Top 5 Best Life Insurance Companies in Ontario
Discover more about the top five best life insurance companies in Ontario.
10 Minute read
Originally published: April 13, 2022
Updated: February 21, 2024
Top 5 Best Life Insurance Companies in Ontario
Discover more about the top five best life insurance companies in Ontario.
10 Minute read
Originally published: April 13, 2022
Updated: February 21, 2024
It can be difficult to choose a life insurance provider considering all of the great options available to those living in Ontario, Canada. Factors such as overall financial stability, product offerings, premium pricing, and so on are all important to consider. That’s why we’ve created this blog so that you can see which of these five best life insurance companies in Ontario are the right choice for you and your family.
For the best providers elsewhere in Canada, check out our guide to the best life insurance providers in British Columbia, Alberta, and Manitoba.
In this article
What to consider when choosing a provider
When choosing a life insurance provider, the most important thing to consider is your coverage needs as this will help you 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. Your coverage needs also include the amount of coverage you will need as well as 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 Ontario and their pros and cons:
Canada Life
Canada Life Assurance Company, often referred to as Canada Life, is a Canadian-based company that has offered financial services and insurance solutions to Canadian clients for over 175 years. This insurance provider offers a variety of flexible and affordable policies making it a trusted and popular choice among Canadians. Canada Life is one of the best life insurance providers for those living in Ontario thanks to its wide variety of options, competitive pricing, and its strength as a financial institution.
Canada Life Pros and Cons
Competitive pricing on life insurance policies
Multiple rider options for joint and single life insurance policies
Wide range of insurance products
Variety of term life insurance lengths
No online life insurance quotes are available
Permanent life insurance policies can be more complex
Canada Life Insurance Products
Canada Life is known for its variety of life insurance policy offerings available to Canadians. This insurer offers permanent life insurance with universal life and participating whole life insurance plans, term life insurance, disability and critical illness insurance, health and dental insurance, as well as creditors insurance. The variety of options offered by Canada Life allows customers to find a plan that best represents their financial needs so that they can protect themselves and their family’s financial futures.
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:
Empire Life Insurance Company
Empire Life Insurance Company is a well-known Canadian life insurance company headquartered in Kingston, Ontario that has helped its clients achieve financial security since 1923. It is known for its variety of insurance solutions that offer plenty of options that suit a variety of needs. Empire Life is a popular insurance provider in Ontario due to its strong reputation and strength as a financial institution.
Empire Life Pros and Cons
Highly customizable and flexible life insurance plans
Lots of options for policy riders and additional benefits
Competitive and affordable pricing
Term insurance plan that renews annually
The wide variety of policy options and riders can make policies more complex
Currently does not offer universal life insurance plans
Empire Life Insurance Products
Empire Life Insurance Company offers permanent life insurance with some plans offering guaranteed cash values as well as term insurance with term lengths ranging between 10-30 years depending on the plan. Empire Life also offers a term insurance plan called Solution ART which offers policyholders the option to renew or convert their plan annually which is useful for smokers who plan to quit, those whose health status may improve within a few years, or anyone who expects to be able to get lower premiums within the next few years. This insurer also offers living benefits insurance solutions with disability and critical illness insurance.
Empire 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:
Manulife Financial
Manulife Financial is a Canadian company that has been around for over 130 years and is one of the largest and most recognizable financial institutions in Canada. This insurance provider is a popular choice among Canadians thanks to its established expertise as an insurance provider and innovation in the insurance industry. If you are looking for life insurance in Ontario, Manulife Financial is a reliable option with a wide variety of policies to choose from.
Manulife Pros and Cons
Guaranteed issue life insurance availability
Competitive prices on permanent life insurance products
Rewards program to save on payments and earn rewards with their Vitality Plan
Great customer service that prioritizes providing accessible and quick solutions to customers
Fewer options for term length than comparable providers
Lengthy underwriting processes and wait times
Applications do not have instant approvals
Manulife Insurance Products
Manulife Financial offers a wide range of life insurance products with competitive pricing and flexibility. This company offers both individual and family-focused term life insurance as well as guaranteed issue, universal life and whole life insurance, group life insurance, as well as disability and critical illness insurance for Canadians. Manulife has also proven itself as an innovator in the insurance industry with its rewards program known as Manulife Vitality. This program allows policyholders to reduce their premiums by participating in health-related activities such as workouts, health checkups, healthy eating, and more.
