Top 5 Best Life Insurance Companies in Alberta
Learn more about the top five best life insurance companies in Alberta.
11 Minute read
Originally published: January 24, 2024
Top 5 Best Life Insurance Companies in Alberta
Learn more about the top five best life insurance companies in Alberta.
11 Minute read
Originally published: January 24, 2024
If you’re looking for life insurance, factors such as your coverage needs, overall health, and preferred premium payment options are all important to consider. In Canada, it can prove difficult to find the best life insurance provider to cover these needs considering the wide variety to pick from. That’s why we’ve made this list of the top five best life insurance companies in Alberta, to narrow down which life insurance provider best represents the financial interests of you and your family.
For the best providers elsewhere in Canada, check out our guide to the best life insurance providers in Ontario, Manitoba, and British Columbia.
In this article:
What to consider when choosing a provider
When choosing a life insurance provider, the biggest consideration is your coverage needs. The two main types of life insurance policies are permanent life insurance which covers you permanently for the rest of your life and term life insurance which covers you for a set term, typically 10, 20, or 30 years. You should also consider the coverage amount you will need as well as how frequently and what amount you are comfortable paying the premiums for your policy. Here is a helpful guide on How to Determine Your Life Insurance Needs Based on Your Age and Life Stage if you aren’t sure what you need.
Here is a quick overview of the best life insurance companies in Alberta 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. 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 the best life insurance companies in Alberta thanks to its competitive pricing, variety of policy options, popularity across Canada, and its financial strength as an insurer.
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
Less term period offerings
Canada Life Insurance Products
Canada Life offers many types of life insurance policies that offer comprehensive coverage with competitive pricing. This insurer offers permanent life insurance with universal life and participating whole life insurance plans, term life insurance, critical illness and disability insurance, health and dental insurance, as well as creditors insurance. Canada Life offers a variety of insurance solutions to Canadians which allows customers to find a plan that best represents their financial goals and interests as a policyholder.
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:
Industrial Alliance (iA) Financial Group
One of the largest and most well known insurance and wealth management groups in Canada is the Industrial Alliance Financial Group, also known as iA. This company helps over 4 million clients across Canada and is well established in the life insurance industry. iA is known for its easy and accessible application process as well as the flexibility in the customizable life insurance policies it offers. For Canadians looking for life insurance in Alberta, it is one of the most popular options available thanks to its financial stability, comprehensive coverage, and good reputation nationwide.
iA Pros and Cons
Lots of flexibility and customization options for life insurance plans
Offers level and decreasing term coverage options
Easy application process
Higher standard premiums than comparable insurance providers
Difficult to access policy information online
iA Insurance Products
iA life insurance 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 for young families that allows policy holders to “pick a term” between 10 to 40 years that aligns with other financial responsibilities such as a mortgage. iA also offers a wide range of permanent life insurance options with participating whole life options and universal life insurance, along with specialized life insurance such as critical illness and disability insurance. This provider offers a lot of policy options with flexibility that is hard to beat.
iA 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:
Sun Life Financial
Sun Life Financial is one of Canada’s largest and most trusted insurance agencies that proves as a popular choice for Albertans interested in life insurance. Sun Life has a rich history in the financial services industry with established expertise in life insurance solutions. This company offers high quality life insurance options with flexible policies which is why it is considered one of the best life insurance companies in Canada. If you are looking for insurance in Alberta, then Sun Life Financial might be the right company for you.
Sun Life Pros and Cons
Flexible and highly customizable policies
High stability with a great financial strength rating
Large variety of term period offerings with easy exchanges
Options for no-medical life insurance
Costly premiums compared to other providers
Lacking high-quality customer service
Sun Life Insurance Products
Sun Life Financial offers various flexible and customizable insurance products with a diverse range of riders and options available to customers. This company offers comprehensive permanent life insurance policies including universal life insurance as well as participating and non-participating whole life insurance. Sun Life also offers a wide range of term life insurance options with terms ranging from 10-30 years, as well as other insurance solutions such as personal health and dental insurance, disability insurance, critical illness insurance, travel insurance, and long-term care insurance. Customers of Sun Life Financial often report feeling confident working with such an established insurance company and appreciate the flexibility of the policies Sun Life offers.
Sun Life Pricing
If you are interested in Sun Life Financial, check out this helpful guide that outlines the monthly rates of Sun Life term life insurance based on a 10-year term with $500,000 of coverage for male and female smokers and non-smokers:
Assumption Mutual Life Insurance Company
Assumption Mutual Life Insurance Company is a life insurance and asset management company in Canada headquartered in Moncton, New Brunswick. Assumption Life, as it’s also known as, was founded over 120 years ago and is a great option for Canadians interested in life insurance. Assumption Life is a popular life insurance provider in Alberta due to the variety of life insurance products, including no medical life insurance, that they offer to customers.
