Best Life Insurance in Canada: Top Companies (Updated Guide)
What is the best life insurance company in Canada?
The best life insurance company in Canada is the one that offers the right mix of price, policy type, and service for your situation. After reviewing 21 companies’ life insurance products and comparing their costs, coverage, and customer reviews, we came up with a ranking for the biggest life insurance companies in 2025:
How to choose the best life insurance company
The best life insurance for you is one you can afford and that meets your needs. If you passed away tomorrow, what’s most important to you: providing for your loved ones, repaying your debts, dividing your estate, or sending your kids to school?
A life insurance calculator is a great place to start thinking about your current and future financial obligations. After assessing your personal needs, the next key decision will be about the type of life insurance.
Beyond that, you probably want a life insurance company with rock-solid finances, an easy claims process, and excellent customer service. PolicyMe advisors Stephanie and Erik cover these concerns, the top life insurance companies in Canada, and how we made our picks in the video below:
What’s the best term life insurance company in Canada?
Affordable, customizable, and covering a fixed period of 10-30 years, term is the top life insurance option for many parents and homeowners seeking financial protection. Term life policies provide up to $5 million of coverage for finite financial obligations like mortgages, post-secondary education funds, and income replacement. The coverage amount you choose translates into the tax-free death benefit that your beneficiaries will receive.
Best of all, our top picks are known for their low and affordable rates and easy application process. You can plan for the worst and get back to enjoying the best of life with the help of PolicyMe, RBC, Beneva, and Wawanesa Insurance.
Best term life insurance overall: PolicyMe
Google score: ★★★★★ (5)
Key takeaway: PolicyMe has some of Canada's most affordable term life insurance. Family-friendly features like free child coverage, discounts for joint applications and a streamlined online application process make it a great choice for parents and couples.
Company profile: PolicyMe is an online insurance solution based in Toronto, ON. Founded in 2018, PolicyMe secured $18M in Series A funding. They added critical illness insurance in 2022 and health and dental insurance in 2024. They now have $10B in coverage in force across Canada.
PolicyMe customer review: "Very easy way to shop and apply for life insurance. PolicyMe got me a way cheaper policy than I had before. [...] I was very impressed and highly recommend them." – Customer on Google
Runner-up for best term life insurance: RBC
Our score: ★★★★☆ (4/5)
Why we chose it: RBC has two term products and a T100 option which is good value. Their rates are competitive against other providers, especially for term life insurance.
Company profile: The Royal Bank of Canada (RBC) was founded in 1864 in Halifax, Nova Scotia and is the largest bank in Canada by revenue. They have an A.M. Best financial strength rating of A+.
» Read full RBC life insurance review
Second runner up for best term life insurance: Wawanesa
Our score: ★★★☆☆ (3/5)
Why we chose it: Wawanesa has a range of term options, like term to 80 and term to 100. They used to have really affordable term life insurance, but their prices have gone up. They tend to be risk averse, so those with any health issues may be declined.
Company profile: Founded in 1896, Wawanesa is one of the oldest insurers in Canada. Headquartered in Manitoba, they are licensed to sell life insurance in all provinces. Wawanesa has a financial strength rating of A- (Excellent) from A.M. Best.
» Read the full Wawanesa life insurance review
Best for decreasing term coverage: Beneva
Our score: ★★★★☆ (4/5)
Why we chose it: Beneva has affordable term life insurance prices and your policy comes with a free Extreme Disability Benefit. They also offer a decreasing coverage option but your premiums stay the same for the entire term, so this doesn't seem like a good deal.
Company profile: Beneva is a newer insurer coming from the merger of SSQ and La Capitale in December 2022. It is the largest mutual insurance company in Canada with 3.5M clients and members.
» Read the full Beneva life insurance review
What’s the best permanent life insurance company in Canada?
Permanent life insurance lasts as long as you keep paying your premiums, ensuring you’ll never outlive your coverage.
Permanent policies are ideal for estate planning because they provide a guaranteed death benefit, which is supplemented by savings or investments. These add-ons and the premiums that contribute to them can be fixed (as in whole life insurance) or variable, as in universal life insurance. Some permanent policies also have cash value options.
Regardless of which one you choose, you’ll pay higher premiums in exchange for an efficient payout. The top life insurance companies in Canada for estate planning (including BMO, Manulife, and Canada Life) can help you along.
