Find Your Best Life Insurance Company in Canada
With dozens of life insurance companies operating in Canada, you’re spoiled for choice. So, how hard can it be to choose the right one for you? As it turns out, surprisingly overwhelming.
Complete the above form, buy an insurance policy online or connect with a top brokerage through us. To make things easier, we have compiled a list of Canada’s top life insurance companies. Here you can compare these insurance companies through MyChoice. The companies are listed below in alphabetical order.
| Life insurance provider | Average online rating | Key features |
|---|---|---|
| American Income | 4.8/5 | Wide selection of insurance products |
| Assumption Life | 4.0/5 | Variety of coverage options and strong no-medical options |
| BCAA | 4.1/5 | Short-term life insurance and several coverage amounts |
| Beneva | 4.4/5 | Term life insurance up to 40 years and flexible policies |
| Blue Cross | 4.2/5 | Small coverage support and customizability |
| BMO Insurance | 2.7/5 | Term and permanent policies with many investment options |
| Canada Life | 1.3/5 | Coverage available to older applicants and convertible term insurance |
| Canada Protection Plan | 3.8/5 | Fast approval and an online application |
| Canadian Premier/Securian | 2.5/5 | Basic term life insurance |
| CIBC Insurance | 4.8/5 | Online quotes and applications, with convertible policies |
| Co-operators | 3.0/5 | Online information and a life insurance calculator |
| CUMIS | 2.4/5 | Wide policy selection |
| Desjardins | 2.4/5 | Numerous agent locations and a wide range of policies |
| Empire Life | 4.2/5 | Competitive rates and a good product selection |
| Equitable Life | 3.6/5 | Combined life and critical illness insurance |
| Foresters | 3.2/5 | Convertible policies and optional riders |
| Humania | 3.4/5 | Quick applications and several term options |
| Industrial Alliance | 4.3/5 | Term life insurance up to 40 years and flexible policies |
| Ivari | 3.0/5 | Individual and joint term policies |
| Manulife | 2.8/5 | Fast approvals and online service |
| Primerica | 4.8/5 | Customizable term policies and financial education |
| RBC Insurance | 3.5/5 | Renewable and convertible insurance |
| Scotia Insurance | 2.3/5 | Flexible payment schedules and level premiums |
| Serenia Life Financial | 4.3/5 | Flexible terms and customizable coverage |
| Specialty | 3.9/5 | No-medical life insurance |
| Sun Life | 3.2/5 | Succession planning and a large dividend scale |
| Teachers Life | 4.3/5 | Group benefits and income protection |
| UV Insurance | 2.9/5 | Flexible policies and group life insurance |
| Wawanesa | 2.0/5 | Renewable term policies and a physical presence |
Which Life Insurance Company Should You Choose?
While there are many different life insurance companies, some are stronger in certain categories than others. Often, this is due to these companies offering policies tailored to certain types of people.
Our recommendations are based on the research presented below. Before making a decision, do additional research or talk to a financial advisor about the best life insurance company for you.
American Income
4.8-star Google rating as of December 2025
Key features: Wide selection of insurance products
American Income offers life insurance, accidental death and dismemberment protection, and supplemental health coverage.
| Pros | Cons |
|---|---|
| Various coverage options | Limited information available online |
Assumption Life
4.0-star Google rating as of December 2025
Key features: Coverage variety and strong no-medical policy options
Assumption Life is a good choice for people with pre-existing conditions because of its no-medical and simplified-issue life insurance options. Assumption Life offers a wide array of life insurance options, including several no-medical and simplified-issue policies.
| Pros | Cons |
|---|---|
| Many types of life insurance | Disability riders have a low limit |
| Several no-medical options | — |
BCAA
4.1-star Google rating as of December 2025
Key features: Short-term life insurance options and variable coverage amounts
BCAA sells term, guaranteed and permanent life insurance, with both five-year and multi-term choices available for term coverage. Although a permanent policy is offered, customers seeking cash-value products such as whole or universal life insurance may need another provider.
