Top 10 Best Life Insurance Companies In Canada - Cheapest Quotes
|What Type of Life Insurance is Best for You?|
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|10 Best Life Insurance Companies In Canada|
However, not all Canadian life insurance providers are equally accepting of higher-risk clients, such as the elderly and those with pre-existing conditions.
As a general rule, you should focus more on how well the product meets your needs than on the reputation of the company selling it. Obviously, not every business provides the same services. For that reason, we created this section. Our research has shown that comparing quotes from multiple providers is the key to finding affordable life insurance. If you're looking to compare life insurance quotes, our tool is a no-cost resource you can take advantage of.
Find the best insurers in Canada that provide "Cheapest Quotes and Good Services" for insurance policies to safeguard Canadians' financial futures.
Top Canadian Life Insurance Agencies
Based on the aforementioned criteria, we have selected several of Canada's top life insurance providers (and a few more). Ranking the companies from best to worst. The rates are determined by entering the following information into the life insurance companies' online calculators:
I am 40 years old.
20-year term or whole life insurance policy in Ontario, Canada
The sum insured is $1,000,000.
Higher rates of landing are seen for smokers compared to non-smokers. Even so, we opted for a non-smoker since only about 12% of Canadians smoke and the non-smoker policy costs would be more understandable to the majority of people. In addition, men have a higher landing success rate than women generally do. And, obviously, the higher your age, the more your premium will be.
However, the high cost of living is a major factor in deciding on a death benefit of $1,000,000, making the policy amount seem more reasonable. Over the next twenty years, a million dollars won't buy nearly as much as it does today.
Top 10 Best Life Insurance Companies In Canada: Cheapest Quotes and Good Services
1. PolicyAdvisor - Best overall
|PolicyAdvisor - Best overall|
Insurance Types: Term life insurance, whole life insurance, disability insurance, and children’s insurance
Term Life Insurance Cost: $80.55/month for $1 Million
Whole Life Insurance Cost: $768.4/month for $1 Million
This article is one of many useful resources that can assist Canadians in their search for the best life insurance providers. But what could be even more useful is using PolicyAdvisor to compare various insurance plans offered by various Canadian life insurance providers side by side.
It's a quote comparison and search engine for life insurance policies from the 17 largest providers in Canada. Think of it as a form of online brokering. PolicyAdvisor's online resources supplement the free, unbiased guidance.
You can compare prices for both term and permanent life insurance policies using this service. Although the platform now offers a variety of insurance options, including disability coverage, life coverage remains its primary focus.
Applicants need not worry about being treated differently once they bypass the PolicyAdvisor's layer and go to the insurance company directly because the initial price you get from the initial survey tends to be accurate since it's based on the life insurance company's calculators.
Use this powerful comparison tool to examine various whole life insurance plans, each with their own unique riders and features, and select the one that best meets your needs.
2. Manulife - Best insurance for digital innovation
Insurance Types: Term life insurance, Permanent Life Insurance
Term Life Insurance Cost: Manulife offers 4 distinct plans in this category - CoverMe, Family, Business, and Family Vitality - that allow you to protect your beneficiaries with flexible and affordable solutions.
Price of permanent life insurance from Manulife includes $100,000 in coverage and instant cash value growth with their Participating Whole Life policy. In the beginning of the policy, the cash value is guaranteed, and you can choose how often and for how long to pay your premiums to Manulife. The second product, Performax Gold Whole Life Insurance, offers permanent coverage beginning at $25,000 and can be paid for in as little as 15 years or in equal installments until you reach age 100. Guaranteed cash surrender values and multiple payment terms are also features of this insurance policy.
The financial and insurance services offered by Manulife Financial (MFC) make it Canada's largest insurance provider. Revenue of $61 billion Canadian ($47 billion U.S.) in 2019 came from insurance premiums and investment income, and the company is headquartered in Toronto.
Through its John Hancock subsidiary, Manulife provides services in the United States as well as Canada, Asia, and Europe. About 38,000 people were working for the company as of the end of 2019, with nearly 98,000 agents. Manulife managed assets worth $1.2 trillion Canadian ($920 billion US).
The Manufacturers Life Insurance Company began operations in 1887, with its first international policy sale occurring in Bermuda the following year. The Guangzhou office was given permission to open by the China Insurance Regulatory Commission (CIRC) in 2002. It was the first time that a life insurance joint venture with foreign investment was granted permission to set up shop in China. Manulife now operates in over 50 cities across mainland China with fully licensed branches.
3. PolicyMe - Best term life insurance
Insurance Types: Term life insurance only
Term Life Insurance Cost: $81.84/month for $1 Million
Whole Life Insurance Cost: N/A
When it comes to purchasing term life insurance, PolicyMe's goal is to simplify the process as much as possible. The company, which began as a website where Canadians could easily compare insurance policies side by side, has partnered with Canadian Premier Life Insurance Company, a wholly-owned subsidiary of Securian Financial Company.
