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MyChoice serves as an independent intermediary between you, financial institutions and licensed professionals without any additional charge to our users. In the interest of transparency, we disclose that we partner with some of the providers we write about – we also list many financial services without any financial gain. MyChoice does not operate a financial institution or brokerage and to ensure accuracy, our content is reviewed by licensed professionals. Our unique position means that we hold no recurring stake in your policy, ensuring our mission to help Canadians make better financial decisions is free of bias or discrimination. 

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Article Contents
By <span>Matthew Roberts</span>
By Matthew Roberts

Updated on February 27, 2024

Visit author page
By <span>Matthew Roberts</span>
By Matthew Roberts

Updated February 27, 2024

Visit author page

18 minute read

Article Contents

Find Your Best Life Insurance in Canada

There are dozens of insurance companies operating in Canada right now, which means you’re spoiled for choice for life insurance policies. However, the wealth of choice often leads to confusion because you just don’t know which one to pick.

We’ve compiled a list of Canada’s top life insurance companies to make insurance shopping easier. You can use My Choice to compare rates between these insurance companies; then, you can either buy a policy online or use our site to connect with a top brokerage. The companies are listed in alphabetical order.

Life Insurance ProviderAverage Online
Rating
Key Features
American Income4.9/5Wide selection of insurance products
Assumption Life3.3/5Excellent insurance coverage variety, robust no-medical policy options
BCAA4.1/5Short-term life insurance options, variable coverage amounts
Beneva4.7/5Term life insurance up to 40 years, flexible policies
BMO Insurance3.1/5Wide selection of insurance investment options, low-rate term policies
Blue Cross2.5/5 Small coverage support, customizability
Canada Life4.7/5Coverage available until 85, term insurance convertible at an old age
Canada Protection Plan (CPP)3.9/5Fast approval, easy online applications
Canada Premier/Securian2.9/5High claim payment percentage
CIBC Insurance4.8/5Online quotes and applications, convertible policies
CUMIS3.8/5Wide policy selection
Desjardins3.5/5Numerous agent locations, wide selection of insurance products
Empire Life4.3/5Competitive insurance rates, good product selection
Equitable Life3.8/5Combined life and critical illness insurance, flexible policies
Foresters3.2/5Term life insurance up to 40 years, flexible policies
Humania3.5/5Quick application processing, term insurance extensions
Industrial Alliance4.5/5Term life insurance up to 40 years, flexible policies
Ivari2.6/5Term life insurance up to 30 years, single or joint policies
Manulife3.5/5Fast policy approvals, robust online service
Primerica4.8/5Customizable policies, financial education
RBC Insurance4.4/5Insurance renewability and convertibility
Scotia Insurance2.4/5Flexible premium payments, level premiums
Specialty4.2/5No-medical life insurance, great for seniors
Sun Life3.5/5Succession planning, large dividend scale
Wawanesa3.6/5Strong physical presence, renewable term policies

Which Life Insurance Company Should You Choose?

In the diverse landscape of life insurance companies, several stand out in their respective categories, catering to the unique needs of various demographics.

Please note that these recommendations are based solely on our research provided below, and it’s always advisable to conduct further personal research or consult with a financial advisor before making a final decision on which life insurance company to choose.

Best Overall Pick

Beneva, with its high online rating and offering of flexible policies, seems to be a strong contender for overall best or Assumption Life for its overall affordability.

Best For Seniors

Specialty, specializing in no-medical life insurance and offering many options for older people, seems well-suited for seniors or Canada Life which offers coverage up until the age of 85.

Best For Smokers

Assumption Life, with its robust no-medical policy options, could be a good choice for smokers, who often face challenges in medical underwriting. Foresters is also a good contender as they offer an incentive program for smokers who are looking to quit.

Best For Whole Life Insurance

Sun Life, despite its higher rates, seems appropriate for whole life insurance, especially considering its focus on high-net-worth individuals and investment options.