| Pros | Cons |
|---|---|
| Coverage ranging from $50,000 to $500,000 | Low coverage ceiling |
| Convertible to permanent life insurance before age 56 | Term insurance has no cash value |
Beneva
4.4-star Google rating as of December 2025
Key features: Term life insurance up to 40 years and flexible policies
Beneva is a comparatively new insurance company created from the 2020 merger of La Capitale and SSQ Insurance. It is a mutual insurance company offering a range of group and individual insurance products.
| Pros | Cons |
|---|---|
| Lower coverage amounts may qualify for accelerated underwriting | Customer-service wait times may vary |
| Critical illness coverage may be available to eligible applicants | — |
Blue Cross
4.2-star Google rating as of December 2025
Key features: Small coverage support and customizability
Blue Cross is part of an international not-for-profit network of organizations working to make insurance protection accessible throughout Canada. Products and availability vary among the regional Blue Cross organizations.
| Pros | Cons |
|---|---|
| Policy customizability | Products vary by region |
BMO Insurance
2.7-star Google rating as of December 2025
Key features: Insurance and investment options, plus term policies
Bank of Montreal’s insurance subsidiary offers both term and permanent life insurance. Permanent options include Term 100, whole life and universal life insurance. Universal life insurance offers more than 200 investment options.
| Pros | Cons |
|---|---|
| Many investment options with universal life products | Stricter medical requirements may apply |
| Competitive term rates | Some applications require paperwork |
Canada Life
1.3-star Google rating as of December 2025
Key features: Coverage available to older applicants and convertible term insurance
Options include riders for child insurance, accidental death, waiver of premium, term life and whole life insurance. Canada Life provides insurance and wealth-management solutions in Canada and has operations in several countries. It is one of the country’s oldest insurance companies.
| Pros | Cons |
|---|---|
| Variety of riders | Some products have minimum coverage amounts |
| Coverage available across a wide age range | — |
Canada Protection Plan
3.8-star Google rating as of December 2025
Key features: Fast approval and online applications
No-medical life insurance is Canada Protection Plan’s specialty. For someone whose health prevents them from obtaining traditional coverage elsewhere, that focus can make the company a useful option.
| Pros | Cons |
|---|---|
| Many no-medical options | Typically higher premiums |
| Coverage for some temporary residents | — |
Canadian Premier/Securian
2.5-star Google rating as of December 2025
Key features: Basic term life insurance
Securian, formerly Canadian Premier, offers basic term life insurance. However, there are limited options for renewals or conversion, and many policies do not allow riders. Securian is generally suited to those who want basic coverage.
| Pros | Cons |
|---|---|
| Typically lower rates | Limited riders |
| Basic coverage | Limited renewal options |
CIBC Insurance
4.8-star Google rating as of December 2025
Key features: Online quotes and applications, with convertible policies
Canadian Imperial Bank of Commerce has a major presence in banking. Its insurance division mainly offers CIBC Term Life Insurance and CIBC Critical Illness Insurance. Term life insurance is available for periods of 10 or 20 years and can be renewed, although the rates increase at renewal. Eligible policies may be converted to Term 100 protection.
| Pros | Cons |
|---|---|
| Online applications available | Limited term options |
| Convertible policies available | — |
Co-operators
3.0-star Google rating as of December 2025
Key features: Online services and insurance information
Brokers offer Co-operators insurance products throughout Canada. Products include life, auto, business, travel and property insurance. The Canadian insurance co-operative was founded in 1945 by Saskatchewan farmers. It is owned by member organizations that include co-operatives, credit-union centrals and representative farm associations.
| Pros | Cons |
|---|---|
| Information about several life insurance products | Some coverage details require an advisor |
| Online calculators and articles | — |
CUMIS
2.4-star Google rating as of December 2025
Key features: Wide policy selection
Credit unions frequently partner with CUMIS for insurance coverage. CUMIS offers term and permanent life insurance policies as well as home, travel and retirement products.
