What happened to La Capitale? (2025)

La Capitale was a major insurance company in Canada, with its head office in Quebec. In 2020, it announced a regrouping or merger with SSQ Insurance, another Canadian insurer. The two companies operated as separate entities till January 2023, when they merged to form the Beneva brand.

The merger raised concerns among existing policyholders and those considering La Capitale or SSQ for their insurance needs. This article explains the reason for the merger and how it will affect La Capitale life insurance policyholders.

Schedule a call for visitor insurance

Need insurance answers now?

Call 1-888-601-9980 to speak to our licensed advisors right away, or book some time with them below.

History and ownership: La Capitale

La Capitale was established in 1940 in Quebec City, Canada, by government employees seeking a more effective way to cover funeral expenses. Originally named La Mutuelle Des Employés Civils, it began as a mutual fund before evolving into an insurance mutual.

The name La Capitale General Insurance emerged in 1976, marking the company’s expansion beyond Quebec and its shift to serving a broader customer base beyond government employees.

Up until the time of its merger, La Capitale was known for its wide range of insurance product offerings, including term and permanent life insurance, critical illness insurance, disability insurance, and other financial and professional services.

The merger of La Capitale and SSQ Insurance: How Beneva was formed

January 2020, La Capitale Insurance and Financial Services and SSQ Insurance announced their decision to merge, aiming to create the largest mutual insurance company in Canada. The merger was officially completed on January 1, 2023, resulting in the formation of Beneva Inc. 

Reason for the merger: Strengthening the Canadian insurance market

The merger was driven by the goal of creating a more influential entity in the Canadian insurance landscape. By combining the resources and expertise of both the former companies, the new company aims to enhance its competitive position in Canada and better serve its clients.

Impact on policyholders

For existing policyholders of La Capitale and SSQ Insurance, the merger into Beneva has been designed to ensure continuity. The terms and conditions of existing products and coverage remain unchanged, and no action is required from policyholders. 

Beneva continues to offer the same products and coverage, maintaining the commitments made by the original companies.

SSQ and La Capitale have merged to form Beneva Insurance Inc.

About SSQ Insurance

 SSQ Insurance was a well-known mutual insurance company. It was also founded in Quebec but in 1944 — just a few years behind when La Capitale was founded. Like La Capitale, SSQ grew significantly over the years and expanded outside of Quebec. It was one of the biggest life insurance companies in Canada up until its merger with La Capitale. SSQ was also one of the few Canadian insurance companies offering an Extreme Disability Benefit, which was built into its life insurance policies.

Read more about what happened to SSQ Insurance.

What is La Capitale called now?

The companies and subsidiaries that were merged to create what is now known as Beneva Insurance Company include:

  • La Capitale Insurance
  • La Capitale Financial Security / La Capitale Financial Group
  • La Capitale Financial Services
  • SSQ Insurance / SSQ Assurance
  • SSQ, Life Insurance Company Inc.
  • SSQ Financial Security / SSQ Financial Services
  • SSQ Financial Group

Although the Beneva insurance name might be new, the company will likely soon become well-known as one of the largest insurance companies in Canada. Because it’s formed from the union of two major insurers, its assets and AM Best financial strength rating already rank very high.

Looking to invest in Beneva's insurance plans?

Our expert advisors can help you find the best plans that suit your needs!

What products does Beneva offer?

Beneva provides a wide range of affordable insurance products, including traditional life insurance and health insurance, as well as financial services. In addition to the products already offered by La Capitale and SSQ Life Insurance, Beneva also plans to offer new products and services to customers, thanks to the increased scale and resources of the merged company.

Beneva Insurance offers clients insurance solutions that can be tailored to fit different needs, as well as additional professional services through Beneva Investment Services Inc. These enhanced service offerings include:

What will happen to my La Capitale life insurance policy?

There will not be any changes to existing La Capitale life insurance policies. The policy will now fall under Beneva’s purview but you’ll keep all of the same conditions agreed upon in your original insurance contract. If you need to make changes to your existing policy, you can still use La Capitale forms to do so.

Likewise for life insurance claims, there will not be any change to how they are processed. If you already have a claim underway, it will still be processed as normal. You can also still use the La Capitale claim form to submit your claim.

However, if you had home, car, or recreational vehicle insurance with La Capitale, your policy number will change when you renew it with Beneva.

If you have any concerns about your policy, you can always contact Beneva directly or speak with your insurance advisor to clarify. Or, you can speak with PolicyAdvisor‘s own experts in insurance who will gladly help you out!

How to access La Capitale insurance policies under Beneva?

To access your La Capitale insurance policy under Beneva, you can use the Beneva Client Centre. If you previously had an online account with La Capitale, your login credentials will remain the same. 

Simply visit the Beneva Client Centre and log in to manage your policy, view coverage details, submit claims, and access important documents. If you haven’t registered for an online account yet, you can create one on the same platform by following the registration steps.

You can also use the Beneva mobile app, available for download on your smartphone. The app allows you to manage your policies, submit claims, and view your insurance documents from anywhere.

Does Beneva have an app?

Yes, Beneva has a mobile app that allows policyholders to manage their insurance on the go. The app is available for both iOS and Android devices and provides access to key features such as:

  • Viewing insurance policies and coverage details
  • Submitting and tracking claims
  • Accessing digital insurance documents
  • Finding healthcare providers (for health insurance users)
  • Contacting customer support

What are some of the pros and cons of Beneva Inc?

Beneva has several advantages in terms of a strong financial foundation, wide array of products, a policyholder-oriented operating model and strong customer service. But, there are certain disadvantages such as limited national presence and fewer discount options.

Pros of Beneva Inc

  • Strong financial stability – Formed through the merger of La Capitale and SSQ Insurance, Beneva benefits from a solid financial foundation, ensuring reliability for policyholders
  • Wide range of insurance products – Offers life, health, auto, home, business, and group insurance, providing comprehensive coverage for individuals and businesses
  • Policyholder-oriented model – As a mutual insurance company, Beneva prioritizes the interests of its members rather than shareholders, which offers customer-focused services
  • Digital accessibility – Provides an easy-to-use website and mobile app, allowing customers to manage their policies, file claims, and get support conveniently
  • Strong customer service – Multiple support channels, including phone, email, and online chat, enhance customer experience and accessibility

Cons of Beneva Inc

  • Limited national presence – While growing, Beneva’s primary customer base is still concentrated in Quebec, with a lesser presence in other provinces compared to larger national insurers
  • Potential service transition challenges – Since Beneva is a new brand, some customers transitioning from La Capitale or SSQ Insurance may experience delays or policy adjustments during the integration process
  • Fewer discounts compared to competitors – Some policyholders may find that other insurers offer more extensive bundling discounts or additional perks

Will my everyday experience be impacted?

No, La Capitale’s merger into Beneva should not have a significant impact on your everyday experience. You will continue to be able to access your policy information as before. And Beneva has committed to providing the same level of customer service to clients as it has under La Capitale and SSQ.

But the way you pay your monthly or annual premium payments may be slightly different because of the new name. If you are paying through your bank or financial institution, you need to update the service provider listed as a payee to Beneva instead of La Capitale.

Another change is that Beneva’s website looks different than La Capitale’s did.

Aside from these two aspects, though, you shouldn’t see much more of a difference. And newcomers to La Capitale or SSQ will purchase insurance directly from Beneva.

How do I submit a claim to La Capitale?

You can submit insurance claims easily online through the Beneva website, or by contacting the company or your insurance advisor directly. You will have to use the same La Capitale insurance claim forms from before, so there’s no major difference in how claims are handled under Beneva.

Is Beneva a reliable insurance provider?

Yes, Beneva is considered a reliable insurance provider in Canada. Formed through the merger of La Capitale and SSQ Insurance, Beneva combines decades of experience from both companies, creating one of the largest mutual insurance providers in the country. 

Beneva offers a wide range of insurance products, including life, health, auto, home, and business insurance, ensuring comprehensive coverage for individuals and families. 

With a strong financial foundation, extensive product offerings, and a customer-focused approach, Beneva has positioned itself as a trustworthy option for insurance seekers.

Get reliable and affordable insurance today!

We can help you lock down the best insurance rates in Canada!

Frequently asked questions 

Is Beneva the same as La Capitale?

While Beneva was created from the merger of La Capitale and SSQ Insurance, it operates as a new brand with expanded services. Many of La Capitale’s policies and offerings continue under Beneva, but the company has streamlined operations and digital services to enhance customer experience.

How does Beneva compare to La Capitale in terms of coverage and service?

Beneva retains most of the insurance products previously offered by La Capitale, including life, home, auto, and business insurance. However, Beneva has expanded digital services, a new customer portal, and a mobile app, making it more modern and accessible compared to La Capitale’s previous operations.

Do I need to switch my La Capitale policy to Beneva?

No, if you had an active policy with La Capitale, it was automatically transferred to Beneva with the same coverage and terms. There is no need to take any action unless you want to make changes to your policy or explore new options under Beneva.

Can I still use La Capitale’s website and customer service?

No, La Capitale’s website and branding have been fully integrated into Beneva. To access your policy, make a claim, or contact support, you’ll need to visit Beneva’s website, use the Beneva app, or call their customer service team.

What happened to La Capitale policyholders after the merger?

The existing La Capitale policyholders have automatically transitioned to Beneva, meaning their coverage, benefits, and terms remained unchanged. However, they now manage their policies through Beneva’s platform instead of La Capitale’s previous system.

/* Custom Archives Functions Go Below this line */ /* Custom Archives Functions Go Above this line */

UV Life Insurance Review: Features, Costs, and Coverage Options

UV Insurance has been a trusted provider of financial protection in Canada since 1889, growing from a Quebec-based fraternal society into a nationally recognized mutual insurer.

UV is known for its flexible coverage options, no-medical-exam policies, and unique benefits, such as a severe loss of autonomy rider included at no extra cost.

In this article, we’ll discuss the different life insurance products offered by UV Insurance, their key features, benefits, and plan options.

Schedule a call for visitor insurance

Need insurance answers now?

Call 1-888-601-9980 to speak to our licensed advisors right away, or book some time with them below.

PolicyAdvisor Rating

AM Best Rating N/A

GET QUOTES

What are the key features of UV life insurance?

UV Life Insurance is designed to provide financial security with flexibility and ease of access. Here are its standout features:

Feature Details
Guaranteed renewal & conversion Term policies renew every 10 years until age 85 and convert to permanent coverage without medical exams
No-medical-exam options Term life up to $500,000 and whole life up to $150,000 without medical underwriting
Severe loss of autonomy benefit Pays 50% of the death benefit if unable to perform 4/6 daily living activities before age 60
Critical illness coverage Covers 24 critical illnesses and offers premium refunds after 10 years
Cash value growth Whole life policies accumulate tax-advantaged cash value, accessible via loans or withdrawals

What are the different UV life insurance plans I can choose from?

UV Life Insurance offers both, temporary coverage with Term Life Insurance (Superior+) and lifelong security with Whole Life Insurance., UV insurance also offers critical illness protection through its AdapCI plan.

Here are the types of life insurance policies you can consider from UV insurance:

Term Life Insurance (Superior+)

UV’s Term Life Insurance provides coverage up to $5 million, making it a strong choice for individuals seeking affordable, high-limit protection. It is available in term lengths of 10, 15, 20, 25, or 30 years and is renewable every 10 years until age 85. 

Policyholders can convert their term policy into permanent coverage before age 70, offering long-term flexibility. Additionally, Simplified Issue Term Life Insurance allows coverage between $10,000 and $499,999 without a medical exam. However, for amounts exceeding $500,000, a medical exam is required.

Whole Life Insurance

UV’s Whole Life Insurance is designed for those seeking permanent protection with cash value accumulation. It offers various plan options based on payment flexibility and financial objectives.

  • The Whole Life High Values plan focuses on maximizing cash value at age 65 or after 20 payments, making it ideal for individuals prioritizing wealth growth
  • The Adaptable Whole Life plan allows no-medical-exam coverage up to $2 million, with flexible premium payment options for added convenience
  • The Pay to 100 provides lifelong coverage with premiums payable over 20 years, offering long-term stability

All of UV’s whole life plans come with fixed premiums, high surrender values, and tax-advantaged cash value accessibility, making them a reliable choice for those focused on long-term financial planning.

 

Critical Illness Insurance (AdapCI)

UV’s AdapCI Critical Illness Insurance offers financial protection against serious medical conditions, covering 24 critical illnesses (such as cancer and stroke) and 4 non-critical conditions (including coronary angioplasty).

A key feature of AdapCI is its premium refund option after 10 years, providing financial relief for policyholders who remain healthy. Additionally, policyholders may receive $1,500 per month for up to 2 years in prolonged disability payments.

Another unique advantage is Teladoc Services, which provides policyholders 24/7 access to medical and legal support.

Plan type Coverage details Key features
Term Life Insurance (Superior+) Coverage up to $5 million Renewable every 10 years until age 85, convertible to permanent insurance before age 70
Whole Life Insurance Coverage up to $2 million High cash value accumulation, fixed premiums, flexible payment terms
Critical Illness Insurance (AdapCI rider) Covers 24 critical illnesses & 4 non-critical conditions Premium refunds after 10 years, disability payments, Teladoc medical support
Protect what matters most.

Get an affordable life insurance quote instantly!

Which is better, permanent or term life insurance?

The choice between permanent and term life insurance depends on your needs. Term life insurance is affordable and provides coverage for a set period, ideal for temporary needs like mortgage payments or raising children. 

Permanent life insurance offers lifelong coverage and builds cash value, making it better for estate planning or long-term financial goals. If cost is a concern, term insurance works well. But, for lasting benefits and asset growth, permanent insurance is the better choice.

What is the cost of life insurance from UV?

The cost of UV Life Insurance depends on factors such as age, health, coverage amount, and policy type. For example, a 20-year term policy with $500,000 in coverage under the Term Superior+ plan starts at $31.50 per month for a 20-year-old male and $22.50 per month for a female

The table below shows the cost of term life insurance from UV based on a 20-year term policy with $500,000 in coverage*:

 Cost of UV term life insurance

Age Male ($/mo) Female ($/mo)
20 $31.50 $22.50
25 $31.50 $22.95
30 $31.50 $22.95
35 $33.30 $25.20
40 $48.60 $35.55
45 $76.95 $54.90
50 $135.45 $90.90
55 $250.20 $170.55
60 $433.80 $309.60

*These costs are for non-smokers in good health under the Term Superior+ plan with $500,000 in coverage for a 20-year term.

Learn more about the cost of life insurance in Canada
Looking for the right plan?

We’ll give you an instant life insurance quote!

What are the pros and cons of UV life insurance?

UV Insurance offers several advantages such as no-medical-exam options, high cash surrender values, and a complimentary severe loss of autonomy rider.

The company also provides high coverage limits, a fast online application process, and mutual insurer benefits that prioritize policyholders. However, there are some limitations to consider.

Term premiums increase at renewal, and whole life policies do not offer dividends, which may be a drawback for those looking for long-term cash accumulation.

Additionally, critical illness coverage is limited, and some products are not available in all provinces.

Pros and cons of UV life insurance

Pros Cons
No-medical-exam options up to $500,000 (term) and $150,000 (whole life) Term premiums increase at renewal (every 10 years)
Complimentary extreme disability benefit rider (loss of autonomy)  Whole life policies do not offer dividends
Quick online application with instant decisions Not offered in some Canadian provinces
Multiple rider options for added coverage Critical illness rider limited to 24 months and covers only stroke, heart attack, or cancer
Extensive no-medical-coverage options, including express issue policies with instant coverage (no waiting period) Health, travel, and disability insurance coverage only available through group policies
High coverage amounts available, up to $5 million Limited options for conversion—only one type of permanent policy available (non-participating)
Fast and easy online application process with electronic policy delivery

How to apply for UV life insurance?

To apply for a UV life insurance plan you would need to choose the plan type, choose your coverage options, fill in an online application form, and submit it. 

For the best UV life insurance quotes, speak to our experts at PolicyAdvisor. Our licensed advisors will help choose a plan and coverage options that best suit your needs and budget.

We will also support you with the application, making the entire process seamless and easy for you!

Check out more facts about Canada’s biggest life insurance companies
Need help?

Call us at 1-888-601-9980 or book some time with our licensed experts.

Frequently asked questions

What types of life insurance does UV offer?

UV Life Insurance provides several coverage options, including term life insurance (Term Superior+), whole life insurance (non-participating), and critical illness insurance (AdapCI). Term life policies can be renewed and converted into permanent coverage, while whole life policies build cash value over time.

