Best Life Insurance Companies in Canada [2021 Guide]

The guide contains the best life insurance companies in Canada

Planning is the key to achieving your financial goals Life insurance It is an important tool in wealth building because it protects your loved ones if you pass away unexpectedly. A well-rounded policy can help your family

  • Assets can remain such as a 2nd home or cottage

If you own a business, you can also have life insurance

  1. Paying debts and expenses is a part of operating the business
  2. A buy/sell agreement is needed to transition the business
  3. It should be protected against financial hardship due to the loss of a key person
  4. Pay any tax liability that is beyond the capital gains exemption
  5. Transfer retained earnings are the most efficient
  6. Provide a tax shelter investment The vehicle is for the corporation
  7. Provide assurance to the suppliers of business sustenance
  8. Provide a corporate asset to be used for business expansion

How much life insurance coverage do you need?

These advantages are not lost

Recent survey

Over 90 percent of Canadians are under insured. Almost half of those with dependants said they had never taken out life insurance. 40% of those who stated that they had a policy only had a workplace or group benefits plan


90% of Canadians are under-insured, and 40% were only covered by a workplace or group benefits plan. 49% of Canadians with dependents had never had life insurance.

  • Coverage is usually limited and rarely covers more than two years of your salary

What type of life insurance plan should I buy?

The life insurance policy you take out from a trusted and reliable provider will always follow you from one career opportunity to the next, giving you peace of mind and ensuring that your family is always protected

Term life insurance

If you die before you reach a certain age, or within a specific time frame, you will be paid a death benefit. The premiums the insurance company establishes may increase over time

Permanent life insurance is a product

If you die while the policy is in effect, your family will receive a payment. Cash values can be obtained from these policies during your lifetime. Permanent life insurance has different types
Whole life is what it is
It allows you to share the profits of the insurance company permanent coverageAnd
universal life
, It combines permanent life insurance with flexible account options.

Disability insurance

Many life insurers offer more than one Disability insurance, If you or your family are injured or ill, financial protection can be offered to you and your family. It can cover up to 85% of your income, depending on the policy

Critical illness insurance

This type of insurance covers the costs of a life-changing illness. If you become sick from a covered illness, you will receive a cash payment at the end of the waiting period

Do you have any questions about life insurance?

Protect Your Wealth can help you learn more about our insurance options

What are the best life insurance companies in Canada?

We pointed out which insurance company is the best

  1. Giving the most term options
  2. Being the most affordable is what makes it so
  3. Having the largest coverage is what it is

Financial strength and stability are two of the factors you should consider when choosing an insurance company. You want a company that is financially stable and will be around for a long time


Ranking Insurance companies by the most term options, most affordable, and most coverage

How much does life insurance cost?

Your premiums will be based on your age, gender, and smoking habits

The quotes below are for a 40-year-old male nonsmoker who wants to buy insurance for a decade

The insured may qualify for preferred rates if the quotes are based on a standard rating

Below is a list of the best life insurance companies in Canada that we recommend to clients, along with an overview of their products and their financial ratings, courtesy of us The company is rated best by the best company


Best Life Insurance Companies In Ontario Canada 2021


The insurance company that is the BMO Insurance

The insurance company, BMO Insurance

One of the largest banks in Canada is the one that I am a member of. It has some of the most competitive pricing in the insurance industry. For a term of 10, 15, 20, 25 or 30 years, the plans from the company will cover you for $100,000 to $5,000,000, while the three permanent life insurance plans will cover up to $5,000,000

The best insurance company for you is the one at the end of the line, called the BMO Insurance

  • Competitive pricing
  • There are a variety of term period offerings
  • It is affordable
  • There are a variety of term period offerings
  • There are multi-variety discounts
  • There are 10, 15, 20, and 20 year policies
  • Policy issuing, rewrites, and changes can take a long time
  • 25 and 30 year policies are convertible


Canada Life is a magazine

Canada life is very interesting

One of the three largest and oldest life insurance companies in the country is a subsidiary of Canada Life Assurance Company. Since 1847, it has been a provider of choice for millions of Canadians. Great-West Life Assurance Company and London Life were consolidated into Canada Life in 2020

There are term life policies for 10, 20 and 30 years and up to age 65 with guaranteed premiums. Canada Life has a policy that can be converted into a permanent plan option, which is participating whole life or universal life. It is the oldest such product in Canada