Best for permanent life insurance: Manulife
Our score: ★★★★☆ (4/5)
Why we chose it: Manulife is known for its expertise with permanent life insurance. Manulife has several permanent policies, plus its own mutual and segregated funds. Customers complain of difficulty with cancellations and long processing times, and that it's hard to get someone on the phone.
Company profile: Founded in 1887, Manulife is one of the biggest life insurance companies in Canada, with $200B in assets. Manulife made $31.6 billion in customer payments between 2020 and 2021. The company has an A+ financial strength rating from S&P as of 2022.
» Read the full Manulife life insurance review
Runner up for best permanent life insurance: BMO
Our score: ★★★★☆ (4/5)
Why we chose it: BMO is known for their universal life insurance. They have many options for both term and permanent life insurance. Best suited for a customer that wants lots of options when choosing their policy.
Company profile: BMO is a multinational investment bank founded in Montreal, Quebec, operating in Toronto. In 2022, BMO announced it was working to close a $16.3B USD deal to buy California's Bank of the West.
Best whole life insurance for cash value: Sun Life
Our score: ★★★★☆ (4/5)
Why we chose it: Sun Life has lots of experience in participating whole life insurance. It’s expensive, but it has the highest dividend scale in Canada as of 2023. It's a good option for high-net-worth individuals and it has extra perks like succession planning.
Company profile: Sun Life is a financial services company, founded 150 years ago. They are the third largest insurer in Canada and are known for its individual insurance products and group benefits. They have a financial strength rating of A+.
» Read the full Sun Life life insurance review
Best participating life insurance: Canada Life
Our score: ★★★★☆ (4/5)
Why we chose it: Known for having the largest participating fund in Canada. Best for those who are experienced in fund management. They also offer life insurance products specifically for business owners.
Company profile: Canada Life is Canada's second largest insurer with a financial strength rating of A+ and $220B in assets. Canada Life was founded in 1846 and is headquartered in Toronto. Great-West Life acquired Canada Life in 2003.
» Read the full Canada Life insurance review
What’s the best no medical life insurance in Canada?
Whether you opt for term or permanent life insurance, you’ll need to answer at least a few questions and possibly undergo a medical exam.
Life insurance policies with thorough risk assessment procedures are fully-underwritten, while those without medical exams are no-medical or simplified policies. And then there’s guaranteed-issue life insurance, which accepts all applicants regardless of age, health history, or health status.
But take note: no medical life insurance is among the priciest coverage options. Forgoing a medical exam is the surest way to drive up insurance premiums, so we recommend applying for a fully-underwritten policy first, followed by a simplified or guaranteed-issue product if you’re declined.
Best no medical life insurance in Canada: Canada Protection Plan
Our score: ★★★★☆ (4/5)
Why we chose it: Canada Protection Plan is our top choice for no medical life insurance, which also makes it a great pick for the best life insurance for seniors as well. Its no medical and simplified issue plans skip the need for medical exams, blood tests, and doctor reports, so you have a better chance of getting coverage with existing health conditions.
Company profile: Canada Protection Plan is an accredited member of the Better Business Bureau and holds an A+ rating. The company boasts that it pays 98% of all claims.
Runner-up no medical life insurance: Assumption Life
Our score: ★★★★☆ (4/5)
Why we chose it: Assumption Life provides life insurance policies with minimal health questions, plus easy qualifications for new immigrants. If you’ve been denied coverage by a traditional provider, try the company that received an A- grade from A.M. Best for its financial stability.
Second runner-up no medical life insurance: UV Insurance
Our score: ★★★☆☆ (3.5/5)
Why we chose it: UV Insurance is a mutual insurance company with a variety of no medical and guaranteed-issue life insurance plans. As a policyholder, you’ll share in the company’s successes by receiving dividends or reduced premiums.
What’s the best high-risk life insurance company in Canada?
High-risk life insurance applies to anybody with increased mortality, whether as a result of their hobbies, lifestyle, or medical conditions. Although it can be hard to find affordable coverage under special circumstances, there are 3 compassionate life insurance providers specializing in high-risk applicants.
Best guaranteed-issue life insurance in Canada: CIBC
Our score: ★★★☆☆ (3.5/5)
Why we chose it: The Canadian Imperial Bank of Canada (CIBC) offers Guaranteed Acceptance Life Insurance, which can benefit everyone from extreme sports aficionados to cancer patients and survivors. Coverage ranges from $5,000 – $25,000, with a potential 5X payout in case of accidental death before age 80.
