Manulife CoverMe Life Insurance rating and review

Manulife CoverMe term life insurance is one of the insurance giants few products that can be purchased fully online. While the name recognition that comes with being a global brand synonymous with financial protection is attractive, potential insurance seekers can be better served by other choices in digital life insurance fulfillment. As it stands, CoverMe is more expensive than many of its market alternatives and offers little to no options for longer terms, larger death benefits, riders, and other aspects of a modern life insurance policy.

We would recommend choosing one of the many other insurers in the market at this point in time, given the potential to obtain lower prices and access a wider spectrum of features and optional benefits. Use PolicyAdvisor’s quoting tool to find the right coverage through several competitive quotes from Canada’s best life insurance companies.

Manulife CoverMe Life Insurance pros and cons

Pros

• Direct to consumer: customers can purchase their term life insurance plans online
• Digital e-policy
• Name recognition: Manulife is Canada’s largest life insurance company and offers a product you can trust
• Convertible to another Manulife permanent life insurance plan without medical underwriting

Types of term life insurance Manulife CoverMe offers

 CoverMe is targeted at those purchasing their first term life policy due to a life event (such as buying a house, getting married, or starting a family). CoverMe’s Term Life Insurance plan is the main offering.

• Canadian residents between the ages of 18 and 70 are eligible to apply. The coverage amount ranges from $100,000 to $1,000,000 and is only available in 10-year terms. It is renewable at the end of each term – with no additional medical underwriting requirement – until the age of 85.
• Only one additional benefit is available: the Terminal Illness Benefit. It provides up to 50% of the coverage amount (with a maximum of $100,000) as a one-time cash advance if you are diagnosed with a terminally illness and have only 12 months or less to live.
• Applicants between the ages of 18 and 55 are eligible for up to $250,000 in instant coverage without the need for a medical exam.
• CoverMe is more expensive than Manulife’s other term life insurance products. (For example, for a 35-year-old male, a $500,000, 10-year policy would carry a $42.00 monthly premium through CoverMe. Comparatively, that same policy would cost $26.68 through Manulife Family term).

Apart from CoverMe Term Life Insurance itself, Manulife offers 3 other life insurance products on the CoverMe platform:

CoverMe Easy Issue Life Insurance

This is a simple and quick issue insurance plan which provides a basic level of life insurance coverage. 

• There is no medical exam – you are instead required to answer two medical questions 
• Each term lasts 10 years and you can renew till the age of 65 
• There are only two benefit amounts: $50,000 and $75,000

CoverMe Guaranteed Issue Life Insurance

This is an affordable product which provides basic coverage without any medical exam or medical questions. 

• Acceptance is guaranteed. 
• Premiums are guaranteed for life
• Only available between ages 40 and 75 
• The death benefit ranges from $5,000 to $25,000 
• This is a permanent life insurance plan

FollowMe Life Insurance

This insurance plan is designed for those who lose their workplace group life insurance coverage and offers them uninterrupted coverage at an affordable price.

• Matches the coverage one had in their group plan for themselves and their spouse (provided they were also covered in your group plan). 
• One must apply within 60 days of their group coverage ending. 
• This is a no-medical guaranteed acceptance product. 
• Coverage remains if the policyholder retires or moves to another job, or even if their health situation changes.

Apart from those under the CoverMe umbrella, Manulife has a few other term life products (not available online):

• Family Term: This is Manulife’s flagship term life insurance product, offering coverage ranging from $250,000 to $25,000,000. It is available in terms of 10 or 20 years or until age 65. It’s also automatically eligible for Vitality Go, an innovative new program that rewards a healthy lifestyl.e 
• Family Term with Vitality Plus: This is similar to the Vitality Go initiative, but it’s only available for select policies. It boasts of more exclusive rewards than the standard Vitality Go, but also has more penalties. (Read our full Manulife Vitality Term Life Insurance Review.)
• Business Term: An affordable, flexible policy for business protection: It includes key person protection, buy-sell funding, estate tax coverage, and business collateral insurance.
• Quick Issue Term: No-medical life insurance. It offers completely electronic paperwork and a fast approval process. It is similar to CoverMe Easy Issue.

Coverage and policy details

• Available Term Lengths: 10 years
• Available Term Types: Level guaranteed term
• Maximum Amount of Coverage: $1 million
• Renewability: Yes, renewable every 10 years up to the age of 85
• Convertibility: Eligible for conversion to permanent life insurance within a certain period

What other insurance policies does Manulife CoverMe offer?

• CoverMe Travel Insurance for travelling Canadians, visitors to Canada, and students
• CoverMe Flexcare Plans and FollowMe Plans for Health Insurance
• CoverMe Critical Illness

Manulife itself offers a huge range of other types of insurance outside the CoverMe brand, including:

• Permanent/Whole Life Insurance
• Critical Illness Insurance
• Long Term Care
  
• Disability Insurance
• Personal Accident Insurance
  
• Travel Insurance
  
• Health and Dental  Insurance
  
• Group Plans
• Investment Plans (including RRSPs and TFSAs)

Is Manulife’s CoverMe Insurance right for you?

