The life insurance market in Canada is constantly growing, with total premiums estimated to be $34.7 billion or $880 per person in 2025, according to data by Statista. This clearly shows that a large number of Canadians consider life insurance to be important and would like to obtain a policy to secure their financial future.

However, Canadians face significant challenges in buying life insurance due to concerns related to complexity and affordability, making it difficult for them to decide upon a life insurance policy.

In this blog, we will take a look at how to buy life insurance in Canada, explore top providers, and understand essential tips that can help individuals secure a life insurance policy easily

What is life insurance?

Life insurance is a financial product that provides coverage to you and protects the future of your loved ones in case of your death. After your passing, the beneficiary receives a tax-free lump-sum amount known as the death benefit. This can be used by your loved ones to take care of their financial requirements.

According to data by the Canadian Life and Health Insurance Association (CLHIA), at least 30 million Canadians have some form of insurance in 2023. It was estimated that around 23 million people in Canada had life insurance, with insurance companies having paid claims worth $17 billion. 

There are various reputable insurance companies in Canada that offer different types of life insurance policies such as term life, whole life, as well as no-medical life insurance plans. You can compare different life insurance quotes before buying a suitable plan.

Why should you buy life insurance in Canada? 

Life insurance helps in securing the future of your loved ones even in your absence. There are several benefits of having life insurance, including income replacement, clearing debts, covering future costs and more. Listed below are some of the benefits of having a life insurance policy:

• Replacement of income: In case you pass away, the death benefit of your life insurance policy will help your family take care of their financial needs
• Debt protection: Life insurance can help in clearing any outstanding dues you may have. This ensures your loved ones are not under unnecessary financial burden
• Future costs: It can help you cover future expenses such as the cost of your children’s education, mortgage payments, retirement, etc
• Tax benefits: As a Canadian citizen, you can enjoy certain tax benefits if you have an active life insurance policy

How to buy life insurance in Canada: A step-by-step guide

You can either buy life insurance in Canada online or offline. However, you must know the steps you will need to follow to purchase the most suitable policy. These may include understanding your coverage needs, comparing life insurance quotes by various providers, filling out the application form, submitting various documents for the underwriting process and more. 

• Be aware of your coverage needs: Before buying a life insurance plan in Canada, you will need to know how much coverage you will require. You can take into account your current income, your age, the number of dependents, and also your long-term financial requirements to know how much coverage will work for you
• Know which type of policy you need: Life insurance comes in various types. Based on your immediate and future needs, you can choose the life insurance product that you feel will provide you the best benefits
• Compare life insurance quotes: You will have to thoroughly compare quotes provided by various life insurers in Canada to find the best coverage and rates. You can also visit the PolicyAdvisor website to use their free life insurance calculator to compare quotes for various life insurance plans 
• Fill in the application form: Once you have figured out the life insurance scheme you will buy, you will then have to fill in the application form and submit it along with all the necessary documents for verification
• Wait for application to be approved: The insurer will take up to two to four weeks to approve the application. Once that is done, you can then proceed to view your policy documents
• Read the policy documents: The final step is the most important. You must read the policy documents and inform yourself of all the inclusions, exclusions, coverage, and other fine print mentioned. Once you are satisfied with the terms and conditions mentioned in the policy documents, you can proceed to sign the policy documents

Things to consider when buying life insurance in Canada

Before buying a life insurance policy, you must conduct your own due diligence. Evaluate your financial needs, check out the variety of coverage options and look for the insurer’s reputation. You must also read policy documents carefully, look for additional riders or specific exclusions.

This ensures that you do not end up making any financial decisions you may regret later, or buy a life insurance plan which may not be suitable for you. 

• Financial needs: Your financial needs will play a huge role in determining the type of coverage you will need
• Know the type of policy you will need: Life insurance has various types. Know which one would work for you, based on your financial needs
• Coverage: You can use online life insurance calculators to determine the coverage you will require
• Check your budget: Buy a policy keeping in mind your future budget. You don’t want to under-insure or over-insure yourself
• Insurer’s reputation: Some of the best life insurance companies in Canada come with strong financial ratings and reputations. Do check out the insurer’s credentials before buying life insurance
• Read the policy document carefully: Before you sign on the dotted line, read the terms and conditions mentioned in the policy document
• Riders: Look for riders or add-on plans you can obtain. They provide additional coverage and can be helpful long-term

How much does a life insurance policy in Canada cost?

The cost of a life insurance policy will depend on factors such as age, income, status of smoking status, and the type of policy obtained. For example, a 35-year-old Canadian individual with a term life coverage of $500,000 may have to pay a monthly premium between $20 and $35. 

Whole life insurance premium rates are high as compared to what you would generally pay for term life insurance. It is therefore important that you compare various quotes to know how much coverage you require and based on your financial situation and future goals, which type of life insurance product you must buy.

The table below depicts the monthly premiums of a 20-year term life insurance policy for an individual seeking $500,000 from the top insurers in Canada.

Cost of a life insurance policy in Canada

*Illustrating the monthly cost of a 20-year term life policy for an individual seeking $500,000 in coverage

How much life insurance coverage do I need in Canada? 

You must research the total insurance coverage you will need when looking to buy a life insurance plan. You will have to consider certain factors like replacement income, outstanding debts, future expenses, etc, to obtain the most suitable coverage. Given below is the list of factors you should consider to purchase the most suitable life insurance coverage:

• Replacement of income: You can determine how much coverage you require by multiplying your annual income by the number of years left for your retirement. For example, if you are aged 35 years and your annual income is $50,000, then considering your retirement age to be 60 years, the total coverage you will need is 50,000 x (60-35), which is $1,250,000 

• Outstanding debts: Take into consideration outstanding debts and mortgage payments to determine the appropriate coverage for yourself
• Future expenses: Your future expenses, such as your children’s education, mortgage payments, emergencies, spouse’s retirement, etc., can help you decide on a suitable life insurance coverage
• Current investments and savings: Deduct existing investments and savings before deciding upon the appropriate coverage for yourself

You can visit the PolicyAdvisor website and use the built-in life insurance calculator to get instant life insurance quotes. You will need to enter details such as your gender, age, smoking status, postal code, term, and whether you wish to buy insurance individually or have dependents.

What are the types of life insurance policies available in Canada? 

Life insurance in Canada can be of several types, based on term duration, underwriting guidelines, etc.. These policies cater to the specific needs of an individual, so based on your financial requirements, choose the one most suitable for you.

• Term life insurance: A term life insurance policy provides coverage to your loved ones and helps in taking care of immediate financial needs, such as funding your children’s education, paying the mortgage, etc
• Whole life insurance: A whole life insurance policy not only provides coverage for life but also cash value, which you can withdraw during your lifetime. If you are looking to leave behind an inheritance or for long-term estate planning, then it is recommended that you purchase a whole life insurance policy
• No-medical life insurance: You do not need to undergo any medical assessment, and answering a health-related questionnaire is enough. You are not required to share any medical information, and the approval time is faster for such policies. However, the premiums will be higher, and the coverage is just enough if you have short-term financial requirements
• Universal life insurance: A universal life insurance policy not only provides coverage but also offers the option to adjust your premiums, death benefit, and obtain tax-advantaged investment choices. This type of insurance is suitable for high-income Canadian citizens

How to choose between permanent and temporary coverage?

You can choose between a permanent and a temporary insurance plan. The former is a better option since the premiums are cheap when purchased early, and the rates get locked. Such insurance provides both the option for coverage and building a cash value. Temporary insurance only offers coverage and is difficult to get as you grow older.

You need to keep certain points in mind while choosing between permanent and temporary coverage. The points are mentioned below:

• Whole life insurance and permanent life insurance provide permanent and long-term coverage. If you are looking for insurance and want to build cash value, you can consider obtaining these types of policies.
• Term insurance offers only insurance for a limited term. In case of your passing, the beneficiary receives a death benefit, which can be used to clear immediate financial liabilities left behind by you.

Who needs life insurance?

Life insurance benefits various Canadians. Canadian citizens from different walks of life can obtain life insurance to take care of their different financial requirements. Whatever your future financial requirements are, life insurance ensures peace of mind and protects the future of your loved ones. 