Company profile: The fourth-largest bank in Canada was founded in Toronto in the 1960s and holds an A+ financial rating from A.M. Best.
Best life insurance for smokers: Empire Life
Our score: ★★★☆☆ (3.5/5)
Why we chose it: Although can smoking increases your life insurance premiums by 40-100%, it’s still possible to find affordable life insurance for smokers. Compared to other companies, Empire Life has reasonable rates for smokers as long as you lead a low-risk lifestyle and purchase at least $1 million in coverage.
Runner-up best life insurance for smokers: iA Financial
Our score: ★★★☆☆ (3.5/5)
Why we chose it: Even if you’ve been quoted higher rates elsewhere, you can get standard rates for life insurance at Industrial Alliance (iA). We found iA’s life insurance premiums for smokers to be “average” and its customer service reviews mixed.
Life insurance companies: miscellaneous scenarios
Life insurance can address a range of concerns, from small business owners looking to pass on their life’s work, to grandparents considering buying life insurance for a child. Fortunately, there’s an equally large range of specialty products on the market from companies such as Equitable Life, Desjardins, Co-operators, and more.
Best life insurance for children in Canada: Equitable Life
Our score: ★★★☆☆ (3.5/5)
Why we chose it: Parents and grandparents who view life insurance as an investment can use Equitable Life’s child whole life insurance policies to create a stable investment products at low rates. You can pay off an Equimax for Children policy in 20 years and even withdraw from it or borrow against it for post-secondary education.
Runner-up best life insurance for children: Desjardins
Our score: ★★★☆☆ (3/5)
Why we chose it: Policyholders can pay off Desjardins’ participating whole life insurance policy in as little as 5 years and gift it to their grandchildren with little tax. As a bonus, it ranks #38 on the list of the 50 safest banks in the world, so you know it’s going to stick around for a long time.
Second runner-up best life insurance for children: Foresters Financial
Our score: ★★★☆☆ (3)
Why we chose it: Foresters Financial offers a term life insurance rider for children that allows them to convert it to a permanent plan with no proof of insurability at a future date. It’s a fraternal order offering complimentary benefits to members with an A rating from A.M. Best.
Best short-term life insurance in Canada: Co-operators
Our score: ★★★☆☆ (3/5)
Why we picked it: If you need coverage for a temporary liability (such as a small business loan or home equity line of credit), Co-operators offers a unique take on short-term life insurance. You can purchase a policy with the option for yearly renewal for $50,000 – $475,000 of coverage and keep it for as long as you need it.
Best life insurance for credit union members: CUMIS
Our score: ★★★☆☆ (3)
Why we don't recommend it: The Credit Union Members Insurance Society (CUMIS) offers preferential rates for credit union members, but for everyone else, there are better options. Its policies are backed by Co-operators, so you may as well buy from them instead.
Best for Scotiabank customers: Scotia Insurance
Our score: ★★☆☆☆ (2/5)
Why we don't recommend it: Scotia Insurance offers $5,000 of complimentary accidental death insurance to Scotiabank customers ages 18 - 74, but its customer service reviews are mixed.
Best joint life insurance policy in Canada: Ivari
Our score: ★☆☆☆☆ (1/5)
Why we don’t recommend it: Ivari’s first-to-die joint life plan allows up to 5 people to purchase coverage under a single policy, and the company provides plenty of customization options, but it’s not the cheapest.
Methodology: Best life insurance in Canada
To find the best life insurance companies in Canada, we evaluated over 20 of the largest and most well-known insurers in the country using three categories:
- Cost: To determine which insurers charge the lowest premiums, we gathered over 2,000 life insurance quotes. Our price data spans smokers, non-smokers, and birth sex, across six age groups from 18-70 and five products (including term and permanent life insurance).
- Customer service: To find out which life insurance companies offer the best customer experience, we averaged scores from trusted sources for life insurance reviews, including Better Business Bureau, Trustpilot, Insureye and Google. We also counted the number of contact methods each insurer offers to its customers.
- Industry reputation: To ensure our recommendations were financially sound, we reviewed each life insurance company’s financial stability ratings from leading credit agencies A.M. Best, Morningstar DBRS and S&P Global. We incorporated Glassdoor reviews to reflect each insurer’s ability to manage and support its employees.