Assumption Life Pros and Cons
Multiple coverage terms offered
Variety of no-medical life insurance options
Exchange and conversion options for term insurance
High policy and rider fees on no-medical policies
Premiums are higher than comparable life insurance providers
No standalone disability policy
Assumption Life Products
Assumption Life offers a variety of life insurance solutions for Canadians. Their products include term life insurance with competitive pricing on premiums, whole life insurance, various guaranteed issue life insurance policies, and critical illness protection insurance. While this company doesn’t have as many options for types of insurance as some other insurers they offer comprehensive coverage for no medical life insurance policies which are ideal for applicants worried about denial due to health issues.
Assumption Pricing
If you are interested in Assumption Mutual Life Insurance Company, check out this helpful guide that outlines the monthly rates of Assumption 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 one of Canada’s largest and most recognizable financial institutions and has been around for over 130 years. It is a popular option for those looking for life insurance in Alberta for good reason, with established financial expertise and consistent performance putting it high on our list of the best life insurance companies in all of Canada. If you are looking for a reliable life insurance provider with a wide variety of innovative insurance solutions, Manulife Financial might be the right provider for you.
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
Less options for term length then comparable providers
Lengthy underwriting processes and wait times
Unlike competitors, applications do not have “instant” approvals
Manulife Insurance Products
Manulife offers competitive pricing on its wide range of life insurance products. This company offers family focused and individual term life insurance, guaranteed issue, universal life, and whole life insurance, group life insurance, as well as disability and critical illness protection for Canadians. One unique feature that Manulife offers is a rewards program called Manulife Vitality. This program offers policyholders the ability to reduce their premiums by participating in health-related activities such as workouts, health checkups, healthy eating, and more. Manulife is widely considered an innovator in the life insurance industry and is a great option for Canadian life insurance.
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:
Frequently Asked Questions (FAQs) about Life Insurance in Alberta
Whether you’re looking for the best life insurance provider in Alberta, Manitoba, British Columbia, Ontario, or anywhere else in Canada, which provider is the best for you depends on what type of insurance and coverage you need. That being said, there are some well-established and popular options of life insurance providers in Canada which you can read more about in this helpful guide on the best life insurance providers in Canada.
Though life insurance can be costly, there are many benefits to purchasing a life insurance policy. Life insurance is a great way to make sure that those that depend on you such as your family or business partners will be financially secure should you pass and they could no longer rely on your income. Permanent life insurance policies also offer investment options for policy holders that are interested in growing their wealth. If you aren’t sure if life insurance is worth it check out this helpful guide for Canadians that outlines if life insurance is worth it.
There are many trusted and popular life insurance providers for Canadians to choose from such as the ones outlined in this article. However, with so many options available it can be hard to tell which top life insurance companies in Canada are best suited for your needs. If you are wondering which providers are best for seniors, business owners, families, or other specialties check out our guide on the best providers based on specialty.
Life insurance companies vary in what they offer and specialize in. Some companies such as BMO are great options for those looking for affordability where companies like iA offer a lot more options and flexibility but have higher standard premiums. When choosing a life insurance company you should consider the reliability and financial stability of the provider as well as what coverage options they have and how it aligns with your financial goals. Here is a helpful resource you can check out if you’re not sure how to determine your life insurance coverage needs.
Both large, well-known companies and smaller, local providers have their advantages. Larger companies often have robust financial strength, a wide range of products, and an established reputation. On the other hand, smaller, local providers might offer more personalized service and have a deeper understanding of local market conditions and needs. It’s essential to assess your requirements, do your research, and choose a company that aligns best with your preferences and priorities.
Find a solution that’s right for you
Taking the time to carefully select the right life insurance company is an investment in the future security and peace of mind for both you and your loved ones. At Protect Your Wealth, we work with and compare policies and quotes from the best life insurance companies in Canada to ensure the best solution for you and your needs. We provide expert life insurance solutions, including no medical life insurance, critical illness insurance, term life insurance, and permanent life insurance to build a life insurance package that suits your exact needs.
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 Alberta, British Columbia, or Ontario including areas such as Calgary, Victoria, and Kitchener.
![Foresters Financial Life Insurance Review Canada [2024]](https://sp-ao.shortpixel.ai/client/to_webp,q_glossy,ret_img,w_500,h_383/https://protectyourwealth.ca/wp-content/uploads/2022/02/Foresters-Financial-Life-Insurance-review-500x383.png)
![TD Canada Life Insurance Review Canada [2024]](https://sp-ao.shortpixel.ai/client/to_webp,q_glossy,ret_img,w_500,h_383/https://protectyourwealth.ca/wp-content/uploads/2022/02/TD-Life-Insurance-Review-500x383.png)
Leave A Comment