Best For Term Life Insurance

Primerica appears to be a strong choice for term insurance, offering customizable policies and covering up to 30 years.

Best For Young Adults

Manulife, with its fast policy approvals and robust online service, might appeal to young adults, especially those looking for convertible term policies.

Best For Estate Planning

Sun Life again seems suitable, given its focus on high-net-worth individuals and large dividend scale.

Best For Families

Equitable Life, with its focus on family life insurance planning, and the ability to combine life and critical illness insurance, is a good choice for families.

Best For Affordability

Wawanesa, known for its affordable premiums and good term policy selection, is a strong candidate for affordability.

Best For No Medical/Health Exam

Canada Protection Plan appears to be the most suitable choice. It specializes in no-medical life insurance coverage, making it an excellent option for those who may not be able to get insurance coverage elsewhere due to health reasons.

American Income

Key Features: Wide selection of insurance products

American Income seems to have a small Canadian presence, so there isn’t much information about it. However, it offers many types of coverage in addition to life insurance, like accidental death and dismemberment, as well as supplemental health.

ProsCons
Various coverage optionsLimited information available online

Email

You can contact them at anytime 24/7

Contact by phone

Feel free to contact the team by phone

Website

File a claim by visiting the website

Assumption Life

Key Features: Excellent insurance coverage variety, robust no-medical policy options

Assumption Life is great for people with pre-existing medical coverage because it offers a variety of no-medical and simplified life insurance policies. However, it also provides numerous other types of life insurance for customers from all walks of life.

ProsCons
Wide variety of life insurance typesLow caps on disability riders
Excellent no-medical life insurance optionsLow critical illness coverage payouts

Email

You can contact them at anytime 24/7

Contact by phone

Feel free to contact the team by phone

Website

File a claim by visiting the website

BCAA

Key Features: Short-term life insurance options, variable coverage amounts

BCAA offers a selection of term, guaranteed, and permanent life insurance. Its term insurance comes in five-year and multi-term plans. While it offers a permanent life insurance policy, you may need to look elsewhere for cash-value policies like whole life insurance and universal life insurance.

ProsCons
Coverage amounts span from $50,000 to $500,000Low coverage ceiling
Convertible into permanent life insurance before age 56No cash value life insurance

Email

You can contact them at anytime 24/7

Contact by phone

Feel free to contact the team by phone

Website

File a claim by visiting the website

Beneva

Key Features: Term life insurance up to 40 years, flexible policies

Beneva is a relatively new insurance company formed from the 2020 merger of La Capitale and SSQ Insurance. As the largest mutual insurance company, it provides a variety of policies for individuals as well as groups. 

ProsCons
Quick underwriting for smaller coverage amountsHigh customer service call volumes and wait times
Automatic approval of critical illness coverage if you’re in good health

Email

You can contact them at anytime 24/7

Contact by phone

Feel free to contact the team by phone

Website

File a claim by visiting the website

BMO Insurance

Key Features: Wide selection of insurance investment options, low-rate term policies

Bank of Montreal’s insurance subsidiary offers term and permanent life insurance. Its permanent policy offerings include Term 100 life insurance, whole life insurance, and universal life insurance. If you take its universal life insurance policy, you have over 200 investment options to choose from.

ProsCons
Large selection of universal life insurance investment optionsStricter medical requirements
Lower term policy ratesPaper-based life insurance application

Email

You can contact them at anytime 24/7

Contact by phone

Feel free to contact the team by phone

Website

File a claim by visiting the website

Blue Cross

Key Features: Small coverage support, customizability

Blue Cross is part of an international network of nonprofits aiming to provide insurance coverage to people in Canada. Its flagship product is the Tangible Hybrid Protection, which blends facility coverage and a choice of life, critical illness, disability, or loss of autonomy coverage.