All three categories received a final, averaged score out of 5. After adding the results together, we had a definitive list of the best life insurance providers in Canada.
PolicyMe does not receive compensation for any life insurance reviews.
More pointers on getting the best life insurance in Canada
Which life insurance company should I choose?
- Price: How does the company's prices compare to other providers?
- Time: How long does it take to get approved, days or weeks?
- Product: Do they specialize in the type of policy you want?
- Process: Is the process simple or does it involve unnecessary paperwork, phone calls or meetings?
- Trustworthiness: What do customers say about this company?
- Customer service: Can you get unbiased advice? Are complaints resolved quickly?
And here's the order of operations for comparing life insurance options:
- Consider what type of life insurance you need: term, permanent, etc.
- Find life insurance providers that specialize in the policy you need. This blog is a good place to start!
- Is there anything else you need: a joint life insurance policy, child coverage, bundling with disability/critical illness insurance?
- Read customer reviews for these life insurance companies on Google, Trustpilot, InsurEye, etc.
- Check insurance company ratings in Canada: the Better Business Bureau is a good place to start.
- Get life insurance quotes from these companies from their websites or through a licensed financial professional
- Select the policy that works for you in terms of both price and features.
FAQ: Best Life insurance in Canada
Next steps: ready to start looking for life insurance?
Next Steps
Sources:
Assumption Life reports best results ever. Insurance Portal. https://insurance-portal.ca/life/assumption-life-reports-best-results-ever/
Canadian Health and Life Insurance Facts. CHLIA-ACCAP. clhia.uberflip.com/i/1478447-canadian-life-and-health-insurance-facts-2022-edition
Canadian Imperial Bank of Commerce (CIBC). Fitch Ratings. https://www.fitchratings.com/research/banks/canadian-imperial-bank-of-commerce-cibc-25-07-2022
Celebrating the Reader’s Digest 2023 Trusted Brand™ Winners as Voted by Canadians! Readers Digest. https://www.readersdigest.ca/trusted-brands/trusted-brand-winners/
Foresters, Canada Protection Plan amalgamate. Investment Executive. https://www.investmentexecutive.com/news/industry-news/foresters-life insurance canada-protection-plan-amalgamate/
Harriss, S. (n.d.). 82-year-old great-grandmother takes on BMO for suspect life insurance advice. CBC News. https://www.cbc.ca/news/business/ella-beck-bmo-life-insurance-1.4532351
Life Insurance. Financial Consumer Agency. https://www.life insurance canada.ca/en/financial-consumer-agency/services/insurance/life.html
Nova Scotia widow blasts bank for denied life insurance claim. CTV News. https://atlantic.ctvnews.ca/nova-scotia-widow-blasts-bank-for-denied-life-insurance-claim-1.5816170
Revealed – Canada's 10 largest life insurance providers. Insurance Business. https://www.insurancebusinessmag.com/ca/news/life-insurance/revealed--life insurance canadas-10-largest-life-insurance-providers-in-2022-417657.aspx
Sagicor buys insurer Ivari for $325 million. Advisor's Edge. https://www.advisor.ca/insurance/life/sagicor-buys-insurer-ivari-for-325-million/
S. O. Canadian insurance company denies death claim, says form was inaccurate. Global News. https://globalnews.ca/news/9088188/ivari-insurance-company-denies-death-claim/
Sun Life Financial. Forbes. https://www.forbes.com/companies/sun-life-financial/
More reviews of Canadian life insurance companies:
Our mission is to empower Canadians to make informed financial decisions. To achieve this, we have an expert editorial team that includes licensed insurance advisors and financial planners. We prioritize the best interests of Canadian families and won't endorse any product, company or financial strategy that we believe isn't suitable. Our educational guides are crafted by in-house experts, like licensed life insurance advisors. Before publication, we subject our research and advice to scrutiny and comprehensive revisions for accuracy and completeness.
Our mission is to empower Canadians to make informed financial decisions. To achieve this, we have an expert editorial team that includes licensed insurance advisors and financial planners. We prioritize the best interests of Canadian families and won't endorse any product, company or financial strategy that we believe isn't suitable. Our educational guides are crafted by in-house experts, like licensed life insurance advisors. Before publication, we subject our research and advice to scrutiny and comprehensive revisions for accuracy and completeness.