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Canadian Life Insurance Companies

Sviatlana Barchan

min read

Updated: 24 May 2024

Written by
Insuranceopedia Staff

Reviewed by
Darrel Pendry

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Key Takeaways

Start with our list of Canadian Life Insurance Companies when choosing your coverage provider.

Choosing a life insurance company might not seem like a big deal. However, it is important. It ensures your coverage fits your unique needs.

For instance, many Canadians choose basic term life insurance. However, you may need an insurer that offers cheap permanent coverage. They need to consider your pre-existing medical condition.

No one provider can be the best life insurance company in Canada. Each person’s needs are different. The key is to find a product that fits your needs. Our goal with this resource is to help you understand the many options.

Let’s dive into the details

A Quick Overview of Canadian Life Insurance Companies

Before we explore each life insurance provider’s offerings, here are some key stats. They are from the Canadian Life and Health Insurance Association’s factbook. The report came out in 2023. It presents data from the previous year. It provides an industry perspective for 2022. Some key highlights include:

77 companies offer life insurance, out of over 150 life and health insurers operating in Canada.

Life insurance providers collected $27.6 billion in premiums in 2022. This was 19% of the total.

In 2022, life insurers paid out $16.1 billion in benefits. This included $9.4 billion in death benefits and $6.7 billion in living benefits.

Canada Life

In 2020, Canada Life became one entity. It combined The Canada Life Assurance Company. It also combined The Great-West Life Assurance Company and London Life Insurance Company. It also combined two holding companies under one brand. Canada Life has roots tracing back to 1847.

It has a rich history as the country’s first domestic life insurer. Today, Canada Life is a leading financial services organization. It serves about 12 million customers. It dedicates itself to improving the well-being of Canadians.

Canada Life Term Life Insurance Options

Canada Life offers My Term. It is a flexible term life insurance solution. It provides temporary coverage until age 85. This plan allows you to customize your term length, selecting any duration between 5 and 50 years. The least death benefit is $100,000. You can renew or convert the policy before it matures. This gives flexibility to match your changing needs.

Canada Life Permanent Life Insurance Options

Canada Life offers many permanent coverage solutions. These are available through participating life insurance and universal life insurance options. Below is a summary of each plan to help you choose the best option for your needs:

Plan	Coverage	Overview
Wealth Select/Wealth Achiever Plus	$100,000 or more	Participating whole life plan with flexible premium payment options (10, 20, or up to age 100) and various dividend options. Guaranteed cash value starts in the first year.
Estate Select/Estate Select Achiever Plus	$25,000 or more	Similar to Wealth plan, but with lower coverage options.
Annually Increasing Pay to 85 COI	$25,000 or more	Universal life plan with cost of insurance premiums paid up to age 85, designed for those 65 and under.
Level COI	$25,000 or more	Universal life plan with cost of insurance premiums paid up to age 100, available for those between 18 and 85.
Limited COI	$25,000 or more	Universal life plan with flexible premium payment options (10, 20, or 15 years) and guaranteed cash value available after the fifth year.

iA Financial Group

Established in 1892. iA Financial Group is one of Canada’s largest insurance and wealth management companies. It is also known as Industrial Alliance. It has four main lines of business:

Individual insurance
Individual wealth management
Group insurance
Group savings and retirement.

iA Financial Group has over 4 million customers. It has a vast client base. This has solidified its position as a top financial services provider.

iA Financial Group Term Life Insurance Options

iA Financial Group offers two core term life insurance options for customers. Below is a comparison of the different products:

Plan	Coverage	Overview
Access Life	Up to $500,000	Guaranteed, no-medical coverage for Canadians under 80, with 15, 20, or 25-year terms. Convertible to a permanent policy before age 71.
Pick-a-Term	$25,000 to $25 million	Flexible term life insurance for those under 70, with customizable term lengths (10-40 years) and level or decreasing death benefit options (up to 50%).