ProsCons
Supports coverage amounts as small as $5,000Customers reported many issues with its customer service
Robust policy customizability

Email

You can contact them at anytime 24/7

Contact by phone

Feel free to contact the team by phone

Website

File a claim by visiting the website

Canada Life

Key Features: Coverage available until 85, term insurance convertible at an old age

One of the country’s oldest insurers, Canada Life offers insurance and wealth management services in many countries in addition to its native Canada. At Canada Life, you can find term and whole life insurance, plus a variety of life insurance riders like accidental death, waiver of premium, and child insurance.

ProsCons
Variety of riders$100,000 minimum insurance coverage
Wide age range for insurance coverage

Email

You can contact them at anytime 24/7

Contact by phone

Feel free to contact the team by phone

Website

File a claim by visiting the website

Canada Protection Plan (CPP)

Key Features: Fast approval, easy online applications

Canada Protection Plan is an insurer specializing in no-medical life insurance coverage. This makes it one of the best options if you can’t get insurance coverage anywhere else due to your health. 

ProsCons
Many no-medical test optionsTypically higher premiums
Provides coverage for temporary residents

Email

You can contact them at anytime 24/7

Contact by phone

Feel free to contact the team by phone

Website

File a claim by visiting the website

Canadian Premier/Securian

Key Features: High claim payment percentage

Previously named Canadian Premier, Securian provides basic term life insurance at relatively affordable rates. However, Securian is typically only good if you want basic term life insurance and nothing else. Most of Securian’s policies don’t have riders, nor are they convertible or renewable. 

ProsCons
Reliably pays out customer claimsLacks life insurance riders
Typically lower ratesCan’t renew insurance terms

Email

You can contact them at anytime 24/7

Contact by phone

Feel free to contact the team by phone

Website

File a claim by visiting the website

CIBC Insurance

Key Features: Online quotes and applications, convertible policies

While the Canadian Imperial Bank of Commerce (CIBC) is a big name in banking, its life insurance arm is relatively smaller. Primarily, it offers CIBC Term Life and CIBC Critical Illness insurance. The term insurance product provides coverage for 10 or 20 years, but they’re renewable with increasing premiums after each renewal. If you’re looking for insurance in your old age, you can also convert CIBC’s term policy into term 100 coverage at age 75.

ProsCons
Full online application and approvals possibleLimited term life insurance options
Convertible policies available

Email

You can contact them at anytime 24/7

Contact by phone

Feel free to contact the team by phone

Website

File a claim by visiting the website

CUMIS

Key Features: Wide policy selection

CUMIS is well-known as an insurance provider to credit unions. In addition to life insurance, it offers home, travel, retirement, and more types of insurance protection. In terms of life insurance, you’ll find term and permanent policies among this company’s offerings.

CUMIS General is a wholly-owned subsidiary of Co-operators General Insurance Company.

ProsCons
Potential for preferred ratesNo online quotes

Email

You can contact them at anytime 24/7

Contact by phone

Feel free to contact the team by phone

Website

File a claim by visiting the website

Desjardins

Key Features: Numerous agent locations, wide selection of insurance products

Desjardins is one of Canada’s largest financial institutions. Its life insurance arm sells policies through over 6,000 financial advisors and agents across the country. It offers many types of life insurance policies, including four types of term life insurance.

ProsCons
Reputable companyLimited term insurance optins
Large selection of life insurance productsNot the most affordable

Email

You can contact them at anytime 24/7

Contact by phone

Feel free to contact the team by phone

Website

File a claim by visiting the website

Desjardins Phone Number: 1-888-277-8726

Desjardins Website

Empire Life

Key Features: Competitive insurance rates, good product selection

Empire Life is one of the largest insurance companies in Canada, and it’s won the Life and Health Insurer of the Year award four times. Empire Life offers a wide range of insurance products, from term to whole life coverage. However, it doesn’t offer universal life insurance coverage.