Manulife Pricing
If you are interested in Manulife Financial, check out this helpful guide that outlines the monthly rates of Manulife term life insurance based on a 10-year term with $500,000 of coverage for male and female smokers and non-smokers:
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:
Industrial Alliance (iA) Financial Group
Industrial Alliance Financial Group, also known as iA Financial Group, is one of the largest and most well-known insurance and wealth management groups in Canada. This company is well-established in the financial services and insurance industry and has served over 4 million clients across Canada. iA Financial Group is a popular insurance provider thanks to its flexible and customizable life insurance policies as well as its accessible application process. If you are looking for life insurance in Ontario, iA Financial Group is a trusted and popular option with strong financial stability, comprehensive life insurance coverage, and an established reputation nationwide.
iA Financial Pros and Cons
Flexible and customizable life insurance policies
Offers level and decreasing term coverage options
Easy and accessible application process
Higher standard premiums than comparable insurance providers
Difficult to access policy information online
iA Financial Insurance Products
iA Financial Group offers both term and permanent life insurance. It has a standard term insurance plan with plans of 15, 20, or 25 years as well as term insurance tailored for young families which allows policyholders to “pick a term” between 10 to 40 years that aligns with other financial responsibilities such as a mortgage. This insurer also offers a wide range of permanent life insurance options with participating whole life options and universal life insurance, along with specialized insurance like critical illness and disability insurance. iA Financial Group offers a variety of flexible policy options making it one of the best life insurance companies in Ontario.
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:
Canada Protection Plan (CPP)
Canada Protection Plan (CPP) is a Canadian life insurance provider known for its no-medical and simplified issue life insurance policies. The wide variety of life insurance plans CPP tailors for difficult-to-insure Canadians makes it a popular choice for those who struggle with pre-existing conditions such as diabetes, asthma, and mental health conditions. If you live in Ontario and are looking for a life insurance provider that offers no medical life insurance, CPP is one of the best options for you.
CPP Pros and Cons
Easy and quick application process
Very fast approval times
No medical exams with limited or no medical questions required
Plans can be costly
Fewer options for traditionally underwritten policies
CPP Insurance Products
Canada Protection Plan is one of the very few insurance providers that specialize in insuring difficult-to-insure Canadians. Clients that pose more risk to the insurer such as those with pre-existing conditions or hazardous jobs can get insurance through CPP that does not require medical exams with limited or no medical questions to qualify. CPP offers both term and permanent life insurance plans with coverage amounts varying between plans. CPP also offers critical illness insurance focusing on cardiac and cancer diagnoses.
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 Ontario
There are many well-respected and popular insurance providers in BC, Alberta, Manitoba, Ontario, and throughout Canada. If you aren’t sure which company you should trust with your financial future you can always reach out to a licensed insurance broker who can help you find a plan from the best life insurance providers in Canada at no cost to you.
There are many life insurance companies in Canada which can make it difficult to know which provider is the best for you. Insurance providers specialize in different ways and offer a variety of different plans and coverage amounts. For example, Canada Protection Plan specializes in no-medical life insurance and Empire Life Finacial Company offers more competitive insurance rates. When choosing an insurance provider consider the reliability and financial stability of the financial institution as well as your coverage needs by considering the coverage amounts and premium rates the provider offers and how it aligns with your personal financial goals.
In Canada, there is currently no limit on how many life insurance policies you can have at once. Some people choose to have multiple policies at once for many reasons such as having individual insurance at the same time as group coverage through a place of employment, to adapt to changing insurance needs such as having another child later in life, or to meet different financial goals. However, it is typically more advisable to seek out a new policy as opposed to taking out two or more policies at once to meet your insurance needs and it is not common for policyholders to have multiple policies at the same time.
Finding the right life insurance for you
Which life insurance provider is right for you will depend on your financial goals, budget, health status, coverage needs, and more. With so many great options available in Ontario it can be difficult to determine which of these providers are right for you. By taking the time to speak with an expert life insurance advisor you can discover which plans and providers are the best for your unique 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.
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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