Note: You can also inquire about basic term-10 and term-20 packages from the provider.

iA Financial Group Permanent Life Insurance Options

iA Financial Group offers many types of permanent life insurance. These include whole life, universal life, and participating life insurance. Below is an overview of the provider’s plans, highlighting the core differences:

Plan	Coverage	Overview
Whole Life	Up to $10 million	Basic whole life plan with fixed and guaranteed premiums, and a guaranteed face amount of coverage.
Access Life	Up to $500,000	Permanent coverage option for Canadians under 80, with guaranteed approval regardless of health conditions.
Child Life & Health Duo	Up to $500,000	Special policy protecting your child for life, with critical illness coverage and premiums only paid until age 30.
Life & Serenity 65	Up to $1 million	Lifelong coverage providing financial support for those 65 and older in the event of specific health conditions.
Genesis	Varies	Universal life product with various investment options and a 0.75% investment bonus in the first year (for most index accounts).
iA PAR	Varies	Participating plan paying dividends, with options for Estate or Wealth plans depending on your needs.

Sun Life

Sun Life established itself in 1865. It is one of Canada’s oldest and largest financial institutions. It has a rich history that spans over 150 years. The company has focused on insurance sales. However, it has also added wealth management and health programs to its portfolio.

Today, Sun Life is a big industry player. It serves millions of Canadians and thousands of businesses nationwide. Also, the company has a strong global presence. It operates in over a dozen countries worldwide.

Sun Life Term Life Insurance Options

Sun Life offers four term life options. They let you pick the best one for your needs. Below is a concise overview of each option:

Plan	Coverage	Overview
Sun Life Simplified Term Life Insurance	$50,000, $75,000, or $100,000	10-year term plan with no medical exam; instant coverage upon answering three simple health questions.
Sun Life Go Term Life Insurance	$100,000 to $1 million	Choose between 10 or 20-year plans; instant temporary coverage.
SunSpectrum Term Life Insurance	$50,000 to $25 million	Select from 10, 15, 20, or 30-year plans; option to convert to permanent coverage before age 75.
SunTerm Life Insurance	$250,000 to $25 million	Choose from 10, 15, 20, or 30-year plans; option to convert to permanent coverage before age 75.

Sun Life Permanent Life Insurance Options

Sun Life provides many types of permanent life insurance. These include whole life, universal life, and participating life insurance. Below is an overview of each option:

Plan	Coverage	Overview
Sun Life Go Guaranteed Life Insurance	$5,000 to $25,000	Guaranteed whole life plan with no medical exam or health questions.
SunSpectrum Permanent Life II	$10,000 to $25 million	Whole life plan with lifelong protection, cash value reserve, and option to insure two people.
SunSpectrum Universal Life II	$25,000 to $5 million	Universal life plan with 13 investment options, flexible death benefit, and option to stop payments at age 70.
SunUniversalLife II	$100,000 to $25 million	Universal life plan with 5 death benefit options, 6 cost of insurance options, and 21 investment options.
Sun Par Protector II	$25,000 to $15 million	Participating policy with life pay, 10-year pay, or 20-year pay options, plus joint coverage and 5 dividend options.
Sun Par Accumulator II	$250,000 to $15 million	Participating policy with life pay, 10-year pay, or 20-year pay options, plus joint coverage and 5 dividend options.
Sun Par Accelerator	$250,000 to $15 million	Participating policy with accelerated premium payment option (8 years), joint coverage, and enhanced insurance dividend option.

Desjardins

Desjardins established itself in 1900. It is the top financial cooperative in North America. It is the biggest bank in Quebec. Desjardins has many business sectors. These include personal and commercial services. Also, wealth management, life and health insurance, and property and casualty insurance. It serves about 7.5 million members and clients. This makes it a leading financial services provider.

Desjardins Term Life Insurance Options

Desjardins offers flexible term life insurance options to meet your unique needs. You can choose from various term lengths, including 10, 15, 20, 25, or 30 years, or opt for coverage until age 65. Plans renew at end, and you have the option to convert to a permanent solution. Also, the death benefit is adjustable. It lets you change the coverage amount as your needs change. This feature gives flexibility and adaptability to your evolving circumstances.