• Families: Life insurance protects the future of your family members even after you have passed away. Buy this insurance when you are young and wish to lock in cheaper rates or have debt
• Business owner: Ensures continuity of your business and helps in securing loans, and provides protection in case of loss of key partners
• Senior citizens: Canadian senior citizens must obtain life insurance to strengthen the future of their loved ones and cover their final expenses

Should I add riders to my policy while buying life insurance in Canada?

Life insurance plans come with riders or add-on policies that offer extra benefits and features to your base life insurance plan. You can obtain these riders by paying an extra fee. There are various types of riders that you can choose from:

• Accidental Death and Dismemberment (AD&D) rider: Offers an additional payout in case of an accident-related death
• Critical illness rider: If you are diagnosed with a critical illness, a lump-sum amount is paid 
• Waiver of Premium rider: Your premiums are waived off in case of disability or inability to work
• Disability Income rider: The policyholder receives a monthly income in case they become disabled.
• Child term rider: Your children are covered under this rider. This rider can help in paying for your child’s education and other future expenses and protect their future.
• Return of Premium rider: On surviving the policy term, the premiums paid will be reimbursed. 

What are the benefits of buying rider plans?

Some of the benefits of adding riders to your existing insurance policies are mentioned below:

• Riders allow you to customize your existing insurance policy based on your changing financial requirements.
• Certain riders cover illness and disability, which helps in savings.
• You enjoy peace of mind as the rider covers additional financial risks.

Can I buy life insurance online in Canada?

Yes, you can purchase life insurance online in Canada. Various Canadian insurance companies offer you the option of browsing their life insurance plans, comparing insurance quotes, and purchasing life insurance. 

PolicyAdvisor helps you compare various life insurance policies and also get the best quotes based on the details provided with the help of their in-built life insurance calculator, which you can use for free. You can also get in touch with PolicyAdvisor insurance advisors who will help you with any insurance-related queries.

Given below are some of the advantages of buying life insurance online:

• The application process is free and fast
• You get online tools to know instant quotes
• You can browse for various policies and take your time deciding on the one best for you
• You get access to various insurance companies and the policies offered.
• It is easier to manage your policy 

What are the common mistakes to avoid when buying life insurance?

You should thoroughly compare different life insurance policies to determine the one best for you. By being aware of the potential mistakes, such as overlooking exclusions, underestimating your financial needs or delaying your insurance purchase, you can ensure that you not only buy the best life insurance plan but also do not end up over-insuring or under-insuring yourself.

Listed below are some of the mistakes that you must avoid when looking to buy life insurance in Canada:

• Not looking at the features, but only the price
• Not comparing enough life insurance policies and insurance quotes
• Underestimating the coverage necessary
• Waiting too long to buy life insurance. You must note that with age, the premiums may increase as well
• Not reviewing the exclusions under the policy
• Either getting less coverage or getting more than what is sufficient
• Choosing the wrong beneficiaries or not informing them
• Not updating beneficiaries after life events (e.g., divorce)

Life insurance offers peace of mind, but what happens when the claim is denied? In fact, Canadian insurers paid out a record $128 billion in claims in 2023, highlighting the importance of a life insurance payout. Unfortunately, many life insurance claims still get rejected due to preventable issues like non-disclosure, policy lapses, or overlooked exclusions. 

For Canadian seniors and their families, a denied life insurance claim can be devastating both emotionally and financially. In this guide, we break down why claims get denied, what red flags to watch for, and how seniors can protect their loved ones from unexpected surprises during an already difficult time.

Why do life insurance claims get denied for seniors in Canada?

While life insurance provides financial protection for your loved ones, insurers in Canada can deny claims for several preventable reasons. Some of the main reasons for life insurance claim denial in Canada include

1. Non-disclosure of medical history

Many life insurance claim denials in Canada occur because the policyholder failed to disclose pre-existing health conditions. Insurers rely on full medical transparency during the application process. 

If a senior omits information about chronic illnesses like diabetes, heart disease, or past surgeries, the insurer may consider it misrepresentation and deny the death benefit.

2. Missed premium payments

A lapse in premium payments can lead to life insurance policy rejection, regardless of how long the policyholder maintained it. Canadian insurers generally allow a 30-day grace period to catch up on missed payments. 

However, if the premium remains unpaid beyond this window and the policy lapses, any life insurance claim filed after the insured’s death will be automatically rejected.

3. Policy lapse before death

A lapsed life insurance policy offers no coverage, making any subsequent claim invalid. Seniors may accidentally let their policy lapse due to forgotten payments, outdated billing methods, or cognitive decline. 

4. Suicide within the contestability period

Most Canadian life insurance policies include a two-year contestability or exclusion period for suicide. If the policyholder dies by suicide during this time, the insurer may deny the life insurance claim and return only the premiums paid. 

5. Fraud or misrepresentation

Deliberate misinformation or falsification of details on the insurance application can lead to claim rejection, even after the contestability period has passed. This includes lying about age, smoking habits, medical diagnoses, or financial status. Insurers in Canada conduct thorough investigations, especially if the claim is filed soon after policy issuance, and they reserve the right to deny a life insurance claim if fraud is detected.

6. Wrong beneficiary details

Incorrect, outdated, or disputed beneficiary information can lead to delay or complete rejection of the life insurance claim process. If the named beneficiary is no longer alive, or if the form contains typographical errors or legal ambiguities, the insurer may withhold payment until proper verification is complete. 

7. Cause of death falls under policy exclusions

Canadian life insurance policies often contain an “exclusion clause”, which is a list of specific circumstances under which the insurer will not pay the death benefit. If the cause of death falls under any of these exclusions, the life insurance claim may be denied. Common exclusions include:

• Death due to criminal or illegal activity: If the policyholder dies while engaging in unlawful acts, such as drug trafficking, burglary, or armed assault, the insurance company may deny the claim
• Death resulting from high-risk or extreme hobbies: High-risk activities like skydiving, scuba diving, race car driving, or mountaineering are often excluded from coverage unless the policyholder purchases an additional rider to cover these activities
• Homicide involving the beneficiary: If the beneficiary is under investigation or suspected of involvement in the policyholder’s death, the insurer will typically place the life insurance claim on hold
• Death caused by war or military conflict: Some life insurance policies exclude deaths that occur during war, armed conflict, or military service
• Death during acts of terrorism or civil unrest: Deaths caused by terrorism, riots, or civil uprisings may not be covered by some insurance companies. Seniors who travel internationally should verify whether their policy contains such exclusions

8. Incomplete or inaccurate claim documentation

Even valid life insurance claims can be delayed or denied if beneficiaries fail to provide the correct paperwork. Missing documents like the original policy contract, death certificate, medical records, or proof of identity can lead to claim denial.

Are Canadian seniors at a higher risk of life insurance claim rejection?

Canadian seniors may face a slightly higher risk of life insurance claim rejection due to a combination of health-related and administrative factors. Seniors in Canada are more likely to have pre-existing medical conditions such as heart disease, diabetes, or cancer. If these health issues are not fully disclosed during the life insurance application process, insurers may consider it misrepresentation and deny the claim.

Seniors who purchase life insurance later in life also tend to choose no-medical or guaranteed issue policies, which often include a two-year waiting period. Claims filed within that period, particularly for natural causes, may be denied or receive only a limited payout.

Additionally, Canadian seniors are more prone to unintentional policy lapses due to missed premium payments or outdated payment methods. Seniors can reduce the risk of life insurance claim denial by working with licensed insurance advisors (such as our experts at PolicyAdvisor), staying current on payments, disclosing all relevant health information, and keeping beneficiary details up to date.

What does Contestability Period mean in life insurance claims?

The contestability period is a standard clause in Canadian life insurance policies that typically lasts for the first two years after the policy takes effect. During this period, the insurance provider has the right to thoroughly review any claim to verify the accuracy of the information provided in the application. 

If the insurer discovers misrepresentation, omission of health conditions, or false financial or lifestyle details, they can deny the life insurance claim or cancel the policy entirely.

This clause protects insurance companies from fraud or non-disclosure, especially when a death occurs soon after the policy is issued. After the contestability period ends, the insurer can only deny a claim in cases of proven fraud, making the policy much more secure for long-term beneficiaries.

How can seniors prevent life insurance claim denials in Canada?

Canadian seniors can significantly reduce the risk of life insurance claim rejection by following best practices throughout the life of their policy. Being proactive, transparent, and organized ensures that beneficiaries receive the intended death benefit without complications or delays.