While Manulife Cover Me offers name recognition and basic life insurance coverage products that are a fit for many Canadian consumers  – there may be better options, especially with digital fulfillment. As insurance advisors for multiple life insurance companies and products, we can help you decide if Manulife’s CoverMe products are the best fit for you or if another provider can meet your needs.

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 you the best coverage for your needs.

Who is Beneva?

Beneva is one of the largest insurance companies in Canada. It was only just announced in 2020, making its name fairly new to the Canadian insurance industry. But it is the product of a merger between two well-established life insurance companies founded in Quebec in the 1940s — SSQ Insurance and La Capitale.

Read more about what happened to SSQ and what happened to La Capitale. 

With the combined financial strength and assets of both groups, Beneva is now the 6th largest life insurance company in Canada and one of the biggest insurance mutuals.

As was the case for SSQ Insurance and La Capitale, Beneva is a mutualist organization. This means all policyholders can become co-owners and actively participate in the business direction of Beneva as it strives to adhere to its values of solidarity, equity, responsibility and equality.

Types of critical illness insurance policies Beneva offers

Beneva does offer critical illness insurance coverage for 3 conditions (basic coverage) and 25 conditions (enhanced coverage). It also offers coverage for dependent children.

Coverage and policy details

Beneva’s maximum coverage for critical illness insurance is $2 million.

They offer coverage for loss of independent existence as part of their enhanced coverage. They offer partial payouts, but for only 4 different conditions. The payout is typically 10% of the policy, up to $50,000.

Beneva also offers coverage for 3 additional childhood illnesses.

The survival period (how long you must survive with the illness before you can collect your benefit) is 30 days.

Beneva offers critical illness insurance for 10-year and 20-year term insurance or coverage, up to 75 or 100 years of age.

Limited-pay options are available; a 20 Pay option is available for permanent policies.

Does Beneva’s critical illness insurance offer return of premiums?

Yes, Beneva offers return of premiums on death, and a few different options for return of premium on expiry or cancellation after 20 years or when the policyholder turns 55.

Beneva’s return of premium on expiry is available with Term-10, Term-20, and Term to 75 policies.

Its return of premium on cancellation is available with Term to 75 and Term to 100 policies, and also Term to 100 policies with paid-up 20-year plans.

How do I apply for Beneva’s critical illness insurance?

You can apply for Beneva’s critical illness insurance using the best online life insurance broker in Canada. You can enter your information and look up quotes using the button below or schedule a call with one of our licensed advisors to apply for Beneva’s critical illness insurance, or to find out which critical illness insurance options would be best for you. 

Beneva life insurance rating and review

Beneva’s flagship product is its Term Plus, which packs a ton of flexibility for usage. This policy offers life coverage in addition to unique built-in features and customizable options that can comprehensively protect you against life’s biggest risks. The Term Plus product can be combined with an optional disability and critical illness coverage, allowing for a robust combo product solution from Beneva (formerly SSQ Life Insurance Company Inc).

On a stand-alone basis, Beneva’s Term Plus offers a number of terms (including a 40-year term, which is advantageous for business owners). Beneva also offers an excellent exchange program; you are able to exchange your original term life policies for a higher term without evidence of insurability.

However, such an exchange must be done between the first and fifth anniversaries of the policy. The built-in guaranteed insurability benefit allows you to increase coverage by up to 25% (or $100,000) to meet any increasing needs for protection in the future.

The Beneva underwriting process is quick and easy, with simplified life insurance options. There is no medical exam for coverage of less than $500,000 if you are between ages 18 and 45.

As SSQ Insurance policies did, Beneva Life Insurance plans also offer a built-in and one-of-its-kind extreme disability benefit. This allows you to obtain an advance payment of 50% of the life insurance amount, up to $250,000, in the event of extreme disability. It’s a feature that really sets Beneva’s policies apart from more basic term life insurance coverage.

In addition to the traditional level coverage, Beneva Life Insurance also offers a decreasing term insurance product, which is best suited for covering mortgage or loan liabilities.

Beneva also offers an automatic approval of $20,000 in affordable critical illness insurance coverage to those with good health, with no medical exam. It’s a great option for those considering a critical illness rider. However, the critical illness cover is limited to 3 diseases, which explains its lower price.

Beneva life insurance pros and cons

Beneva life insurance pros

• A built-in Extreme Disability Benefit is unique in the industry
• Options to add critical illness and monthly disability indemnity make for a comprehensive financial protection solution
• Several optional riders including accidental death and dismemberment and child rider
• Preferred rates available starting at $1,000,000
• No medical exam for policies with death benefit below $500,000
• Digital e-policy

Beneva life insurance cons

• Longer turnaround times for policy approval

Who is the Beneva Insurance Company?

Beneva is one of the largest insurance companies in Canada. It was only just launched in 2020, making its name fairly new to the Canadian insurance industry. But it is the product of a merger between two well-established life insurance companies founded in Quebec in the 1940s — SSQ Insurance and La Capitale.

Read more about what happened to SSQ and what happened to La Capitale. 