ProsCons
High-term coverage amountsLacks universal life insurance
Wide variety of insurance productsNo online quotes

Email

You can contact them at anytime 24/7

Contact by phone

Feel free to contact the team by phone

Website

File a claim by visiting the website

Equitable Life

Key Features: Combined life and critical illness insurance, flexible policies

Equitable Life of Canada is one of the largest mutual life insurance companies in the country. It offers many low-cost term and whole life insurance products to meet various needs. Whether you’re looking to protect your family’s finances or your company’s future, Equitable Life likely has the insurance policy for you.

ProsCons
Life insurance and critical illness insurance can be combinedLimited selection of term policies
Supports family life insurance planning

Email

You can contact them at anytime 24/7

Contact by phone

Feel free to contact the team by phone

Website

File a claim by visiting the website

Foresters

Key Features: Term life insurance up to 40 years, flexible policies

Foresters offers its customers the flexibility of converting their term policies into whole-life policies. Better yet, you can convert a Foresters term policy into a permanent one without any medical underwriting. In addition to its convertibility, Foresters also offers various optional riders like children’s insurance, accidental death benefits, and waiver of premium riders. They also offer an incentive for smokers who are looking to quit.

ProsCons
Good selection of optional ridersHigh-term insurance prices
Provides convertible insurance policiesNo online portal for policies

Email

You can contact them at anytime 24/7

Contact by phone

Feel free to contact the team by phone

Website

File a claim by visiting the website

Humania

Key Features: Quick application processing, term insurance extensions

Humania’s HuGo Life Insurance promises quick application acceptance with as few requirements as possible. It’s a web-based, paperless insurance product that can get you insured in as fast as 15 minutes. Humania also has HuGo Critical Illness and Debt Insurance, which you can get without extra requirements if you’re accepted for life insurance coverage valued above $100,000.

ProsCons
Possibility to extend insurance termsConvertible insurance options only available until age 65
Most customers get insured in under 45 minutesNo online portal for policies

Email

You can contact them at anytime 24/7

Contact by phone

Feel free to contact the team by phone

Website

File a claim by visiting the website

Industrial Alliance

Key Features: Term life insurance up to 40 years, flexible policies

Quebec-based Industrial Alliance is currently the fifth-largest life insurance company in Canada, commanding a 10% share of the individual life insurance market. It offers Pick-A-Term life insurance with coverage periods of up to 40 years, as well as traditional term life insurance with coverage for up to 20 years. Industrial Alliance also has Access Life insurance geared toward those who have difficulties qualifying for coverage due to age, lifestyle, or citizenship issues.

ProsCons
Ability to customize insurance coverageRates may fluctuate
Optional riders availablePremiums can be expensive in comparison to others

Email

You can contact them at anytime 24/7

Contact by phone

Feel free to contact the team by phone

Website

File a claim by visiting the website

Ivari

Key Features: Term life insurance up to 40 years, flexible policies

Ivari offers term life, critical illness, and universal life insurance. Its term insurance is available in 10, 20, and 30-year periods and features level premiums for your entire term. You can either buy a single policy or purchase a joint policy with up to five insured names.

ProsCons
Good selection of ridersLimited universal life insurance features
Robust online capabilitiesRelatively higher premiums

Email

You can contact them at anytime 24/7

Contact by phone

Feel free to contact the team by phone

Website

File a claim by visiting the website

Manulife

Key Features: Fast policy approvals, robust online service

Manulife is the largest life insurance provider in the country, offering many types of life insurance products for all kinds of customers. It offers four coverage choices: Term-10, Term-20, Term-65, and Term-Life. They all offer level premiums and are convertible into a permanent policy without requiring you to pass a medical exam.

ProsCons
Provides a cash advance if you’re diagnosed with a terminal illnessHigh premiums compared to its peers
Provides convertible term policiesLimited term options

Email

You can contact them at anytime 24/7

Contact by phone

Feel free to contact the team by phone

Website

File a claim by visiting the website

Primerica

Key Features: Customizable policies, financial education

Primerica only offers term life insurance, but you can tailor the benefits to your needs by talking to one of its agents. Its term policy covers you for up to 30 years and provides a maximum of $300,000 of financial coverage. 