Life insurance policies sold by PolicyMe are underwritten by Canadian Premier Life Insurance. It has been serving the nation's insurance needs since 1955, is valued at around $300 million, and has an A rating for financial strength from A.M. Best. Canada Protection Plan and BMO Life Assurance are just two of the four well-known insurers whose policies are available through this firm.
With the same cost-benefit analysis as online banking, PolicyMe has become the first fully online life insurance policy provider in Canada. Its life insurance policies are much more affordable than those of competitors because the company operates without the overhead costs associated with a traditional storefront. It streamlines operations by eliminating the need for intermediaries like brokers, doctors, and insurance underwriters.
The coverage provided by the term life insurance policy is standard. In the event of your untimely death, your beneficiaries will receive the death benefit (except suicide in the first two years of buying the policy).
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4. Canada Life - Best insurance for financial strength
There are many different kinds of life insurance, including term life, permanent life, participating life, and universal life.
Term life insurance from Canada Life costs $305 per year for men and $295 per year for women.
As a provider of life insurance for individuals and businesses, Canada Life wants to ensure that your loved ones are taken care of no matter what happens to you.
Canada Life is a company with a community focus that strives to make Canada a better place to live in all ways—financially, physically, and mentally. Their sponsorship extends to a wide variety of sporting events, including the 24h Trembant, PGA tournaments, and even Canadian Hockey League games (CHL).
Great-West Life, a dominant force in the Canadian insurance industry, owns Canada Life.
Canada Life has life insurance policies that will cover you whether you are single, starting a family, married, or a business owner. Insurance against critical illness, disability, health, and dental care are all offered by the company.
5. Sun Life - Best insurance for in-person purchase
Insurance Types: term life insurance, whole life insurance
Term Life Insurance Cost: $139.84/month for $1 Million
Whole Life Insurance Cost:
When it comes to life insurance in Canada, Sun Life is another industry powerhouse. The firm is worth $38.18 billion and has an A+ credit rating. About $20.9 billion in annual premiums are underwritten by the firm as well.
Sun Life is not only one of the most expensive term insurance providers in the country, but also one of the largest and most comprehensive life insurance companies in the country, with over a trillion dollars in assets under management if we combine all of its businesses and domains.
Choosing Sun Life, for example, has many advantages, but the variety of plans available is the most appealing. Sun Life, for instance, provides no less than four distinct varieties of term life insurance. Maximum protection under the basic plan is $100,000, while maximum protection under the premium plan is around $15 million for up to 30 years.
Living benefits for terminal illness and protection for your business are just two of the many extras that can be added on to some term life insurance policies. The availability of such customization options in term life insurance is limited.
In addition, there are three distinct permanent life insurance products available through the firm. The bare minimum plan provides up to $25,000 in coverage, which is more than enough to cover final expenses. The best policy provides as much as ten million dollars in protection and includes many of the same riders as Sun Life's term life insurance.
6. Equitable Life - Best insurance for families
Insurance Types: Term Life, Indexed Universal Life, Long-Term Care Insurance
Equitable Life Insurance Company of Canada is one of the largest independent mutual and life insurance companies in Canada, ranking among the top 15 life insurers in the country. Over the course of more than eight decades, they have offered their clients not only financial security, but also steady growth and fruitful partnerships.
Additional benefits can be added to your term policy from RBC Insurance in the form of riders. These riders include accidental death coverage, a guaranteed issue rider, a premium waiver rider, and a rider specifically designed for children. See some sample rates for RBC Insurance's Term 10 coverage with $250,000 in coverage below, or get an instant quote now.
The firm is dedicated to offering its policyholders the best possible and most suitable products in its industry. Because there are no stockholders, dividends can be distributed solely to policyholders.
People can choose from various types of life and health insurance, including term life, critical illness coverage, and participating whole life. Individuals can receive assistance with saving for retirement, securing a commercial mortgage, and other financial services. Equitable Life provides group benefits for small and medium-sized businesses, such as coverage for accidental death and dismemberment, dental care coverage, short- and long-term disability, and assistance with travel outside of the province or country. Services for saving as a group and preparing for retirement are also provided.
They provide affordable Term Plans that can be renewed and converted for 10 and 20 years. Both the 10YRCT and the 20YRST provide ten years of guaranteed level premiums for life insurance coverage. For a long time, Equitable Life has offered one of the best Participating Whole Life plans available, and recently, they've made even more improvements. The recent wave of price increases for Level Cost Universal Life plans in Canada has led to an increase in sales of participating whole life policies.
Further, because Equitable is a mutually owned company, the policyholder is a true co-owner of the business. From British Columbia to Ontario, the Atlantic provinces, and since 1982, Bermuda, Equitable Life provides its services to residents of those regions.