With the combined financial strength and assets of both groups, Beneva is now the 6th largest Canadian life insurance company and one of the biggest mutual insurance companies. It offers a wide range of customizable insurance products, as well as other financial and investment services.

As was the case for SSQ Insurance and La Capitale, Beneva is a mutualist organization. This means all policyholders can become co-owners and actively participate in the business direction of Beneva.

Key facts about Beneva Insurance Company

• Founded: 2020
• Headquarters: Québec City, Québec
• AM Best Rating: A
• Better Business Bureau Accreditation and Rating: N/A
• Assets: $26.8 billion
• Annual Premiums: $6.6 billion

How much does life insurance from Beneva cost?

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

Types of term life insurance policies Beneva offers

Beneva offers term life insurance options to customize coverage.

Term Plus

• Designed for income replacement, estate planning, and covering personal and business debts
• Large variety of term lengths available
• Renewable and convertible
• Many in-built enhancements, optional riders, and add-ons available for children’s insurance, disability insurance, critical illness insurance, and other coverage
• Preferred rates available for healthier applicants
• Accepts applicants who are non-residents 
• Guaranteed premiums

Coverage and policy details

• Available Term Lengths: 10, 15, 20, 25, 30, 35 or 40 years
• Available Term Types: Level or decreasing available
• Maximum Amount of Coverage: $10,000,000
• Renewability: Yes. Renewable every 5 years after the initial term, up to age 85
• Convertibility: Yes. Convertible to Beneva permanent life insurance, up to age 70

What other insurance policies does Beneva offer?

Beneva Life Insurance offers a wide range of insurance products and other types of life insurance to customers, such as:

Beneva permanent life insurance

Permanent life insurance provides you with coverage from the day the policy is settled until the day you die. Premiums are level and guaranteed, and as long as you keep paying the premiums, the coverage never expires. Many Canadians choose this type of insurance coverage for end-of-life costs like funeral expenses, coverage for estate fees and taxes, and the like.

Beneva offers three different permanent life insurance options: a Term 100 policy, a non-participating whole life policy, and a universal life policy.

Non-Participating Whole Life Insurance

Beneva offers non-participating whole life insurance with its Whole Life 20 and Whole Life 100 policies. All policies give the choice of having a cash surrender value that increases over time and adding other coverages like life insurance for children or critical illness coverage. Whole Life 20 has a 20-pay option; premiums for Whole Life 100 are paid until the person insured is 100 years old.

Universal Life Insurance

Universal life insurance is like whole life insurance, except there is a self-directed, long-term investment component: your insurer gives you options for investing the cash value of your policy.

Universal Life Insurance under Beneva is easy to understand. The plan offers maximum flexibility to policyholders. You can even add complementary insurance along with the Universal Life Insurance plan. You may also make changes during the policy. The features of the policy are mentioned below.

• You receive a 1% guaranteed bonus depending on the accumulated value, starting after 6 years
• You don’t have to pay surrender charges
• The plan offers flexibility for insuring family members at no additional cost
• The interest investment options for this plan are 1, 3, 5, and 10 years

Beneva simplified and guaranteed issue life insurance 

Those who want to take the quick route to get life insurance can consider Beneva’s simplified term and whole life insurance options. These types of coverage can be a good choice for people who do not want to take a medical exam or who may have other health concerns that may prevent them from being able to get traditional life insurance coverage. Simplified life insurance may ask a few limited medical questions, so there is a small chance someone could be denied coverage. But guaranteed issue life insurance forgoes medical questionnaires on the whole.

Because there’s no full underwriting process, the approval time is much quicker for simplified and guaranteed issue life insurance as compared to traditional policy approval times. But coverage is limited and premium payments tend to be more expensive than traditional life insurance.

Beneva provides several options for this kind of simple insurance coverage.

Simplified Term Life 10

• Available up to age 70
• Extreme disability benefit included
• Coverage Amount: $25,000 to $500,000, depending on applicant’s age
• Renewability: Yes. Renewable every 5 years after the initial term, up to age 80
• Convertibility: Limited. Can only be converted into Beneva simplified permanent life insurance, up to age 71

Simplified Term Life 20

• Available up to age 60
• Extreme disability benefit included
• Coverage Amount: $25,000 to $500,000, depending on applicant’s age
• Renewability: Yes. Renewable every 5 years after the initial term, up to age 80
• Convertibility: Limited. Can only be converted into Beneva simplified permanent life insurance, up to age 71

Simplified Whole Life

• Available up to age 80
• Extreme disability benefit included
• Coverage Amount: $10,000 to $249,999, depending on applicant’s age

Guaranteed Issue Whole Life

• Available up to age 80
• Coverage Amount: $10,000 to $50,000, depending on applicant’s age

Beneva Critical Illness Insurance

Critical illness insurance is a living benefit insurance policy that provides a tax-free lump sum payment if you develop a specified illness, health event (like breast cancer, prostate cancer, skin cancer, heart attack, and coronary angioplasty), or undergo treatment while under its coverage, after a minimum of 30 days from when you are first diagnosed (90 days for cancer). This coverage is available for a period of time also known as term length; and you determine it when purchasing the policy.