ProsCons
Robust online capabilitiesOnly term coverage available
Customizable coverageMaximum coverage capped

Email

You can contact them at anytime 24/7

Contact by phone

Feel free to contact the team by phone

Website

File a claim by visiting the website

RBC Insurance

Key Features: Insurance renewability and convertibility

The Royal Bank of Canada’s insurance arm offers two main insurance products: Term life insurance and term 100. Both types of policies are renewable and convertible, giving them extra flexibility. Generally speaking, RBC’s insurance rates are quite competitive with those of its peers.

ProsCons
Renewable and convertible term policiesExpensive rates for people with pre-existing medical conditions
Competitive ratesOnly available to Canadian PR residents or citizens

Email

You can contact them at anytime 24/7

Contact by phone

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Website

File a claim by visiting the website

Scotia Insurance

Key Features: Flexible premium payments, level premiums

Scotiabank’s life insurance arm only offers term life insurance and not permanent life insurance, but it gives term insurance customers a lot of benefits. For instance, you can dictate your payment frequency according to your needs, and the insurer also guarantees level rates throughout your term. 

ProsCons
Choice to pay premiums on a monthly, quarterly, semi-annual, or annual basisLimited insurance product selection
Guaranteed level premium payments

Email

You can contact them at anytime 24/7

Contact by phone

Feel free to contact the team by phone

Website

File a claim by visiting the website

Specialty

Key Features: No-medical life insurance, great for seniors

Specialty’s specialization is its no-medical life insurance products. It also provides other insurance products geared toward older people or those with pre-existing medical issues through its critical illness, final expense, and accidental death protection.

ProsCons
Specializes in no-medical life insuranceRelatively higher rates
Many options for older people

Email

You can contact them at anytime 24/7

Contact by phone

Feel free to contact the team by phone

Website

File a claim by visiting the website

Sun Life

Key Features: Succession planning, large dividend scale

Sun Life is geared more toward high-net-worth individuals, so its whole and universal life insurance policies have higher rates than its peers. If you’re looking to build your net worth further or invest with your life insurance policy, Sun Life is well worth considering.

ProsCons
Customizability through ridersHigh insurance rates
Term policies are convertible up to age 75Strict underwriting process

Email

You can contact them at anytime 24/7

Contact by phone

Feel free to contact the team by phone

Website

File a claim by visiting the website

Wawanesa

Key Features: Strong physical presence, renewable term policies

Wawanesa offers a wide variety of insurance products, from life, farm, auto, to commercial business. Its life insurance arm is still relatively small, but it’s well-known for its affordable rates and large variety of term policies, which can cover you up to age 100.

ProsCons
Good-term policy selectionLong coverage periods often have high premiums
Relatively affordable premiums for its shorter-term coverageOften unavailable through independent brokers

Email

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Contact by phone

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Website

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How to Choose a Life Insurance Policy in Ontario

There’s no one best life insurance policy that works for everybody. Every person has unique circumstances and protection needs, which means you need to research which kind of life insurance is right for you.

To help you with that research, here are personal factors that influence your life insurance rates. We’ll also discuss essential considerations when buying life insurance.

Factors Influencing Your Life Insurance Rates

These are several of the key determining factors when insurers calculate your premiums:

  • Age: Age affects your life insurance costs because older people are typically more prone to disease. If you’re of especially advanced age, some insurers may deny you coverage altogether.
  • Gender: Statistically, women have longer life expectancies than men, so they may receive lower insurance rates.
  • Health: Since life insurance companies calculate your rates by assessing your risk of illness or death, your health is essential. Healthier people often find it easier to get insured for lower rates.
  • Smoking status: Smoking is commonly a determining factor of your insurance rates because smoking greatly increases your risk of serious diseases like lung cancer.
  • Lifestyle: Having risky hobbies like skydiving or working dangerous jobs like firefighting increases your insurance rates because you’re often more at risk of getting injured or dying.