CUMIS General is wholly owned by Co-operators General Insurance Company.
| Pros | Cons |
|---|---|
| Potential preferred rates | No online quotes |
Desjardins
2.4-star Google rating as of December 2025
Key features: Numerous agent locations and a wide selection of insurance products
Desjardins, one of Canada’s largest financial institutions, offers life policies through advisors and agents nationwide. Desjardins offers a wide range of life insurance, including several options for term coverage.
| Pros | Cons |
|---|---|
| Established company | Limited term options |
| Wide selection of life insurance products | Not always the most affordable |
Empire Life
4.2-star Google rating as of December 2025
Key features: Competitive rates and a good product selection
Universal life insurance is absent from Empire Life’s product lineup. Empire Life offers term and whole life insurance and has an extensive line of insurance products.
| Pros | Cons |
|---|---|
| High term-coverage amounts | No universal life insurance |
| Variety of insurance products | No online quotes |
Equitable Life
3.6-star Google rating as of December 2025
Key features: Combined life and critical illness insurance, with flexible policies
As one of Canada’s mutual life insurers, Equitable Life of Canada provides several term and whole life products. Its selection can address needs ranging from a family’s financial protection to safeguarding a company’s future.
| Pros | Cons |
|---|---|
| Life and critical illness insurance can be combined | Limited selection of term policies |
| Family-focused insurance planning | — |
Foresters
3.2-star Google rating as of December 2025
Key features: Convertible policies and optional riders
Foresters lets customers convert eligible term coverage to permanent life insurance without additional medical underwriting. Optional riders include children’s insurance, accidental death benefits and waiver of premium. An incentive is also available to eligible smokers trying to quit.
| Pros | Cons |
|---|---|
| Variety of optional riders | Term insurance may cost more |
| Convertible policies | Limited online policy tools |
Humania
3.4-star Google rating as of December 2025
Key features: Quick application processing and several term options
HuGo Life Insurance from Humania is a paperless online product designed to reduce application requirements and provide acceptance in as little as 15 minutes. Eligible customers approved for more than $100,000 in life coverage may also obtain HuGo Critical Illness and Debt Insurance without additional requirements.
| Pros | Cons |
|---|---|
| Several term options | Conversion options are limited by age |
| Some customers may be insured quickly | Limited online policy tools |
Industrial Alliance
4.3-star Google rating as of December 2025
Key features: Term life insurance up to 40 years and flexible policies
Industrial Alliance is based in Quebec. Its Pick-A-Term product offers periods as long as 40 years, while other term coverage is available for shorter periods. Access Life is intended for applicants who have difficulty qualifying because of age, lifestyle or residency status.
| Pros | Cons |
|---|---|
| Customization available | Rates may vary |
| Optional riders | Premiums may be comparatively expensive |
Ivari
3.0-star Google rating as of December 2025
Key features: Individual and joint term policies
Term life, critical illness and universal life insurance are available from Ivari. Its term product uses level premiums and comes in periods of 10, 20 or 30 years. Coverage may be purchased as an individual or joint policy.
| Pros | Cons |
|---|---|
| Good selection of riders | Limited universal life features |
| Online capabilities | Comparatively higher premiums |
Manulife
2.8-star Google rating as of December 2025
Key features: Fast policy approvals and online service
Manulife serves a wide range of customers through numerous products. Its term options use level premiums and may be converted to permanent insurance without a medical exam, subject to the policy’s terms.
| Pros | Cons |
|---|---|
| Cash-advance benefit for eligible terminal illnesses | Higher premiums on some products |
| Convertible term policies | Limited term options |
Primerica
4.8-star Google rating as of December 2025
Key features: Customizable policies and financial education
Primerica offers term life insurance. Applicants can speak with an agent and adjust the policy benefits according to their needs. The maximum term is 30 years.
| Pros | Cons |
|---|---|
| Online capabilities | Only term coverage available |
| Customizable coverage | Coverage limits apply |
RBC Insurance
3.5-star Google rating as of December 2025
Key features: Renewable and convertible insurance
The insurance arm of the Royal Bank of Canada offers term life insurance and Term 100. Eligible policies are renewable and convertible, which makes them more flexible.