Here are a few ways how seniors can prevent claim denials in Canada:

• Disclose all medical conditions honestly when applying: Seniors must provide complete and truthful medical information when applying for life insurance. Withholding details about pre-existing conditions can lead to claim rejection during the contestability period
• Ensure timely premium payments to keep the policy active: Missing even one payment may cause a policy lapse, resulting in denied claims. Setting up automatic payments helps maintain continuous life insurance coverage
• Review and understand all policy exclusions: Seniors should read the exclusion clause carefully to understand causes of death not covered by the insurer, such as death due to illegal activity, high-risk hobbies, or acts of war
• Update beneficiary details after major life changes: It is important to regularly review and revise beneficiary designations following events like marriage, divorce, or the death of a named beneficiary to avoid delays or disputes during claim processing
• Keep policy documents accessible for family members: Seniors should store their life insurance policy, payment records, and insurer contact information in a secure, accessible location to ensure a smooth claims process for beneficiaries
• Select a life insurance policy suited to age and health: Choosing between term, whole life, or guaranteed issue life insurance must be based on personal health status, budget, and coverage needs to prevent unexpected limitations in benefits
• Conduct annual policy reviews with a licensed advisor: Regular reviews help ensure the policy stays valid and reflects any updates in health, financial goals, or family structure, keeping the coverage aligned with the policyholder’s current needs

Does a policy lapse automatically lead to life insurance claim denials?

Yes, in most cases, a lapsed life insurance policy will result in an automatic claim denial. A policy lapse occurs when the policyholder fails to pay premiums within the grace period, typically 30 days in Canada. Once the policy lapses and the coverage becomes inactive, the insurer is no longer obligated to pay out the death benefit if the insured passes away during that time.

Canadian seniors should be especially cautious about maintaining active life insurance coverage. Missed payments due to forgetfulness or financial hardship can jeopardize their family’s protection. Setting up automatic payments or appointing a trusted contact to monitor policy status can help prevent unintentional lapses and reduce the risk of denied claims.

Does non‑disclosure of smoking habits lead to life insurance claim denials in Canada?

Yes, failing to disclose smoking habits on a life insurance application can lead to claim rejection in Canada. Life insurance companies classify this as a form of misrepresentation, as smoking significantly increases health risks and affects premium rates. 

During the contestability period, the insurer can investigate and deny a claim if it discovers that the applicant concealed their tobacco use. Canadian seniors should always disclose smoking or nicotine use honestly to avoid future disputes and protect their beneficiaries from claim denial.

Is a medical exam necessary to avoid life insurance claim denial for seniors in Canada?

No, a medical exam is not always necessary to avoid life insurance claim denial for seniors in Canada. However, full disclosure of any pre-existing health condition is mandatory. Many insurers offer no-medical or simplified issue life insurance options, especially for older adults. 

Even if no exam is required, seniors must provide accurate and complete health information during the application. Insurers can still deny a life insurance claim if they later discover omitted or false medical details. 

How can the beneficiary make a life insurance claim after a senior’s death?

Canadian life insurance companies require proof of death, identity verification of the beneficiary, and policy validation before releasing the death benefit. Here is a step-by-step guide on how a beneficiary can make a life insurance claim in Canada:

Notify the insurance provider immediately: Contact the insurer’s claims department by phone or email and report the death. To initiate the process, you will need to provide the policy number (if available), the full name of the insured, and the date and location of death.

Gather and submit essential documentation: The insurance company will require several key documents. These must be submitted either digitally or by mail, depending on the provider’s process.

Required documents:

• Original or certified copy of the death certificate issued by the provincial vital statistics office or funeral home. It must confirm the date, time and cause of death.
• Completed claim form that includes the beneficiary’s details, relationship to the insured, preferred payment method, and a declaration that the information is true and complete
• Proof of identity of the beneficiary, which may include a valid government-issued ID (e.g., driver’s licence, passport, or permanent resident card). Some insurers may also require proof of address
• Original policy document or policy number. If the original policy document is unavailable, provide the policy number and the insured’s full name and date of birth
• Medical records, coroner’s report, or autopsy report if the death is sudden, accidental, occurs during the contestability period, or involves suspicious circumstances
• Proof of relationship, in special cases when a beneficiary is not a spouse or child
• Beneficiary’s banking information, including a void cheque or direct deposit form with accurate banking details

Verify policy status and exclusions: Ensure the policy was active and in good standing at the time of death. Review the terms to confirm there are no exclusions (e.g., suicide within 2 years, high-risk activity, fraud) that could affect the payout.

Submit the claim through the correct channel: Insurers may accept claims via email, online portal, or physical mail. Follow their instructions closely and keep records of what you submit and when.

Track your claim and follow up regularly: Most life insurance claims in Canada are processed within 30 days, provided there are no complications. Keep in contact with the insurer to monitor progress and respond quickly to any additional requests.

What should a beneficiary do in case of a life insurance claim denial?

If a life insurance claim is denied in Canada, the beneficiary still has several legal and procedural options to appeal the decision and pursue the benefit. Life insurance companies must provide a reason for the claim denial. In most cases, beneficiaries can challenge it through proper documentation, legal channels, and expert guidance.

Things to do in case of a claim denial

• Request a detailed explanation from the insurer: If the denial letter lacks clarity, the beneficiary should formally request a comprehensive breakdown of the rejection. This includes accessing claim documents, underwriting notes, and policy exclusions
• Verify all submitted documents and beneficiary details: Ensure that all required documents were submitted correctly and that the named beneficiary matches the policy records. Administrative errors or outdated beneficiary information can be grounds for a claim dispute
• Consult a licensed insurance advisor or broker: An experienced life insurance advisor (such as our experts at PolicyAdvisor) can help interpret the reason for denial and provide guidance on next steps. PolicyAdvisor’s experienced advisors can help you reevaluate your claim application, spot any gaps in the application that may have resulted in denial and resolve your issue efficiently
• Submit a formal appeal to the insurance company: Beneficiaries can submit an appeal with additional documentation or clarification. Providing medical records, proof of premium payments, or affidavits can support the appeal process
• File a complaint with a provincial regulator: If the insurer does not respond fairly, beneficiaries can escalate the issue by filing a complaint with their provincial insurance regulator or the OmbudService for Life and Health Insurance (OLHI)
• Consider legal action if the claim remains unresolved: As a last resort, a beneficiary may take legal action against the insurer. A legal challenge may be warranted if the denial appears to violate the terms of the life insurance contract
• Keep all communication and paperwork organized: Maintain a detailed record of all emails, phone calls, letters, and submitted forms throughout the claims and appeals process. These documents will support any regulatory or legal escalation if needed

A breast cancer diagnosis brings overwhelming emotions and practical concerns including whether you can still get life insurance after cancer. However, having breast cancer doesn’t automatically disqualify you from coverage, but the application process requires careful timing and strategy.

According to the Canadian Cancer Society, 25% of all new cancer cases in women are breast cancer. For those undergoing treatment or in remission, one of the most frequent concerns is about life insurance and breast cancer, specifically, whether they can still qualify for coverage and what options are available.

In this comprehensive guide, we’ve covered everything breast cancer patients and survivors need to know about securing life insurance in Canada, including coverage options, premium costs, and the best life insurance companies for cancer survivors.

Can I get life insurance with breast cancer?

.If you’re wondering whether you can get life insurance with breast cancer in Canada, the answer is yes, but eligibility depends on several important factors.

Life insurance and breast cancer are closely linked through the way insurers assess risk, particularly when dealing with pre-existing conditions. 

In Canada, life insurance typically pays a tax-free lump sum to your beneficiaries, regardless of how you pass away. However, breast cancer, as a pre-existing condition, may impact whether you qualify, how much you pay in premiums, and what policy options are available.  

Immediate eligibility during active treatment

If you are currently undergoing treatment for breast cancer, your options for life insurance are more limited. Most traditional life insurance companies will postpone or decline applications during active breast cancer treatment, especially if chemotherapy, radiation therapy, mastectomy, or lumpectomy procedures are ongoing

However, there are still pathways to coverage:

• No medical life insurance or guaranteed issue policies may be available. These typically don’t require medical exams but may offer lower coverage limits and higher premiums
• Group life insurance through an employer may also be accessible, often without health questions or exclusions

When should breast cancer survivors apply for life insurance in Canada?