Determining What Kind of Policy to Buy

What do you need to consider when choosing a life insurance policy? Here are several essential things to think about when shopping for life insurance:

  • Dependents: How many people depend on you for financial stability? If you have many dependents, you may need to increase your insurance coverage amount.
  • Financial obligations: If you have major debt like a mortgage, you don’t want to leave your family with the bill. Be sure to choose a coverage amount that’ll pay your debts off.
  • Coverage amount: It might be tempting to choose the highest amount of coverage possible, but this may make your rates prohibitively expensive. Choose enough coverage to pay off your debts and ensure your family’s financial stability.
  • Policy type: Term life insurance is usually cheaper but only covers you for a limited time. Whole life insurance gives you lifelong coverage, but it’s typically more expensive. Choose the policy type that fits your protection needs and budget.
  • Investment needs: Some policy types, like universal life insurance, can be used for investments, so consider whether you just want life insurance protection or if you would like to invest with your policy. For more information, you can check our guide on whether life insurance can be used as an investment.
  • Health examination: If you have a pre-existing health condition, you may have a harder time qualifying without applying for no-medical life insurance. 

How Do You Buy Life Insurance in Canada?

You can buy life insurance in Canada by contacting insurance providers. There are many types of insurance providers you can buy from, which are:

Insurance Brokers

Independent professionals who can help you compare deals from multiple insurers and find the best rates. They usually have a birds-eye view of the current life insurance landscape, so they can also answer any questions you may have.

Direct Writers

Professionals selling policies from one company, somewhat similar to insurance agents. However, direct writers are usually found online and don’t work in offices, so their rates can be cheaper.

Insurance Agents

Professionals working for one insurance company, which means your options when buying from them can be limited. However, they may have access to discounts or special offers that brokers don’t have.

Insurance Aggregators

An insurance aggregator website like MyChoice compiles rates from various insurance brokers, companies, and direct writers in one place. You can browse aggregator websites to find the best deals from the top insurance companies and get quotes instantly.

Better yet, insurance aggregators are accessible online and entirely free for customers, so you can look up insurance rates without spending a single penny or leaving the house.

How Do You Make a Life Insurance Claim in Canada?

To make a life insurance claim in Canada, beneficiaries need to contact the insurer when the policyholder passes. It’s generally a straightforward process, but we’ll cover the steps one by one:

Initiating the Claim Process

After the policyholder passes away, contact their insurance agent or insurance company to start your filing your claim.

Provide Proof of Death

Submit the deceased’s proof of death. You usually need a death certificate, but you may also need other supporting documentation like a coroner’s report, an obituary, or police reports, depending on the policy’s value and the circumstances of death.

Submit the Life Insurance Policy Contract

Submit the deceased’s original policy contract, if available. If not, contact the insurer to retrieve a digital copy of it.

Complete the Death Claim Paperwork

This usually includes policy details, the cause of death, your relationship to the deceased, and other important information.

Select Your Payout Method

If applicable, choose how you want the death benefit to be paid out. You can choose to get the benefits either as a lump-sum payment or as an annuity.

Processing Your Insurance Claim

Wait for the insurance claim to be processed. The claim can be processed within a few days, but sometimes, it can take up to one or two months to finish.

Final Steps

Receive the life insurance death benefit payment.

Methodology for Selecting Life Insurance Companies

Life insurance, being a critical component of financial planning, requires a methodology that considers the unique factors influencing policy selection, including coverage options, financial stability of the insurer, customer service, and additional benefits. Here’s what we looked at when selecting our top life insurance companies in Canada:

Customer Ratings and Satisfaction

  • Customer Feedback: We prioritise customer reviews and testimonials to evaluate satisfaction levels, trustworthiness, and the insurer’s reputation in handling claims and customer service interactions.
  • Financial Stability and Reliability: Assessing the financial strength of insurance companies through ratings from independent agencies (such as AM Best or Standard & Poor’s) ensures they can meet their long-term obligations to policyholders.