Desjardins Permanent Life Insurance Options

Desjardins offers various lifetime coverage solutions. These include permanent, participating, and universal life insurance. They also offer a no-medical plan for older individuals. Below is an overview of each plan:

Plan	Coverage	Overview
Permanent Life Insurance	Varies	Flexible premium payment options (10, 15, 20 years, up to age 65, or up to age 100) with fixed premiums and cash-out options.
Participating Life Insurance	Varies	Choose from 5 dividend options and flexible premium payment options (5, 10, 20 years, or up to age 100).
Universal Life Insurance	Varies	Select from 30 investment options, including daily interest, guaranteed interest, and index-linked options.
Life Insurance Over 50	$5,000 to $20,000	No-medical life insurance for individuals aged 50-75, with a simple 4-question health assessment for eligibility.

Empire Life

In 1923, Empire Life founded the company. It is a top Canadian financial firm. It offers a range of insurance, investments, and employee benefits. Empire Life takes pride in its integrity, personalized service, and top technology. These are among its differentiators. They help it support people and businesses well.

Empire Life Term Life Insurance Options

Empire Life offers term life insurance products. They are part of their Solution Series. It has six plans to choose from. Here’s an overview of each plan:

Plan	Coverage	Overview
Solution 10	Varies	Premiums increase every 10 years, final increase at 75
Solution 15	Varies	Premiums increase every 15 years, final increase at 70
Solution 20	Varies	Premiums increase every 20 years, final increase at 65
Solution 25	Varies	Level premiums for 25 years, then annual increases until 85
Solution 30	Varies	Level premiums for 30 years, then annual increases until 85
Solution ART	Varies	Level premiums for 3 years, then annual increases until 85

Empire Life Permanent Life Insurance Options

Empire Life offers many types of permanent life insurance. These include whole life insurance, participating life insurance, and guaranteed life insurance. Here’s a comparison of the main differences between each plan:

Plan	Coverage	Overview
Solution 100	Varies	Non-participating whole life insurance with premiums paid up until age 100, cash value accessible in year 10.
Term to 100	Varies	Non-participating whole life insurance with premiums paid up until age 100, guaranteed benefit amount for life.
EstateMax	Varies	Participating life insurance with 5 dividend options, flexible premium payment options (8, 10, 20 years, or up until age 100).
Optimax Wealth	Varies	Participating life insurance designed for short-term cash value growth, flexible premium payment options (8, 10, 20 years, or up until age 100).
Guaranteed Life Protect	Varies	Guaranteed, no-medical life insurance with premiums paid up until age 95, benefit payout dependent on time and cause of death.

RBC Insurance

RBC founded the company in 1864. It is Canada’s largest bank by market capitalization. It offers various insurance products through its entity, RBC Insurance. RBC Insurance serves 5 million clients worldwide. It offers flexible term life insurance.

RBC Insurance Term Life Insurance Options

RBC Insurance offers two term life options for individuals aged 18 to 70. They are: RBC Simplified Term Life Insurance and RBC YourTerm Life Insurance. Below is an overview of each plan:

Plan	Coverage	Overview
RBC Simplified Term Life Insurance	$50,000 to $1 million	Flexible terms (10-40 years), potential no-medical exam qualification, $10,000 accidental death benefit, exchangeable and convertible options.
RBC YourTerm Life Insurance	$500,000 to $25 million	Flexible terms (10-40 years), exchangeable and convertible options for flexibility.

RBC Insurance Permanent Life Insurance Options

RBC Insurance offers many types of permanent coverage. These include participating whole life, universal life, term 100, and no-medical policies. Below is an overview of each plan:

Plan	Coverage	Overview
RBC Growth Insurance	$25,000 to $25 million	Participating whole life plan with flexible premium payment options (10, 20 years, up to age 100, or for life) and long-term cash value growth.
RBC Growth Insurance Plus	$500,000 to $25 million	Accelerated cash value growth and access to funds after just one year, with similar terms to the basic Growth Insurance policy.
RBC Universal Life Insurance	$25,000 to $25 million	Universal life policy for those under 85, with options for level or increasing death benefit and bonus interest on investments.
Term 100 Life Insurance	$50,000 to $25 million	Lifetime policy with premiums paid up until age 100, guaranteed to remain the same as you age.
RBC Guaranteed Acceptance Life Insurance	$5,000 to $40,000	No-medical life insurance with guaranteed acceptance for those between 45 and 75, with level premiums paid up until age 95.