Most insurers require a waiting period of 3 to 5 years in remission before approving standard life insurance after cancer diagnosis.

During the application process, insurers will assess:

• Stage of cancer at diagnosis: Early-stage cancers like Stage 0 or 1 may be viewed more favourably
• Type of treatment received: Localized treatments or successful surgical removal with no recurrence can improve your risk profile
• Current health status: Stable health post-treatment increases your eligibility and lowers premium costs

If you’re still within the remission window, simplified issue or no-medical policies may be good interim options for getting life insurance with stable pre-existing conditions until you’re eligible for fully underwritten coverage. Consult an advisor to navigate underwriting for stage-specific breast cancer cases.

What are the life insurance policies available for breast cancer patients and survivors?

In Canada, there are several life insurance options for breast cancer patients and survivors, depending on your current health status, treatment history, and how much time has passed since your diagnosis or remission.

Whether you are undergoing active treatment, newly in remission, or a long-term survivor, insurers offer various policy types such as guaranteed issue life insurance, simplified issue life insurance, and traditional life insurance.

Best life insurance policies for breast cancer patients and survivors in Canada

How much does life insurance cost with or after a breast cancer diagnosis?

Life insurance premiums for breast cancer patients and survivors in Canada typically range from $40–$200 per month for $100,000 coverage, with guaranteed issue policies at the higher end ($100-$200) and standard policies for long-term survivors at the lower end ($40-$80). 

These rates vary significantly on various factors such as the type and stage of cancer, time since diagnosis and treatment completion, current health status, age, smoking history, lifestyle, type of policy and coverage amount.

For example, guaranteed issue policies tend to have higher premiums and lower coverage amounts due to the lack of medical underwriting, while standard policies with full underwriting may offer better rates for long-term survivors in remission.

Which are the best life insurance companies for breast cancer patients and survivors in Canada?

Life insurance after a breast cancer diagnosis is possible in Canada, if you’ve fully recovered and a few years have passed, companies like Canada Life, Manulife, Industrial Alliance, and RBC may offer standard coverage. 

If you’re recently diagnosed or still in treatment, simplified or guaranteed issue plans from Canada Protection Plan, UV Insurance, Humania, and Assumption Life can offer coverage with fewer medical questions.

However, the best life insurance provider for breast cancer survivors largely depends on your specific circumstances, such as time since treatment, overall health, and budget. 

The following insurers are recognized for their accommodating policies and flexible underwriting for cancer survivors:

Not every marriage ends in “happily ever after.” For many Canadians, separation brings not just emotional stress but complex financial consequences. Yet many individuals overlook the role of life insurance during divorce.

As divorce becomes more common in Canada, with a crude divorce rate of 2.1 per 1,000 people and ranking 26th globally, understanding how your life insurance policy fits into a divorce settlement is essential. This article explains how divorce may impact your current life insurance coverage, why you might need a new policy post-divorce, and how to update your beneficiary.

Why does life insurance matter during a divorce?

Life insurance holds significant importance during a divorce because it ensures that financial responsibilities toward a former spouse or children remain protected, even after the policyholder’s death. Here’s why life insurance matters in a Canadian divorce settlement:

• Secures child support and spousal support obligations: Courts may require a life insurance policy to guarantee continued payments if the paying spouse passes away
• Protects the financial future of dependents: Life insurance ensures that children and ex-spouses can maintain financial stability and meet essential needs like housing, education, and healthcare
• Fulfills court-ordered divorce requirements: Judges in Canada often mandate life insurance as part of separation agreements or divorce settlements, particularly when minor children are involved
• Prevents legal and financial disputes: Including life insurance in a divorce agreement helps reduce future conflicts by clearly defining who receives the payout and under what conditions
• Covers shared debts or mortgage obligations: Life insurance can also help pay off joint loans or mortgages, preventing the surviving ex-spouse or children from inheriting debt
• Provides peace of mind: Both parties gain reassurance that the financial needs of dependents will be met, regardless of unforeseen events

What happens to your life insurance policy after a divorce in Canada?

When a couple separates or divorces in Canada, their life insurance policies do not change automatically. Many couples initially purchase life insurance together to protect shared financial responsibilities, such as mortgages, childcare, and family income. 

Typically, one spouse names the other as the primary beneficiary. However, separation does not revoke this designation unless the primary policyholder makes manual changes to the policy. Here’s what you need to know about life insurance after divorce:

• You must update your beneficiary designation manually: If you no longer want your ex-spouse to receive the death benefit, you must contact your insurer to change the beneficiary. However, if the ex-spouse is an irrevocable beneficiary, you will require their consent to make changes
• Court orders may require you to keep your ex-spouse as a beneficiary: In some divorce settlements or separation agreements, a judge may order that one spouse maintain a policy with the other spouse or children listed as beneficiaries, especially when child support or spousal support is involved
• Joint life insurance policies can be complex: If you purchased joint first-to-die or joint last-to-die life insurance, these policies can’t always be divided. You may need to cancel and replace the policy with individual coverage or reach a mutual agreement about the payout
• Group life insurance coverage through work may also require changes: If you listed your spouse as a beneficiary under an employer-provided life insurance plan, you need to update this separately with the help of your HR department
• Failing to update your policy may result in unintended payouts: If you pass away without updating your life insurance, your ex-spouse may still legally receive the benefit, even if your separation occurred years ago

How is a life insurance policy equalized between spouses in a divorce?

During a divorce or legal separation in Canada, one of the most important financial considerations is how to divide marital assets fairly. While homes, joint bank accounts, investments, and emergency funds are typically subject to equalization, life insurance policies require special treatment based on their type and structure.

Term life insurance 

Term life insurance policies do not hold any financial value unless a claim is made. Therefore, they are generally not considered divisible marital assets during property equalization. Each spouse can continue their own policy without changes, provided they are individual policyholders.

Permanent life insurance

Whole life or universal life insurance policies, which build cash surrender value, can be treated as financial assets. The cash value accumulated in these policies may be included in the equalization of family property under Canadian divorce law.

Joint life insurance policies 

Joint life insurance policies require equalization between the spouses after a divorce. If you and your spouse share a joint first-to-die or joint last-to-die life insurance policy, you must decide whether to:

• Assign the entire policy to one spouse
• Convert the joint policy into two individual policies (subject to insurer approval)
• Cancel the policy and purchase separate coverage individually

What is the process of splitting a joint life insurance policy?

Insurance providers typically allow the division of joint life insurance in the case of divorce or separation. However, this process often involves:

• Meeting minimum coverage requirements for new individual policies
• Adjusted premiums based on each individual’s current age and health status
• Legal documentation (such as a policy assignment form) to transfer ownership or divide the coverage
• In some cases, support from a family lawyer or divorce lawyer may be necessary to complete these documents correctly

Is life insurance a marital asset?

Yes, life insurance can be considered a marital asset in Canada, depending on the policy type and ownership. Term life insurance typically has no cash value, so it is not treated as a divisible asset in divorce proceedings. 

However, permanent life insurance, such as whole life or universal life, accumulates cash value over time and may be treated as a financial asset subject to equalization under provincial family law.

If both spouses contributed to premiums or if the policy was acquired during the marriage, its value may be split. Splitting a whole life policy with its associated cash surrender value is generally considered a taxable event, except when a policy is being split due to a marriage/common-law relationship breakdown.

It’s important to disclose life insurance during separation and consult a family lawyer or financial advisor (such as our experts at PolicyAdvisor) to determine how it factors into your overall divorce settlement.

What is a court-mandated life insurance order?

A court-mandated life insurance order is a legal directive issued during divorce or separation proceedings in Canada. It requiresat least one spouse to maintain a life insurance policy naming the other spouse or children as beneficiaries. The purpose of this order is to ensure that financial obligations continue to be met in the event of the payor’s death.

Courts typically mandate this coverage when one spouse relies on ongoing support for housing, childcare, or education expenses. The order may specify the minimum coverage amount, policy duration, and beneficiary designation. Non-compliance with a life insurance order can result in legal consequences, so it’s essential to follow it closely and provide proof of coverage.

How is a court-mandated life insurance monitored after the divorce?