Is a medical exam required for UV life insurance coverage?

A medical exam is generally required for fully underwritten policies that exceed simplified issue limits. However, UV offers simplified issue policies that do not require a medical exam, making it easier for those with health concerns to qualify.

How long does a UV life insurance application take to get approved?

Approval times for UV life insurance depend on the type of policy. Simplified issue policies can be approved instantly, while fully underwritten policies may take 2 to 6 weeks due to the medical underwriting process.

Can a UV term policy be converted to permanent coverage?

Yes, UV’s term life policies include a guaranteed conversion option, allowing policyholders to switch to permanent coverage before their term expires, regardless of health changes.

/* Custom Archives Functions Go Below this line */ /* Custom Archives Functions Go Above this line */

What are the biggest life insurance companies in Canada? (2025)

The 5 biggest life insurance companies in Canada are Canada Life, Manulife, Sun Life, Industrial Alliance, and Desjardins, if you only look at their annual premiums.

Keep reading to see a full list of 28 of the big insurance companies Canada has to offer and a brief overview of each one. This information can help when you’re thinking about which insurer you should choose.

But keep in mind that you may want to look at other factors aside from size too.

Schedule a call for visitor insurance

Need insurance answers now?

Call 1-888-601-9980 to speak to our licensed advisors right away, or book some time with them below.

Largest insurance companies in Canada

The top 5 biggest life insurers in Canada are:

  1. Canada Life
  2. Manulife
  3. Sun Life
  4. Industrial Alliance (iA)
  5. Desjardins
This chart shows the top five biggest life insurance companies in Canada based on annual premiums.

Canada Life is Canada’s largest insurance company overall. They collect almost $60 billion in premiums every year.

Manulife is the biggest life insurance company in Canada based on total assets, with almost $850 billion in assets.

Many of the insurance companies that are connected to banks are among the smallest life insurers in the industry. They often do not have large amounts of annual premiums or total assets.

According to the Canadian Life and Health Insurance Association (CLHIA), there are more than 150 life and health insurance providers in Canada, which means you have many options to choose from!

Protect your future, today!

Get a personalized and free insurance quote from Canada’s top insurers.

28 Biggest Life Insurance Companies in Canada by Annual Premiums

Below is a full list of the top 28 largest life insurers operating in Canada, based on premiums and assets.

Company Founded/HQ Rating Annual Premiums Total Assets
Canada Life 1846

Toronto, ON

A+ $58 B $568 B
Manulife 1887

Toronto, ON

A+ $44 B $849 B
Sun Life 1865

Toronto, ON

A+ $29 B $331 B
Industrial Alliance 1892

Quebec City, QC

A+ $14 B $87 B
Desjardins 1948

Levis, QC

$12 B $407 B
Beneva 1941

Quebec, QC

A $7 B $25 B
RBC Insurance 1864

Toronto, ON

A $5 B $23 B
Wawanesa 1896

Wawanesa, MB

A $4 B $12 B
BMO Life 1817

Toronto, ON

A $2 B $13 B
Equitable Life 1920

Waterloo, ON

A $2 B $7 B
Empire Life 1923

Kingston, ON

A $1 B $17 B
Foresters 1874

Toronto, ON

A $1 B $17 B
The Co-operators 1945

Guelph, ON

A $1 B $19 B
ivari 1927

Toronto, ON

A+ $989 M $12 B
Blue Cross Canada 1939

Independent

A- $743 M $2 B
Securian Canada 1955

Toronto, ON

A $364 M $0.3 B
Primerica 1977

Duluth, GA

A+ $362 M $4 B
Chubb Life 1882

Toronto, ON

A+ $308 M $ 0.2 B
TruStage Life 1902

Toronto, ON

A- $290 M $2 B
Combined of America 1922

Chicago, IL

A+ $269 M $1 B
UV Insurance 1889

Drummondville, QC

$217 M $2 B
Assumption 1903

Moncton, NB

A- $206 M $2 B
Knights of Columbus 1882

New Haven, CT

A+ $201 M $4 B
Humania 1874

Saint-Hyacinthe, QC

A+ $197 M $0.7 B
American Income 1951

Waco, TX

A+ $173 M $0.6 B
TD Life** 1855

Toronto, ON

$155 M $0.2 B
Serenia Life 1972

Waterloo, ON

$38 M $0.4 B
CIBC Life** 1961

Toronto, ON

$34 M $0.1 B
Reliable Life 1887

Hamilton, ON

$5 M $0.01 B

Source: Company annual reports, OSFI financial data, A.M. Best Company

** Financial metrics displayed for life insurance businesses of the respective companies. Founding dates of respective parent companies.

Related: Expert reviews - The Best Life Insurance Companies In Canada

Compare the largest insurance companies in Canada: company profiles

Our list shows much more than the most prominent large insurance companies in Canada. Some of these brands are amongst the largest insurers in the entire world.

You may recognize many of the companies that top the list, but others may not be so familiar. For example, an insurance company like Beneva — which was formed when SSQ Insurance and La Capitale merged together. Or a company like Wawanesa.

Not a lot of people in Ontario may know them, but they are some of the top Canadian life insurance companies. Both of these providers and others collect billions of dollars in premiums every year.

Read on for an overview of each company that made the list.

The Canada Life Assurance Company (Canada Life, Great West Life, London Life)

Canada Life is one of the oldest and most stable life insurers in the country. Up until recently, it came second to Manulife in number of annual premiums — which was no surprise given that Manulife is one of the largest companies in the world.

But, in 2020, Great West Life merged with its sister companies London Life and Canada Life into the single Canada Life Assurance Company brand. That merger pushed Canada Life to the top of the charts.

Canada Life Insurance product offerings:

Canada Life offers a wide range of insurance products and other financial solutions, including:

  • Term life insurance
  • Permanent life insurance
  • Critical illness insurance
  • Disability insurance
  • Health & dental insurance
  • Creditor insurance
  • Business insurance & workplace benefits
  • Investments and savings: segregated funds, annuities, retirement planning, etc.
  • Mortgages

What sets Canada Life apart

  • Canada Life possesses $568 million in assets, making it one of the largest life insurance companies in Canada
  • The company aims to provide accessible healthcare and affordable medication through its mobile application called DrugHub
  • Canada Life is known for its CSR initiatives, such as the Health and Homelessness Fund, where it raised $500,000 in a donation drive for the homeless in London, Ontario
Read our full Canada Life Term Life Insurance Review

The Manufacturers Life Insurance Company (Manulife)

Manulife started in 1887 as the Manufacturers Life Insurance Company. They were the largest insurance company in Canada until just a few years ago. But they still have the most assets out of any other Canadian insurer.

Manulife Canada is a subsidiary of Manulife Financial Corporation, a Canada-based multinational insurance company and financial services provider.

They do a lot of business in South East Asia and also in the United States, where they operate through a brand called John Hancock.

Manulife product offerings:

The Manulife insurance company offers several types of policies and investment plans, including:

  • Term life insurance
  • Permanent life insurance
  • Mortgage protection insurance
  • Critical illness insurance
  • Disability insurance
  • Travel insurance

Manulife also operates Manulife Bank, which offers chequing and savings accounts, credit cards, and mortgages.

What sets Manulife apart

  • Manulife was the first Canadian life insurer to utilize artificial intelligence in its underwriting process. This allows the company to approve up to $2 million in coverage without requiring medical exams
  • Manulife boasts over $1 trillion in assets under management, making it one of the largest life insurance companies in Canada 
  • Manulife was the first company to provide insurance to people with diabetes and also offered rates to non-smokers. Even recently, Manulife has become a pioneering company in offering life insurance to patients suffering from HIV
  • Manulife Vitality lets users accrue points and rewards, such as premium discounts, gift cards, and even an Apple Watch, by participating in healthy activities like exercise, visiting the doctor frequently, and eating a balanced diet
Read our full Manulife Term Life Insurance Review

Sun Life Assurance Company of Canada

Sun Life Financial, Inc. is one of the largest life insurers in the world, and also one of the oldest, with a history spanning back to 1865.

Apart from Canada, they have a presence in the US and in seven Asian markets, including China and India.

Sun Life Insurance product offerings:

The Sun Life Assurance Company of Canada offers a wide variety of products, including:

  • Term life insurance
  • Permanent life insurance
  • Mortgage protection insurance
  • Critical illness insurance
  • Disability insurance
  • Health & dental insurance
  • Travel insurance
  • Long-term care insurance
  • Investments and savings: retirement income plans, asset management, etc.
  • Financial advice

What sets Sun Life apart

  • Sun Life has introduced a large number of digital projects. One such project is Prospr by Sun Life which assists Canadians with their financial goals. With Prospr, clients can connect with a licensed advisor, assess their financial needs, and track their financial goals
  • Sun Life’s Lumino Health Virtual Care platform gives users round-the-clock access to medical and mental health professionals
  • Sun Life actively engages in community initiatives and partnerships, focusing on building healthier communities
Read our full Sun Life Insurance Review

Industrial Alliance Life Insurance

iA Financial Group is one of the largest insurance and wealth management groups in Canada. They also have operations in the United States. It was founded in 1892 and offers both individual and group benefits products.

iA is more than an insurance company — they also work in property management and real estate. They rent out many office spaces in major cities across Canada.

iA Financial Group product offerings:

Industrial Alliance offers a wide variety of products, including:

  • Term life insurance
  • Permanent life insurance
  • Mortgage protection insurance
  • Critical illness insurance
  • Disability insurance
  • Travel insurance
  • Car & RV insurance
  • Home insurance
  • Investments and savings: registered savings plans, annuities, loans, etc.

What sets Industrial Alliance apart

  • Industrial Alliance has a strong financial foundation, serving over 4 million clients with the help of over 25,000 representatives
  • Dialogue, a wellness application by iA, provides direct access to a team of healthcare professionals 24/7, along with telemedicine and stress and wellness management programs
Read our full iA Term Life Insurance Review

Desjardins Financial Security

Desjardins is well known across Canada, offering a wide variety of financial services and insurance products.

The company mainly focuses on life, health, and home insurance, and wealth management services. But they also offer business services like point-of-sale payments and cash management.

Desjardins product offerings:

Desjardins offers a full suite of insurance and finance products and services, including:

  • Term life insurance
  • Permanent life insurance
  • Critical illness insurance
  • Disability insurance
  • Health & dental insurance
  • Travel insurance
  • Auto & RV insurance
  • Home insurance
  • Pet insurance
  • Group insurance
  • Creditor insurance
  • Business insurance
  • Investments and savings: guaranteed investment accounts, wealth management, loans, etc.
  • Mortgages

What sets Desjardins apart

  • Desjardins is a cooperative financial institution, meaning it is owned and governed by its members rather than a corporate setup. Its Melodia portfolio helps users invest in diversified assets such as stocks and bonds
  • Desjardins has invented the “caissassurance” model, enabling customers to obtain insurance products through their neighborhood caisse populaire ( member-owned financial institution that provides insurance services) directly
Read our full Desjardins Insurance Review
Tip

Tip: Size isn't everything

Canada Life, Manulife, Sun Life, Industrial Alliance, and Desjardins are Canada’s biggest life insurers, but you should look at more than just size when deciding which provider would be best for your coverage needs.

Beneva Inc.

Beneva became the 6th largest insurance company in Canada in 2023 after a major merger between Quebec-based companies SSQ Insurance and La Capitale.

SSQ Insurance was founded in 1944 while La Capitale was founded just a few years earlier, in 1940. Both companies were founded and operated on mutualist values, which have carried on with their merger into Beneva. This makes it one of the biggest mutual insurance companies in the country.

Beneva Insurance product offerings:

Beneva offers the same high-quality products and services as its parent companies, including:

  • Term life insurance
  • Permanent life insurance
  • Critical illness insurance
  • Disability insurance
  • Auto & RV insurance
  • Home insurance
  • Group insurance
  • Creditor insurance
  • Business insurance
  • Investments and savings: segregated funds, annuities, registered savings, etc.

What sets Beneva Inc. apart

  • Benevas’s online platform, called Client Centre, lets customers monitor and manage their investment portfolio without any hassle. This platform allows for 24/7 access to policies, claims submissions, and tracking to ensure complete transparency and enhanced user experience
  • Beneva’s Assistance Benefit service can help individuals during an emergency as it connects users to the top three doctors in the area whose expertise matches the ailment
  • Beneva actively supports student-athletes and has funded over 200 young sports enthusiasts
Read our full Beneva Life Insurance Review

RBC

The Royal Bank of Canada (RBC) is one of the most well-known financial companies in North America. RBC Insurance is the part of RBC that sells insurance to people and businesses.

They offer an enormous range of products and financial services, and even reinsurance. They also have an added option of RBC Private Insurance, which is a thorough and customizable package designed to give you the most protection against risks.

RBC Insurance product offerings:

RBC Insurance’s extensive list of offerings includes:

  • Term life insurance
  • Permanent life insurance
  • Critical illness insurance
  • Disability insurance
  • Health insurance
  • Travel insurance
  • Auto insurance
  • Home insurance
  • Group insurance
  • Creditor insurance
  • Business insurance & reinsurance
  • Investments and savings: wealth management services, annuities, loans, etc.
  • RBC Private Insurance — a comprehensive risk protection package

What sets RBC apart

  • RBC insures the risks of other insurance and reinsurance companies through its innovative Reinsurance Business solutions, which cover life, longevity, disability, and accident. 
  • The company provides business clients with specific insurance options, such as business loan insurance and group benefits programs
  • RBC Insurance enjoys robust financial stability as a part of the Royal Bank of Canada, one of the biggest banks globally
Read our full RBC Term Life Insurance Review

Wawanesa

Wawanesa Mutual is the parent company of Wawanesa Insurance, which sells life insurance and other products. It was founded in 1896 and is based in Winnipeg, Manitoba.

They also operate as Wawanesa General in the US. They mostly sell P&C insurance in California and Oregon.

Wawanesa product offerings:

Wawanesa Insurance offers a good selection of products, including:

  • Term life insurance
  • Permanent life insurance
  • Critical illness insurance
  • Disability insurance
  • Auto insurance
  • Home & renters insurance
  • Pet insurance
  • Group insurance
  • Commercial/business insurance
  • Farm insurance
  • Investments and savings: registered savings plans, guaranteed investment accounts, annuities, etc.

What sets Wawanesa apart

  • Wawanesa is a mutual insurance company, meaning that policyholders own the company instead of stockholders. This structure enables Wawanesa to match its objectives with its customers’ demands, giving priority to their interests and offering more individualized service
  • Customers looking for value without sacrificing coverage quality will find the company appealing because of its reputation for offering competitive rates on insurance products
Read our full Wawanesa Term Life Insurance Review

BMO Insurance

BMO Financial Group is one of the largest financial institutions in Canada, if not the world. It was founded in 1817 as Bank of Montreal.

BMO Insurance is the part of BMO that sells insurance policies and similar services.

BMO Insurance product offerings:

BMO offers a few different types of insurance policies and financial services, including:

  • Term life insurance
  • Permanent life insurance
  • Critical illness insurance
  • Travel insurance
  • Investments and savings: income annuities, guaranteed investment funds, etc.

What sets BMO Insurance apart

  • As of late 2023, BMO Life Insurance was one of Canada’s top ETF insurers, managing more than $95.53 in ETFs nationwide
  • BMO Life Insurance has made investments in digital tools, such as online policy management and claims submission, to improve the customer experience
Read our full BMO Term Life Insurance Review

Equitable Life

Equitable Life Insurance Canada is the largest life insurance company in Canada that is federally regulated, meaning it follows rules set by the federal government.

Like Beneva and Wawanesa, Equitable is also a mutual company that is partly owned by some of its clients.

Equitable Life product offerings:

Equitable Life Insurance Company offers insurance products such as:

  • Term life insurance
  • Permanent life insurance
  • Critical illness insurance
  • Disability insurance
  • Health & dental insurance
  • Group insurance
  • Investments and savings: retirement income protection, segregated funds, etc.

What sets Equitable Life apart

  • Customers of Equitable Life Insurance can handle their policies online, completing tasks like requesting policy loans, transferring investments, and altering beneficiaries. Policyholders benefit from the ease and flexibility of this digital access
  • With the recently introduced First Home Savings Solution (FSHA) from Equitable Life, first-time homeowners will be able to get maximum coverage amounts and attractive home insurance benefits at a reduced premium cost
  • The organization places a strong emphasis on providing individualized service, and committed insurance advisors are on hand to offer direction and assistance throughout the insurance process
Read our full Equitable Life Insurance Review

The Empire Life

Empire Life was founded in Kingston, Ontario, in 1936. They have services, sales, and marketing centres throughout Canada.

