Top 5 Best Life Insurance Companies in British Columbia
Find out everything you need to know about the top five best life insurance companies in British Columbia.
11 Minute read
Originally published: January 23, 2024
Top 5 Best Life Insurance Companies in British Columbia
Find out everything you need to know about the top five best life insurance companies in British Columbia.
11 Minute read
Originally published: January 23, 2024
Finding a life insurance provider that’s right for you and your financial needs can be difficult considering the wide variety of insurers available to Canadians. Which company is best for you will depend on a variety of factors such as your coverage needs, overall health, and preferred premium payment options. That’s why we’ve made this list of the top five best life insurance companies in British Columbia so when you go to choose a provider you can make the right decision for 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 Alberta.
In this article:
What to consider when choosing a provider
The biggest consideration when choosing a life insurance provider in Canada is your coverage needs. The two main types of policy are permanent life insurance which covers you for the remainder 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 much and how frequently you would like to pay for your policy’s premiums. If you are unsure, check out our guide on How to Determine Your Life Insurance Needs Based on Your Age and Life Stage.
Here is a quick overview of the best life insurance companies in British Columbia and their benefits:
Manulife Financial
Founded in 1887, Manulife Financial is one of Canada’s largest and most recognizable financial institutions. It is a popular option for those looking for life insurance in British Columbia 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 a wide range of life insurance products with competitive pricing. They offer 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 through its rewards program Manulife Vitality, is the ability to reduce your premiums by participating in health-related activities such as advanced workouts, health checkups, and healthy eating. Despite being widely considered a traditional insurance company, Manulife Financial offers a variety of innovative life insurance solutions across Canada.
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 in British Columbia:
Sun Life Financial
Tracing its roots back to 1865, Sun Life Financial is one of Canada’s largest insurance agencies with established expertise in the financial service industry. Its rich history is not only a testament to its high quality insurance solutions but also demonstrates the trust Canadians have placed in it over the years which is why this provider also ranks among the best life insurance companies in Canada. If you are looking for insurance in British Columbia, then Sun Life Financial might be the right choice 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. They offer comprehensive permanent life insurance policies including universal life insurance as well as participating and non-participating whole life insurance, 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 report a high degree of confidence working with such an established and trusted insurer and appreciate the large amount of flexibility within the plans 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:
Canada Life Assurance Company
Canada Life Assurance Company, otherwise known as Canada Life, is a Canadian insurance and financial services company that has been servicing Canadians for over 175 years. This insurer offers a large variety of plans with high degrees of flexibility while still remaining as an affordable life insurance choice in Canada. It has remained a popular choice for Canadians in British Columbia due to its competitive pricing, large number of options, 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
Less term period offerings
Canada Life Insurance Products
Canada Life offers many types of life insurance policies that offer comprehensive coverage despite its 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. 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 families 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:
Bank of Montreal (BMO)
The Bank of Montreal otherwise known by the acronym BMO, is one of Canada’s oldest banks and is an established provider of life insurance in Canada. This provider is known for its competitive pricing and variety of term period options for those looking for term insurance. Those looking for affordable life insurance in British Columbia from an established life insurance provider should consider BMO insurance.
BMO Pros and Cons
Large variety of term offerings for term life insurance
Great affordability compared to competitors
Easy to contact for customer support solutions
Limited life insurance policy options
Required medical exams with no options for guaranteed life insurance
Long wait times for policy issuing, rewrites, and changes
BMO Insurance Products
While BMO is an affordable option for Canadians, it offers limited policy options compared to other providers. This provider offers only one option for term insurance which offers $100,000 to $5 million in coverage and requires a medical exam. However, the available term insurance offers a large variety of term lengths with 10, 15, 20, 25 or 30 year coverage available with the option to renew the policy or convert the policy to a permanent life insurance policy. For those interested in a permanent life insurance policy, BMO offers universal life insurance, whole life insurance, and Term 100 insurance. While BMO doesn’t have a wide variety of policy options, the policies they do offer contain high flexibility and affordability for interested Canadians.
BMO Pricing
If you are interested in 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:
Industrial Alliance (iA) Financial Group
Industrial Alliance is one of the largest insurance and wealth management groups in Canada with over 4 million clients across Canada. iA is known for its easy application process and the customizability and flexibility of the life insurance plans it offers. It is a very popular option for Canadians living in British Columbia interested in life insurance due to its financial stability 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 flexibility and its wide range of options is hard to beat for Canadians looking for more specialized and customizable life insurance solutions.
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:
Frequently Asked Questions (FAQs) about Life Insurance in BC
Whether you’re looking for the best life insurance provider in BC, Alberta, Manitoba, 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 definitely 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 British Columbia, Alberta, or Ontario including areas such as Kingston, Edmonton, and Kelowna.
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