn rewards with their Vitality Plan
Competitively priced permanent life insurance products
Less term options (10, 20 year terms, or to age 65 or for life)
Long delays with underwriting process, even in case of non-medical applications
Applications do not have “instant” approval like many competitors, hence delaying process
Manulife: Insurance Products
Manulife offers a wide range of life insurance products. For term life products, it has CoverMe® insurance that offers individual coverage, family-focused term life insurance, and business term life. You can get up to $20 million in coverage for the business term insurance.
One unique feature that Manulife offers is the ability to reduce your premiums if you participate in certain health-related activities. Another term life insurance combines disability and critical illness coverage in the mix.
The permanent life insurance policies by Manulife are even more comprehensive and extensive in their nature and coverage. There are two basic policies, and the coverage starts from $25,000 and $100,000.
In one plan, you get an annual dividend as well, and you don’t need to pay premiums for life and can even opt for a 10-year or 20-year payment plan. If you opt for the other plan, you can either keep paying till you are 100 or wrap it up in 15 years. There are also a wide variety of riders to choose from.
Despite being a relatively “conventional” insurance company, Manulife has made the process of obtaining life insurance online substantially easier, especially for term life insurance. In addition, there are calculators that can help you determine the amount of coverage you need.
Manulife: Other Insurance Products
- Manulife Group Life Insurance
- Manulife Critical Illness Insurance
- Manulife Synergy
- FollowMe life insurance
Manulife: Pricing
Below we have recorded the cost of Manulife term life insurance for a 10-year term with $500,000 coverage. These are the monthly rates for a male/female smoker/non-smoker for ages 35-65:
Manulife: Customer Reviews
Many Manulife life insurance clients are satisfied with their experience with the company:
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
However, some clients find that:
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
Industrial Alliance
iA: Overview
In our review of Industrial Alliance, better known as iA Financial Group, we find that it offers life insurance products that are suitable for people who want flexibility for different circumstances. They score an AM Best Company score of A+. They only have an array of term life and permanent life options, which fit specific needs. Their term life insurance policies range in years and offer the conversion to permanent life solutions and their permanent life products have flexibility and opportunity for stability and growth; making them one of the best life insurance companies. Their rates are higher on average compared to competing life insurance companies and they lack customer transparency. Nonetheless, they are a reputable company with a lot of strength therefore they get a 4 out of 5 stars from Protect Your Wealth.
Read our full Industrial Alliance insurance review to find out more about what they offer!
iA: Pros and Cons
Flexible coverage is great for personalized packages and policies
Easy to use the website, with easy online account management
Rare pick-a-term feature
More expensive premiums than competing life insurance companies
iA: Insurance Products
For term life insurance, Industrial Alliance provides two options. The first one is the Access Life option, which is ideal for people who have difficulty getting insured. It comes with no medical exam, and you can choose a term as long as 25 years and have the option to convert your policy till you turn 71. Its maximum amount of coverage is also capped at half a million dollars. The other option, Pick-A-Team, is more flexible, requires a medical exam, and offers coverage for up to $10 million.
The company offers four permanent life insurance options. Similarly, you can choose an option that doesn’t require you to go through a medical exam or another option that offers up to $10 million coverage.
One permanent life insurance policy is also designed specifically for individuals that are 65 years old or older and have a medical condition that results in the loss of autonomy. This insurance pays out a monthly sum till the applicant turns 100, like an annuity.
iA: Other Insurance Products
- Superior Program
- Acci-Jet Program
- Universal Loan Insurance
- Acci 7 Plus
- Transition
- Cancer Guard
- Kiddy Plan
- Child Life & Health Duo
iA: Pricing
Below we have recorded the cost of iA term life insurance for a 10-year term with $500,000 coverage. These are the monthly rates for a male/female smoker/non-smoker for ages 35-65:
iA: Customer Reviews
Many iA Financial Group clients are satisfied with their experience with the company:
Great customer service resources which are available anytime
Easy application processes
Major flexibility compared to other life insurance companies
On the other end, iA clients sometimes find that:
Rates are not comparable to competitors
Lacks customer transparency
Frequently Asked Questions (FAQs)
In the event that you are covered by Canada Life life insurance and you pass away from COVID-19, your beneficiaries will be eligible to receive a death benefit. Unfortunately, other forms of insurance offered by Canada Life, such as their critical illness insurance, does not cover COVID-19 as a covered condition, and you would not be eligible for a payout.
The CPP currently boasts over $2.6 billion in assets and seems very financially stable. Despite being a newer life insurance company they have created a solid foundation and are currently not at risk of financial failure.
Manulife life insurance policies typically require 5-20 business days to process.
If you suffer from COVID-19 and pass away as a result, your loved ones will be able to obtain your death benefit if you have a Manulife life insurance policy in place.
Manulife travel insurance plans also temporarily included emergency medical benefits, but now, clients are required to purchase the Manulife COVID-19 pandemic travel plan. This will cover your COVID-19 medical expenses and quarantined benefits.
This depends on the details of your life insurance policy. If your policy is revocable, this means you can change the beneficiary on file at any time without needing to notify the previous beneficiary. Your policy could also be irrevocable, which means the owner of the policy is not able to change the beneficiary without the original individual’s consent.
No medical life insurance is a certain type of life insurance that you can buy without having to undergo a medical examination. This type of life insurance is easier to apply for and usually has a shorter application period.
There is currently no limit on how many life insurance policies you can have, and in some cases, having multiple life insurance policies may help you meet your goals for your financial future.
Finding the right life insurance for you
This is our ranking of the 5 best life insurance companies in Ontario, however, the best life insurance company for you will depend on your specific circumstances. Speak with an advisor to learn more about which company may be right for you.
At Protect Your Wealth, we work with and compare policies and quotes from the best life insurance companies in Canada to create the best solution for you and your needs. We’ve been providing expert life insurance solutions since 2007, including no medical life insurance, term life insurance, and permanent life insurance, to build the best package to give you the protection you need.
Contact Protect Your Wealth 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 Ontario, Alberta and British Columbia; including areas such as Stoney Creek, Coquitlam, and Airdrie.
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