A court-mandated life insurance order is monitored through legal documentation and regular proof of compliance. The spouse required to maintain the policy must typically provide proof of coverage, such as a copy of the life insurance policy or a confirmation letter from the insurer, to the other party or their legal representative.

• In many cases, the court order will outline specific monitoring requirements, such as:
• Naming the support recipient or child as the irrevocable beneficiary
• Submitting annual policy statements or renewal confirmations
• Notifying the other party before making any changes to the policy

If the obligated party fails to comply, the other party may take the matter back to court for enforcement or a motion for contempt, especially if the lack of coverage puts dependents at financial risk.

How to handle existing life insurance in a divorce?

If you’ve set your ex-partner to receive the death benefit from your insurance policy, a divorce won’t automatically change this. To change your beneficiary after separation, you have to go through your insurance company or speak with your advisor of record. However, there may be a few things for you to consider as you go about making the change.

Revocable versus irrevocable beneficiaries

• A revocable policy means you can change the beneficiary without first consulting them. That is if, after the divorce, you want to reassign the death benefit away from your former spouse and to another person, a revocable policy allows the reassignment without informing your ex-partner.
• In contrast, an irrevocable policy requires your ex-partner’s (the irrevocable beneficiary) consent to approve the change.

With that said, if you and your former spouse have one or multiple children together and they remain as the children’s primary caregiver, it may be best to keep your former partner as the beneficiary to ensure your children’s financial protection and stability, in case of your death.

How much life insurance do you need after a divorce?

As a newly single person (or even as a newly single parent), you should reassess how your life insurance needs have changed after a divorce. Your new life insurance needs will depend on your portion of the liabilities and how much support you have access to or would be receiving.

Also take into account whether or not you have the responsibility to take care of the children you may have had with your former partner, provide for their education, and help maintain their lifestyle post-divorce.

It’s important to secure any new post-divorce life insurance coverage as soon as possible. Not only may the coverage be a pressing financial obligation of your divorce agreement, if something happens to you and the expected coverage is not in place, but your death could also produce a complicated financial situation that may take months or years for your loved ones to settle and erode any inheritance or wealth you had intended to leave behind.

A life insurance calculator can easily help you reassess your insurance needs and update your post-separation financial plan. If you find you don’t have adequate coverage, you may need to speak with a life insurance broker to help you get new life insurance coverage as soon as possible.

What type of insurance should you purchase after a divorce or separation?

The type of insurance to purchase will depend on your financial circumstances after a separation. Term life insurance is often ideal after a divorce or separation if you want to maximize your coverage while working within a budget. A term life policy is less expensive than many other life insurance options. Term life insurance only provides a death benefit if you die within a specific time-frame, such as within 10, 20, or 30 years and therefore the premiums are more affordable.

You may keep your new term life policy active for as many years as you’re responsible for spousal and/or child support payments. Once your children are a certain age, they may achieve financial independence and a policy may no longer be required.

In contrast, a permanent life insurance policy would last for the entirety of your life. This type of policy is more expensive than a term life policy, but it may provide your ex-spouse or children with a death benefit, regardless of when you pass away.

Should you write life insurance into your separation agreement?

Life insurance is critical to consider for your separation agreement during the divorce process. In most cases, if child support or alimony is obligated during divorce negotiations, the court may also require the spouse paying support to have a life insurance policy in place. As the spouse that may receive alimony payments, your ex-partner’s life insurance policy ensures that you continue to receive alimony payments, or an equivalent sum of money, even after their death.

You and your partner must work together or with a divorce lawyer to decide on many aspects of your post-separation life insurance coverage, such as:

• the amount of coverage to hold
• the length of coverage to put in place
• appointing the owner of the policy
• designating who will make premium payments
• the names of beneficiaries
• the type of beneficiary designations

If your former partner purchases life insurance with you as the beneficiary after the divorce, you may even want to specify that it’s an irrevocable policy (as mentioned above). With an irrevocable policy, they can’t unilaterally change the beneficiary without your knowledge and consent.

Without a policy, you may alternatively write into the divorce agreement that you would have priority to your ex-partner’s estate to compensate for any spousal or child support payments. However, if there’s little to nothing left at their death, you may be out of luck. In contrast, life insurance could guarantee a payout to cover or help with remaining childcare or lifestyle expenses.

Even if you’re the one making payments, asking your former spouse to have a policy ready can act as a financial safety net, if you end up as the sole parent to your children.

Lastly, it is important to reconcile any name changes that have occurred as a result of your divorce. If an individual took on their partner’s name or made other changes to their name when they were married but choose to go by another name post-divorce, ensure that all beneficiary documentation is updated with the life insurance company to reflect proper first and last names.

Should you designate your children as the life insurance beneficiary?

Instead of designating your ex-partner, you may want to consider setting your children as the life insurance beneficiary. However, this could complicate things. Many provinces don’t allow children under 18 to control the money from a death benefit. As a result, you may need to appoint a trustee, or beneficiary in trust, for your life insurance or to set up a trust under your children’s name.

Setting up a trust involves finding a reliable person to act as a trustee and drafting legal documents with a lawyer for the beneficiary designation. Without a trust prepared, a court may distribute the funds to a public trustee to manage on behalf of the minor child or children.

Because of these complications, it may be easier to designate your former spouse as the beneficiary. The exception is if you believe that your ex-partner won’t act in the best interest of your children once they receive the death benefit.

In this situation, a trust would ensure that your death benefit is used in your children’s best interest. This is because the trustee managing the funds is legally required to make sound fiduciary decisions for your children.

Tips for navigating life insurance in a divorce

Whether you’re the policyholder, the insured, or a named beneficiary, it’s important to manage life insurance with care to protect your future obligations and dependents. Here are key tips to help you navigate life insurance during a divorce in Canada:

• Review all existing life insurance policies: Start by identifying any active term or permanent life insurance policies, whether held individually or jointly. Understand who owns each policy, who the beneficiaries are, and whether there is any accumulated cash value
• Update your beneficiary designations: Many married individuals name their spouse as the primary beneficiary. After separation, review and update your designations, unless a court order requires you to keep your former spouse as the beneficiary for child or spousal support
• Follow your separation or divorce agreement: Divorce settlements often include clauses that require one or both parties to maintain life insurance coverage as a financial safety net, especially if children or support obligations are involved
• Secure independent coverage post-divorce: If you relied on joint coverage, consider purchasing a new individual policy to ensure continued protection for your children or dependents
• Consult legal and financial professionals: A family lawyer or an expert insurance advisor can help you comply with legal requirements, understand your rights, and make informed policy decisions tailored to your new financial reality

How to buy life insurance after a divorce?

Buying life insurance after a divorce involves more than just selecting a policy. It often includes meeting legal obligations and planning for new financial priorities.

You may be required by a separation agreement or court order to purchase life insurance to secure spousal or child support. It’s also important to carefully choose your beneficiary, especially if you’re considering naming children instead of your former spouse.

To make the process easier, speak with a licensed insurance advisor who understands the complexities of post-divorce planning. At PolicyAdvisor, our experts help you compare options from 30+ top-rated Canadian life insurance companies, ensuring your policy meets both legal requirements and personal goals. We also provide dedicated after-sales support so your coverage continues to reflect your changing life.

Frequently asked questions

Can my ex-spouse cancel my life insurance policy without my consent?

No, your ex-spouse cannot cancel a life insurance policy if they are not the policy owner. Only the policyholder has the legal authority to cancel, update, or modify the policy. However, if the policy is part of a divorce order and names your ex-spouse as an irrevocable beneficiary, you cannot make changes without their written consent. To protect your interests, always review ownership details and beneficiary status after separation.

Can I name my minor children as life insurance beneficiaries after divorce?

Yes, you can name your minor children as beneficiaries, but insurers typically will not pay a death benefit directly to a minor. Instead, you should appoint a trustee or legal guardian to manage the funds until your child reaches the age of majority. You can also set up a testamentary trust in your will. This step ensures the insurance proceeds are used according to your wishes for your child’s benefit.

Will my life insurance premiums increase after divorce?

Your premiums won’t automatically increase due to divorce, but they may go up if you apply for a new policy at an older age or with different health conditions. If you switch from joint to individual coverage or increase your coverage amount post-divorce, your rates may change accordingly. 

What happens to the cash value of a whole life policy in a divorce?