Coverage Options and Policy Flexibility

  • Diverse Life Insurance Products: We look for companies offering a wide range of life insurance products such as term life, whole life, universal life, and specialised policies to cater to different financial needs and goals.
  • Customisation and Riders: The availability of policy customisation through riders (additional benefits that can be added to a policy) such as critical illness cover, waiver of premium, and accidental death benefit is also a crucial criterion.

Pricing and Value

  • Competitive Premiums: Analysing the pricing structure across companies to ensure competitive rates for various coverage levels and policy types.
  • Discounts and Rewards: Consideration of discounts or rewards programmes for healthy lifestyles, non-smokers, or bundling policies, which can offer additional value to policyholders.

Customer Service and Claims Process

  • Accessibility and Support: Preference for companies with robust customer support, including multiple contact channels (phone, online, in-person), 24/7 availability, and efficient policy management platforms.
  • Claims Processing: Evaluation of the claims process for its efficiency, fairness, and speed, based on customer feedback and industry reviews.

Additional Benefits and Features

  • Innovative Services: Looking for insurers offering unique services such as online health resources, wellness programmes, or advanced digital tools for policy management and beneficiary support.
  • Policy Portability and Conversion Options: The ability to adjust policies based on changing life circumstances without losing coverage is also valued.

Continuous Monitoring and Updating

  • Ongoing Evaluation: Committing to regular review and updating of our rankings to account for industry shifts, such as new policy offerings, company mergers, or changes in financial stability, ensuring our list remains relevant and accurate.

By adopting this detailed and multi-faceted methodology, we aim to provide a curated list of life insurance companies in Canada that not only offer financial security and comprehensive coverage options but also prioritise customer satisfaction and service excellence. Our objective is to empower individuals with the knowledge to choose the best life insurance provider for their specific needs and life goals, offering peace of mind and financial protection for themselves and their loved ones.

FAQs

What is a life insurance rider?

Life insurance riders are supplementary features that enhance and personalize your policy’s protection.

These add-ons introduce added flexibility and advantages not inherently available within your policy. For instance, you might incorporate a rider allowing for the postponement of premium payments in the event of disability, or another enabling the addition of extra coverage in the future without undergoing a health check.

While integrating riders into a life insurance policy typically raises the premium, this is not universally the case.

What is the most trusted life insurance company in Canada?

Sun Life and Manulife are among the most reputable life insurance providers with a longstanding presence in Canada. Thanks to their extensive experience, widespread popularity, and established credibility, choosing a policy from either company assures you of the security and reliability of your coverage plan.

What is the cheapest life insurance in Canada?

The most affordable form of life insurance in Canada is term life insurance. This is because the coverage is for a limited period, and the policies lack additional features such as a savings and investment component that are found in whole life insurance policies, resulting in lower premiums.

The cost of life insurance premiums varies based on individual and policy specifics. Typically, the most favourable rates for life insurance are available to those who are:

Young
In good health
Non-smokers
Female

How much life insurance should I be buying?

It’s essential to secure an adequate amount of life insurance to support your family’s financial requirements. A commonly suggested guideline is to opt for a coverage amount that is 10-12 times your yearly earnings, though your specific needs might necessitate a higher amount.

To accurately determine the optimal amount of life insurance for your circumstances, consider utilizing a life insurance calculator. This tool will pose several questions to gauge your needs and then recommend the most appropriate coverage level for you.

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Learn about the concept of life insurance trusts, their utility, structure, and the strategic considerations involved in their establishment.
Learn about the details of cremation costs in Ontario, how to choose the right service, and whether life insurance can help cover the expenses.
Dive deep into the circumstances where life insurance claims in Canada may be denied. Read on to learn more.