Manulife

Manulife established itself in 1887. It is a prominent Canadian financial services group. It boasts over 130 years of experience. The company offers insurance. It also gives financial advice, wealth management, and asset management services. It serves individuals, groups, and institutions. It has a vast customer base of over 30 million.

It also has an impressive annual claims management of $50 million. Manulife operates in both Canada and Asia. The company is proud of its innovative legacy. It pioneered groundbreaking initiatives. For example, it was the first North American insurer to cover people with diabetes. It also introduced AI-driven underwriting solutions in Canada.

Manulife Term Life Insurance Options

Manulife offers a range of term life insurance options to suit your needs. Below is a concise overview of each plan:

Plan	Coverage	Overview
Family Term	$100,000 to $20 million	Flexible term plan with level premiums for 10 or 20 years, up to age 65, or for life. Includes Manulife Vitality benefits.
Family Term with Vitality Plus	$250,000 to $25 million	Enhanced family term plan with maximum Manulife Vitality benefits, including premium savings.
CoverMe Term Life	$100,000 to $1 million	10-year renewable term plan with flexible coverage options, renewable up to age 85.
CoverMe Easy Issue	$50,000 or $75,000	No-medical exam term plan with guaranteed renewability up to age 85, requiring only two health-related questions.
Manulife Synergy	$100,000 to $500,000	3-in-1 product combining term life, disability, and critical illness insurance, with option to convert to permanent insurance before age 65.

Manulife Permanent Life Insurance Options

Manulife offers many permanent life insurance options. These include whole life and universal life plans. Below is an overview of each option:

Plan	Coverage	Overview
Manulife Par	$100,000 or more	Flexible whole life plan with customizable pay duration (10, 20, or up to ages 90/100) and Manulife Vitality benefits.
Manulife Par with Vitality Plus	$100,000 or more	Enhanced whole life plan with maximum Manulife Vitality benefits, providing extended rewards for healthy living.
Performax Gold	$25,000 or more	Whole life plan with flexible premium payment options (15 years or up to age 100).
Manulife UL	Varies	Universal life plan with rate enhancement guarantee (up to 1%), various investment options, and Manulife Vitality benefits.
Manulife UL with Vitality Plus	Varies	Enhanced universal life plan with maximum Manulife Vitality benefits, including premium discounts for healthy living.
InnoVision	$100,000 or more	Universal life plan with diverse investment options (over 50 accounts) and loyalty rewards (bonus or reduced management fees).
CoverMe Guaranteed Issue	$5,000 to $25,000	Guaranteed permanent coverage for Canadians aged 40-75, regardless of health history.

Equitable Life

The founders established the company in 1920. They named it The Ontario Equitable Life and Accident Insurance Company. It later took its current name, The Equitable Life Insurance Company of Canada, in 1936. This name reflected its nationwide presence. Equitable Life is a mutual company. It is distinct. Its participating policyholders own it, not public shareholders. This structure lets the company focus on its customers’ interests. It also lets it provide personalized service.

Equitable Life Term Life Insurance Options

Equitable Life offers three term life insurance plans. They have varying term lengths to suit your needs. Here’s an overview of each plan:

Plan	Coverage	Overview
10-Year Renewable & Convertible Term	Varies	Lowest initial cost, premiums renew every 10 years up until age 85
20-Year Renewable & Convertible Term	Varies	Premiums renew every 20 years up until age 85
Term 30/65	Varies	Premiums payable up to age 65, no increases

Equitable Life Permanent Life Insurance Options

Equitable Life offers two types of permanent life insurance. They are: participating whole life and universal life. Here’s an overview of each plan:

Plan	Coverage	Overview
Equimax Estate Builder	Varies	Higher long-term value for estate transfer, premiums payable for 10, 20 years, or life
Equimax Wealth Accumulator	Varies	Higher cash value earnings for business protection, premiums payable for 20 years or life
Equitable Generations	Varies	Competitive pricing, modern investment options, and caring claims support
Equitable Generation IV	Varies	Level cost of insurance option, base premium remains unchanged

BMO Insurance

BMO Insurance is a subsidiary of the Bank of Montreal. The bank is one of Canada’s largest and most established financial institutions. BMO Insurance builds on a legacy dating back to 1817. In 2009, BMO Insurance acquired AIG’s Canadian operations. This made it a top bank-owned life insurance provider in the country. It offers a wide range of insurance solutions to Canadians.