The cash surrender value of a whole life insurance policy is typically considered a marital asset and may be subject to division during property equalization. Courts may require disclosure of the policy’s value and decide how to split it, either by assigning it to one spouse or equalizing it through other assets. It’s important to include these policies in your financial disclosure during the divorce process.

Life insurance doesn’t have to be expensive, especially if you know how to compare your options. Many Canadians are beginning to recognize the value of buying life insurance and taking a crucial step to protect the financial future of their families. 

In fact, a 2024 report by LIMRA shows that 57% of Canadians now have life insurance, reflecting a steady rise in coverage since 2019. As demand grows, insurers continue to offer competitive rates, making it easier than ever to find affordable protection.

In this 2025 guide, we’ll walk you through how to get the cheapest life insurance quotes in Canada, explore the most budget-friendly policy types, and highlight top providers offering low-cost plans.

How to get the most affordable life insurance premiums in Canada?

Lowering your life insurance premium doesn’t just depend on the insurer; it also depends on the steps you take during the application process. By working with an experienced insurance broker, maintaining a healthy lifestyle and comparing the best options from top life insurance providers in Canada, you may get the cheapest deal based on your budget.

• Review your options before renewals: Instead of automatically renewing your current life insurance plan, shop around to see if newer plans offer better rates or updated coverage suited to your current needs
• Opt for individual life insurance: Buying personal life insurance is often more cost-effective and offers greater flexibility than mortgage insurance tied to a loan or lender
• Choose term life insurance instead of permanent coverage: Term insurance is typically the most affordable option, providing fixed coverage for a set number of years without the higher premiums associated with lifelong plans
• Go through medical underwriting if you’re healthy: Applicants in good health often receive much lower premiums when they complete a medical exam or health questionnaire during the underwriting process
• Maintain a healthy lifestyle: Quitting smoking, maintaining a healthy weight, and managing chronic conditions can significantly lower your life insurance rates by improving your risk profile
• Consult a licensed life insurance advisor: Speaking with a life insurance advisor (such as our experts at PolicyAdvisor) allows you to compare quotes from multiple insurers and identify the most affordable policy based on your age, health, and financial goals

What are the cheapest life insurance options for seniors?

The cheapest life insurance quotes for seniors in Canada typically come from traditional life insurance or no-medical policies. While the life insurance premiums for seniors are higher due to age and health risks, they can still find affordable coverage by comparing plans and choosing basic coverage amounts.

On average, life insurance premiums for seniors start at around $100/month based on coverage amount, policy type and underwriting criteria. Healthy seniors in their early 60s may find term life insurance policies with $100,000 in coverage starting from $52/month, while older individuals (80 years) may pay $200/month for the same coverage. The cost of whole life insurance for seniors ranges between $110-$130/month for $100,000 coverage.

To get the cheapest life insurance rates for seniors, it’s important to compare quotes from multiple providers and consider simplified or no-medical exam options that offer fast approval and reduced underwriting.

Depicting the cost of life insurance for seniors

*Quote for $100,000 in life insurance coverage for a non-smoking female resident of Ontario in good health

What are the cheapest life insurance options for individuals with pre-existing conditions?

For individuals with unstable pre-existing conditions, the cheapest life insurance option is usually no-medical or guaranteed issue life insurance. These policies do not require medical exams and offer fast approval, making them accessible to those who may not qualify for traditional coverage.

Some of the best life insurance providers like Manulife, Canada Life, Sun Life, Empire Life, Canada Protection Plan, iA Financial Group, and Assumption Life offer affordable no-medical life insurance options in Canada. The monthly premiums for basic coverage (e.g., $25,000 to $50,000) typically range from $75 – $240/month, depending on the age, gender, medical history and smoking status of the individual.

These plans often cover individuals with stable pre-existing conditions such as:

• Diabetes with complications
• Heart disease or recent heart surgery
• Cancer history (recent or in remission)
• COPD or other chronic respiratory conditions
• Mental health disorders like severe depression or bipolar disorder
• Liver or kidney disease

These life insurance policies come with a two-year waiting period, meaning full benefits are only paid after two years. However, they still provide immediate accidental death coverage and guaranteed approval regardless of health status.

What is the most affordable life insurance option for smokers?

For smokers in Canada, the most affordable life insurance option is typically a term life insurance policy. While smokers do pay significantly higher premiums than non-smokers, term life still offers the lowest premium rates compared to other types of life insurance.

Premiums for smokers reflect the increased health risks and shorter life expectancy associated with tobacco use. For example, a 30-year-old smoker in average health may pay over $60 per month for a 20-year term life policy with $500,000 in coverage. Alternatively, a non-smoker of the same age would pay around $30 per month for the same policy.

Some of the best life insurance companies like Canada Life, Manulife, Sun Life, and iA Financial Group offer competitive term life policies for smokers. While premiums are higher, term life insurance remains the most budget-friendly life insurance option for smokers seeking substantial coverage at manageable rates.

What are the common mistakes to avoid while getting the cheapest life insurance plan?

Buying the cheapest life insurance plan in Canada can be a smart financial move. While keeping costs low is important, it’s equally essential to make sure the policy actually meets your long-term needs. If you want to avoid compromising on protection, you need to strike the right balance between affordability and value. 

Here are the most common mistakes to avoid when choosing a low-cost life insurance plan in Canada:

• Choosing the lowest premium without reviewing coverage details: A cheap plan might come with limited coverage or shorter terms that don’t align with your financial responsibilities
• Ignoring policy exclusions and fine print: Failing to read the terms can lead to claim denials or uncovered situations when your family needs support the most
• Delaying your purchase to get a better rate later: Life insurance only gets more expensive as you age or develop health issues, and waiting can cost you more in the long run
• Underinsuring to save money: Choosing a lower coverage amount to reduce premiums may not be enough to support your family’s needs after you’re gone
• Not disclosing your full medical history: Hiding or misrepresenting health conditions can result in policy cancellation or denied claims
• Overlooking convertibility options: Some term plans allow you to convert to permanent coverage later and missing out on this can limit your flexibility as your needs change
• Skipping a quote comparison across insurers: Life insurance prices and features vary widely. Not shopping around may lead you to overpay or miss better, cheaper options

How to apply for the most affordable life insurance plan in Canada?

Applying for the most affordable life insurance plan in Canada is simple if you know where to look and what to compare. At PolicyAdvisor, you can get life insurance instant quotes in under 60 seconds using our AI-powered life insurance calculator. We partner with 30+ top Canadian insurers like Manulife, Canada Life, and Sun Life etc, to help you compare the cheapest life insurance rates side by side.

Once you find the right policy, you can apply online instantly or speak with our licensed advisors for personalized support. PolicyAdvisor also offers reliable after-sales assistance, helping you manage your policy even after purchase. Schedule a call to get the most affordable life insurance quotes based on your unique needs.

Top 5 biggest life insurance companies in Canada

Canada’s life insurance industry is dominated by several major players that have established themselves as the biggest insurance companies in Canada. Here are the top 5 insurance companies in Canada based on total assets and market presence:

1. Manulife
2. Sun Life
3. Canada Life
4. Industrial Alliance (iA)
5. Desjardins

What’s new in our 2025 insurance company rankings?

For 2025, we’ve updated how we compare the biggest and best insurance companies in Canada to give a more complete and accurate picture.

Our updated approach looks beyond size and reputation. We now focus on financial strength, product quality, and customer satisfaction.

• We measure financial strength by looking at each insurer’s total assets, LICAT ratio (a key solvency indicator), and credit ratings from AM Best, S&P, and Moody’s. This helps us understand how stable and reliable each company is when it comes to paying claims.
• We also evaluate the range and flexibility of insurance products available, including life, health, and supplemental coverage. Insurers offering more customization, modern features, and digital tools score higher in this area.
• Lastly, we consider the customer experience—from how quickly claims are paid to how easy it is to manage your policy online. We review third-party ratings, client feedback, and the overall quality of digital services.

This new ranking system makes it easier for you to compare insurance companies in Canada and find the one that fits your needs best.

Choosing the best insurance company for you

When comparing the top life insurance companies in Canada, it’s important to go beyond size and brand recognition. Choosing the right provider means assessing financial strength, coverage options, premium affordability, and regional relevance.