7. Industrial Alliance Life Insurance
Insurance Types: term life insurance, whole life insurance
This is a reasonable concern given the growing variety of insurance options and the increasing number of providers. Life insurance firm iA Excellence, founded in Montreal in 1962, was purchased by Industrial Alliance in 2008, making Industrial Alliance Canada's fourth-largest provider of life and health insurance and financial services. Group management announced in January 2020 that Industrial Alliance and iA Excellence would be merged into a single entity called iA Financial Group, marking the logical conclusion of this strategic acquisition.
As a result, partnering with iA Excellence (now iA Financial Group) means taking advantage of an unprecedented synergy between the fourth-largest Canadian life and health insurance and financial services company and a major local player specializing in life insurance. It also implies that you can have faith in a reliable organization that has been around for some time and has a proven track record of providing financial and health insurance protection to its customers. It's true that iA Financial Group has a presence in every single area of the United States and Canada.
8. Canada Protection Plan - Best insurance for non-medical policies
Insurance Types: Term life insurance only
Term Life Insurance Cost: $81.84/month for $1 Million
Whole Life Insurance Cost: N/A
Like other Canadian life insurance companies, Canada Protection Plan (or, shortly, Canada Protection Plan) provides a variety of services, including life insurance, critical illness insurance, health and dental insurance, no medical exam and simplified issue life insurance, and travel insurance.
While LSM Insurance is not directly associated with the Canada Protection Plan, our knowledgeable life insurance brokers do have access to the products and quotes of over 20 other Canadian insurers offering coverage that is comparable to that offered by the Canada Protection Plan.
Non-Medical Life Insurance is available from Canada Protection Plan in a wide range of options.
They offer a simplified and deferred Term 10, Term 20, and Term 100 plan. The deferred plan requires less information about your health but has a 2-year waiting period before paying out on a death that wasn't an accident. Their basic Term policy has more questions about your health but is immediately accessible.
Another option available through Canada Protection Plan is a simplified and deferred Whole Life policy. The most that can be issued is $50,000. Quick pay and life pay options are both on the table with this plan.
9. RBC Insurance - Best value for money life insurance
Insurance Types: term life insurance, universal life insurance
RBC, short for Royal Bank of Canada, has over 16 million customers and 80,000 employees across the globe, making it Canada's largest bank by market capitalization. If you look at market capitalization, revenue, and profit, RBC ranks first in Canada and ninth in the world. Life insurance is just one type of coverage offered by RBC Insurance, which has been around since the 1960s. With over 5 million customers, RBC Insurance has surpassed its competitors to become Canada's largest bank-owned insurance provider.
RBC has the most sophisticated selection of life insurance products on the market, including a term policy with unparalleled adaptability, as well as permanent and universal plans. RBC Life Insurance is superior to other bank-owned life insurance offerings, but it lacks the product variety of the "big three" Canadian life insurance companies (Sun Life, Great-West Life, and Manulife). Comparatively, TD Bank does not offer participating or universal life insurance, while BMO offers a more stripped-down version of this product.
10. BMO Life Insurance - Best insurance for affordability
Insurance Types: Term life insurance, whole life insurance
Term Life Insurance Cost: $90.9/month for $1 Million
Whole Life Insurance Cost (60-year old male. Max Coverage $50,000): $166/month for $1 Million
BMO Insurance, a division of BMO Financial Group, has been in operation for over 200 years. The company's solid finances and stellar reputation enable them to provide insurance with generous benefits, customizable protection levels, and affordable premiums.
Customers have faith in BMO Insurance because of the company's honesty, its dedication to improving the insurance industry, and its emphasis on diversity and inclusion. Integrity, dedication to innovation and diversity, and a relentless focus on providing an excellent customer experience have all helped BMO Insurance earn our customers' trust. BMO Insurance has an experienced support staff ready to answer any questions you may have about the company's insurance products and services. In the event of a catastrophic event, BMO Insurance policyholders are assured the support they require, whether it's for determining the extent of their financial needs or completing the claims process. By establishing itself as a reliable partner to its clients, BMO Insurance hopes to streamline the insurance underwriting process.
How do we evaluate Canadian life insurance providers?
Taking your time to consider all of your options is crucial before committing to a contract that could affect you for years or even decades.
Okay, but what exactly should you be thinking about? To name just a few things to think about:
To what extent will your policy cost you?
How long does it take to get permission to do something?
In terms of the procedure, can it be completed entirely online, or are multiple in-person meetings required?
How do Canadians rate this life insurance provider's reliability? If claims are guaranteed to be paid, how long have they been in business and is a reputable company backing them up?
If you have questions about your policy's coverage, including whether or not you have the option to purchase more than $1,000,000, feel free to contact us today.
Does the insurance company need a medical exam? Is a "no medical" choice available?
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