They sell a wide range of financial products and services. But they are most well known for their permanent participating life insurance policies.

Empire Life Insurance Company product offerings:

Empire Life offers a wide variety of products and services for personal finance needs, including:

  • Term life insurance
  • Permanent life insurance
  • Critical illness insurance
  • Disability insurance
  • Health & dental insurance
  • Group insurance
  • Investments and savings: RRSPs, annuities, etc.

What sets Empire Life apart

  • Empire Life has a strong financial position, evidenced by its Life Insurance Capital Adequacy Test (LICAT) ratio, which is significantly above the minimum requirements
  • Their Retirement and Savings Tool helps users check if they are on track to meet their savings goals and plan for retirement
Read our full Empire Life Insurance Review

Foresters Financial

Foresters Financial is a company that offers financial services in Canada, the US, and the UK. It was founded over 140 years ago, in 1870.

Many of Foresters’ life insurance products help charities. When you buy these products, the company donates to a charity you choose.

Foresters underwrites the insurance policies offered by Canada Protection Plan.

Foresters Life Insurance product offerings:

Foresters offers a limited range but strong quality of products and services, including:

  • Term life insurance
  • Permanent life insurance
  • Mortgage protection insurance
  • Critical illness insurance
  • Investments and savings: retirement income plans, annuities, etc.

What sets Foresters Financial apart

  • As a fraternal benefit society, Foresters Financial offers unique member benefits to policyholders, such as competitive academic scholarships, grants for volunteer activities, and discounts on everyday expenses
  • Foresters also offers many complimentary fun events for their insured members and families, such as baseball games and amusement park outings
Read our full Foresters Term Life Insurance Review

Co-operators Insurance

The Co-operators Group Limited is a leading Canadian co-operative company that sells multiple lines of insurance. They have more than $41.7 billion in assets and many subsidiary companies.

They mostly offer life insurance, home insurance, asset management, and brokerage services. Most of their products are sold through a network of financial advisors and insurance brokers.

Co-Operators product offerings:

The Co-operators Insurance Group offers a wide range of financial services and insurance products, including:

  • Term life insurance
  • Permanent life insurance
  • Mortgage protection insurance
  • Critical illness insurance
  • Travel insurance
  • Auto & RV insurance
  • Home insurance
  • Property & casualty insurance (P&C)
  • Group insurance
  • Business insurance
  • Farm insurance
  • Investments and savings: asset management services, segregated funds, etc.
  • Brokerage services

What sets Co-operators Insurance apart

  • Co-operators Insurance collaborates with all tiers of government as well as with research organizations, municipalities, non-profits, and investors to create climate-resilient communities
  • Co-operators Insurance has set net-zero targets for their operations and investments in order to contribute to a healthier future
Read our full Co-Operators Life Insurance Review

ivari

Ivari used to be called Transamerica Life Canada. It is now owned and operated by the Canada Pension Plan Investment Board (CCPIB).

They have been operating for more than 80 years, offering a variety of insurance policies and investment products.

ivari Insurance Company product offerings:

ivari offers insurance and investment solutions such as:

  • Term life insurance
  • Permanent life insurance
  • Critical illness insurance
  • Investments and savings: annuities, segregated funds, guaranteed interest accounts, etc.

What sets Ivari apart

  • ivari actively engages in community support through charitable giving and partnerships, such as its collaboration with United Way Centraide Canada
  • ivari’s My Insurance View is an easy-to-use interactive tool that provides clients with a personalized insurance solution based on their budget and premium-paying capacity
  • ivari provides its users with excellent virtual healthcare through its mobile application called Maple, which has access to the best online practitioners in each province
Read our full ivari Term Life Insurance Review

Blue Cross

There are many different Blue Cross member plans in Canada. The Canadian Association of Blue Cross Plans is the group that represents all of them independently.

Blue Cross is best known for group insurance and travel insurance. Canadians who are Blue Cross members can save money on insurance for things like vision, medical, and more through their Blue Advantage program.

Blue Cross product offerings:

The Blue Cross insurance company offers insurance products such as:

  • Term life insurance
  • Permanent life insurance
  • Critical illness insurance
  • Disability insurance
  • Health & dental insurance
  • Travel insurance
  • Group insurance

What sets Blue Cross apart

  • Blue Cross has a unique “Young Adults Benefits Package” that helps young working individuals get health and dental coverage at a minimal coverage
  • Blue Cross actively engages in programs that promote wellness and preventive care, reflecting their dedication to creating healthier communities and addressing public health challenges
Author Photo
The best type of life insurance company and policy depends on your own circumstances, needs, and goals. It will be different for everyone. If you’re unsure, book some time with us to get expert advice on the best options for you and your family.
Polygon for chat box pointer
Carly Griffin
Senior Insurance Advisor, LLQP

Securian Canada

Most people know Securian Canada by its old name, Canadian Premier Life. It is a company that offers financial management services and several insurance products.

Securian Canada product offerings:

Securian offers several insurance products for individuals and businesses, including:

  • Term life insurance
  • Permanent life insurance
  • Mortgage protection insurance
  • Critical illness insurance
  • Group insurance
  • Creditor insurance
  • Business insurance
  • Asset management services
  • Customized products for financial institutions

What sets Securian Canada apart

  • Securian Canada focuses on providing insurance solutions specifically tailored for financial institutions and affinity groups, allowing them to create products that meet the unique needs of these markets
  • CPA makes an effort to add value to memberships in order to increase their value. This includes offering “group” pricing through the CPA insurance program, which assists people in taking care of their families and finances

Primerica

The Primerica Canada Insurance Company was started in 1986. It’s a subsidiary of Primerica Life Insurance Company, offering insurance and other financial services.

Primerica Canada Insurance Company product offerings:

Primerica offers products and services such as:

  • Term life insurance
  • Disability insurance
  • Auto insurance
  • Investment management services
  • Pre-paid legal services
  • Financial Needs Analysis (FNA) services

What sets Primerica apart

  • Primerica helps families make financial security by offering easily accessible financial products that are tailored to their needs and specifically target those making between $30,000 and $100,000 annually
  • Primerica also offers Primerica Representative, a unique application that allows individuals to gain a better understanding of where they stand with their personal finances and design an improved financial goal within 30 minutes

Chubb Life

Chubb Life Insurance Company was founded in 1882. Now, they’re a trusted and reliable provider of insurance in Canada. They have offices in Ontario, Quebec, Alberta, and British Columbia.

Chubb Insurance Co. of Canada product offerings:

Chubb Life offers many standard insurance products, including:

  • Term life insurance
  • Permanent life insurance
  • Critical illness insurance
  • Travel insurance
  • Auto insurance
  • Home insurance
  • Property & casualty insurance
  • Group insurance
  • Business insurance

What sets Chubb Life apart

  • Through Chubb Life’s unique platform, Chubb Studio, insurance products can be seamlessly integrated into a variety of ecosystems, making it simple and effective for customers to obtain coverage via digital channels
  • Chubb Life offers a special client benefits program that gives policyholders access to extra help, such as career, legal, financial, and mental health counseling

TruStage Life (Assurant Life)

The insurance company known as Assurant Life rebranded into TruStage in 2022 after it was bought by CUNA Mutual Group.

Assurant first began in 1902 as a family-owned funeral business. As an insurance company, they specialized in selling insurance for end-of-life planning, like funeral insurance and executor protection insurance. They also offer services like assessing and handling final documents — wills, trusts, etc.

Now, TruStage sells its products through a network of more than 300 insurance brokers across Canada.

TruStage product offerings:

TruStage Life sells insurance policies and offers financial services including:

  • Term life insurance
  • Permanent life insurance
  • Cancer, heart attack, and stroke insurance coverage
  • Auto insurance
  • Home insurance
  • Business insurance
  • Investments and savings: annuities, wealth management services, etc.
  • Funeral pre-planning services

What sets TruStage Life apart

  • With TruStage, coverage limits for term life insurance range from $5,000 to $300,000, and for whole life insurance, they range from $5,000 to $100,000
  • Credit unions and TruStage collaborate to provide life insurance options to their members. By taking advantage of these alliances, the business can offer clients who already do business with their credit union

Combined Insurance Company of America

Combined Insurance Company of America is owned by Chubb Insurance Company in the US. It was founded in 1922 and sells insurance to people and businesses.

Combined of America Company product offerings:

Combined Insurance, a Chubb company, offers mostly supplemental insurance products, including:

  • Supplemental life insurance
  • Critical illness insurance
  • Disability insurance
  • Supplemental health insurance
  • Combined Insurance Worksite Solutions, comprehensive insurance coverage to complement group insurance

What sets Combined Insurance apart

  • Combined Insurance Company places a high priority on providing accessible and easily understood supplemental insurance. They offer a wealth of information and assistance to clients in weighing their options
  • For numerous years, Combined Insurance Company has been acknowledged as one of the best military-friendly employers, demonstrating its dedication to hiring veterans and assisting military families

UV Insurance

UV Insurance, formerly known as UL Mutual, was founded in 1889 in Quebec. They are the 5th oldest insurance company in Canada.

UV Insurance product offerings:

UV’s product offerings include:

  • Term life insurance
  • Permanent life insurance
  • Critical illness insurance
  • Group insurance
  • Investments and savings: retirement products, guaranteed investments, etc.

What sets UV Insurance apart

  • In 2020, UV Insurance contributed more than $620,000 to the community through sponsorships and donations
  • UV Insurance has added a century-worth of great accomplishments, which resulted in them earning the distinction of being the second most sustainable SME in Quebec
  • The company aims to collaborate with other ventures that closely share their value on the sustainability and innovation front
Read our full UV Life Insurance Review

Assumption Mutual Life

Assumption Life is best known for its no-medical term life plans. They were founded in 1903 in New Brunswick, Canada. But they were originally a fraternal society in Massachusetts, USA, before they decided to start selling insurance.

Assumption Mutual Life Insurance product offerings:

Assumption Life offers the following products:

  • Term life insurance
  • Permanent life insurance
  • Critical illness insurance
  • Group insurance
  • Commercial mortgage insurance
  • Investments and savings: retirement products

What sets Assumption Mutual Life apart

  • Assumption Life provides a Registered Investment Account (RIA) that features low management fees and high-performing funds. This product is designed for fee-conscious clients, offering competitive returns while minimizing costs
  • Assumption Mutual Life provides high-performing, pre-packaged funds that are professionally managed and tailored to each client’s risk tolerance and time horizon
Read our full Assumption Life Insurance Review

Knights of Columbus

Knights of Columbus is a Catholic fraternal organization. It started in 1882 as a mutual benefit society for Catholic people who moved to the US. The company sells insurance and financial services, but also does a lot of charity work.

Knights of Columbus Insurance product offerings:

Knights of Columbus offers several insurance and personal finance products, including:

  • Term life insurance
  • Permanent life insurance
  • Disability insurance
  • Long-term care insurance
  • Investments and savings: investment management, annuities, etc.

What sets Knights of Columbus apart

  • The Knights of Columbus is deeply rooted in charitable work, having donated over $185 million and contributed 49 million volunteer hours in 2022 alone

Humania Assurance Inc.

Humania Assurance was founded in Quebec in 1874 as a mutual society. They offer a lot of no-medical life insurance options and are best known for how quickly they issue policies.

Humania Assurance product offerings:

Humania Life Insurance offers insurance products including:

  • Term life insurance
  • Mortgage insurance
  • Critical illness insurance
  • Disability insurance
  • Health insurance
  • Travel insurance

What sets Humania Assurance Inc. apart

  • Prioritizing a human-centric strategy, Humania Assurance Inc. makes sure that customer interactions are marked by empathy and understanding, which improves the customer experience as a whole
  • Humania Assurance recently completed 150 years of serving clients and building a network of policyholders, advisors, and trusted clients in Canada, which is a huge achievement
Read our full Humania Term Life Insurance Review

American Income

American Income Life was founded in 1951. The company now sells insurance in Canada, the US, and New Zealand. They focus on helping working families and members of credit unions, labour unions, and other associations get insured.

American Income Life Insurance product offerings:

American Income offers the following insurance products:

  • Term life insurance
  • Permanent life insurance
  • Supplemental health insurance

What sets American Income apart

  • American Income Life’s no-cost Legacy Will Kit helps users decide who will take care of their family, leaving all they’ve  worked for to those they love, and secure their future wishes
  • The company believes in upfront and honest pricing, with no hidden fees or commission
  • America Income is dedicated to empowering clients through financial education, offering seminars, workshops, and resources to help them make informed decisions

Serenia Life

Serenia Life is a US fraternal benefit society that sells insurance in Canada. It was founded in 1972 and used to be called Faithlife Financial up until 2008. Their company is inspired by Christian values.

Serenia Life Insurance Company product offerings:

Serenia Life offers the following insurance products and financial services:

  • Term life insurance
  • Permanent life insurance
  • Investments and savings: investment management, annuities, etc.

What sets Serenia apart

  • Serenia Life emphasizes one-on-one financial guidance, ensuring that each member receives tailored advice suited to their needs
  • The company operates on the belief that prosperity and generosity go hand in hand, encouraging members to engage in charitable activities and community support

CIBC

CIBC Insurance is a part of CIBC (the Canadian Imperial Bank of Commerce), one of Canada’s biggest banks. The bank itself was formed in 1961 after two older Canadian banks merged into one. They later started selling insurance products too.

CIBC Life Insurance product offerings:

CIBC offers insurance products such as:

  • Term life insurance
  • Critical illness insurance
  • Travel insurance
  • Auto insurance
  • Home insurance
  • Creditor insurance

What sets CIBC apart

  • CIBC prioritizes environmental, social, and governance (ESG) principles, actively supporting sustainable financing initiatives and investments in renewable energy
  • CIBC is committed to enhancing customer experience through advanced technology, such as mobile banking apps and digital tools, making insurance less complicated for users

Reliable Life

Reliable Life has been helping Canadians with insurance since 1887. They’re also part of a company called the Old Republic International Corporation, which is listed on the New York Stock Exchange. Reliable Life mostly sells travel insurance and accident insurance for students.

Reliable Life Insurance Company product offerings:

Reliable Life offers insurance products such as:

  • Travel insurance
  • Accident insurance

What sets Reliable Life apart

  • Reliable Life offers annuity products that provide a steady stream of income for life
More choice. Lower price.
PolicyAdvisor saves you time and money when comparing Canada’s top life insurance companies. Check it out!
GET STARTED

Methodology: How did we rank the major life insurance companies?

We ranked each of the largest life insurance companies in Canada based on:

  • Premiums – how much they collect from their clients annually
  • Longevity – how long they’ve been in business
  • Financial strength – grades given to them by rating agencies like AM Best, S&P, Moody’s, etc.
  • And other factors

Is it better to choose a bigger insurance company? 

Buying a policy from one of the biggest insurance companies in Canada may not always be the best choice. Just because a company is the biggest, it doesn’t mean that it’s the right company for your needs. Sometimes, going with a smaller company may be to your advantage.

This is why it’s best to speak with our licensed advisors. They have intimate knowledge of the Canadian insurance market and can recommend the best provider for your specific needs.

largest life insurers in Canada

How to choose a life insurance company in 2024?

There are 5 main factors you should look at when you’re choosing the right insurance provider:

  1. Size
  2. Ratings and reviews
  3. Product availability
  4. Coverage options
  5. Price

1 Size

The size of an insurance company matters because it affects the customer service you receive, the types of products they can offer, and how much or how little they will charge you.

Large life insurance companies may have more staff and more resources to offer a bigger variety of products and services.

2 Ratings and reviews

There is no end to online insurance reviews you can check out. Whether it be ratings from AM Best or other providers of financial strength ratings, online reviews (Google, TrustPilot, Reviews.io and others), or word of mouth from friends and family who have already purchased coverage and can recommend insurance brokers.

3 Product availability

You’ll want to make sure the company has the type of insurance products that you want, and the right features for your needs. For example, someone who has health problems should choose a provider who offers a special type of insurance policy called no-medical, which won’t ask you to do a medical exam.

Innovative, Canadian, online life insurance brokers like PolicyAdvisor can help you check out what different companies have to offer, so you can find the best fit for your needs.

4 Coverage options

It’s also important to think about what kind of coverage you can get: how much or how little, whether you can change the type of coverage, and more. Depending on your needs, you may want to pick a policy provider that can:

  • Give you a high coverage amount
  • Let you add more coverage later on if you need it
  • Let you convert your term life policy into a whole life policy

These options can help you narrow down which provider you should choose.