| Pros | Cons |
|---|---|
| Renewable and convertible term policies | Pre-existing conditions may increase costs |
| Competitive rates | Eligibility requirements apply |
Scotia Insurance
2.3-star Google rating as of December 2025
Key features: Flexible premium payments and level premiums
Scotiabank’s insurance division sells term life rather than permanent life coverage. Term customers can choose a payment frequency, and their rates remain level for the selected term.
| Pros | Cons |
|---|---|
| Monthly, quarterly, semi-annual or annual payments | Limited product selection |
| Level premiums during the term | — |
Serenia Life Financial
4.3-star Google rating as of December 2025
Key features: Customizable coverage and flexible terms
FaithLife Financial was rebranded as Serenia Life Financial in 2022. It is a member-based, not-for-profit life insurance company. The company offers term life, Term to 100 and whole life insurance, with guaranteed premium rates and renewable or convertible options on eligible policies.
| Pros | Cons |
|---|---|
| Term, Term to 100 and whole life insurance | Fewer online tools than some national insurers |
| Family benefits and member perks | — |
Phone: 1-800-563-6237
Specialty
3.9-star Google rating as of December 2025
Key features: No-medical life insurance and options for seniors
Specialty’s primary focus is no-medical life insurance. It also offers supplemental health products, including critical illness, final-expense and accidental-death protection for older people and those with medical conditions.
| Pros | Cons |
|---|---|
| No-medical life insurance | Comparatively higher rates |
| Options for older applicants | — |
Sun Life
3.2-star Google rating as of December 2025
Key features: Succession planning and a large dividend scale
Sun Life offers whole and universal life products for a range of applicants, including high-net-worth customers. The company may merit consideration when the objective includes estate planning or investing through a life insurance policy.
| Pros | Cons |
|---|---|
| Customizable riders | Higher rates on some products |
| Some convertible policies | Strict underwriting may apply |
Teachers Life
4.3-star Google rating as of December 2025
Key features: Group benefits and income protection
Teachers Life’s digital-first SmartLife platform allows customers to apply online. Teachers Life offers term life insurance and long-term disability insurance, mostly through its longstanding partnership with OTIP. Teachers Life was created by a group of Ontario secondary-school teachers in 1939 as a Canadian fraternal benefit society for teachers and their families.
| Pros | Cons |
|---|---|
| Designed for educators and school staff | Availability is concentrated in the education sector |
| Wellness, mental-health and family benefits | Fewer advanced policy options than some national insurers |
UV Insurance
2.9-star Google rating as of December 2025
Key features: Flexible policies and group life insurance
UV Insurance has offered life insurance, group insurance and investment products since 1889. It works through an independent-advisor network.
| Pros | Cons |
|---|---|
| No medical exam for certain coverage amounts | No online quotes |
Wawanesa
2.0-star Google rating as of December 2025
Key features: Renewable term policies and a physical presence
Wawanesa’s products span life, farm, auto and commercial insurance. Although its life division is comparatively small, it offers a selection of term policies.
| Pros | Cons |
|---|---|
| Good term-policy selection | Longer coverage periods may cost more |
| Competitive premiums on some shorter terms | Limited availability through independent brokers |
How to Choose a Life Insurance Policy in Ontario
There is no single life insurance plan that suits everyone. Different people have different situations and requirements. Therefore, it is important to research which policy is best for you.
There are a number of considerations when purchasing a life insurance policy. Let’s explore some of these issues, including what determines your life insurance rates.
Factors Influencing Your Life Insurance Rates
Here is a look at the factors an insurer may consider when determining your premium:
- Age: Older applicants are generally more susceptible to disease, so age can raise the cost of life insurance. At advanced ages, an insurer may decline coverage.
- Sex: Insurers may consider sex where provincial rules permit it.
- Health: An insurer uses the risk of illness or death to set life insurance rates, making health a central consideration. People in better health can often qualify more easily and at a lower price.