Whether you’re a young family, business owner, retiree, or high-net-worth individual, matching your needs with the right insurer can lead to better protection and long-term value.

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

Impact of IFRS 17 on Canada’s largest life insurance companies

Starting January 1, 2023, IFRS 17 changed how major Canadian insurers like Manulife, Sun Life, and Canada Life report their financial results. This new global standard replaced IFRS 4 and shifts the focus from cash inflows to the actual value of insurance services provided.

Key changes under IFRS 17:

• Revenue now reflects services, not premiums collected: Insurers report “insurance service revenue” based on the coverage they deliver.

  • Manulife reported $26.6 billion in 2025, down from ~$44 billion

  • Sun Life reported $22.6 billion, down from ~$29 billion

  • Canada Life reported $21 billion, down from ~$58 billion

• Profits are recognized gradually: The Contractual Service Margin (CSM) captures unearned profit and spreads it over the coverage period. This approach reduces sharp swings in reported earnings.

• Reported premiums exclude investment or savings components: Insurers no longer count deposits or investment-linked amounts in their revenue figures. This explains the lower reported totals.

• New valuation models now apply: Companies must use risk-adjusted, discounted cash flow models. Short-term policies may follow a simplified method called the Premium Allocation Approach (PAA).

• Disclosure requirements have increased: IFRS 17 introduces more detailed reporting, making it easier to compare Canadian insurers with global competitors.

What it means for policyholders:

IFRS 17 does not change your premiums or coverage. You still receive the same benefits. However, it gives you a clearer view of how insurers manage risk and earn profits.

For investors, this standard improves transparency, reduces earnings volatility, and provides better insight into long-term financial performance.

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.

Manulife

Founded in 1887, Manulife stands as Canada’s largest life insurer by total assets, managing over $979 billion globally.

This Toronto-based insurer operates as part of Manulife Financial Corporation, with significant operations across Asia and the United States through John Hancock.

For Canadian consumers, this global scale translates into financial stability and innovative product development.

Manulife’s insurance offerings:

Individual life insurance:

• Term life (10, 20, 30-year options with conversion privileges)
• Whole life and universal life policies
• Mortgage protection coverage
• Critical illness and disability insurance
• Travel insurance

Group benefits:

• Employer-sponsored life, health, and dental plans
• Long-term disability coverage
• Flexible benefits administration

Manulife also operates Manulife Bank, offering integrated banking services including mortgages, credit cards, and high-interest savings accounts.

What makes Manulife a market leader

AI-Powered underwriting pioneer: Manulife was the first Canadian insurer to implement artificial intelligence in underwriting, allowing coverage up to $2 million without medical exams. This innovation has reduced application processing from weeks to days.

Inclusive coverage history: The company pioneered coverage for individuals with diabetes and was the first to offer non-smoker discounts. Recently expanded to include HIV-positive applicants, demonstrating an ongoing commitment to accessible insurance.

Manulife Vitality: This wellness-based program rewards healthy behaviours with premium discounts, gift cards, and device rewards like Apple Watches. It’s one of the most comprehensive wellness programs in Canadian insurance.

Financial strength: With A+ ratings from A.M. Best and over $979 billion in global assets under management, Manulife offers exceptional financial security for policyholders.

Why choose Manulife

Manulife is ideal for technology-focused consumers seeking streamlined applications, health-conscious individuals who want wellness rewards, and those needing higher coverage amounts without extensive medical underwriting.

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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

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The Canada Life Assurance Company

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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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.

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.

Canada has one of the highest rates of multiple sclerosis diagnosis globally, with approximately 90,000 Canadians being diagnosed as MS patients in 2023. Multiple sclerosis (MS) is a disease that damages the protective covering around nerves in the brain and spinal cord. 

If you have been diagnosed with MS, you may wonder if you can still get life insurance. However, the good news is that you can obtain life insurance with MS. There are numerous insurance options available for people affected by multiple sclerosis, and you can seek the assistance of a life insurance advisor to guide you through the application process. 

This blog explores different life insurance options for MS, eligibility criteria, cost factors, and tips to get the best life insurance for multiple sclerosis in Canada.

What is multiple sclerosis?

Multiple sclerosis (MS) is a chronic neurological disease that affects the brain and spinal cord, damaging the protective myelin sheath around nerve fibers.

When the immune system attacks this sheath, it interrupts the communication between your brain and body, leading to a wide range of symptoms. These symptoms often vary from person to person, making MS an unpredictable health condition.

Doctors typically classify MS into four types:

• Relapsing-remitting MS (RRMS): This type causes temporary flare-ups followed by periods of recovery
• Secondary progressive MS (SPMS): This form begins as RRMS but eventually leads to a steady worsening of symptoms
• Primary progressive MS (PPMS): Symptoms worsen gradually from the start without clear relapses or remissions
• Clinically isolated syndrome (CIS): This is a first neurological episode that may or may not develop into MS

Can you get life insurance with multiple sclerosis?

Yes, you can get life insurance even if you have been diagnosed with multiple sclerosis. Although insurers view MS as a high-risk condition, they still offer coverage options based on how well you manage the disease. Insurance companies evaluate your application based on the type of MS, your age at diagnosis, the frequency and severity of flare-ups, your current treatment plan, and the stability of your condition over time.

If your MS is mild and stable with minimal progression, some insurers may approve you for a traditional life insurance policy with full underwriting. However, if your condition shows rapid progression or causes significant disability, you may either qualify for no-medical plans or face rejection. The non-medical policies do not require a medical exam, but they typically come with higher premiums and limited coverage.

What do MS patients look for in a life insurance policy?

Life insurance for MS patients should typically offer long-term financial security, flexibility, and guaranteed protection. Since MS is a chronic and progressive disease, people want to ensure their loved ones remain financially protected even if their health deteriorates over time.

• Guaranteed coverage despite medical history: Applicants prefer policies like simplified issue or guaranteed issue life insurance that do not require medical exams and offer easier approval
• Stable and predictable premiums: Many choose whole life or term life insurance with fixed premiums to ensure affordability, especially if their condition progresses
• Cash value accumulation: Policies like participating whole life insurance attract MS applicants who want to build savings they can access during emergencies or to supplement retirement
• Flexible underwriting: Individuals look for insurers that assess MS on a case-by-case basis, considering factors like type of MS, symptom stability, and treatment history
• Conversion options: Individuals suffering from MS often value term policies with conversion privileges to switch to permanent coverage later without new underwriting
• Support for legacy planning: Applicants want policies that allow them to leave behind a tax-free death benefit to support family members or settle outstanding debts

What are the life insurance options for MS patients?

People with multiple sclerosis (MS) can choose from several life insurance options in Canada, including traditional or no-medical life insurance policies. Some individuals may also seek life insurance coverage as a part of a group plan.

Here are the most common life insurance options for individuals diagnosed with MS:

Traditional life insurance

If you have multiple sclerosis (MS) and your condition has remained stable for several years, you can qualify for term life insurance through full medical underwriting. Term life offers affordable coverage for a fixed period, such as 10, 20, or 30 years. Some applicants with mild but stable symptoms may also qualify for whole life insurance, which offers lifelong coverage and builds cash value over time.

Insurers actively assess your medical history, possibly requesting an Attending Physician Statement (APS) from your doctor. They may also review specialist reports, MRI results, and neurological assessments. These details help insurers evaluate the severity, stability, and progression of your condition. 

If you have relapsing MS with few or no recent flare-ups, you have a stronger chance of securing traditional insurance coverage with competitive premiums and favorable terms.

Simplified issue life insurance

If traditional policies prove difficult to qualify for, you can apply for simplified issue life insurance. This type doesn’t require a medical exam but includes a health questionnaire. Applicants with moderate MS who can still function independently often apply for this life insurance plan

Guaranteed issue life insurance

If you have severe or rapidly progressing multiple sclerosis (MS), are currently undergoing treatment, and require frequent hospitalizations, guaranteed issue life insurance can offer reliable coverage. These policies require no medical exams or health questions, making them ideal for individuals with advanced or unstable MS who may not qualify for traditional plans. 

However, guaranteed issue policies include a two-year waiting period for full benefits in case of death due to natural causes. If the insured passes away during this period, the policy typically refunds the premiums paid with interest. 

While these plans come with higher premiums and lower coverage limits, they ensure that even high-risk applicants with MS can secure some form of life insurance protection for their loved ones.