5 Price

How much your policy will cost is a major deciding factor for most people. Some insurance companies can charge higher premiums than others, depending on what kind of plans and features they offer.

Some companies give people who live healthier lifestyles lower life insurance premiums so they don’t pay so much. This is often called a preferred rating, but different companies can sometimes come up with their own unique name for it.

Our licensed advisors give you expert tips on how to choose the best insurer in this video.

Choosing a bigger versus a smaller insurance company

Whether you would be best served by choosing a large or a small insurance company as your provider comes down to what matters most to you and your family. There are advantages and disadvantages for each one, so the right choice will depend on you.

Below, we’ve provided some tips to help you choose. But you can also book a call with us if you need one-on-one help with deciding.

Why choose a bigger insurance company?

There are many reasons to choose a large company for your financial security needs, such as knowing you’ll be working with experienced professionals who have been in the field for a long time. Here are some of the major benefits.

Scalability

Most of Canada’s largest insurance companies have been in business for decades — some from as long ago as the mid-1840s ′s. When a company has been around for that long, you can trust that they know how to do business in the industry very well.

Big providers like this know the ins and outs of Canadian insurance, and their history of meeting long-term financial obligations means it’s not risky to do business with them. There’s a good chance they know how to manage your policy well and that they’ll be around for years to come.

Flexibility

The largest life insurance providers can offer you the most choice for the type of product you buy and how much you’ll be covered for.

For example, you can get more than just term insurance and will probably have options to convert your policy into a permanent plan. It can be convenient to get all of your different insurance policies in one place.

And, you can get higher coverage amounts for life insurance. While a smaller insurer may only be able to cover you for up to $500,000, a bigger provider can probably offer you millions — if you need that much.

Operating hours

Bigger insurance providers are usually open later and longer and are available on the weekends too. Because they’re so large, they usually have offices all over Canada, employ a lot more people, and have brokers selling their products on their behalf. 

This means you, the customer, can speak to an agent faster, whether over the phone, online, or in person.

Technology

Another huge advantage of choosing a bigger insurance company is that they have more money to spend on upgrading their technology. 

They can improve the way their customers do business and make it easier to do things like get quotes, buy a policy, change your plan, submit a claim, get help, or anything else you need.

Why choose a smaller insurance company?

Working with a smaller insurance company can be a good thing, too. A lot of them are just as stable as the bigger providers, and they can give you more specific products and personalized service. Here are some of the major benefits.

Price

Smaller insurance companies may not charge you as much for some insurance products as the bigger ones in Canada do.

This can be for a lot of different reasons. For example, bigger companies may have to meet certain government requirements or they may need more funds to upgrade their technology like we talked about earlier in this article.

But just be aware that although you can save some money if you choose to work with a smaller insurance company, the cost of term life insurance policies is about the same for all the top insurance providers in Canada. So, you may not want to choose on price alone.

Features

Canada’s largest life insurance companies can be slow to decide what products or services to introduce. However a smaller insurance company can be quicker and more easily offer tailored solutions.

Many Canadian insurers of all sizes offer extra options called life insurance riders that can help you make a custom plan. However smaller companies may have unique features that fit your needs better.

Customer service

Life insurance is a long-term agreement, so you’ll want to choose a company that knows how to value its customers. A small or medium-sized company can often give you personalized service that a bigger company may not be able to.

They may not have as many clients or hundreds of spread-out employees and representatives, so their service may have more of a personal touch.

And, they can quickly make changes to their products or services based on what customers want. For example, if you want an e-policy or if you don’t want to answer too many health questions, a smaller company may be able to give you those options.

Personal preference or ethics

Some Canadians choose to work with smaller companies just because of their own principles. Some want to support a smaller, local company as much as they can. 

Others may choose a mutual insurance company. Some may also want to work with a company that shares their ethical beliefs, like Christian-based companies.

Still looking for the top insurance companies in Canada?

If you’re still not sure whether one of the largest Canadian insurance companies is right for you, our advisors are happy to help you out! Book a call and let our experts answer your questions about what is offered by Canadian insurance companies — big and small.

Online insurance brokers like PolicyAdvisor.com let you compare insurance quotes from 30 of the country’s best insurance companies. Schedule a call or try out our instant insurance quoting tools to see how much you can save by comparing quotes online.

Need help?
Call us at 1-888-601-9980 or book time with our licensed experts.
SCHEDULE A CALL
/* Custom Archives Functions Go Below this line */ /* Custom Archives Functions Go Above this line */

RBC Life Insurance Review – Updated 2025

RBC Insurance is the insurance arm of RBC, one of Canada’s Big Five banks and one of the largest banks in the entire world. They’re a reputable insurance company and it can be easy to buy coverage with them if you’re already a bank customer.

Read our full review below to find out more about the company, which features they offer, and what we rate their life insurance products.

Schedule a call for visitor insurance

Need insurance answers now?

Call 1-888-601-9980 to speak to our licensed advisors right away, or book some time with them below.

PolicyAdvisor Rating

Best Value for Money

AM Best Rating A

GET QUOTES

Our RBC Life Insurance rating and review

We’ve rated RBC Insurance 5 stars and ranked them as the Canadian insurance company that gives the Best Value For Money. They offer top-notch coverage with low term life insurance premiums — often beating the competition on price alone.

  • Term lengths between 10-40 years, up to age 85
  • Pick your own term length
  • Level premium, convertible and renewable term policies
  • Optional policy riders: term, child, accidental death, disability waiver of premium, guaranteed insurability (add additional life insurance coverage without a medical)
  • No-medical policy options available with RBC Simplified Term Life Insurance

RBC life insurance is a great choice if you want to use a laddering strategy for your life insurance coverage. Because you have so many choices of term length and amount, you can easily stack policies to create a solution that perfectly matches your needs.

RBC Insurance Term Life Insurance Review: video summary

Who is RBC Insurance Agency Ltd.?

RBC Insurance is the insurance division of the Royal Bank of Canada (RBC), the largest bank in Canada by market capitalization. RBC Bank itself was founded in 1864, but it wasn’t until the 1960s that RBC Insurance was created. Over the years, it was built up through a series of acquisitions:

  • 1968 — Ontario Loan and Debenture Company (formerly Ontario Savings and Investment Society)
  • 1993 — Voyageur Insurance Company
  • 1996 — Westbury Canadian Life Insurance Company
  • 1998 — Mutual of Omaha Life Insurance (Canada)
  • 2000 — Prudential Canada

Now, RBC Insurance is the largest bank-owned insurance company. Its more than 2,500 employees serve around 5 million customers around the world.

RBC Insurance Canada: Quick Facts

  • Founded: 1864
  • Headquarters: Toronto, Ontario
  • AM Best Rating: A
  • Better Business Bureau Accreditation and Rating: N/A
  • Assets: $23 billion
  • Annual Premiums: $5.1 billion

RBC life insurance pros and cons

Here is what our experts rate as the advantages and disadvantages of buying term life insurance coverage with RBC Insurance:

Pros Cons
Premiums among the most competitive in the industry Only available to citizens and permanent residents
Maximum coverage of $25 million — one of the highest in the Canadian insurance industry
Significant flexibility in term lengths and coverage amounts
Unique pick-a-term feature — choose your own term length
Customizable options great for laddering strategy
Wide range of rider options
Term life policies are renewable, albeit at higher rates after the initial term
Only 10 questions to apply for coverage under $1 million
Online access to account
Digital e-policy

 

RBC Insurance customer reviews

As of the time of this writing, RBC Insurance has a 3.5-star rating on Google Reviews. While customers seem satisfied overall, there have been some complaints about contacting RBC’s call center.

Positive reviews mention: Negative reviews mention:
Good prices Long wait times for customer service team
Knowledgeable advisors

 

How much does life insurance from RBC Insurance cost?

The cost of a life insurance policy with RBC Insurance depends on details about you and your policy coverage, just like with any other Canadian insurance provider. But, a young, healthy person can expect to pay around $25-$30 for life insurance from RBC.

Their insurance plans generally tend to be more affordable than with many other term life insurance providers. Take a look at the chart below to compare RBC term life insurance quotes based on gender and age.

RBC Term Life Insurance Quotes

Age Male Female
20 $32.18 $22.86
25 $32.18 $23.27
30 $32.63 $23.31
35 $32.63 $24.26
40 $47.61 $34.83
45 $75.42 $53.37
50 $127.44 $85.55
55 $237.69 $166.14
60 $428.63 $308.70
65 $703.85 $479.79

*Representative values, based on non-smokers in good health with $500,000 coverage and a 20-year term.

What types of term life insurance policies does RBC Insurance offer?

RBC Insurance offers two types of Canadian term life insurance:

  1. YourTerm — RBC Insurance’s flagship term product, offering customizable terms up to 40 years
  2. Simplified Term Life Insurance — a no-medical policy that does not require a medical exam for you to be approved, but that’s a lot more limited

Key features: YourTerm

  • Level premiums for entire term
  • Policy renewal without proof of insurability
  • Can be issued up until age 70
  • Coverage available up until age 85 — term length is dependent on years left to turn 85 (i.e. a 60-year-old can buy a 25-year term but a 77-year-old can only get an 8-year term)
  • Convertible into permanent coverage up to age 70
  • Joint-first-to-die policies available
  • Coverage ends at the policy anniversary nearest the insured’s age of 85
  • Coverage for joint policies ends when the oldest insured person’s policy anniversary is nearest age 85

Coverage and policy details

  • Available term lengths: 10 to 40 years, customizable
  • Available term types: Level coverage — single and joint, regular and simplified available
  • Maximum amount of coverage: $25,000,000
  • Renewability: Yes, without proof of insurability
  • Convertibility: Yes, convertible to permanent life insurance without a medical exam or doctor’s records
  • Exchangeable: Yes, can be exchanged for another policy with a higher term without proof of insurability

Optional riders and benefits

  • Term insurance rider
  • Children’s term insurance rider
  • Accidental death benefit rider
  • Total disability waiver of premium benefit rider
  • Payor death and disability waiver of premium benefit rider
  • Guaranteed insurability benefit rider

Key features: Simplified Term Insurance

  • Available term lengths: 10 to 40 years, customizable
  • Available term types: Level coverage
  • Maximum amount of coverage: $1,000,000
  • Convertibility: Yes, convertible to RBC Universal Life without additional medical evidence
  • Maximum age: 100
More choice. Lower price.
PolicyAdvisor saves you time and money when comparing Canada’s top life insurance companies. Check it out!
GET STARTED

Is RBC Life Insurance right for me?

RBC Insurance’s flexible and affordable coverage options make it a great choice for most Canadian consumers. With the support of such a huge bank, you can feel assured that RBC Insurance is a stable entity. RBC life insurance can be a top choice for people who:

  • Want to use a laddering strategy to save on costs
  • Want the lowest rates for high quality
  • Have health issues or want to buy a policy without doing a medical test
  • Need a large amount of coverage (up to $25 million)
  • Want a flexible term length (such as a 23-year policy to match the time left on your mortgage, instead of having to choose either 20 years or 30 years like you would have to with another provider)
  • Already bank with RBC or have insurance with them, and want the convenience of comprehensive financial protection through a single insurance provider

As Canada’s best online life insurance advisors, we can help you decide if RBC’s life insurance products are the best fit for you.

How do I get RBC Life Insurance quotes?

You can get RBC term insurance quotes on our website in seconds by using our free online quoting tool and shopping for rates. Get a personalized quote, compare prices from other major providers, and start the online application process in a couple minutes or less.

Or, book a consultation call with our licensed advisors. We can give you expert advice and help you find the best life insurance options for you and your family’s peace of mind.

What other insurance policies does RBC offer?

Besides its term life insurance product, RBC Insurance also offers:

  1. Permanent life insurance (participating whole life, universal, Term-to-100, guaranteed acceptance)
  2. Critical illness insurance
  3. Disability insurance
  4. Hospital insurance
  5. Accidental death & dismemberment insurance
  6. Travel insurance
  7. Home insurance
  8. Car insurance
  9. Business insurance
  10. Group benefits
  11. Creditor insurance
  12. Investment products and financial services

1 RBC permanent life insurance

Permanent life insurance covers you for your entire life. RBC offers four types of permanent policies: whole life, universal life, Term 100, and guaranteed acceptance.

Whole life insurance

RBC offers 2 different participating whole life insurance policies that build cash value, pay dividends, and have limited pay options.

  • RBC Growth Insurance – Coverage of between $25K and $25 million, with cash value available after year 5
  • RBC Growth Insurance Plus – Coverage of between $250K and $25 million, with accelerated cash value growth and cash value available as early as after the 1st year

Universal life insurance

Universal life insurance is like whole life insurance, but you control the cash value investment part yourself. RBC gives you a choice between level protection and an increasing death benefit. The RBC Universal Life Insurance Plan offers between $25K to $25 million in coverage, and can be bought up to age 85.

Term-to-100 life insurance

Term 100 (T-100) is a type of permanent life insurance policy, but you only pay insurance premiums to age 100. This policy is different from whole and universal because it does not have an investment component. RBC’s T100 policy offers between $50K and $25 million in coverage, and you can apply as late as age 85.

Guaranteed acceptance life insurance (permanent) 

Guaranteed acceptance life insurance is a type of policy that gives you coverage without a health questionnaire. But, it’s more expensive and gives you less coverage than normal policies. The RBC Guaranteed Acceptance life insurance policy offers coverage of $5K-$40K to Canadians and residents between ages 40-75.

2 RBC critical illness insurance

Critical illness insurance is a living benefit insurance policy that pays out a tax-free lump sum if you are diagnosed with a serious illness or experience a health event that’s covered by your policy. RBC offers two critical illness coverage options, both available in 10-year terms:

  • Critical Illness Recovery Plan — Coverage in amounts of $25K and $2 million for more than 30 serious illnesses and conditions, with level premiums (to age 75 for the non-cancellable option) and guaranteed renewable options
  • Critical Illness Insurance Plan — Coverage in amounts of either $10K, $25K, $50K, and $75K, but only covers the 3 most common illnesses in Canada: cancer, heart attack, and stroke

Learn more in our full RBC Insurance Critical Illness Insurance review.

3 RBC disability insurance

Disability insurance (or income protection insurance) pays a portion of your paycheque if you become disabled and cannot work. Payments continue until you recover and return to work, or until your policy ends. RBC Insurance offers 7 different disability insurance policies:

  • RBC Simplified Disability Insurance — For self-employed and hard-to-insure individuals
  • The Professional Series — For high-earning business owners, doctors, lawyers, and other professionals
  • The Foundation Series — For small business owners, tradespeople, and skilled labourers
  • The Bridge Series — Similar to the Foundation Series, but with flexible, cost-saving options
  • Quantum — For professionals looking to protect the income that their highly-specialized skills make them
  • The Fundamental Series — Injury-only coverage for self-employed, contract, and seasonal workers
  • Retirement Protector — For those looking to protect the ability to continue saving for retirement due to the temporary setback of an injury

4 RBC hospital insurance

RBC Insurance also offers a hospital insurance product that combines their best-in-class disability insurance and critical illness insurance offerings. They have two options for this type of coverage, available from ages 18-69:

  • Royal RecoverAssist Basic Coverage — Coverage in amounts of $100, $150, or $200 per day, up to a maximum of $146K, if you are hospitalized in Canada due to an accident
  • Retirement Protector — Coverage in amounts of $200 per day, up to a maximum of $73K if you are hospitalized in Canada due to an accident or sickness

5 RBC accidental death and dismemberment insurance

RBC’s Personal Accident Insurance is an accidental death and dismemberment insurance (AD&D insurance) policy. It pays out a sum of money if an accident results in death, paralysis, or the loss of a limb, hearing, speech, or sight. RBC offers guaranteed acceptance for amounts of $50K and $250K for this type of coverage, but only to customers who are between ages 18-69 and already bank or have insurance with RBC.

6 RBC travel insurance

Travel insurance is a type of policy that can help cover unexpected costs related to travel, such as health emergencies, lost luggage, flight delays, trip cancellations, and more. RBC Insurance Travel Insurance offers travel insurance options for travelling Canadians and visitors to Canada, including multi-trip coverage. Plans can be bought separately or bundled as a travel package for discounted premiums.

7 RBC home insurance

RBC Insurance offers home insurance policies that cover damages to a home and/or belongings, living expenses while your home is repaired, and liability claims for accidental damage or harm to others. RBC Insurance Homeowners Insurance is available for homeowners, condo owners, tenants, and seasonal and revenue properties.

