As with other types of insurance, finding the best life insurance company is vital, and that is why we pick the best life insurance companies in Canada for you.
In selecting the most suitable life insurance company, you must first identify your needs. The types of coverage do you need? What qualities do you seek in a policy? Before you buy any life insurance, these are crucial questions to answer.
Once you are fully conscious of your expectations, you can compare companies.
When analyzing the top life insurance companies, you also need to consider the
- cost of coverage,
- types of life insurance plan the company offers and their terms,
- the company’s financial stability,
- their customer evaluations,
- and the simplicity of application.
Here is our guide to uncovering the top 10 best life insurance companies in Canada.
Table of Contents
Life insurance
Life insurance is a contract negotiated between you and a life insurance company that guarantees that, in the event of your passing, the insurer will give a lump sum of tax-free cash to a beneficiary of your choice.
In return, you consent to give them recurrent payments of insurance premiums, which will total a small sum over time.
In a very simplistic form, that’s all there is to it—you both agree on the amount of money coming in and going out as well as the date of the transactions.
Who regulates life insurance companies in Canada
The Canadian council of insurance regulators, an international organization of insurance regulators, is known to regulate life insurance companies in Canada.
The CCIR’s mandate is to promote and support an effective and efficient Canadian insurance regulatory system that serves the needs of the general public.
What does a good life insurance cover in Canada
The most common coverage types include:
• Death benefits; In the event of your passing, death benefits are given to your beneficiaries.
• Living benefits; Contrarily, living benefits will help with medical bills or other costs related to a life-threatening illness.
• Cash value benefits can be used for any purpose, including funding a large purchase or boosting your retirement income as it builds up over time.
Also read: What Type of Life Insurance Generates Immediate Cash Value
What are the best life insurance companies in Canada
Here are the best life insurance companies in Canada
1. PolicyMe
The first digital life insurance company to debut in Canada is PolicyMe, an online life insurance provider. Couples can receive a monthly premium discount of 5%, wherein child coverage is free.
PolicyMe online onboarding is where it thrives. Most applicants get a quick quote after attaining its 15-minute online application and don’t need medical examinations.
They are one of the best life insurance companies in Canada.
Pros
- It provides policies with no medical prerequisites.
- Easy online application
- Options to reduce your premium
Cons
- Residents of Quebec and New Brunswick are not eligible for this offer.
- Provides no long-term life insurance
2. Empire Life
Another of the best life insurance companies in Canada is Empire Life.
Canadians can choose from various group insurance, investment, and life and critical illness insurance policies at Empire Life.
They offer efficient, simple, and convenient services to assist their clients in acquiring wealth, generating income, and achieving financial security.
Empire life also provide both term and permanent life insurance, among other conventional life insurance products.
Pros
- Several options for the term and permanent insurance coverage
- Its ART coverage allows for flexibility and temporary coverage.
Cons
- Limited maximum coverage
- Does not provide a premium estimation calculator online.
3. BMO Insurance
BMO Insurance is also one of the best life insurance companies in Canada. They established their reputation through transparency, dedication to diversity and advancement, and commitment to provide a top-notch customer experience.
BMO Insurance utilizes term life insurance to offer temporary financial stability to policyholders. They also permit the renewal of term life insurance policies without medical review. It is accessible to individuals between the ages of 18 and 75.
Pros
- Renewal of term life insurance policy without a medical examination.
- Unique added benefits
- Policy conversion from term life to a permanent life policy.
Cons
- There is only one term life insurance option offered to customers.
- They cost expensive
4. Canada life
Another of the best life insurance companies in Canada is the Canada Life Company.
By offering life insurance solutions for both families and businesses, Canada Life seeks to provide a safety net for your loved ones and guarantee that they will be provided with care.
Canada Life offers life insurance coverage for all of your future ventures, including growing a family, purchasing a home, getting married, and operating a business. Additionally, the insurer offers critical illness, disability, health, and dental insurance.
Pros
- Flexible terms ranging from 5 to 50 years
- Can easily extend term life insurance or convert to permanent life
- The company is reliable
Cons
- No online access
- Minimum insurance coverage
5. Desjardins
Desjardins offers health insurance plans that cover critical illness, impairment, medical bills, and accidents. Depending on who is purchasing the insurance, varying life quotes will be issued.
Desjardins offers term, permanent, participatory, and universal insurance. Their terms and coverage are accessible until age 65 and can last for a good amount of years.
Pros
- A wide range of insurance products is available.
- Highly personalized insurance policies with riders and add-ons.
Cons
- Lack of online quote accessibility
- Limited term lengths
6. Canada Protection Plan
Canada Protection Plan is the best option if you’re seeking a simple application with no medical examination life insurance in Canada.
There are five options for term life insurance, with a maximum coverage of $500,000, and six forms of permanent insurance. They offer no medical underwriting.
Pros
- Makes it easy for hard to ensure applicants
- Great value
- Online quote accessibility
- Includes other kinds of insurance: travel, critical illness, and health.
Cons
- Limited coverage amount
- Lower premium for good healthy clients
7. Sun life
Sun Life is an insurance company that is highly sought after. There’s no medical examination for approval of coverage. The term, whole, universal, and guaranteed life insurance are all offered in Sun Life.
Although they lack adequate internet accessibility, they still provide excellent services.
Pros
- No-exam coverage available
- Accessible to request policy changes
- Superb financial strength rating
- Great customer service
- Wide policy variety
Cons
- No online quotes
- Limited online information
8. Industrial Alliance Industrial Alliance
Industrial Alliance, a wealth management company, offers financial products and services throughout North America.
They are ranked among the best life insurance companies in Canada and offer a wide range of coverage options for life insurance that will meet the needs of people from all walks of life.
Pros
- Pick-a-Term feature
- Unique coverage for children
Cons
- No digital policy options
- Account creation is required to access the policy.
9. Equitable life
Equitable life is also one of the best life insurance companies in Canada. Its is a well-known insurance company that was established in 1920. The company offers a range of relatively affordable term and permanent life insurance products.
These goods are designed to satisfy various needs, from basic security for families’ financial well-being to commercial safety for business owners. It offers excellent life insurance coverage for individuals up to the age of 85.
Pros
- Combination of critical illness and life insurance coverage
- Online account access is available
- Critical illness insurance is made available to specific clients.
Cons
- Limited product
- Mid-range premium rates
10. Foresters life insurance
Since its founding in 1874, Foresters life insurance has had over three million clients in Canada. They provide smokers with a competitive plan as well as a quit smoking incentive plan” that will cut the cost of their life insurance for those who have given up smoking.
Pros
- A range of coverage criteria
- The benefit of community membership
- Ability to convert term plan to permanent plan
Cons
- Not affordable
- No online quote
Our recommendations
The majority of Canadians consider Canadian life to be the best and most cost-effective option. It is among the country’s largest and most established life insurance companies.
They provide whole life insurance policies and have an A+ rating for financial strength. They provide a range of highly flexible and affordable plans, as well as family discounts on multiple plans.
Conclusion
You may compare and purchase the best life insurance companies in Canada with our life insurance reviews. Our standards consider benefits, lack of medical options, internet accessibility, options for parents and couples, and other things.
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