Beneva offers critical illness insurance for adults and coverage for children under age 17 through several policy options:

• Basic (3 conditions), enhanced (25 conditions) and child (28 conditions) plans offered
• Coverage available for dependant children
• Partial payouts available
• Maximum coverage is $2 million
• This plan’s range is 10 years, 20 years, and up to 75 or 100 years of age
• Limited pay available (20-pay)
• The plan also includes psychological assistance and a second medical opinion
• Return of premium on death, expiry, and cancellation available
• Survival period is 30 days

For more information and an in-depth look at their critical illness coverage, read our Beneva Critical Illness Insurance Review.

Beneva Travel Insurance

Beneva offers travel insurance through its partner, SecuriGlobe. Beneva travel insurance policies cover both extended and short stays. Their insurance coverage is all-inclusive: from baggage to cancellation and everything in between is covered. If you travel multiple times throughout the year, you can even consider opting for their annual multi-trip insurance.

Beneva Home Insurance

Beneva also provides home insurance for Canadians. You can save up to 20% on your premiums by combining home and auto insurance. Discounts are also offered for Canadian homeowners who install security systems.

Whether from theft or accidents and disasters, Beneva will cover your home. Beneva offers home insurance coverage for apartments, condo units, and freestanding residential properties.

Read our homebuyer’s guide to insurance. 

Beneva Auto Insurance

Beneva also offers insurance for your wheels. Beneva also allows for flexible and easy cancellations online. The premiums depend upon the kilometres you drive. Also, many of their car insurance plans include 24-hour roadside assistance.

Beneva Loan Insurance

Beneva offers comprehensive loan insurance. Policyholders can get a monthly amount to assist in paying the loan premiums should something affect their ability to earn and pay bills. Beneva loan insurance is renewable and convertible, and you can combine it with more of Beneva’s insurance products.

Beneva Group Insurance

Beneva Insurance also offers group insurance services for businesses and companies and their individual employees. Through Beneva Group Insurance, members can get coverage for Health Insurance, Prescription Drug Insurance, Disability Insurance, Life Insurance, Dental Care Insurance, Health Spending Accounts, Travel Insurance, and more. Beneva’s group insurance portal makes filing claims online easy, and claims are usually settled within 48 hours.

Beneva also offers specialized and custom group insurance plans that can cover Accidental Death and Dismemberment, Critical Illness, Insurance for Expatriates, Retirement or End of Employment coverage, Employee Assistance Programs (EAP), and general health and wellness programs for members.

Besides insurance, Beneva also offers many personal finance and investment products.

Is Beneva life insurance right for me?

Beneva Insurance offers unique term life insurance products that are a great fit for many Canadian consumers. As insurance advisors for Beneva Insurance products, we can help you decide if they are the best fit for you and find you Beneva Insurance quotes.

How do I apply for a term life policy with Beneva Insurance?

You can apply for Beneva Life Insurance’s plans by using PolicyAdvisor, the best online insurance broker in Canada. You can enter your information and look up quotes using the button below or schedule a call with one of our licensed brokers to apply for Beneva Life Insurance or get an instant quote.

ivari life insurance pros

• ivari offers a number of optional riders, including a children’s insurance rider
• Multiple term options are available
• 30-year term offers unique flexibilities, upon maturity
• Online access to account
• Digital e-policy

Who is ivari?

Known as Transamerica Life Canada until 2015, the company rebranded to ivari when it was acquired by new ownership (the Canada Pension Plan Investment Board, through Wilton Re). Wilton Re is a Bermuda based reinsurance company that focuses on worksite, senior market, and simplified term products. ivari products are distributed through thousands of independent advisors across Canada. The company offers life insurance and critical illness products.

ivari: Quick Facts

• Founded: 1927
• Headquarters: Toronto, Ontario
• AM Best Rating: A+
• Better Business Bureau Accreditation and Rating: 
• Assets: $11.5-billion
• Annual Premiums: $830.9-million

What types of term life insurance policies does ivari offer?

ivari offers 3 different options for term life insurance.

Term 10

• 10-year term life insurance for those looking to cover temporary needs or augment their current coverage
• Perfect for layering or laddering (combining with other types of insurance like whole life, etc)
• Available from 0 to 70 years of age
• Renewable every 10 years to age 80

Term 20

• 20-year term life insurance for those looking to cover income replacement and debts like loans or mortgages, especially in their children’s younger years
• Available from 0 to 60 years of age
• Renewable every 20 years to age 80

Term 30 with SelectOptions

• 30-year term insurance for those with longer-term debts or looking to protect their income through to retirement 
• Available from 0 to 50 years of age
• Renewable at year 30 with level premiums to age 100
• Three options, that can be exercised between the 15th and 20th year of the policy:

• • • Select30: Policyholder can decrease payments and reduce the coverage amount for the remainder of the policy.
    • SelectLIFE: Policyholder can choose Select30 features alongwith added lifetime final expense benefits.
    • SelectVALUE: Policyholder can access the policy cash value by decreasing the coverage or converting to a universal life policy.