8 RBC car insurance

RBC Insurance offers car insurance policies for a number of different vehicle types, including recreational vehicles (ATVs, boats, motorhomes, etc.) through their Leisure and Lifestyle Insurance product. RBC Insurance Car Insurance is their traditional auto insurance – including mandatory liability insurance in addition to optional coverage like theft and damage. You can also get multi-policy discounts if you insure more than one vehicle.

9 RBC business insurance

RBC Insurance offers several different types of coverage for business owners, including for overhead expenses, to cover key people, to fund buy-sell agreements, and more. Their suite of product offerings aim to provide financial protection for business owners, their employees, and their business on the whole.

10 RBC group benefits (group insurance)

Group insurance, also called group benefits, gives health insurance and other benefits to a group of employees. It’s usually bought by an employer to cover their staff. RBC’s group insurance is customized, and they highlight mental health care options.

11 Creditor insurance

Creditor insurance covers large debts like a mortgage, loans, lines of credit, or credit card balances. It will make a payout if you become seriously ill, lose your job, become disabled, or pass away, but only to the creditor directly. RBC sells this type of coverage at the time you take out a personal loan or line of credit with RBC Royal Bank.

12 RBC investment products and financial services

Apart from insurance, RBC itself is a major Canadian financial services institution and offers personal finance products, including:

  • Banking
  • Mortgage
  • Loan
  • Credit cards
  • Segregated funds & annuities
  • Mutual funds
  • Retirement income and investment solutions
  • Mortgages and mortgage loans
    • Fixed-rate mortgages — up to 5-year terms
    • Variable-rate mortgages — 5-year terms
    • RBC Homeline Plan — combines an RBC mortgage and line of credit into one product
    • Cashback mortgage — up to 7% cash back, to a maximum of $20,000
    • RBC U.S. HomePlus Advantage — exclusively supports Canadians buying a home in the U.S. and provides up to $4,500 in savings on closing costs

Speak with an advisor

As insurance advisors for RBC Insurance. We can help you find the right policy. Click the button below to schedule a call with our licensed insurance advisors. Let us help you protect your family’s financial security.

Need help?
Call us at 1-888-601-9980 or book time with our licensed experts.
SCHEDULE A CALL
/* Custom Archives Functions Go Below this line */ /* Custom Archives Functions Go Above this line */

Canada Life Insurance Review – Updated 2025

Canada Life is the largest insurance company in Canada by annual premiums. This makes them a solid choice if you want a provider with excellent financial strength. Plus, they offer a large selection of products too.

Read our full review below to find out more about the company, which features they offer, and what we rate their life insurance products.

Schedule a call for visitor insurance

Need insurance answers now?

Call 1-888-601-9980 to speak to our licensed advisors right away, or book some time with them below.

PolicyAdvisor Rating

Best for Financial Strength

AM Best Rating A+

GET QUOTES

Our Canada Life insurance rating and review

We’ve rated Canada Life 4 stars and ranked them as the Best Canadian Life Insurance Company for Financial Strength. Their products are high-quality and can suit a wide variety of different needs. And, their term life insurance offers a lot of customizable options, such as:

  • Term lengths between 5-50 years, up to age 85
  • Level premium, convertible term policies
  • Fixed-term
  • Optional policy riders: disability waiver of premium, accidental death, guaranteed insurability, children’s term insurance, living benefits and more
  • Unique Business Protection Growth life insurance rider lets business owners add more coverage as their business grows

But, their minimum coverage amount is higher than other providers. They won’t insure you unless you get at least $100,000 in coverage or your premiums are at least $500/year. You pay for high quality with Canada Life.

As Canada’s first domestic life insurance company, Canada Life is now:

  • One of the biggest life insurers in the country, with $568 billion in assets and a financial strength rating of A+ from A.M. Best
  • One of the most stable insurance companies in Canada
  • A provider of choice for many Canadian customers and businesses alike

Canada Life Insurance Review: video summary

Who is Canada Life Insurance Company?

Canada Life Assurance Company is a subsidiary of Great-West Lifeco Inc. and a member of the Power Financial Corporation group of companies. It was founded in 1847 in Hamilton, Ontario. Over the years, it operated through affiliates such as:

  • Great West Life
  • London Life Insurance Company

Great West Life-Assurance Company bought Canada Life in 2023, after a bidding war with Manulife — an insurance giant in its own right and another one of Canada’s largest insurers. Now, Canada Life Assurance Company provides insurance and wealth management products and services in Canada, the United Kingdom, Isle of Man, and Germany, and in Ireland through Irish Life.

In Canada, they have more than 13 million clients and provide 30,000 employers with group benefit plans. They also give at least 1% of their pre-tax profit to charities through the Imagine Canada Caring Company, setting the standard for corporate philanthropy in Canada.

Canada Life Insurance: Quick Facts

  • Founded: 1846
  • Headquarters: Toronto, Ontario
  • AM Best Rating: A+
  • Better Business Bureau Accreditation and Rating: N/A – A+
  • Assets: $568 billion
  • Annual Premiums: $58 billion

Canada Life Insurance pros and cons

Here is what our experts rate as the advantages and disadvantages of buying term life insurance coverage with Canada Life Insurance Company:

Pros Cons
Pick your own term length from 5 to 50 years Minimum of $100,000 in coverage or $500 annual premium required
Multiple rider options for single and joint policies Limited access to online account features
Can convert into permanent coverage
Digital e-policy

Canada Life Insurance Company customer reviews

As of the time of this writing, customer reviews about Canada Life are mixed. Many customers are satisfied. But, others have issued complaints. Nearly all of the complaints are about their health insurance plans — not their life insurance.

Positive reviews mention: Negative reviews mention:
Friendly, informative advisors Health insurance benefits disputes
High quality of products Slightly higher premium costs
Satisfaction with level of life coverage

How much does life insurance coverage from Canada Life cost?

Like all life insurance, the cost of Canada Life’s policies depends on you and your policy. A young, healthy person under 30 may pay around $30 or less for term life insurance from this provider.

In general, policies from Canada Life Insurance cost more than the normal average — but the difference isn’t that large for young applicants. And, as of October 2023, they are offering lower rates for some term life policies. See the chart below to compare Canada Life quotes based on gender and age.

Canada Life Term Life Insurance Quotes

Age Male Female
20 $31.05 $22.50
25 $31.05 $23.85
30 $31.50 $24.30
35 $36.45 $29.25
40 $51.30 $39.60
45 $85.50 $59.85
50 $141.30 $94.05
55 $234.45 $169.20
60 $423.90 $305.10
65 $696.15 $474.75

*Representative values, based on non-smokers in good health with $500,000 coverage and a 20-year term.

Visit our offers & promotions page to see more insurance deals

What types of term life insurance policies does Canada Life offer?

The main term insurance policy offered by Canada Life is its My Term product. It lets you choose any term length from 5 to 50 years based on your insurance needs.

Key features: My Term

  • Level premiums for entire term
  • Automatic policy renewal without proof of insurability
  • Annual policy renewal unless cancelled
  • Can be issued up until age 80
  • Coverage available up until age 85 — term length is dependent on years left to turn 85 (i.e. a 60-year-old can buy a 25-year term but a 77-year-old can only get an 8-year term)
  • Convertible into permanent insurance up to age 70
  • Joint-first-to-die policies available
  • Coverage ends at the policy anniversary nearest the insured’s age of 85
  • Coverage for joint policies ends when the oldest insured person’s policy anniversary is nearest age 85

Coverage and policy details

  • Available term lengths: 5 to 50 years, and all years in between
  • Available term types: Level coverage — single and joint coverage available
  • Maximum amount of coverage: $20,000,000
  • Renewability: Yes, without any proof of insurability. Automatically renewed unless cancelled
  • Convertibility: Yes, convertible to permanent life insurance without a medical exam or doctor’s records, up to age 70

Optional riders and benefits

  • Waiver of premium benefit (only single-life policies)
  • Accidental death benefit (only single-life policies)
  • Guaranteed insurability rider (only single-life policies)
  • Child’s term life insurance rider
  • Business growth protection rider

The Business Growth Protection rider can be especially useful for business owners. It’s a special add-on option that lets them buy more insurance coverage when their share of the business grows in value. And, without going through more underwriting.

More choice. Lower price.
PolicyAdvisor saves you time and money when comparing Canada’s top life insurance companies. Check it out!
GET STARTED

Is Canada Life insurance right for me? 

Canada Life is a great fit for many Canadians. Its wide range of products and customization options make it easy for you to tailor a policy to meet your needs. And, its business growth rider is a fantastic benefit for Canadian business owners.

As Canada’s best online life insurance advisors, we can help you decide if Canada Life products are the best fit for you.

How to get Canada Life insurance quotes?

You can get term insurance quotes for Canada Life on our website in seconds by using our free online quoting tool. Get a personalized quote, compare prices from other major providers, and start the online application process in less time than it takes to make a cup of coffee.

Or, book a consultation call with our licensed advisors. We can give you expert advice and help you find the best life insurance options for you and your family’s peace of mind.

What other insurance policies does Canada Life offer?

Aside from life insurance, Canada Life also offers:

  1. Permanent life insurance (whole and universal)
  2. Critical illness insurance
  3. Disability insurance
  4. Health & dental insurance
  5. Workplace benefits (group insurance)
  6. Creditor insurance
  7. Investment products and financial services

1 Permanent life insurance

Permanent life insurance policies cover you from the day the policy is settled until the day you die. As long as you pay premiums into the policy, the coverage never expires.

Canada Life has 2 types of permanent plans: whole life and universal life insurance.

Whole life insurance

Canada Life offers 2 different participating whole life insurance policies. They both have limited pay options of 10 or 20 years, or up until age 100.

  • Wealth Achiever Plus – These policies are focused on early cash value accumulation, and thus have a higher minimum coverage amount of $100,000
  • Estate Achiever Plus – These policies are focused on long-term policy value growth, and minimum coverage starts at $25,000

Universal Life Insurance

Universal life insurance is like whole life insurance, except you control the cash value investment portion yourself.

Canada Life provides 3 universal life options:

  • Annually Increasing Pay to 85 cost of insurance (COI) – You pay premiums until age 85, there is no guaranteed cash value, and the cost of insurance premiums increases every year
  • Level COI – You pay premiums until age 100, there is no guaranteed cash value, and the cost of insurance premiums stays level
  • Limited Pay COI – You pay premiums for a set amount of time (10, 15, or 20 years), and there is guaranteed cash value after year 5 of the policy

Compare whole vs universal life insurance in Canada.

2 Critical illness insurance

Critical illness insurance plans give you a tax-free payment if you develop a covered illness or health event. Canada Life’s LifeAdvance plan covers 24-25 conditions for up to $2.5 million. They also pay out for partial conditions and you can add on riders or arrange for limited pay.

Learn more in our full Canada Life Critical Illness Insurance review.

3 Disability insurance

Disability insurance, or income protection insurance, pays out a portion of your regular paycheque if you become disabled. It’s not a lump sum — payments continue until you return to good health and can go back to work, or until your policy ends. Canada Life offers 2 disability plans:

  • Lifestyle Protection Plan – Coverage from $3,000 to $25,000 per month and benefit periods of 2, 5, or 10 years, or up until age 65
  • Independence Plan – Max coverage of $3,000 and benefit periods of 1, 2, or 5 years, or up until age 65

4 Health & dental insurance

Private health insurance is a type of insurance plan that covers medical expenses that are not covered by provincial health plans, such as prescription drugs, vision care, dental care, and paramedical services. Canada Life’s Freedom to Choose comes in varying tiers of coverage. And, you have the option to add travel medical insurance coverage as an add-on.

5 Workplace benefits (group insurance)

Group insurance or workplace benefits provides coverage such as health insurance to a group of employees. It is usually bought by employers to cover their employees. Canada Life lets businesses customize their plan options. And, they can add life, critical illness, or accident insurance coverage onto plans.

6 Creditor insurance

Creditor insurance covers large debts like a mortgage, loans, lines of credit, or credit card balances. It will make a payout if you become seriously ill, lose your job, become disabled, or pass away. Canada Life only offers this type of coverage through major financial institutions like Scotiabank, CIBC, and Walmart at the time you take out a loan or line of credit or buy a credit card.

7 Term life insurance

On top of its insurance suite of products, Canada Life also offers many investment solutions and financial products, including:

  • Segregated funds
  • Mutual funds
  • Investment options
  • Goals-based investing with their Constellations program
  • Retirement income solutions
  • Business solutions
  • Competitive mortgage loans
    • Variable-rate mortgages (5-year terms)
    • Fixed-rate mortgages (flexible terms up to 5 years)
    • Lock and roll mortgages (interest rates and payments change every 6 months within a 5-year term)
    • Adjustable-rate mortgages (interest rates and payments change monthly within a 5-year term)

Speak with an advisor

As insurance advisors for Canada Life. We can help you find the right policy. Click the button below to schedule a call with our licensed insurance advisors. Let us help you protect your family’s financial security.

Need help?
Call us at 1-888-601-9980 or book time with our licensed experts.
SCHEDULE A CALL
/* Custom Archives Functions Go Below this line */ /* Custom Archives Functions Go Above this line */

Edge Benefits Life Insurance Review – Updated 2025

We recommend Edge Benefits if you need a guaranteed issue life insurance policy. These policies are best for those who might not otherwise qualify for standard life insurance products but still need final expense coverage.

Read our full review below to find out more about the company, which features they offer, and what we rate their life insurance products.

Schedule a call for visitor insurance

Need insurance answers now?

Call 1-888-601-9980 to speak to our licensed advisors right away, or book some time with them below.

PolicyAdvisor Rating

AM Best Rating N/A

COMPARE QUOTES

Our Edge Benefits life insurance rating and review

We give Edge Benefits a 3-star review for their life insurance offerings. The guaranteed product itself is fairly decent, but because Edge does not offer standard terms, full underwritten life insurance, and the premiums for the guaranteed product aren’t level, it does not qualify for a 5-star review.

Edge Benefits is an insurance provider that partners with other insurance companies such as the Co-operators, Green Shield, Chubb, and Beneva. Edge Benefits offers its guaranteed issue life insurance product through Chubb Insurance, who are known for these specialty types of insurance. 

What types of life insurance policies does Edge Benefits offer?

Edge Benefits offers guaranteed issue term life insurance. The guaranteed life insurance product includes coverage up to $50,000 with one term option (to age 75). Because there is only one longer-term option, premiums are age-banded, meaning that they will increase as you age.

Guaranteed Issue Life insurance

  • Term coverage to age 75 for those looking to cover final expenses
  • No medical exams or questions
  • $50,000 in coverage available
  • Available from 18 to 69 years of age
  • Living benefits provided up to 50% in case of terminal illness (accelerated death benefit)
  • Return of premium in case of non-accidental death within 2 years of policy effective date

Coverage and policy details

  • Available Term Lengths: To age 75 
  • Maximum Amount of Coverage: $50,000
  • Renewability: No
  • Convertibility: No

Pros and cons

✅ Edge Benefits life insurance pros

  • No medical exams, health questions, or medical underwriting needed
  • Fast underwriting (days or weeks)
  • Multi-product discount with health & dental
  • Coverage up to age 75
  • Online access to account
  • Digital e-policy
  • Accelerated death benefit in case of terminal illness

❌ Edge Benefits life insurance cons

  • Does not offer fully underwritten life insurance 
  • No additional riders available
  • Only $50,000 in coverage (normal for guaranteed products, but not as much as standard products)
  • Only one term offering (up to age 75)

Who is Edge Benefits?

Edge Benefits was founded in 1985, making it a relatively new player in the insurance industry (compared to those who have been around for hundreds of years). They initially sold life insurance, living benefits, and other investment products.

In 2013, Edge Benefits transformed the insurance purchasing landscape by eliminating paper applications and introducing a fully electronic application system. Two years later, it became affiliated with The Co-operators Group Limited. Furthermore, in 2019, Edge Benefits augmented its guaranteed issue critical illness insurance to $50,000, setting a new precedent as the highest coverage amount available in Canada. With a client base exceeding 60,000 policyholders, Edge Benefits has disbursed over $200 million in claims over the past 15 years.

Edge Benefits Inc operates as a strategic partner with insurance companies rather than functioning as an insurance entity itself. Among its partnered insurers are The Co-operators, Green Shield Canada, Chubb, and Beneva, ensuring comprehensive protection for Canadian consumers. Edge benefits issues their life insurance, critical illness insurance, and disability insurance products through Chubb.

