Selecting the ideal and best life insurance company is as vital as finding the perfect policy for both you and your loved ones. Whether you’re just starting your career, raising a family, or planning for retirement, securing the right life insurance coverage is paramount.
Are you searching for the best life insurance companies in Canada that can tailor policies to suit your unique needs and those of your partner? Perhaps you’re searching for the best life insurance policies with swift policy approvals, hassle-free processes, and budget-friendly premiums, sparing you from burdensome paperwork.
In this article, we’ll meticulously explore the best Canadian life insurance companies, empowering you to compare and shop for the most competitive insurance quotes available in Canada.
Top 9 Life Insurance Companies in Canada
Life is a journey filled with unexpected twists and turns, and securing the financial well-being of your loved ones is an enduring priority.
However, not all life insurance providers are created equal. As you embark on this journey to protect your family’s future, how do you navigate this expansive landscape to find the most trustworthy, reliable, and tailored solutions?
Join us as we unveil top insurance providers in Canada to compare their insurance products.
1. Empire Life
Empire Life is one of Canada’s biggest insurance providers. They are currently ranked among Canada’s top life insurance companies because of their number of underwritten policies.
Empire Life offers various insurance and investment products, allowing you to completely customise your policy to your specifications. They offer the Solution series of term life insurance products, which provides life insurance coverage for 10, 20, or 30-year terms, and permanent life insurance products.
They also offer Annual Renewable Terms (ART), which renew your life insurance policy yearly.
- Instant approval of policies
- Highly competitive and affordable premiums
- Allows you to exchange short-term policies for longer Empire term life policies
- Offers comprehensive insurance riders
- The Solution 100 policy has a cash value component
- Empire provides some of the most versatile insurance options in Canada
- No term life insurance policy with more than $500,000 coverage
- Term life options are limited
Equitable Life is one of Canada’s largest mutual companies, which offers low-cost insurance options for the term and permanent life insurance options.
Their insurance products are designed to offer coverage for various needs, from basic family protection and financial security to business protection for entrepreneurs and business owners. Their pure-term life options offer coverage for ages 10, 20, 30, and 65.
Equitable offers single and multi-life coverage, providing family members with coverage and allowing them to save on policy fees. Their multiple offerings allow you to ladder your coverage to combine them into a single life plan.
- Allows you to bundle coverage with critical illness and other riders
- Allows you to convert term policies into permanent plans
- Preferred clients can automatically qualify for EquiLiving
- Allows online access to your account and digital e-policy
- Limited-term life insurance options
- Only term life insurance is available
Foresters Financial is a 150-year-old Canadian life insurance company based in Toronto. In 2020, the company merged with the Canada Protection Plan.
Foresters offers a pure-term life insurance product that is renewable and convertible to permanent life insurance policies without any medical underwriting.
Their insurance products are excellent for meeting your changing financial needs. They also offer optional riders for accidental death benefits, children insurance riders, and waiver of premiums.
- Offers simplified and quick fulfilment options
- Can be easily converted to permanent life insurance plans, including participating and non-participating options
- Offers multiple coverage terms
- Offers digital e-policy
- No online access to your account or policy details
- Term life insurance is expensive
Founded in 1992, Canada Protection Plan is one of Canada’s youngest insurance providers, which is open-minded about insuring people with pre-existing medical conditions. They are good at providing insurance coverage to people with medical issues without probing or testing them further.
CPP is Canada’s leading provider of no-medical and simplified-issue life insurance products. Those who have difficulty finding coverage, have been rejected before, or want to get approved quickly would find the Canada Protection Plan a good option.
Also, lower-priced life insurance options are available to those in good health who are okay with waiting for approval for a few weeks.
- Offers multiple simplified issues and no medical coverage options for people across all health categories
- All plans can be converted to permanent coverage.
- Insurance products are available to temporary residents
- Most of its products are available through quick and simple online applications without medical exams
- Affordable coverages
- Offers decreasing term options
- Digital e-policy
- Charges higher premiums for coverage with no medical underwriting
- Coverage amounts are capped at $1 million
- Coverage ends at 80
- Term life insurance is more expensive
Industrial Alliance (iA) Life Insurance is another publicly listed financial company with considerable assets under management and a financial strength rating of A+.
iA offers various insurance products, including term and whole life insurance plans and participating and universal insurance policies. Industrial Alliance offers two options for term life insurance: Access Life and Pick-A-Term.
The Pick-A-Term option lets you design your coverage term within the range of 10-40 years based on your specific needs and financial circumstances.
- iA’s underwriting process is more accommodating compared to other insurance providers
- Offers level and decreasing options
- Allows a high degree of flexibility to design your personalised coverage
- No medical simplified and guaranteed products are available
- Access to optional riders
- Online access to your account and digital e-policy
- Term life coverage may be more expensive than other providers
- Poor online reviews
- Limited-term life insurance products
Ivari is an 80-year-old insurance company in Canada with multiple coverage products for individuals and families. The company was once the Canadian branch of Transamerica Life until life re-insurance company, Wilton Re acquired it.