  • Their plans can be changed
  • Affordability is something
  • There are multiple rider options for single and joint policies
  • There is a wide range of insurance products
  • There are multi-variety discounts
  • There are 10, 15, 20, and 20 year policies
  • Less range of term period offerings
  • There are no online quotes available


Canada Protection Plan is a plan

Canada Protection Plan

A leading life insurance provider has a simplified process for determining eligibility that does not require medical exams. The plans have periods of 10, 20, 25, or 30 years, which are convertible to a permanent plan until age 70. For applicants who are hard to insure, coverage can be up to $1,000,000. For up to $100,000, there is no medical critical illness coverage, but it may be available to those with a pre-existing condition

  • People with medical conditions
  • Life insurance products that are simplified
  • There are a variety of term periods
  • It is easy to apply and be approved for
  • Many plans do not require medical exams
  • Plans can be more expensive for those in good health if they have no medical insurance


Empire Life

Empire Life

E-L Financial CorporationLimited is a subsidiary of this company. There are term insurance plans for 10, 20, 25, and 30 years, with a special plan for those who need temporary insurance. Joint first to die and multi-life policies are some of the most competitive in the marketplace

One of Empire Life’s permanent insurance plans has a potential for dividends, and all term products are convertible into it. The company offers a guaranteed issue permanent life plan with coverage of up to $50,000 and no medical questions asked. Critical illness coverage can be added to term policies in 10 and 20 year terms

  • People with serious illnesses
  • Personalization and combining products
  • There are a variety of term periods
  • The optional yearly renewal plan can be used for renewal up to age 100
  • Highly personalized plans to include other insurance products
  • Other companies have cheaper term plans


The financial arm of the Foresters

The people who are called the “foregrounds.”

Financial was founded in 1874 to provide life insurance to average, working families. All of the policyholders become members of the organization. The member benefits include invites to member-only events and volunteer initiatives to help local communities

When a claim is paid to your beneficiary, the charity benefit is added to the amount of the claim, and it is unique in that it covers periods of 10, 20, and 30 years. Advantage Plus Whole Life is a participating product, which means it has the potential for dividends

  • A unique community experience is what it is
  • Providing charity benefits
  • No evidence of insurability is needed to convert to a permanent insurance plan
  • The charity of choice is chosen by the insurer
  • Less range of products
  • Other companies have cheaper term plans


Humania Assurance

The location is in Quebec

Humania Assurance

Since 1874, Canadians have been receiving life insurance options. You have until age 65 to convert your flexible term insurance plan into a permanent one, if you choose to do so. There is an option for people who have had difficulty in obtaining life insurance to have an Insurance Without Medical Exam

  • Flexibility
  • There are different term periods
  • People have had difficulty getting life insurance
  • They issued for a majority of their products on the spot
  • The online process for certain products is available
  • The requirements for the screening of applicants have been tightened


The Industrial Alliance is made up of businesses

The Industrial Alliance is made up of businesses

IA Financial Group is a part of IA, which is one of the largest insurance and wealth management groups in Canada. IA and Industrial Alliance have merged to offer a larger range of product offerings

It has term life insurance products that can be purchased for 10 to 40 years, with coverage up to $500,000 or $10,000,000, and can be converted to permanent life insurance before you turn 71. Universal and participating plans have coverage amounts of up to $10,000,000, with simplified issue and guaranteed issue solutions also available

  • High flexibility and customizability with plans
  • Pricing for smokers is competitive
  • Pricing for smokers is competitive
  • Term coverages have high customizability
  • Level or decreasing term coverages are offered
  • Other companies have cheaper options for straight term plans


Ivari

The Canadian branch of Transamerica Life was once called the Canadian branch

Ivari

Canadians have been getting life insurance protection for over 80 years. It is owned by a subsidiary of the Canada Pension Plan

Term life insurance is available in a number of lengths. You can layer the plan with universal life or critical illness protection by paying a set premium for the term period. You can convert your term policy to a permanent plan if you need it

  • Adding and subtracting layers
  • There are multiple optional riders, including a children’s insurance rider
  • A universal life insurance policy can be used to layer term plans
  • Level or decreasing term coverages are offered
  • Other companies have cheaper options for straight term plans
  • Less term options
  • Tend to have higher premiums


The company is called Manulife

The company was founded in 1886

The company is called Manulife

One of the few life insurers in Canada has electronic policy delivery. It uses a process that uses data to approve coverage up to $2,000,000 without medical requirements. Being a larger company