Edge Benefits: Quick Facts

  • Founded: 1985
  • Headquarters: Newmarket Ontario
  • AM Best Rating: N/A
  • Better Business Bureau Accreditation and Rating: N/A
  • Assets: – 
  • Annual Premiums: –

How much does guaranteed life insurance from Edge Benefits cost?

Edge Benefits life insurance costs around $30 per month. Rates are banded and increase based on age. However, Edge Benefits has the most affordable longer term coverage, especially compared to premiums for a whole life policy.

The Edge Benefits Term Life Insurance Quotes

Age Male Female
20 $29.42 $19.26
25 $29.42 $19.26
30 $29.42 $19.26
35 $31.82 $27.34
40 $43.54 $32.28
45 $61.20 $46.06
50 $84.96 $61.80
55 $119.88 $83.72
60 $190.84 $125.02

Representative values, based on non-smokers in good health. $50,000 coverage for their guaranteed life insurance coverage.

Check out PolicyAdvisor's life insurance calculator.
More choice. Lower price.
PolicyAdvisor saves you time and money when comparing Canada’s top life insurance companies. Check it out!
GET STARTED

What other insurance policies does Edge Benefits offer?

Edge Benefits offers other insurance and investment products to customers, apart from term life, through its insurance partners

Edge Benefits critical illness insurance

Critical illness insurance offers a lump sum payment if you are diagnosed with a covered critical illness. Edge benefits offer two tiers of coverage.

Tier 1 is guaranteed critical illness coverage, meaning you can get coverage without medical exams or questions. They offer up to $50,000 in coverage for this guaranteed critical illness coverage, which is one of the highest amounts offered in the industry.

Tier 2 is their simplified critical illness insurance product. This is similar to the guaranteed product, in that there is no medical exam required. However, you must answer medical questions to qualify. If you do qualify, you can get up to $100,000 in critical illness coverage.

Read more about simplified issue vs guaranteed issue insurance.

Read our full Edge Benefits Critical Illness Insurance review

Edge Benefits disability insurance

Disability insurance will replace part of your monthly income if you become sick or injured and can no longer work. While not the most comprehensive coverage, Edge Benefits gets the edge for simplified underwriting—they can skip a few of your personal details in the application process in exchange for the “extras” that other companies provide.

Coverage is offered up to age 70 with possible 0-day waiting periods. However, because they only offer a simplified product, coverage amounts are limited compared to other standard disability products.

See our review of Canada’s best disability insurance companies.

Edge Benefits travel insurance coverage

Edge offers travel medical insurance through Beneva. Like their other products, Edge provides guaranteed issue coverage for Canadian citizens and permanent residents who frequently travel outside of their province or Canada. Coverage comes in monthly or annual travel plans (rather than per-trip plans that other providers have), with up to $5 million in emergency medical coverage.

Read more about travel medical insurance.

Edge Benefits health & dental coverage

Edge offers health and dental insurance through Green Shield Canada. Like their other products, Edge offers basic guaranteed issue health insurance, meaning that those with pre-existing health concerns will have an easier time qualifying. Those wishing to purchase enhanced coverage will have to go through medical underwriting. Plans include coverage to age 75 with three tiers of coverage available, all including dental.

See our review of Canada’s best health insurance companies.

Other financial services & insurance from Edge Benefits

Besides insurance, Edge Benefits provides Canadians with several other financial products including:

  • Business overhead expense insurance
  • Loss of income insurance
  • AD&D insurance

How can I get an Edge Benefits life insurance quotes?

Edge Benefits offers great guaranteed life insurance coverage products for those who do not otherwise qualify for standard life insurance. As insurance advisors for Edge Benefits insurance products, we can help you decide if Edge products are the best fit for you and find Edge life insurance quotes.

As Canada’s best online life insurance advisor, we will assist you in comparing and choosing products across all our partner companies. Speak to our licensed advisors and we will be able to assist you in finding the best coverage for your needs.

Need help?
Call us at 1-888-601-9980 or book time with our licensed experts.
SCHEDULE A CALL
/* Custom Archives Functions Go Below this line */ /* Custom Archives Functions Go Above this line */

Edge Benefits Critical Illness Insurance Review – Updated 2025

We recommend Edge Benefits’ guaranteed issue critical illness insurance. They offer the highest amount of coverage for a guaranteed product with no medical exams or questions. These products are great for those who might not otherwise qualify for standard critical illness insurance products due to pre-existing health conditions.

Read our full review below to find out more about the company, which features they offer, and what we rate their critical illness insurance products.

PolicyAdvisor Rating

AM Best Rating N/A

COMPARE QUOTES

Our Edge Benefits critical illness insurance review & rating

We give Edge Benefits a 5-star rating for their guaranteed critical illness insurance product. While it does not offer the same coverage maximums as a fully underwritten product, it offers the most coverage for a guaranteed product.

Edge Benefits is an insurance provider that partners with other insurance companies such as the Co-operators, Green Shield, Chubb, and Beneva. Edge Benefits offers its guaranteed issue critical illness insurance product through Chubb Insurance, who is known for specialty types of insurance. 

Edge Benefits also offers:

Schedule a call for visitor insurance

Need insurance answers now?

Call 1-888-601-9980 to speak to our licensed advisors right away, or book some time with them below.

Edge Benefits critical illness product overview

Edge Benefit offers a high-quality guaranteed critical illness insurance product. This policy offers one of the highest max coverage amounts on the market for a guaranteed product. The product offers coverage for up to 23 full critical conditions and 2 partial conditions as well as optional children’s riders, which adds $10,000 in critical illness coverage for your children (up to age 21) for 4 extra conditions.

Their critical illness insurance is offered in two tiers:

Tier 1 – Guaranteed coverage 

Tier 2 – Simplified coverage 

  • Some simple medical questions
  • Up to $100,000 in coverage

Edge Benefits offers these tiers as a term policy to age 70. Additionally, they will increase the benefit amount by 5% every 5 years up to 25% for the policy. Because of this, we consider this a highly-rated guaranteed critical illness insurance policy.

Edge Benefits Critical Illness Insurance — Product Details

  • Type of coverage: Guaranteed
  • Available term lengths: To age 70
  • Number of illnesses covered: Up to 23
  • Survival period: 30 days
  • Waiting period: 2 years for critical illnesses related to pre-existing conditions only
  • Maximum coverage amount: $50,000 (with a 5% increase every 5 years)
  • Application process: Online
  • Claims contact: Edge Benefits
  • Renewable: No
  • Convertible: No
  • Limited pay options: No
  • Return of premium options: No
  • Partial payouts: Yes — for 2 different conditions, 20% up to $20,000 and only payable once
  • Loss of independent existence coverage: No

Read our Edge Benefits Life Insurance Review

Edge Benefits critical illness insurance pros and cons

Here is what our team ranks as the most and least advantageous features of Edge Benefits guaranteed critical illness insurance products for most Canadians.

✅ Edge Benefits critical illness insurance pros

  • No medical exams, health questions, or medical underwriting needed
  • Fast underwriting
  • Large coverage amounts up to $50,000 guaranteed
  • Comprehensive coverage 23 conditions covered
  • Pays out for up to 2 partial conditions
  • Second event benefits (payout for a second, unrelated condition)
  • Automatic 5% benefit increase after 5 years (up to 25%)
  • Options for simplified plans to increase coverage amount
  • Child critical illness rider available

❌ Edge Benefits critical illness insurance cons

  • No return of premium options if your plan expires or if you cancel without a claim
  • No short-term options
  • No limited pay options
  • Limited coverage compared to fully underwritten policies
  • 2-year waiting period for any condition related to a pre-existing condition (no coverage for the pre-existing condition itself)

Who is Edge Benefits?

Edge Benefits was founded in 1985, making it a relatively new player in the insurance industry (compared to those who have been around for hundreds of years). They initially sold life insurance, living benefits, and other investment products.

In 2013, Edge Benefits transformed the insurance purchasing landscape by eliminating paper applications and introducing a fully electronic application system. Two years later, it became affiliated with The Co-operators Group Limited. Furthermore, in 2019, Edge Benefits augmented its guaranteed issue critical illness insurance to $50,000, setting a new precedent as the highest coverage amount available in Canada. With a client base exceeding 60,000 policyholders, Edge Benefits has disbursed over $200 million in claims over the past 15 years.

Edge Benefits Inc. operates as a strategic partner with insurance companies rather than functioning as an insurance entity itself. The Co-operators, Green Shield Canada, Chubb, and Beneva are among its partnered insurers, ensuring comprehensive protection for Canadian consumers. Edge Benefits issues their life insurance, critical illness insurance, and disability insurance products through Chubb.

Blue bulb

Edge Benefits Insurance Canada: Quick Facts

  • When was Edge Benefits founded? 1985
  • Where is Edge Benefits Insurance headquarters? Newmarket, Ontario
  • AM Best Rating: N/A
  • Better Business Bureau Accreditation and Rating: N/A
  • Assets: – 
  • Annual Premiums: –

Check out more facts about Canada’s biggest life insurance companies
Still looking for the best critical illness insurance rates?
PolicyAdvisor saves you time and money when comparing Canada’s top insurance companies. Check it out!
GET STARTED

Where to buy Edge Benefits Critical Illness insurance policies?

You can buy Edge Benefits Critical Illness insurance on PolicyAdvisor. Use our free quoting tool or click the button below to get personalized quotes instantly. And, you can also compare those quotes with some of the other best critical illness insurance companies in Canada.

If you would prefer to speak with a licensed insurance agent, we can help with that too! Our experienced advisors would be happy to speak with you and give one-on-one advice.

Edge Benefits critical illness insurance FAQ

Does Edge Benefit cover pre-existing conditions?

No. Edge Benefits critical illness insurance policies will not cover any pre-existing condition diagnosed before the policy’s effective date. However, you can still get coverage for other conditions, even if you’ve been diagnosed with a medical condition.

For example. if you have had paralysis before your policy’s effective date, the policy will not provide a payout if you are diagnosed with paralysis again. But if you were diagnosed with an eligible cancer, you would receive a payout.

Other companies may deny coverage altogether or may significantly increase your premiums if you have a pre-existing condition.

Is there a waiting period before claiming with Edge Benefits?

No. There is no standard waiting period for claiming a newly diagnosed critical illness.

However, if your newly diagnosed illness is related to a previously diagnosed illness. there is a 2-year waiting period.

Example: You were diagnosed with diabetes in childhood. You purchase a guaranteed critical illness insurance policy in your 40s.

❌ If your diabetes led to major organ failure WITHIN 24 months of the policy effective date, major organ failure is NOT covered.
✅ If your diabetes led to major organ failure AFTER  24 months of the policy effective date, major organ failure IS covered.

Can you claim a diagnosis more than once on a critical illness policy with Edge Benefits? 

Yes. For certain conditions, you can claim more than once. For example, if you buy a critical illness policy and are diagnosed with cancer a few months later the claim will be
paid. Then, if you go into remission, but the cancer returns 10 years later, a second claim would be paid out.

What is a Second Event Benefit with Edge Benefits?

A second event benefit is a secondary payout if you are diagnosed with one critical illness and then another after fully recovering from the first illness. Only heart attack and cancer qualify for second-event benefits.

For example, if you are diagnosed with cancer after the policy’s effective date, you will get your first payout. Then, if later you recover from the cancer, but suffer an un-related heart attack, you would get a second payout for the heart attack.

Need help?
Call us at 1-888-601-9980 or book time with our licensed experts.
SCHEDULE A CALL
/* Custom Archives Functions Go Below this line */ /* Custom Archives Functions Go Above this line */

RBC Critical Illness Insurance Review – Updated 2025

PolicyAdvisor Rating

Best Critical Illness Insurance & Long-Term Care Combo

AM Best Rating A

GET QUOTES

RBC critical illness insurance provides a financial safety net for individuals facing unexpected medical challenges. In this 2025 review, we’ll evaluate how RBC critical illness insurance can help protect your financial stability during a health crisis. Whether you’re seeking peace of mind or additional financial security, this review will guide you through everything you need to know about RBC’s offerings.

What are the key features of RBC’s critical illness insurance?

RBC offers two types of critical illness insurance plans tailored to meet diverse needs: the Critical Illness Insurance Plan and the Critical Illness Recovery Plan. Coverage amounts range from $10,000 to $2 million, providing flexibility to suit varying financial goals and protection levels.

The basic plan includes a Return of Premium on Death Benefit, offering refunds for all the paid premiums if the policyholder passes away while the policy is in force. Meanwhile, the Recovery plan stands out for its conversion feature, allowing policyholders to transition to a permanent plan without requiring proof of insurability.

Category Details
Minimum issue age 18 years
Maximum issue age 65 years
Coverage amount range
  • $10,000 to $75,000 for the Basic plan
  • $25,000 to $2 million for the Recovery plan
Survival period 30 days
Additional benefits Return of Premium on Death Benefit on the Basic plan

Schedule a call for visitor insurance

Need insurance answers now?

Call 1-888-601-9980 to speak to our licensed advisors right away, or book some time with them below.

What are the different critical illness insurance plans offered by RBC?

RBC offers two types of critical illness insurance plans tailored to meet diverse needs: the Critical Illness Insurance Plan and the Critical Illness Recovery Plan. The Recovery plan has four tiers: 10-year term Renewable to age 75, Level cost to age 75, Renewable to age 65, and Renewable to age 75 plans.

While the Basic insurance plan offers coverage for major critical illnesses like cancer, heart attack, and stroke, the Recovery plan covers a detailed list of 30+ critical illnesses. Check out what these plans have to offer:

Key differences between RBC’s critical illness recovery plan and critical illness insurance plan

Feature Critical Illness Recovery Plan Critical Illness Insurance Plan
Purpose Comprehensive financial protection against 30+ critical illnesses Affordable protection for the three most common critical illnesses: Life-threatening cancer, heart attack, and stroke
Eligibility Available to individuals aged 18-65 Available to individuals aged 18-50
Coverage amount Lump sum benefit between $25,000 to $2 million Fixed benefit options of $10,000, $25,000, $50,000, or $75,000
Covered illnesses Covers over 30 illnesses, including cancer, heart attack, stroke, kidney failure, multiple sclerosis, Parkinson’s disease, Alzheimer’s disease, major organ transplant, and more Covers only 3 critical illnesses: Life-Threatening Cancer, Heart Attack, and Stroke
Premiums Depend on the chosen plan Premiums increase every 10 years and can change until age 65
Policy term Flexible term options, including permanent or renewable term policies Renewable term policies with a maximum term period
Long-term care conversion Yes No
Optional riders Includes optional benefits such as:

  • Return of Premium on Death: Refunds premiums if the insured dies without claiming
  • Scheduled Increase Benefit: Increases coverage at predefined intervals
  • Disability Waiver of Premium: Waives premiums if the insured becomes disabled
Return of premium on death
Additional services Provides access to additional services such as Teladoc Health, “The Healing Journey” program and early assistance benefit Access to additional services such as Teladoc Medical Experts+, Medical Confidence, “The Healing Journey” program and early assistance benefit 
Claim process Requires detailed medical documentation; offers flexibility in accessing partial benefits for early-stage illnesses Simplified claims process, but restricted to full payouts for qualifying conditions

What are the critical illnesses covered by RBC?

RBC’s Critical Illness Recovery plan offers comprehensive coverage for a wide range of serious medical conditions, including cancers, heart attacks, loss of limbs, brain damage, organ failure, and more. This can serve as a financial support during challenging times.

Cancer (Life-threatening)

  • Includes carcinoma, melanoma, leukemia, lymphoma, and sarcoma.
  • A detailed explanation of “life-threatening cancer” is outlined in the policy contract.

Heart-related conditions

  • Heart attack
  • Heart surgery requirements, including:
    • Aortic surgery
    • Coronary artery bypass surgery
    • Heart valve replacement or repair

Brain-related diseases

  • Stroke (Cerebrovascular accident)
  • Other brain diseases:
    • Bacterial meningitis
    • Benign brain tumor
    • Dementia, including Alzheimer’s disease
    • Parkinson’s disease and specified atypical Parkinsonian disorders

Loss of senses, limbs, or mobility

  • Blindness: Total and irreversible loss in both eyes
  • Deafness: Total and irreversible loss in both ears
  • Loss of speech: Total and irreversible loss of the ability to speak
  • Loss of limbs: Total severance of two or more limbs
  • Paralysis: Total loss of muscle function in two or more limbs

Organ failure or transplant

  • Kidney failure
  • Major organ failure on waiting list
  • Major Organ Transplant

Other covered conditions

  • Coma
  • Aplastic anemia
  • Loss of independent existence
  • Occupational HIV infection (accidental infection acquired while working)
  • Severe burns

Partial benefits for early-stage conditions

You may qualify for 10% of the benefit amount (up to $50,000) the first time you are diagnosed with one of the following early-stage cancers:

  • Early breast cancer
  • Early prostate cancer
  • Early skin cancer
  • Early-stage intestinal cancer
  • Early thyroid cancer
  • Early-stage blood cancer

Additionally, you may also qualify for 10% of the benefit amount (up to $50,000) if you undergo a coronary angioplasty procedure.