Ivari’s term life options are available as stand-alone or can be layered with different terms, universal, or critical illness plans to create a more personalised coverage that spans longer.
They offer one of the best insurance plans for smokers. They also have a unique joint policy option with up to five people.
- Their 30-year term option offers unique flexibilities upon maturity
- Offers online access to your account and digital policy
- Offers multiple-term life insurance options
- Access to several optional riders
- Offers higher premiums
- No flexibility to choose your own term
Manulife is Canada’s largest insurance provider, based on its assets under management. They have been in the insurance business for 130 years. They have over $768.5 billion worth of assets under management and a financial strength rating of A+.
Their dedication to digital innovation in life insurance makes them one of the country’s best. They are one of the first insurers to provide electronic policies, but e-policy is now common to all the best insurance companies in Canada.
Manulife Life Insurance offers a wide variety of life insurance policies. Its CoverMe term insurance offers individual coverage, family-focused insurance and term insurance for your business.
- Offers fully electronic and digital operation
- Offers cash advance for policyholders diagnosed with a terminal illness
- Allows you to exchange your short-term products for longer-term products
- Offers an optional feature to increase your coverage up to its 5th anniversary
- Offers limited term life options
- Term life insurance is expensive
- Difficult to find the right policy on your own
8. La Capitale
The mid-sized insurance company based out of British Columbia, La Capitale, is one of Canada’s few life insurance providers with BBB accreditation and an A+ rating. The company is currently merging with SSQ to change its name to Beneva.
Their life insurance options include term life, travel insurance and disability insurance. Their flagship product is their Enhanced term life insurance, which includes a Loss of Autonomy benefit and $1000 for estate fees coverage (available to only Quebec residents).
The Enhanced term life insurance is a renewable and convertible product and can be bundled with other products like critical illness, disability, and other savings products.
- Offer built-in Loss of Autonomy benefit for Enhanced term insurance
- Offers up to $1000 to cover estate fees, only available to Quebec residents and for Enhanced term insurance
- Offers online access to your account and digital e-policy
- Access to many optional riders
- Combined financial backing from the SSQ merger under the name ‘Beneva.’
- No medical life insurance options only offer up to $25,000
- Simplified life insurance options are only offered up to $50,000
- You can’t buy term life insurance without the health insurance bundle
SSq is one of Canada’s best life insurance providers with a top-notch flagship product called Term Plus. Term Plus is a multi-purpose insurance plan offering coverage, other unique features, and customisable options to protect you against risks.
You can easily combine this product with the optional disability and critical illness coverage to provide a more robust solution.
- Allows you to add critical illness and monthly disability insurance to form a comprehensive financial protection solution
- Offers several optional riders
- You can access your account online
- Offers Digital e-policy
- Approval times are longer
How I Reviewed the Top Insurance Companies in Canada
Here’s how we choose the above best insurance companies in Canada:
- Competitive Rates: The insurance companies mentioned above have the best premiums compared to other insurance providers in Canada. They help you save more on premiums while getting the coverage you need.
- Financial Stability: These insurance companies have demonstrated years of industry experience. They are tested and trusted by millions of people as the best insurance companies in Canada.
- Reputation: Most of these insurance companies are “A+” rated by the A.M Best and BBB; others have excellent ratings from other platforms. This means they are trustworthy, reliable and recommendable.
How to Choose the Best Insurance Companies in Canada For Your Needs
Each insurance company has a speciality that distinguishes it from others. So, not all insurance companies provide the type of policy you need. Here are a few factors to consider when choosing the best insurance companies in Canada:
- Coverage and Exclusions: While life insurance is one of the most common insurance policies, there are some insurance companies that specialise in one or a few types of life insurance policies, while others have broad coverage. You should pay close attention to the insurance company, their coverage and exclusions to ensure you are fully covered.
- Reputation: The insurance world is full of ambitious companies, but you need to get acquainted with those with the best reputation. When an insurance company has a good reputation and rating, it means a trusted number of customers acknowledge its good performance.
- Easy Access: You must consider how easy it is to become a policyholder, access your account and claim coverage. The above Canadian insurance companies are accessible any time of the day or night.
- Deductibles: You must compare the deductibles of several insurance companies before deciding on the best. Choose the insurance company with the deductible that suits your budget and savings goals.
Final Thoughts On Best Insurance Companies in Canada
After thoroughly exploring the Canadian life insurance landscape, it’s clear that finding the best life insurance companies in Canada is a critical step in securing your family’s future.
With many options to consider, we’ve taken the guesswork out of the equation and highlighted the top contenders who have consistently delivered peace of mind to countless individuals and families.
Check out each insurer, compare quotes, discover the ideal coverage for your unique needs, and take that vital step towards ensuring a brighter, more secure tomorrow for you and your family.