Coverage and policy details

• Available Term Lengths: 10, 20, and 30-year terms
• Available Term Types: Guaranteed level premiums, plus other flexible options for Term 30 with SelectOption
• Maximum Amount of Coverage: $10,000,000
• Renewability: Yes, all plans renewable with no medical exam required
• Convertibility: Yes, all terms are convertible to eligible universal and permanent plans until age nearest 71.

Optional life insurance riders available from ivari

Ivari term life insurance offers these optional riders:

• Critical Illness Protection: This rider pays a one-time lump sum payment if the person insured becomes critically ill with one of the critical illnesses covered (you can choose either 4- or 25-condition coverage)
• Children’s insurance rider: This rider provides low-cost coverage for children of the person insured. They can choose to convert it to permanent coverage when they become adults.
• Accidental Death and Dismemberment: This rider provides an additional benefit in case of death or dismemberment resulting from an accident.
• Waiver of Premium: This rider waives all premiums if the person insured becomes totally disabled before the age of 65.
• Payor Waiver of Premium: If the person insured is a child, this rider waives all premiums if the person paying premiums becomes totally disabled before the age of 65.
• Term riders: These add an extra layer of temporary insurance to your base policy.

What other insurance policies does ivari offer?

ivari offers a limited range of insurance and investment products to customers, apart from term life, such as:

ivari Universal Life Insurance

Universal life insurance is like whole life insurance, except there is a self-directed long term investment component: your insurer gives you options for investing the cash value of your policy.

Ivari’s universal life insurance policies have a great reputation in the Canadian market for their flexibility and enhancements.

You can customize the plan according to your requirements; many Canadians use the policy to transfer family and corporate wealth.

Coverage Options:

• Joint First to die and Last to die, Single life
• Minimum Coverage
• • Joint plan: $100,000
  • Single life: $25,000

• MaximumCoverage: $10 Million
•  AvailableRiders
  • Critical illness (basic and enhanced)
  • Children’s Insurance Rider and Payor Waiver of Monthly Deductions
  • Accidental death and dismemberment
  • Term insurance riders for 10, 20, and 30 years

ivari Critical Illness Insurance

Critical illness insurance is a living benefit insurance policy that pays out a tax-free lump sum if you develop a specified illness, health event, or undergo treatment while under its coverage, after a minimum of 30 days from when you are first diagnosed (90 days for cancer). This coverage is available for a period of time also known as term length, and you determine it when purchasing the policy.

Ivari offers one critical illness insurance policy named Critical Illness Protection:

Critical Illness Protection

• This plan offers basic (4 conditions) and enhanced (25 conditions) coverage
• Available terms: 10 years, 20 years, and 65 years
• Requires traditional medical underwriting
• It is renewable
• Available from ages 15 days up to 65 years
• Convertible before age 60
• Benefits range from $250,000 to $2,000,000
• Level premium throughout the plan
• Available as a multiple life or single life plan
• Return of the premium available
• Also includes a 2nd Medical Opinion Service and early detection benefit

For more information and an in-depth look at their critical illness coverage, read our Ivari Critical Illness Insurance Review.

Other Financial Services from ivari

Besides insurance, ivari provides Canadians with several other financial products.

ivari Annuities

Annuities offer a source of income for retirement or estate planning. Ivari offers 3 types of annuities:

• Single life annuity with or without a guarantee period
• Joint and survivor life annuity with or without a guarantee period
• Term certain annuity

ivari Inforce Products

Ivari services Guaranteed Interest Account (GIA) and Daily Interest Account (DIA) products which were part of its investment fund products. As of March 2020 you can no longer participate in these funds, but ivari does provide support for those already investing.

How can I get ivari life insurance quotes?

ivari offers unique life insurance coverage products that are a great fit for many Canadians consumers. As insurance advisors for ivari’s life insurance products, we can help you decide if ivari products are the best fit for you and find ivari 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 you the best coverage for your needs.

Pros and cons

Pros

• Discounts for bundling services
• Comprehensive conditions covered (25 full payout illnesses)
• Children’s coverage available
• Online account access
• Digital e-policy

Cons

• No limited pay options
• No second option
• No permanent coverage

Who is the Empire Life Insurance Company?

Established in 1923 in Kingston, Ontario, the Empire Life Insurance Company is evolving its life insurance products for the digital age. The company was recently named Life and Health Insurer of the Year, due to its focus on giving simple, easy, and digital access to their insurance products. The company ranks among the top life insurance companies in Canada.

Key Facts about Empire Life Insurance

• Founded: 1923
• Head Office Location: Kingston, Ontario
• AM Best Rating: A
• Better Business Bureau Accreditation and Rating: N/A
• Assets: $15.5 billion
• Annual Premiums: $1 billion

How much does life insurance from Empire Life cost?

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

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

The Empire Life Insurance Company offers several term life insurance plans with various options depending on your personalized coverage needs.