Learn more about what critical illness insurance covers in Canada
Not sure which RBC plan is right for you?

Book a free consultation with our licensed advisors for help

What conditions are excluded from RBC critical illness insurance?

RBC critical illness insurance policies have specific exclusions such as self-inflicted harm, substance abuse, war or hostile conditions, criminal activities, and more. In such cases, no benefits will be paid, and premiums will not be refunded:

  1. Self-inflicted harm: No benefits are payable for injuries or death resulting from self-inflicted harm, attempted suicide, or suicide, regardless of the insured’s state of mind
  2. Substance use: Losses caused by the intentional use of drugs, intoxicants, narcotics, or poisonous substances are excluded
  3. War or hostile actions: Claims resulting from participation in war (declared or undeclared), hostile actions of armed forces, insurrection, or civil commotion are not covered
  4. Criminal activity: No benefits are paid for losses arising from an attempt to commit or the commission of a crime, regardless of whether the insured is charged
  5. Impaired operation of vehicles: Coverage is excluded for accidents occurring while operating a land, water, or air vehicle if:
    • The insured’s blood alcohol concentration exceeds 80 milligrams per 100 milliliters, or
    • The insured is under the influence of drugs, intoxicants, narcotics, or poisonous substances

What is the cost of RBC’s critical illness insurance plans?

The cost of RBC’s critical illness insurance ranges between $17 to $180 based on a person’s age, gender, family medical history and smoking status. The following is an illustration of the monthly premiums for different coverage amounts and smoking status. 

RBC critical illness insurance monthly premiums

Age Coverage amount Monthly premium ( Male Smokers) Monthly premium (Male Non-smokers)
20 $50,000 $17.91 $16.75
30 $100,000 $39.87 $30.33
35 $50,000 $31.23 $21.42
40 $100,000 $78.66 $43.92
45 $50,000 $74.16 $37.80
55 $100,000 $396.45 $179.82

*Sample illustration for male smokers and non-smokers between 20-55 years of age

What are the premium options for RBC’s critical illness insurance plans?

RBC offers flexible premium structures tailored to different coverage needs. The premium options vary based on whether you have chosen the basic plan or the Recovery plan. 

For the Recovery plan, the premium options include Level Premiums to Age 75, Level Premiums to Age 65 or 75, or 10 Year Term, Renewable to Age 75. For the basic plan, there is the provision for 10 Year Term, Renewable to Age 65.

1. Critical Illness Recovery Plan

This plan provides long-term stability with these three premium structures:

Level Premiums to Age 75 (Non-Cancellable)

  • Premiums remain fixed for life, ensuring cost predictability
  • RBC cannot change the premiums, modify policy benefits, or cancel the coverage as long as premiums are paid

Level Premiums to Age 65 or 75 (Guaranteed Renewable)

  • Premiums remain fixed until the selected age
  • While benefits cannot be altered, RBC may adjust future renewal premiums, but only for an entire group of policyholders with similar characteristics

10-Year Term, Renewable to Age 75

  • Premiums are scheduled to change every 10 years
  • Benefits remain fixed, and policy renewal is guaranteed as long as payments are made

2. Basic Critical Illness Insurance Plan

This plan provides more affordable coverage with a shorter renewal structure:

10-Year Term, Renewable to Age 65

  • Premiums increase every 10 years
  • Benefits remain unchanged, but RBC may adjust premiums for a group of policyholders with similar characteristics (not for individuals)
  • Coverage renews automatically until age 65 without requiring new medical assessments

Both plans ensure continued coverage, but the Recovery Plan offers more premium stability, especially with the non-cancellable option.

Why should you choose RBC’s critical illness insurance plan?

RBC Insurance’s Critical Illness Insurance Plan offers an affordable and reliable way to protect your financial well-being in the event of a critical illness. Here’s why you should consider this plan:

  • Financial protection for common critical illnesses: This plan provides coverage for three of the most common critical illnesses, offering peace of mind knowing you’re financially supported if the unexpected happens
  • Flexible benefit amounts: Choose from four benefit options to select the coverage amount that best suits your needs
  • Automatic renewal: The coverage automatically renews every 10 years until age 65 without the need to submit new medical information
  • Transparent cost structure: While the cost for each 10-year period may increase, it will be clearly outlined in your policy contract
  • Group-based premium adjustments: If premiums increase within a 10-year period, it will only apply to the entire group of policyholders with similar characteristics, not to your individual policy. You will be notified in advance of any changes
  • Access to medical assistance: This plan includes valuable support services to assist with your diagnosis and recovery, offering guidance and resources when you need them most
Looking for the best insurance rates?

Our calculator gets you the lowest insurance quotes within minutes!

What are the pros and cons of RBC’s critical illness insurance?

RBC’s critical illness insurance plans have several pros in terms of additional services such as Teladoc Medical Experts. The Healing Journey program and more. However, there are certain downsides in terms of a 90-day waiting period for cancer, limited disease coverage in the Basic plan, and varying premium amounts.

Pros Cons
There are two critical illness insurance options to choose from, based on your budget and needs There is a 90 day waiting period for cancer diagnosis payouts
Teladoc Medical Experts allow you to get expert opinions from renowned medical professionals to confirm your diagnosis, no matter where you live The critical illness insurance plan only has coverage for cancers, heart attack and stroke, leaving out numerous major diseases
RBC’s “Healing Journey Program” can be a useful tool for individuals dealing with anxiety after their diagnosis. The premium amount may change over time
For the Recovery option, individuals can convert their term plans to permanent plans until the age of 71 without having to undergo medical examinations
The offered lump sum benefit is up to $2 million
Policyholders can receive 10% of their benefit (up to $50,000, payable once) without affecting future claims if diagnosed in the early stages of certain cancers or undergo coronary angioplasty, and meet the survival period requirements.

Is RBC’s critical illness insurance policy right for you?

RBC can be a good option for Canadians who are getting older. If you want to protect yourself against financial loss if you suddenly get a critical illness, but you also want to make sure you have a plan for if you need long-term care in your senior years, RBC could be a great option for you.

Plus, they give you a lot of coverage and a fair bit of leeway with their partial condition coverage.

On the other hand, the company does not offer as many rider options as others, so it might not be the best option if you’re looking to get multiple coverages in one go. With their Guaranteed Renewable plans, they’re also the only company in Canada allowed to increase prices not just for one policyholder but for everyone’s policy that has certain characteristics the company decides.

This is why you should speak with a professional before you decide. As Canada’s best online insurance agents, we have insight that can help when you’re making a decision on which critical illness insurance to buy.

At PolicyAdvisor, we work with more than 30 of the best insurance companies in Canada. Speak to our licensed advisors and we can help you decide if RBC’s products are the best fit for you.

Where to buy RBC critical illness insurance policies?

You can buy RBC Critical Illness insurance on PolicyAdvisor. Use our free quoting tool or click the button below to get personalized quotes instantly. And, you can also compare those quotes with some of the other best critical illness insurance companies in Canada.

If you would prefer to speak with a licensed insurance agent, we can help with that too! Our experienced advisors would be happy to speak with you and give one-on-one advice.

Need insurance help?

Give us a call at 1-888-601-9980 or book some time with our licensed experts.

Frequently asked questions

Can I customize the coverage amount in RBC’s critical illness insurance plan?

Yes, RBC allows you to choose from multiple benefit amounts, giving you the flexibility to select a plan that aligns with your financial needs and priorities. This ensures personalized coverage that suits your unique situation.

What happens if I don’t file a claim during my coverage term?

If no claim is filed during a 10-year term, the policy automatically renews until age 65, ensuring uninterrupted coverage without requiring additional medical assessments. RBC’s policy is designed for long-term protection, whether you make a claim or not.

Does RBC’s critical illness insurance policy provide coverage for early-stage illnesses?

Yes, RBC offers a unique feature where you can receive 10% of your benefit amount (up to $50,000) for certain early-stage illnesses, such as Early Skin Cancer or Early Thyroid Cancer. This partial benefit is paid without impacting the full coverage for future claims.

Are premium rates fixed throughout the policy term?

Premiums are guaranteed for each 10-year coverage term but may adjust at renewal based on factors affecting the group of policyholders with similar characteristics. However, RBC ensures individual policies are not singled out for rate increases.

/* Custom Archives Functions Go Below this line */ /* Custom Archives Functions Go Above this line */

Sun Life Critical Illness Insurance: A Comprehensive Guide

Sun Life, a trusted name in Canadian insurance, is committed to helping you prepare for life’s uncertainties. Facing a critical illness can be overwhelming, but with Sun Life critical illness insurance, you can protect your finances to focus on what matters most, your health and recovery.

In this article, we’ll take you through the essentials of Sun Life’s critical illness insurance, its flexible coverage options, affordability, and valuable features designed to ease financial stress during challenging times.

PolicyAdvisor Rating

Best Critical Illness Insurance If You Must Use A Pen

AM Best Rating A+

GET QUOTE

What are the key features of Sun Life’s critical illness insurance?

Sun Life offers two critical illness insurance plans to meet different coverage needs. Sun Critical Illness Insurance is the most comprehensive plan, covering 26 full-payout illnesses, 8 partial-payout illnesses, and 5 full-payout childhood illnesses, covering up to $3,000,000 for adults and $1,000,000 for children. 

For those seeking quick approval, Express Critical Illness Insurance provides an instant online application with no medical exams or blood work. This option covers 1, 3, or 7 full-payout illnesses based on the selected plan: basic, enhanced, or comfort. 

This plan offers coverage amounts of $25,000 or $50,000 for adults, focusing on common critical illnesses like cancer, heart attacks, and strokes.

Key features of critical illness insurance from Sun Life

Feature Details
Coverage amount $25,000 to $3,000,000 based on the plan and coverage type chosen
Conditions covered 26 full-payout illnesses, 8 partial-payout illnesses, and 5 additional childhood illnesses (available with the Sun Critical Illness Insurance plan)

OR,

1, 3, or 7 full-payout illnesses based on the selected plan—basic, enhanced, or comfort (available with the Express Critical Illness Insurance plan)

Payout options Lump-sum benefit upon diagnosis and survival of a covered illness
Partial payout benefits Available for 8 specified minor illnesses, providing a reduced payout (only available with the Sun Critical Illness Insurance plan)
Return of premium Optional return of premium benefits available on death, cancellation, or plan expiry

Schedule a call for visitor insurance

Need insurance answers now?

Call 1-888-601-9980 to speak to our licensed advisors right away, or book some time with them below.

What are the different critical illness insurance plans offered by Sun Life?

Sun Life offers two critical illness insurance plans, Sun Critical Illness Insurance and Express Critical Illness Insurance. 

The Sun Critical Illness Insurance covers 26 full-payout illnesses, 8 partial-payout illnesses, and 5 full-payout childhood illnesses, offering coverage amounts of up to $3,000,000 for adults and $1,000,000 for children. 

The Express Critical Illness Insurance provides an instant online application with no medical exams or blood work. This plan covers 1, 3, or 7 full-payout illnesses based on the selected plan: basic, enhanced, or comfort. 

Sun Critical Illness Insurance 

The Sun Critical Illness Insurance plan offers comprehensive coverage, providing financial protection for both adults and children facing serious medical conditions. Coverage amounts range from $25,000 to $3 million for adults and $25,000 to $1 million for children. 

The adult plan covers 26 critical illnesses for full payout and 8 minor illnesses for partial payout, while the child plan includes an additional 5 illnesses. Policyholders also have access to Teladoc Medical Experts for medical guidance. 

This plan from Sun Life covers adults aged between 18 and 65 years, and children aged between 30 days and 17 years. There are three term options available under this plan: Term 10 (T10), Term 75 (T75), and Lifetime (T100). 

Key features of Sun Critical Illness Insurance

Feature Details
Coverage amounts Adults: $25,000 to $3 million, Children: $25,000 to $1 million
Illnesses covered 26 full-payout, 8 partial-payout, 5 childhood illnesses
Plan options Term 10, Term 75, Lifetime (T100)
Eligibility based on age Adults: 18-65, Children: 30 days-17 years
Return of Premium Available on cancellation, expiry, or death
Waiver benefits Coverage continues if insured or policy owner becomes disabled or dies
Conversion options Long-term care conversion available for ages 18-50 at the time of purchase

Looking for a comprehensive plan?

Get an instant critical illness insurance quote at PolicyAdvisor!

Express Critical Illness Insurance 

The Express Critical Illness Insurance plan provides financial protection in the event of a serious illness, offering a tax-free lump-sum payment upon diagnosis of a covered condition after a 30-day survival period. 

This plan offers instant online approval with no medical exams or blood work required. Sun Life, through this plan, covers amounts of $25,000 or $50,000. Policyholders can choose from three plans: Basic, Enhanced, and Comfort, covering 1 to 7 critical illnesses. 

The Comfort Plan offers additional benefits such as a five-year rate guarantee, inflation protection, and access to Teladoc Medical Experts. Coverage is available for individuals aged 18 to 65, with the option to add child coverage for a small additional cost. 

This policy can be cancelled anytime, with a full refund available within the first 30 days.

Key features of Express Critical Illness Insurance

Feature Basic Plan Enhanced Plan Comfort Plan
Illnesses covered Cancer Cancer, Heart Attack, Stroke Cancer, Heart Attack, Stroke, Coronary Artery Bypass Surgery, Aortic Surgery, Major Organ Transplant, Major Organ Failure on Waiting List
Age requirements 18 – 65 years 18 – 65 years 18 – 65 years
Coverage amount $25,000 $25,000 $50,000
Additional benefits 5-Year Rate Guarantee, Inflation Protection, Teladoc Medical Experts, Child Coverage ($5,000 per child for $2.50/month)

Learn more about when to buy critical illness insurance

What are the partial payout conditions covered by Sun Life?

The Sun Critical Illness Insurance plan provides partial benefit payouts for specific conditions, primarily focusing on early-stage or less severe forms of illnesses. 

These include early-stage cancers, such as chronic lymphocytic leukemia (CLL) Rai stage 0, ductal carcinoma in situ of the breast, gastrointestinal stromal tumors classified as AJCC Stage 1, Grade 1 neuroendocrine tumors (carcinoid), papillary or follicular thyroid cancer stage T1, stage 1A malignant melanoma, and Stage A (T1a or T1b) prostate cancer. 

Additionally, coronary angioplasty is eligible for a partial payout, ensuring financial support even in the case of less advanced medical conditions.

When does my Express Critical Illness Insurance plan start and end?

Your Express Critical Illness Insurance coverage begins immediately after your application’s approval. It remains in effect until any of the following occurs:

  • A claim is paid
  • The policy is cancelled
  • The policy anniversary following the insured person’s 70th birthday
  • The insured person passes away
  • Premium payments are missed for 30 consecutive days

What are the critical illnesses covered by Sun Life?

Sun Life Critical Illness Insurance covers 26 full payout illnesses and 8 partial payout conditions under its Sun Critical Illness Insurance plan. Alternatively, it covers 7 critical illnesses under its Express Critical Illness Insurance plan. 

Some of the covered conditions are life-threatening cancer, heart attack, stroke, coronary artery bypass surgery, and aortic surgery. 

Critical illnesses covered by Sun Life

Category Illnesses
Neurological disorders Acquired brain injury due to external trauma, Bacterial meningitis, Benign brain tumour, Coma, Dementia (including Alzheimer’s disease), Loss of independent existence (LOIE), Loss of speech, Motor neuron disease, Multiple sclerosis, Paralysis, Stroke
Cardiovascular conditions Aortic surgery, Coronary artery bypass surgery, Heart attack, Heart valve replacement or repair
Cancer-related conditions Cancer
Organ conditions Kidney failure, Major organ transplant, Major organ failure on waiting list
Sensory impairments Blindness, Deafness
Trauma-related conditions Severe burns
Other disorders Aplastic anemia, Loss of limbs, Occupational HIV infection, Parkinson’s disease (and specified atypical Parkinsonian disorders)
Only covered under the Express Plan Cancer, Heart attack, Stroke, Coronary artery bypass surgery, Aortic surgery, Major organ transplant, Major organ failure on waiting list

Learn more about what is covered under critical illness insurance

What conditions are excluded from Sun Life Critical Illness Insurance?