Family Term for families and Business Term for business owners are some of the term life products that are offered by Manulife. The insurance offering of Manulife Vitality is a rewards based insurance that offers incentives to stay fit while also offering potential reduction in insurance premiums

You can convert term plans into permanent coverage before you reach 70. Universal Life products from Manulife offer lower management fees and access to industry leading portfolio managers

  • The approval process is easy and fast
  • Family or business term plans are specific
  • Their rewards program allows them to save on payments and earn rewards


The insurance company is called the Royal Bank of Canada

The insurance company, called RBC Insurance

The Royal Bank of Canada is the largest bank in the country. YourTerm is the flagship term life product and allows you to choose any term you want, between 10-40 years. The Simplified Term Life Insurance from the Royal Bank of Canada requires no medical exam and covers you for up to $1,000,000. This product can be converted into a universal life policy

  • Term lengths can be custom-tailored
  • A simplified life insurance plan
  • Term plans have competitive pricing
  • YourTerm insurance product allows applicants to pick a term length

  • Adding a wide range of riders to policies is possible

  • Insurance advisors who are commissioned by the bank may come off as pushy


The insurance company is called the “Ssqq Insurance”

The insurance company is called SSQ Insurance

La Capitale Life Insurance has merged with it. One of Canada’s newest insurance companies started in 1944. It has over three million policies

You can easily exchange your policy for a higher term without having to provide proof of insurability with the Term Plus product. You can convert it to permanent life insurance up to age 70

Traditional, simplified and universal are the three permanent life insurance options. A new simplified issue and guarantee issue were launched in 2020

  • There is a large variety of term period offerings
  • Policy flexibility


Sun Life Insurance

Sun Life Insurance

One of the world’s largest life insurance companies was founded in 1865. SunTerm is offered in 10, 15, 20 and 30-year terms with guaranteed premiums and a minimum coverage amount of $250,000. Other term policies are not the same as the one that is used for the current one

  • SunSpectrum has a minimum coverage amount of $50,000
  • Go Term Life is a program that covers you for up to $1,000,000
  • Go simplified term provides small coverage amounts for those who may not qualify for traditional medically underwritten products

Sun Life has permanent life insurance options that are universal, traditional, and whole life. Premium amounts are guaranteed for any plan, and the coverage amount starts at $50,000 or $250,000

  • There are a lot of term policies that are tailored to your needs


Insurance of the CIBC

The insurance company, CIBC

The Canadian Bank of Commerce was founded on May 15, 1867. It offers both pure term and permanent life insurance

The term product is available for 10 or 20 years and can be used for up to $5,000,000. Changing your term to one that lasts for your lifetime can extend coverage. If you are diagnosed with a terminal illness and have less than 10 months to live, you can receive 50% of your coverage amount up to $250,000 during your lifetime

The CIBC Guaranteed Acceptance Life Insurance product is available to people between the ages of 40 and 74 and can help cover any final expenses you leave behind

  • There are simplified insurance products


Equitable Life Insurance Company of Canada is located in Canada

The company was founded in 1920

Equitable Life Insurance Company of Canada is located in Canada

Equimax participating whole life insurance policies are included in the product offerings

Equitable term life insurance can be renewed every term until 85 years old. Term 30/65 premiums are paid for 30 years or until you turn 65

Equimax Estate Builder® and Equimax Wealth Accumulator® are both Equimax participating whole life insurance policies that can help you build wealth and protect your estate from taxes and expenses after your death

The Equation Generation IV life insurance policy has two types, the Bonus and the Low Fees, which have an incentive bonus and lower management fees

  • They should plan ahead with their Equimax whole life insurance policies
  • Affordability is something


Primerica Life Insurance Company is a company

The

Primerica Life Insurance Company is a life insurance company

Primerica started offering affordable life term insurance in 1986 and is a newer company. The term life products are available in a number of different sizes and with different coverage levels. You can renew your policy without a new medical exam or application until you are 95 years old

  • Renewability without a new medical exam
  • There are different term periods


Financial security life insurance from the Desjardins

The company opened as the Desjardins Life Assurance Company in 1948

Insurance from the Desjardins

Only sold life insurance. It offers a number of products, including group insurance and retirement savings

The term life insurance from the Desjardins is available in terms of 10, 20, or 30 years. You can convert it to permanent coverage without having to pass a medical exam

You can use dividends to reduce your yearly premium or buy additional life insurance with the life insurance product

The savings fund that you can use to cover future premiums is included in the universal life insurance product. You can choose from over 30 diversified investment options after five years if you want to