BMO Insurance Term Life Insurance Options

BMO Insurance offers flexible term life insurance. Coverage amounts range from $100,000 to $5 million. You can pick from various term lengths (10, 15, 20, 25, 30 and 35 years). You can also renew or turn your policy into a permanent one. You qualify if you are 18 to 75 years old. The policy ends at age 85. It gives flexible protection for your changing needs.

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BMO Insurance Permanent Life Insurance Options

BMO Insurance offers three core types of permanent life insurance. They are: whole life insurance, universal life insurance, and term 100 life insurance. Below is an overview of each plan:

Plan	Coverage	Overview
Whole Life	$50,000 to $20 million	Flexible premium payment options (10, 20 years, or up to age 100) with Estate Protector or Wealth Accelerator options.
Life Dimensions	$50,000 to $20 million	Universal life plan with guaranteed bonuses to boost investment growth.
Life Dimensions (Low Fees)	$50,000 to $20 million	Lower-fee version of Life Dimensions with Investor Maximizer for tax-deferred growth.
Wealth Dimensions	$50,000 to $20 million	High-investment plan (min. $25,000) for maximizing tax deferrals.
Term 100	$50,000 to $5 million	Lifetime coverage with fixed premiums, no further premiums required after age 100.

Rankings of Best Life Insurance Companies In Canada

Here’s a table. It outlines Canada’s top life insurance companies. It includes each one’s financial strength rating and our suggested ranking based on research.

Life Insurance Company	Financial Strength Rating	Rank
Sun Life	A+	#1
Manulife	A+	#2
Canada Life	A+	#3
iA Financial	A+	#4
Desjardins Group	Not rated	#5
BMO Insurance	A	#6
RBC Insurance	A	#7
Empire Life	A	#8
Equitable Life	Not rated	#9

Please note that A.M. Best bases the financial ratings on the most recent scores. Insurers have not given a score to those labeled as “not rated” yet. Each insurer in 2022 provides public data that forms the basis for the annual premiums.

FAQs on Best Life Insurance Companies of Canada

How Do Life Insurance Companies Make Money?

Life insurance companies generate revenue through various channels. A key source of income is the underwriting process, which involves assessing and managing risk to ensure that the amount paid out in death benefits does not exceed the premiums collected.

Additionally, life insurance companies earn money through investments, such as investing premiums in financial markets, and policy fees, including administrative and management fees. By diversifying their revenue streams, life insurance companies can maintain financial stability and provide coverage to policyholders.

How Are Life Insurance Companies Regulated in Canada?

In Canada, life insurance companies are regulated by federal and provincial bodies. OSFI is the federal regulator. Provincial regulators vary by jurisdiction. For example, the Financial Services Regulatory Authority of Ontario (FSRA) oversees life insurance companies in Ontario, ensuring compliance with provincial laws. This collaborative approach ensures that life insurance companies operate fairly and securely, protecting consumers across the country.

What is the best life insurance company in Canada?

The best life insurance company in Canada for you will depend on your individual circumstances. Each provider offers different coverage options and rates. So, it’s essential to compare and find the one that suits your needs. You need a guaranteed no-medical exam policy due to a pre-existing condition. Your best option will differ from a healthy person seeking basic coverage. Compare the top life insurance companies in Canada with us today to find the best fit for you.

What is the Cheapest Life Insurance Company in Canada?

The cheapest life insurance company in Canada will vary. It depends on your circumstances and needs. Each life insurance company has its own underwriting and quoting process. So, it’s essential to shop the market to find the best option. Compare life insurance quotes with us today. We’ll show you premiums from Canada’s top life insurance companies all at once. This lets you pick the lowest-cost option that suits your needs.