Sun Life’s Critical Illness Insurance has specific exclusions where benefits will not be paid, such as pre-existing conditions, self-inflicted injuries, elective procedures, war-related activities, hazardous behaviour, substance abuse, and certain non-life-threatening conditions.  

  • Pre-existing conditions: Diagnosed illnesses related to pre-existing conditions during the exclusionary period
  • Self-inflicted injuries: Conditions caused by suicide or intentional self-harm
  • Elective procedures: Illnesses resulting from elective plastic or cosmetic surgeries
  • War and criminal activities: Illnesses caused by war, riots, insurrection, or criminal acts
  • Hazardous activities: Conditions from engaging in dangerous or risky activities
  • Substance abuse: Illnesses caused by intoxication or narcotics (unless prescribed)
  • Specific conditions: Non-life-threatening cancers, benign brain tumors, or organ failures under specific circumstances

How much does Sun Life critical illness insurance cost?

The cost of Sun Life Critical Illness Insurance depends on factors like age, coverage amount, and smoking status. Premiums are generally lower for non-smokers compared to smokers, and rates increase as the insured person ages or opts for higher coverage amounts. 

For instance, a 20-year-old male non-smoker pays approximately $15.26 per month for $50,000 in coverage, while the same coverage for a smoker costs $16.70 per month

Here are the average monthly premiums for a 10-year term plan with coverage amounts of $50,000 and $100,000 for male smokers and non-smokers:

Age Coverage Amount Monthly Premium (Male Smokers) Monthly Premium (Male Non-Smokers)
20 $50,000 $16.70 $15.26
30 $100,000 $41.49 $30.51
35 $50,000 $34.43 $22.01
40 $100,000 $86.40 $48.87
45 $50,000 $84.83 $41.99
55 $100,000 $398.25 $180.45

Protect what matters most.

Get the lowest critical illness insurance quotes at PolicyAdvisor!

Can I cancel or modify my Sun Life critical illness insurance policy?

Yes, you can cancel or modify your Sun Life critical illness insurance policy with a simple process. If you cancel within the 30-day free look period, you will receive a full refund by submitting a written request along with any required documents. 

After this period, cancellation is still possible by submitting a written request, but refunds depend on your policy terms, and all coverage will end immediately. To modify your policy, such as adjusting benefits or adding riders, you must contact Sun Life directly. 

What are the pros and cons of Sun Life’s critical illness insurance?

Sun Life Critical Illness Insurance provides comprehensive coverage for up to 26 full-payout illnesses, with generous payouts ranging from $25,000 to $3 million.

It includes options for children’s coverage, an online application process, and the benefit of no survival period for many conditions. However, it has limited short-term coverage options, and higher premiums for certain features, such as return of premium riders.

 

Pros and cons of Sun Life critical illness insurance

Pros Cons
Comprehensive coverage for up to 26 illnesses Limited short-term coverage options
Generous payouts from $25,000 to $3 million High premiums for ROP riders
No survival period for several conditions
Teladoc Medical Experts (medical consultations via a global physician network)
Digital access for application and management

How can I buy Sun Life critical illness insurance?

If you’re looking for affordable Sun Life critical illness insurance quotes, we recommend speaking to our licensed advisors to compare and find the best plan for your needs. With PolicyAdvisor, you’ll receive free instant quotes, the lowest rates in the market, and lifetime after-sales support. 

Need help?

Call us at 1-888-601-9980 or book some time with our licensed experts.

Frequently asked questions

Can I cover my children under Sun Life Critical Illness Insurance?

Yes, Sun Life offers comprehensive coverage for children through policies ranging from $25,000 to $1 million. Their children-focussed plan covers conditions such as cerebral palsy, congenital heart disease, cystic fibrosis, muscular dystrophy, and type 1 diabetes mellitus till the age of 24.

Does Sun Life Critical Illness Insurance cover early-stage illnesses?

Yes, Sun Life provides partial benefit payouts for 8 early intervention conditions: chronic lymphocytic leukemia (CLL) Rai stage 0, ductal carcinoma in situ of the breast, gastrointestinal stromal tumors classified as AJCC Stage 1, Grade 1 neuroendocrine tumors (carcinoid), papillary or follicular thyroid cancer stage T1, stage 1A malignant melanoma, and Stage A (T1a or T1b) prostate cancer. Please note, that these illnesses are only covered under one of Sun Life’s plans: Sun Critical Illness Insurance.

What is the age limit for Sun Life critical illness insurance?

Sun Life offers critical illness coverage from the age of 18 till the age of 65. Children are covered between the ages of 30 days and 17 years. This may vary based on your specific plan and coverage type.

/* Custom Archives Functions Go Below this line */ /* Custom Archives Functions Go Above this line */

Sun Life Insurance Review – Updated 2025

Many Canadian companies allow you to buy life insurance online these days. But, if you prefer to go into a physical location and see an expert to get insured, a policy from Sun Life could be a good choice for you.

Read our full review below to find out more about the company, which features they offer, and what we rate their life insurance products.

Schedule a call for visitor insurance

Need insurance answers now?

Call 1-888-601-9980 to speak to our licensed advisors right away, or book some time with them below.

PolicyAdvisor Rating

Best for In-Person Purchase

AM Best Rating A+

GET QUOTES

Our Sun Life insurance rating and review

Sun Life sells 4 term life insurance products:

  • SunTerm: a normal term insurance policy that can cover you for up to $15 million
  • SunSpectrum Term: more affordable prices but you don’t have as much coverage
  •  SunLife Go: shorter terms and fewer rider options, but up to $1 million in coverage
  • SunLife Go Simplified: a policy you don’t need a medical exam for (non-medical), but won’t give you as much coverage

Sun Life mostly sells its two main products — the Sun Term and Sun Spectrum Term — offline. You can mostly buy these by having an in-person meeting with one of the representatives who’s part of the vast network of Sun Life’s financial advisors and distributors. 

Their products are fairly standard. You’ll get the features and benefits that are included with most similar policies in the Canadian life insurance market.

You can renew your policy for another term once your first term is done, or you can change it into permanent life insurance. You also have a lot of life insurance rider options that can help you get a wide variety of coverage for an affordable rate.

Sun Life’s premiums can cost a bit more than some other companies. But, they can also give you some of the highest amounts of coverage in the Canadian market.

We would recommend Sun Life if you’re looking for an insurance company that can give you decent coverage the old school way — which is to say, by applying in person.

Sun Life Term Life Insurance — Product Details

  • Available Term Lengths: 10, 15, 20, and 30 years
  • Available Term Types: Guaranteed level premiums
  • Maximum Amount of Coverage: $15,000,000
  • Renewability: Yes, renewable to age 85 (for SunTerm and SunSpectrum only)
  • Convertibility: Yes, convertible before age 75 (for SunTerm and SunSpectrum only)
  • Added complementary benefits: Terminal illness benefit — insured may be eligible for a 50% advance of the coverage amount in event of terminal illness, up to a $250,000
  • Other types of insurance: Permanent insurance, critical illness insurance, disability insurance, health & dental insurance, long-term care insurance

Sun Life Insurance pros and cons

Here is what our team ranks as the most and least advantageous features of Sun Life’s term life insurance products for most Canadians.

Sun Life insurance pros

  • Strong name brand recognition
  • Multiple rider options available to help you maximize coverage for yourself and your family
  • Lets you convert into permanent life insurance up to age 75 — most other companies only allow this up to age 70 or 71 at most
  • Multiple options to convert into permanent life insurance: whole life or universal life
  • Fully underwritten or non-medical coverage options available
  • Coverage amounts up to $15 million — one of the highest in the Canadian market
  • Online application process
  • Digital e-policy

Sun Life insurance cons

  • Only 4 term lengths available (10, 15, 20, or 30) — some companies let you customize
  • Premiums can be higher than competitors
  • Underwriting can be strict if you have existing health concerns
More choice. Lower price.
PolicyAdvisor saves you time and money when comparing Canada’s top life insurance companies. Check it out!
GET STARTED

Who is Sun Life Insurance?

Sun Life Financial, Inc., founded in 1865, is one of the largest life insurance companies in the world. It was started in Montreal, Quebec, as The Sun Insurance Company of Montreal. In 1979 the company shifted its headquarters from Montreal to Toronto.

Today Sun Life is a major financial company. It has offices in countries all over the world, including the U.S., the United Kingdom and Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia, and Bermuda. It has 37,000 employees and sells products through more than 112,000 advisors.

Sun Life Assurance Company of Canada provides insurance and financial services like wealth and asset management. It has over $1 trillion CAD worth of assets under management (AUM) across the world.

Blue bulb

Sun Life and Health Insurance Company: Quick Facts

  • Founded: 1865
  • Headquarters: Toronto, Ontario
  • AM Best Rating: A+
  • Better Business Bureau Accreditation and Rating: No / A+
  • Assets: $173.2 billion
  • Annual Premiums: $20.9 billion

Check out more facts about Canada’s biggest life insurance companies

How much does life insurance from Sun Life Insurance cost?

Term life insurance from Sun Life can be more expensive than other companies. But, you also get the added benefit of higher coverage. The table below shows some Sun Life term insurance quotes at different ages for their default plan, for a 20-year term and $500,000 in coverage.

You can easily get a personal Sun Life insurance quote and compare it with other companies right here on our website. Just click the link below the table to get started.

Age Male Female
30 $33.30 $26.10
35 $35.10 $28.80
40 $52.65 $40.50
45 $82.80 $59.40
50 $141.75 $95.85
55 $259.20 $176.40
60 $469.80 $322.20
65 $718.20 $498.60


*Representative values. Insurance premiums for SunTerm 20 based on non-smokers in good health. $500,000 life insurance benefit coverage, 20-year term.

What types of term life insurance policies does Sun Life Insurance offer?

Sun Life Insurance offers four different term life insurance products. We’ve provided some details on them below.

SunTerm

Sun Life’s standard product, with features you would find in most term life insurance plans.

  • Offered in 10, 15, 20 and 30-year terms with guaranteed level premiums
  • SunTerm 10 and SunTerm 15 are exchangeable for SunTerm 20 or SunTerm 30 should your coverage needs change
  • All terms offer optional benefits such as children’s insurance riders, waiver of premium on total disability, guaranteed insurability, and accidental death benefit
  • All terms are renewable to age 85 and convertible before age 75
  • Joint-first-to-die and multiple life options available
  •  Minimum coverage amount for this product is $250,000

SunSpectrum Term Insurance

Similar to the SunTerm plan, but with a lower minimum coverage amount of $50,000. This could be a good option if you want coverage for smaller amounts.

  • 10, 15, 20 and 30-year terms with guaranteed level premiums
  • All terms are renewable to age 85 and convertible before age 75
  • SunSpectrum Term 10 and SunSpectrum Term 15 are exchangeable for 20 or 30 year terms, should your coverage needs change
  • All terms offer optional benefits such as children’s insurance riders, waiver of premium on total disability, guaranteed insurability, and accidental death benefit
  • Joint-first-to-die and multiple life options available

Sun Life Go Term Life Insurance

An insurance plan that has less strict underwriting, with coverage amounts from $100,000 to $1 million.

  • Available in 10 or 20 year terms for those between the ages of 18 and 69
  • Simpler online application process
  • Answer some health questions to apply online: You will not need to take a medical test
  • Does not have the other benefits/riders available with Sun Spectrum and SunTerm
  • Price is a lot more expensive than other term insurance products

Sun Life Go Simplified Term Life Insurance

Sun Life’s no-medical life insurance option. It’s simplified issue, meaning you don’t need to take a medical exam to get approved. You can get small amounts of coverage with this plan.

  • Choose from 3 amounts: $50,000, $75,000 or $100,000
  • The only term available is 10 years
  • You only need to answer 3 health-related questions
  • No other optional riders/benefits
  • Can be useful for people with health issues who may not qualify for traditional term life insurance or other insurance products
  • A lot more expensive

sun life insurance review

What other insurance policies does Sun Life Insurance offer?

Aside from term life insurance, Sun Life also sells the following products:

Permanent life insurance covers you for your entire life. Your premiums are guaranteed to stay the same as long as you have your policy. It’s also often called whole life insurance.

Many of these types of plans also have an investment component that helps you build wealth during your lifetime.

Sun Life has 3 different types of permanent insurance options: non-participating, participating, and universal.

Learn more about permanent life insurance.

Sun Life Non-Participating Life Insurance

Builds cash value over time, but does not pay dividends. Sun Life has 3 options for this type of plan:

  • Sun Life Go Guaranteed Life Insurance. Simplified or guaranteed no-medical plan with coverage amounts from $5,000 to $25,000.
  • SunSpectrum Permanent Life II. Whole life insurance coverage up to $10,000,000 that needs no active management.
  • Sun Permanent Life Insurance. Guaranteed lifetime protection with coverage from $250,000 to $10,000,000.

Sun Life Participating Life Insurance

Gives you cash value and pays out dividends. Sun Life also has 3 options for this type of policy:

  • Sun Par Protector II. Basic plan to generate long-term cash value and death benefit growth.
  • Sun Par Accumulator II. Focuses on higher cash value growth in a shorter amount of time,
  • Sun Par Accelerator. Guaranteed to be fully paid-up in eight years. Provides high cash values in a short period of time, but also gives you long-term cash value and death benefit growth.

Sun Life Universal Life Insurance

Lets you manage your own cash value investments instead of letting the insurance company do it for you. Sun Life also has 3 options for this type of coverage:

  • SunUniversalLife II. Policyholders can choose from four coverage options, six Cost Of Insurance structures, and five death benefit options.
  • SunUniversalLife Pro. Designed specifically for corporations, business owners, and professionals.
  • SunSpectrum Universal Life II.  Reduced paid-up feature lets you stop making payments after age 70. It also features a guaranteed investment bonus that rewards you for maintaining and growing the policy.

Critical illness insurance will give you a one-time payment if you become sick with a serious illness. Most insurance companies will pay out for 26 or more of the most common major diseases in Canada, like cancer, heart attack, stroke, and others.

Sun Life offers critical illness insurance for adults and children. They also give you a lot of options to customize your coverage, such as:

  • Enhanced (covers 26 conditions) and children’s coverage (5 additional conditions) available
  • 8 conditions are eligible for partial payouts
  • Early detection is eligible for partial payment (10% of the benefit up to $50,000)
  • Terms: 10 years and to age 75 and 100
  • 10 and 15 year limited pay options
  • Maximum coverage: $2.5-million
  • Coverage for Loss of Independent Existence Included
  • Return of Premium on death and expiry/cancellation available (after 15 years)

Read our Sun Life Critical Illness Insurance Review

Disability insurance will help pay a big part of your paycheque if you become disabled and cannot work. It’s also called income protection insurance.

Sun Life has disability insurance options for sale. But you have to speak to an insurance broker to find out more information and get quotes for their disability insurance plans.

Learn more about disability insurance in Canada.

Private health insurance helps to pay for health care costs that your provincial or government health plan doesn’t. Most private health plans also help pay for dental costs.

Sun Life is a popular choice for group benefits through your job in Canada. A lot of companies use them to give benefits like private health insurance to their employees. They offer Basic, Standard, and Enhanced plans, with different levels of coverage.

Sun Life also lets you change your group health insurance to a policy you own if you leave the company, so you won’t lose your coverage. They let you do this easily without having to answer a lot of health questions or do a medical exam.

Learn more about private medical insurance in Canada.

Long-term care insurance is a type of policy that helps to cover costs of taking care of someone when they become older and need assistance with daily living. It pays part of the cost for things like if you need to move into a senior’s home.

Sun Life offers both Sun Long Term Care Insurance and Sun Retirement Health Assist to protect against healthcare costs in retirement.

Where to buy Sun Life term life insurance policies?

You can buy life insurance with Sun Life on PolicyAdvisor.com. Use our free quoting tool or click the button below to get personalized quotes instantly. And, you can also compare those quotes with some of the other top companies for life insurance in Canada.

If you would prefer to speak with a licensed insurance agent, we can help with that too! Our experienced advisors would be happy to speak with you and give one-on-one advice.

Speak with a professional insurance advisor

As Canada’s best online life insurance advisor, we can help you compare and choose the company that matches your needs. Don’t hesitate to speak with our licensed advisors if you need help. We offer no-obligation advice to help you find your best match!

Need help?
Call us at 1-888-601-9980 or book time with our licensed experts.
SCHEDULE A CALL