- Smoking: Since smoking increases the risk of certain diseases, insurers commonly consider smoking habits when calculating premiums.
- Lifestyle: Dangerous work such as firefighting and high-risk hobbies such as skydiving increase the chance of injury or death, which can result in a higher rate.
Determining What Kind of Policy to Buy
Several considerations can guide the choice of a life insurance policy:
- Dependants: Consider how many people rely on you for financial security. More dependants may mean that a larger amount of insurance is necessary.
- Debt: If you have a large debt, such as a mortgage, choose a limit high enough to repay it so your family does not have to assume it.
- Coverage amount: Buying the largest possible benefit can make the premium unaffordable. Aim for enough coverage to repay debts and preserve your family’s financial stability.
- Policy type: Term life is generally less costly but protects you only for a defined period, whereas whole life lasts for life and usually costs more. The appropriate type should suit both the protection required and the available budget.
- Investment needs: Universal life and certain other policies may include an investment component. Decide whether pure insurance protection is the goal or whether investing through the policy also matters.
- Health examination: A pre-existing condition can make traditional qualification more difficult, in which case no-medical life insurance may be an option.
Methodology for Selecting Life Insurance Companies
Life insurance is one aspect of financial planning. The approach you use to find a company should match the purpose the policy serves. We looked at coverage options, customer service, additional benefits and other factors to compare life insurance companies in Canada.
Customer Ratings and Satisfaction
- Customer feedback: Reviews and testimonials help us gauge customer satisfaction and learn more about an insurer’s customer-service reputation and claims process.
- Online ratings: The ratings listed in this article were collected in December 2025. Ratings can change and may vary by location.
Coverage Options and Policy Flexibility
- Different products: Companies receive credit for providing term, whole and universal life insurance, as well as other policies that meet different financial goals.
- Customization: Riders may add supplementary benefits. Examples include waiver of premium and accidental-death riders. Critical illness protection may be offered as a rider or a separate policy.
Pricing and Value
- We compare premiums from different insurers to determine whether rates are competitive for various policies and coverage amounts.
- We also consider available discounts and rewards, including programs for non-smokers and people who purchase multiple policies.
Customer Service and Claims Process
- Insurers receive preference when they offer accessible customer support, manageable policies and several contact options.
- We consider claims handling using customer feedback and industry reviews.
Additional Benefits and Features
- We look for services such as online policy management, beneficiary services, wellness programs and online health information.
- The ability to change a policy as life circumstances change is also considered.
Continuous Monitoring and Updating
Rankings are reviewed as insurance offerings, industry mergers and other material factors change.
This methodology is intended to identify Canadian life insurers offering a useful combination of coverage, service and policy features. Individual eligibility, pricing and coverage vary, so applicants should compare policy documents and quotes before choosing a provider.
Frequently Asked Questions
What Is a Life Insurance Rider?
Life insurance riders are optional additions that expand or change the protection in a policy. They can provide benefits and flexibility that the underlying coverage does not include on its own.A rider might waive premiums during a disability or allow additional future coverage without another health examination. Adding riders will generally increase the premium, although that is not true in every case.
What Is the Most Trusted Life Insurance Company in Canada?
There is no single objectively most trusted life insurance company. Sun Life and Manulife both have long Canadian histories and rank among the country’s established life insurers. Compare financial strength, products, policy terms and service before choosing a company.
What Is the Cheapest Life Insurance in Canada?
Term life insurance is generally the most affordable type of life insurance in Canada. It lasts for a limited period and does not have the savings or investment components found in some permanent policies. Life insurance rates vary depending on the applicant and policy.Favourable rates are commonly available to applicants who are younger, healthy and do not smoke.
How Much Life Insurance Should I Buy?
A commonly used guideline is 10 to 12 times your annual income, but some situations may call for more or less. The amount should be adequate to meet your family’s financial needs.A life insurance calculator can help estimate an appropriate coverage amount by considering your income, debts, dependants and other needs.