  • After 5 years, flexibility and customizability are available
  • Disability and critical illness insurance products are available


Co-operators Life Insurance Company

The Co-operators Life Insurance Company was founded in 1945 after the Saskatchewan Wheat Pool contributed $25,000. It was the fastest-growing life insurance company in Canada by 1950

Term Life 1 provides up to $475,000 in coverage for those between the ages of 18 and 49, and Versatile Term is a 10-, 20-, or 25-year renewable term. They have a guaranteed death benefit and can convert to a permanent policy without medical screening

The universal life product provides lifetime coverage and investment options that you can choose, while the whole life policy guarantees fixed premiums and provides investment returns from an asset portfolio controlled by the company. There is a chance for higher returns with investments and coverage

  • There are a variety of renewable term plans
  • Investment returns are received
  • There are other longer term periods available


Assumption Life

Assumption life

The Fondation of Société l’Assomption was founded in 1903. It started out as a benefit society and transitioned into a life insurance provider

The company has a wide range of products. FlexTerm covers people aged 18-75 for amounts from $50,000 to $4,000,000. If your coverage is less than $500,000, there is no need for a medical exam. The other term policies are not the same as the other term policies

  • FlexOptions is available for a period of 15 to 25 years. It can be converted into a permanent policy with the disability insurance option
  • Children aged 15 days to 17 years can get Youth Plus. Premiums will not change until age 25 and coverage will not decrease until then
  • No Medical Term Plus covers people aged 20 to 70. It can be converted into a permanent policy
  • No Medical Term covers people aged 20 to 70. There is no need for a medical exam or physician statement

Assumption Life has permanent life products that are equally extensive and personalized

  • Golden Protection covers people who are 40 to 85 years old for up to $100,000 without a medical exam
  • People aged 18 to 80 can get Total Protection for up to $50,000 with no medical exam and no waiting period
  • No Medical Whole Life and No Medical Whole Life Plus cover people aged 20 to 70 for up to $150,000 and $250,000 without a medical exam or blood test
  • The coverage of up to $4,000,000 is offered by Essential Whole Life. No medical exam is required


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  • Permanent life products and term policies are extensive
  • There is a large range of non-medical insurance policies
  • There is a large range of non-medical insurance policies


Scotia Life Financial

The history of the bank is long and respected. It moved its headquarters to Toronto in 1900. It is the third-largest bank in Canada. In 2009, the subsidiary of the bank began offering insurance products

Scotia Life Financial is a financial company

Term life insurance can be purchased in terms of 10, 20 and lifetime coverage. The 10 and 20-year terms are renewable up to age 75 and will cover you for up to $250,000. ScotiaLife Guaranteed Life has no medical exam and is a lifelong product. It has a terminal illness benefit to protect you and your loved ones from the unexpected

  • Accidental death and terminal illness benefits
  • Products are not permanent life insurance products


The insurance company that does business as TD Insurance

The insurance company is called the TD Insurance

The group of banks is one of the largest financial services organizations in Canada. The founding of the bank in 1854 has led to the creation of the major financial services company, with life insurance

  • For 10 years, 20 years or for life, the coverage can be provided by the TD Term Life Insurance. You can convert the 10 and 20-year plans to permanent coverage at any time before you turn 69. The maximum amount of insurable is $10 million
  • Those aged 50-75 are protected by the guaranteed life acceptance with up to $25,000. You don’t have to pay the premiums after 100 years old
  • It is possible to get approval for guaranteed life insurance plans


UV insurance

In 1889, it was founded in Quebec

UV insurance

In 2004, it was expanded into Ontario and New B.C. Term life insurance products can be renewed every 10 years, and can be used for 10, 20, or 30 years. The coverage range is between $50,001 and $150,000. You can convert your plan into permanent insurance without proof of insurability

The permanent life insurance package does not require a medical examination for applicants aged 18-75. You can borrow against the surrender value if you need funds quickly

  • No medical examination is required for permanent life insurance

How to choose the best life insurance company?

It is recommended that you get the opinion of a licensed life insurance or financial advisor when you are shopping for life insurance products, because it can help you find ways to afford the right kind of coverage you need, while also clarifying any other questions you may have about life insurance products

You can count on Protect Your Wealth to give you the right advice to make the right coverage decision. For more information about your finances or to schedule a meeting Retirement planning needsPlease

Contact us

Call or fax at 1-877-654-6119

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