Solution ART

• Annually renewable and convertible term life insurance for those seeking short-term or temporary life insurance solutions.
• Coverage is available up to age 100, at which time the policy is considered paid-up
• Guaranteed premium rates with no increases for the first three years.
• Premiums increase every year thereafter, up to the last renewal age of 85, after which they stay the same till age 100
• Temporary life insurance coverage is typically available at a lower cost than longer-term coverage.
• Ideal for applicants seeking temporary life insurance coverage for temporary needs e.g. to cover a short-term personal or business loan.
• Can also be used by applicants that want an affordable solution in the interim as they plan to switch to a longer-term or permanent insurance solution (protection for life) after a short period of time
• Can be used by those wanting to improve their health status for an insurance application.  Many applicants choose Solution ART while they take the time to reduce or remove an insurance rating (larger premiums charged by an insurance company). Solution ART provides an affordable solution for the present while one improves their status.
• Can be used by those that want to improve their health status (e.g. intend to give up smoking) and then apply for longer-term coverage
• Can be combined with other Solution products from the Empire Insurance range of products to create a comprehensive coverage.

Solution 10/20

• 10-year or 20-year term renewable and convertible life insurance
• Short- or longer-term life insurance coverage which can serve many different needs.
• Well suited to those looking to cover mortgages & debts or planning to cover their small business.
• Coverage is available up to age 100, fully paid up at age 100
• Guaranteed premium rates that increase every 10 or 20 years with last premium increase occurring at age 75 (Solution 10) or age 65 (Solution 20) and staying level until age 100

Solution 30

• 30-year term life insurance with guaranteed premiums
• Policy is renewable and convertible
• Coverage is available up to age 100, fully paid up at age 100
• Premiums stay the same for the first 30 years, after which premiums increase annually to age 85, and thereafter remain the same till age 100.
• Coverage is fully paid up at age 100.
• Ideal for those seeking long-term coverage to cover mortgage and debt responsibilities as well as final expenses and family income replacement.

Coverage and policy details

• Available Term Lengths: Annually renewable term, 10-year term, 20-year term, 30-year term, and term-to-100 (part of the permanent suite for lifelong coverage)
• Available Term Types: Level coverage. Single, multi-life, joint first-to-die, and joint last-to-die coverage available
• Maximum Amount of Coverage: $10,000,000
• Renewability: Yes – see review above for more details
• Convertibility: Yes, up to age 75

What other insurance policies does Empire Life Insurance offer?

Empire Insurance offers a wide range of life insurance products to customers, apart from term life, such as:

Empire Life Permanent Life Insurance

Permanent life insurance provides you with coverage for life: from the day the policy is settled until the day you die. Premiums are level and guaranteed, and as long as you keep paying the premiums the coverage never expires.

Empire Life offers 4 different permanent life insurance products.

Solution 100

• Non-participating permanent life policy (whole life insurance)
• Guaranteed cash surrender and paid-up values start after 4 years
• Guaranteed level premiums that end at age 100
• Ability to add Empire Life’s other Solution and Critical Illness policies as riders

EstateMax

• For those looking to build wealth through long term cash value
• Five dividend options
• Four payment options: 8 Pay, 10 Pay, 20 Pay, or Life Pay (to age 100)
• Some of the highest guaranteed cash values in the policy’s later years add to long-term value
• Above-average non-guaranteed cash values
• Ability to add Empire Life’s other Solution and Critical Illness policies as riders, among other riders

Optimax

• Cash-value focused; better suited for short-term savings growth
• Five dividend options
• Annual dividends are not guaranteed
• Four payment options: 8 Pay, 10 Pay, 20 Pay, or Life Pay (to age 100)
• Ability to add Empire Life’s other Solution and Critical Illness policies as riders, among other riders

Guaranteed Life Protect

• Guaranteed level premiums for one’s entire life, policy becomes paid up at age 95
• Guaranteed cash surrender values after 5th policy anniversary
• No medical or lifestyle questions required for application
• Some restrictions on benefit payout if the insured person passes away within the first 24 months of the policy taking effect
• Available to Canadian residents between the ages of 40-75

Empire Life Critical Illness Insurance

Critical illness insurance is a living benefit insurance policy that pays out a tax-free lump sum if you develop a specified illness, health event, or undergo treatment while under its coverage, after a minimum of 30 days from when you are first diagnosed (90 days for cancer). This coverage is available for a period of time also known as term length; and you determine it when purchasing the policy.

Empire Life offers 2 different critical illness insurance policies with a maximum of $2,000,000.

CI Protect

• Basic coverage which includes the 4 most common critical illnesses in Canada: cancer, heart attack, stroke and coronary artery bypass
• A chosen beneficiary will receive a $1,000 death benefit regardless of the cause of death
• Guaranteed coverage available up to age 75
• Available in 10 and 20-year terms
• No return of premium options

CI Protect Plus

• Offers enhanced coverage (25 life-threatening medical conditions)
• Available in 10 and 20-year terms or coverage up to 75 years of age (10 and 20-year terms are convertible to age 75 coverage – until the insured person turns 65)
• A chosen beneficiary will receive a $1,000 death benefit regardless of the cause of death
• Additional benefits and riders: waiver of premium, accidental death & dismemberment, children’s life rider, children’s critical illness rider
• Return of premium options: return of premium on surrender or maturity rider, return of premium on death

For more information and an in-depth look at their critical illness coverage, read our Empire Life Critical Illness Insurance Review.

Empire Life Group Benefits

Empire Life also offers group health benefits plans for groups, associations, and business owners to provide health and dental benefits to their members or employees.

Investment Products and Other Financial Products from Empire Life

Besides insurance, Empire Life offers many investment solutions and personal financial products including guaranteed investment funds and portfolios, GICs, annuities, RRSPs, RRIFs, TFSAs, mutual funds, and more to help Canadians with their wealth management needs.

How do I get Empire Life Insurance quotes?

The Empire Life Insurance Company offers unique insurance policies that are a great fit for many Canadian consumers that value the convenience offered by non-medical products. As insurance advisors for Empire Life insurance products, we can help you decide if Empire policies are the best fit for you.

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

PolicyAdvisor reviews are informed by the insurance experiences of real consumers. As Canada’s leading online insurance brokerage, we create these helpfull reviews so Canadian’s can make informed decisions about their insurance purchases.

Read all the review topics on RBC Insurance Canada to learn more.

Our RBC Life Insurance rating and review

RBC Insurance offers a best-in-class term life insurance with highly affordable premiums – often times beating the competition on price alone. Applicants have the flexibility to choose different term lengths and coverage amounts, allowing them to personalize their coverage to their needs. While personalization can be a feature of many term life insurance providers, RBC Insurance’s unique YourTerm offering let’s applicants choose a term between 10 and 40 years (if they are eligible) which gives much more choice than the industry’s standard increments. Because of the customization available, RBC Insurance is also a great choice for those looking to implement a ladder strategy for their coverage.

This, plus RBC Insurance’s extensive choice of available riders make them a great value in Canada’s term life insurance landscape.

Who is RBC Insurance?

RBC Insurance is the insurance arm of the Royal Bank of Canada, one of the country’s major banks and the largest bank in Canada by market capitalization. RBC Insurance was created in the 1960s and built up through a series of acquisitions: Ontario Loan and Debenture Company (formerly Ontario Savings and Investment Society) in 1968, Voyageur Insurance Company in 1993, Westbury Canadian Life Insurance Company in 1996, the Mutual of Omaha Life Insurance’s Canadian operations in 1998, and Prudential Canada in 2000. It is now the largest Canadian bank-owned insurance company, with over 2,500 employees.

Key facts about RBC Insurance Canada

• When was RBC founded? 1864
• Where is RBC Insurance headquarters? Toronto, Ontario
• AM Best Rating: A (Excellent)
• Better Business Bureau Accreditation and Rating: N/A
• Assets: $15.1-billion
• Annual Premiums: $4.2-billion

How much does life insurance from RBC Insurance cost?

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

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

RBC Insurance’s flagship term life product is YourTerm. It offers substantial coverage with the flexibility to choose any term you want, between 10-40 years. This is amongst a select few products in the Canadian term life insurance market which allows the flexibility to choose a coverage length based on needs, instead of predefined terms. 

For instance, one can choose a base policy of 23 years to align with their outstanding mortgage term. It is exchangeable (a YourTerm policy can be exchanged for another with a higher term without providing medical evidence), renewable, and convertible to a permanent policy.

This product can be purchased on a single life or as a joint first-to-die policy.

There are a number of optional riders:

• Term Rider: One can purchase additional term coverage for themselves or a family member over and above the base policy.
• Children’s Term Rider: Provides coverage for natural or legally adopted children. Each insured child may convert this to a new permanent policy upon reaching adulthood, without evidence of insurability, for a sum up to 10 times the rider amount (with a maximum coverage of $150K).
• Accidental Death Benefit Rider: Pays an additional death benefit if one dies as a direct result of an accident.
• Total Disability Waiver of Premium Benefit Rider: After being totally disabled for six consecutive months, RBC Insurance will waive premium payments and policy fees for the remaining term of the policy.
• Payor Death and Disability Waiver of Premium Benefit Rider: If someone other than the policyholder pays the premiums and they pass away, RBC Insurance will waive monthly premiums with some exclusions.

RBC Insurance also offers Simplified Term Life Insurance. This product provides affordable coverage with no medical exam, for up to $1-million. This policy can be converted to RBC Universal Life without providing additional medical evidence.

For both products, premiums are level for the entire term and end at age 100. You can pay premiums annually or through monthly pre-authorized debit.

Also keep in mind, because RBC Insurance offers best-in-class disability insurance and critical illness coverage (more on that below), you can apply simultaneously for multiple products and get a comprehensive financial protection plan through a single insurance provider.

Coverage and policy details

• Available Term Lengths: Any term from 10-40 years
• Available Term Types: Regular and Simplified (non-medical)
• Maximum Amount of Coverage: $25,000,000 
• Renewability: Yes, term life policies are renewable once the term ends. Premiums will change at renewal, but are guaranteed to be level for the entire renewed term.

What other insurance policies does RBC offer?

RBC Permanent Life Insurance

RBC offers two different whole life or permanent life insurance policies:

• RBC Guaranteed Acceptance Life Insurance. $5,000 to $40,000 in coverage is available without the need for a medical exam or questionnaire. You can apply for coverage between the ages of 40 and 75, and coverage is for life.
• Term 100 Life Insurance. Though the term is in the name, this policy provides lifetime coverage, though you only pay premiums until age 100. $50,000 and above is available for the benefit amount; a medical exam may be required.

RBC also offers a participating permanent insurance policy called RBC Growth Insurance with multiple options for how one can access the dividends from the policy.

RBC Universal Life Insurance

Universal life insurance is like whole life insurance, except there is a self-directed long term investment component: your insurer gives you options for investing the cash value of your policy.

RBC Insurance offers the RBC Universal Life Insurance Plan. The policy includes lifetime coverage, many options for choosing how your cash value is invested, and a choice between level protection or an increasing death benefit. The increasing death benefit is great for those looking for a tax-advantaged method to access retirement funds when they have maxed out RRSPs and TFSAs.

RBC Critical Illness Insurance

Critical illness insurance is a living benefit insurance policy that pays out a tax-free lump sum if you develop a specified illness, health event, or undergo treatment while under its coverage, after a minimum of 30 days from when you are first diagnosed (90 days for cancer). This coverage is available for a period of time also known as term length, and you determine it when purchasing the policy.

RBC combines their critical illness offerings with disability coverage under the RBC Insurance Health Insurance moniker alongside Hospital Insurance.

RBC offers two critical illness policies:

• Critical Illness Recovery Plan. This plan offers $25,000 to $2 million in coverage and includes more than 30 serious illnesses and conditions. It has level premiums to age 75  for the non-cancellable option, and level premiums to age 65 or 75 (guaranteed renewable).
• Critical Illness Insurance Plan. This plan offers coverage in amounts of $10,000, $25,000, $50,000, and $75,000 and includes the most commonly documented illnesses in Canada – namely cancer, heart attack and stroke.

Both policies are available in 10-year terms.

For more information and an in-depth look at their critical illness coverage, read our RBC Insurance Critical Illness Insurance Review.

RBC Disability Insurance

Disability insurance (or income protection insurance) is a policy that offers you protection against loss of income. It replaces a substantial portion of your paycheque if you become disabled until you return to good health and resume work (or the end of your coverage period).

RBC combines their disability offerings with critical illness coverage under the RBC Insurance Health Insurance moniker alongside Hospital Insurance.

RBC offers seven 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 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.

RBC Accidental Death and Dismemberment Insurance

Accidental death and dismemberment insurance (AD&D insurance) is a specialized form of life insurance whereby the insurer agrees to pay a sum of money to the insured or the insured’s dependents, should the insured die, or suffer a bodily injury, such as lose a limb, become paralyzed, or lose their hearing, speech or sight – all due to an accident.

RBC Insurance offers AD&D insurance policies they call Personal Accident Insurance. This policy is only available to existing RBC Insurance or Banking customers. The coverage provides guaranteed acceptance for amounts from $50,000 to $250,000 between the ages of 18 and 69. One must keep in mind that this coverage covers accidents, and is not applicable if the person insured dies of natural causes like illnesses or diseases. It is an option for those working in high-risk occupations or those denied other types of life insurance coverage.

RBC Home Insurance

RBC Insurance offers home insurance policies for many types of dwellings, covering damages to the 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 free-hold homeowners, condo owners, tenants, and seasonal and revenue properties.

RBC Car Insurance

RBC Insurance offers car insurance policies for a number of different vehicle types. RBC Insurance Car Insurance is their traditional auto insurance – including mandatory liability insurance in addition to optional coverage like theft and damage. As well, RBC Insurance has coverage options for recreational vehicles (ATVs, boats, motorhomes, classic and vintage cars, motorcycles, snowmobiles, trailers, etc) through their Leisure and Lifestyle Insurance offering.

RBC Insurance offers multi-policy discounts if you are insuring more than one vehicle.

RBC Travel Insurance

RBC Insurance Travel Insurance has options for travellers to and from Canada:

• Travel Medical for health emergencies that come up on your travels
• Trip Cancellation and Interruption for situations where you need alter your plans, lose luggage, etc
• Visitors Travel Insurance for those visiting, immigrating to, or studying in Canada from abroad.

These options can be purchased separately or bundled together as a travel package for a discount on the premiums.

Apart from insurance, RBC itself is a major Canadian financial services institution and offers personal finance products for banking, mortgages, loans, credit cards, and more.

How do I get RBC Life Insurance quotes?

RBC Insurance offers unique life insurance coverage products that are a great fit for many Canadian consumers. As insurance advisors for RBC Insurance’s life insurance products, we can help you decide if RBC Insurance products are the best fit for you.

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 you the best coverage for your needs, including RBC Insurance quotes or an instant quote from several other Canadian insurance providers.