Group life insurance

If you’re still employed and your workplace offers group life insurance, you can take advantage of this coverage. Group plans don’t require medical underwriting, so MS patients can obtain life insurance as part of their employee benefits package.

How do insurers evaluate life insurance applications for MS patients?

Life insurance providers in Canada take a highly personalized and cautious approach when reviewing applications from people diagnosed with the condition. To determine your eligibility and premium rates, life insurance companies evaluate several medical and lifestyle factors, such as:

• Age at diagnosis and current age: Applicants diagnosed later in life with minimal symptoms often face fewer underwriting challenges than those diagnosed earlier with a long history of disease progression
• EDSS (Expanded Disability Status Scale) score: A lower score on this neurological disability scale indicates better physical function and improves your chances of qualifying for standard or slightly rated premiums
• Time since the last relapse: Long periods of remission, typically two or more years, signal disease stability, which life insurance providers consider a lower risk
• Frequency of relapses: Frequent relapses or flare-ups raise red flags for insurers, as they indicate active MS and may lead to higher premiums or declined applications
• Duration and stability of remission: Applicants with long-term, stable remission periods without disease progression stand a better chance of securing life insurance coverage
• Type and intensity of treatment: Use of low-risk or stable medication shows effective symptom control. On the other hand, aggressive treatments or frequent changes may signal severe or unstable MS

Medical documentation requirements for life insurance approval

To verify your health status and disease stability, insurers usually request:

• An Attending Physician’s Statement (APS) from your primary care doctor
• Neurologist evaluations and imaging reports (MRIs) to assess lesions, disease activity, and the impact on the central nervous system
• Blood work related to autoimmune function, vitamin levels (e.g., B12 or D), and inflammatory markers
• Proof of occupational therapy or rehabilitation assessments to evaluate day-to-day activities
• A detailed list of current and past medications, especially disease-modifying therapies (DMTs)

Factors that insurers look for in life insurance for MS patients

What are the best life insurance companies for multiple sclerosis in Canada?

Many insurance companies in Canada offer life insurance coverage to individuals suffering from MS. These companies include Assumption Life, Canada Protection Plan, Industrial Alliance, Sun Life, and Manulife.

Best life insurance companies for people diagnosed with MS

*Illustrative life insurance plans for a 35-year-old non-smoking male diagnosed with multiple sclerosis

Does multiple sclerosis increase the cost of life insurance premiums?

Yes, multiple sclerosis (MS) usually increases the cost of life insurance premiums because insurers view it as a higher-risk condition. Underwriters assess how MS affects your long-term health and mortality rate, and most insurers apply premium loadings. 

For individuals with mild, well-managed MS, premiums may increase by 25–75%. Moderate or progressive MS may result in premium hikes of 50–100%, and in some severe cases, insurers may decline coverage.

For example, a 40-year-old non-smoking woman with mild MS might pay around $56 per month for a $500,000, 20-year term policy, whereas a man with the same profile may pay about $72-$85 per month. 

Applicants with moderate MS can expect life insurance rates in the range of $200–$300 per month due to their higher risk classification. Providing a complete medical history and comparing life insurance quotes can help you secure the most affordable policy.

Tips for getting the best life insurance with multiple sclerosis

If you are looking to get the best life insurance with multiple sclerosis, consider working with an insurance broker, gathering medical records, opting for a no-medical plan, and being honest about your condition. 

• Work with a life insurance broker: A life insurance broker can help you choose the right plan as per your medical condition by comparing life insurance quotes from multiple insurers. Moreover, our licensed advisors at PolicyAdvisor will understand your needs and compare life insurance plans from 30+ insurers to help you choose the best plan at affordable rates
• Gather medical records: Make sure to gather all the medical records of your MS diagnosis. Additionally, from treatment history, medications, and proof of disease stability, having detailed documentation can help the insurer better understand your condition
• Apply when stable: Applying for life insurance when your condition is stable can increase your chances of approval. Additionally, insurance providers favour applicants whose MS has been stable for at least a year or two, with no significant progression
• Consider no-medical policies: Consider applying for non-medical policies like simplified issue or guaranteed issue life insurance. Moreover, these life insurance options require fewer to no medical questions and are quicker to qualify for, though they may have limited coverage and higher premiums
• Be honest:  Always provide accurate information about your medical condition, diagnosis, treatments, and medication to the insurer. Additionally, not disclosing accurate information at the time of application can lead to claim denial later

How to get affordable life insurance quotes for multiple sclerosis?

Finding the best life insurance quote when you have multiple sclerosis can feel overwhelming, but it’s essential to secure your financial future and provide peace of mind to you and your family. At PolicyAdvisor, our licensed advisors can help you get tailored quotes by comparing plans from 30+ insurers and finding the one that fits your unique needs and budget.

You can also get access to our AI-powered life insurance calculator that can give you monthly plans based on your needs in under a minute! Additionally, connect with our experts today to get life insurance quotes and find the best plan designed just for you.

Whole life insurance is gaining immense popularity among Canadians, not just for its lifelong coverage, but also for its ability to build cash value over time. In 2023, LIMRA reported that participating whole life premiums rose by 12%, leading to overall growth in the life insurance market. However, whole life insurance is fairly expensive. That’s why it’s important to find the cheapest whole life insurance companies that offer strong long-term value at the lowest possible cost. 

In this guide, we’ll talk about the cheapest whole life insurance companies in Canada, categorized by what they’re best at, helping you make the best choice for your financial future.

What affects whole life insurance costs in Canada?

Whole life insurance offers guaranteed lifetime coverage and builds cash value, but it also comes at a higher cost than term insurance. Insurance companies use several factors to calculate your premium. Understanding these can help you make a more informed decision when choosing a policy.

• Age and health: Your age plays a major role in how much you pay. The older you are when you apply, the higher your premium will be. Health conditions such as high blood pressure, diabetes, or a history of serious illness can also lead to increased rates, as they raise the risk for the insurer
• Smoking status: If you smoke or use tobacco products, insurers will classify you as a higher-risk applicant. As a result, your premiums can be higher compared to non-smokers. Quitting and remaining tobacco-free for at least 12 months can help you qualify for non-smoker rates
• Type of policy: Participating whole life policies pay dividends and allow your cash value to grow faster, but they usually cost more. Non-participating policies do not pay dividends, so they offer lower premiums but less growth potential
• Cash value growth and Dividend Scale Interest Rate (DSIR): Policies with strong cash value growth often rely on higher dividend scale interest rates. These policies offer better long-term returns but usually come with higher upfront costs
• Riders and customization: Adding optional riders like critical illness coverage, child term riders, or accidental death and dismemberment (AD&D) benefits increases your premium

Which companies provide the cheapest whole life insurance policies in Canada?

Several life insurance providers in Canada offer competitively priced whole life policies tailored to different needs. Whether you’re a senior, a smoker, or simply looking for the best value, there’s an option that fits. Here are the top companies known for offering the cheapest whole life insurance in 2025, each excelling in a specific category:

• Foresters Financial – Cheapest for smokers 
• iA– Cheapest for seniors and retirees
• Canada Life – Cheapest for riders and customizations
• Manulife – Cheapest for overall premiums
• Equitable Life – Cheapest for participating whole life policies with dividend rates
• Sun Life – Cheapest for high-net-worth individuals
• Canada Protection Plan – Cheapest for individuals with pre-existing conditions

Cheapest whole life insurance for smokers – Foresters Financial

Smokers typically pay higher premiums for life insurance, but Foresters Financial offers one of the most affordable options through its Essential Whole Life policy. This non-participating plan provides lifetime coverage with guaranteed premiums and benefits, making it a budget-friendly choice for smokers.

Foresters is also known for its Quit Smoking Incentive Plan, which can allow eligible smokers to qualify for non-smoker rates after one or two years of being tobacco-free, potentially reducing costs further over time.

Cost of Forrester Financial whole life insurance

*Illustrated monthly costs for smokers of various age ranges seeking $100,000 in coverage for a whole life insurance plan

Cheapest whole life insurance for seniors and retirees – iA

iA Financial Group stands out as one of the most senior-friendly insurers in Canada due to its Superior Risk Tolerance Program. This underwriting approach gives older applicants a better chance of approval and access to lower premiums, even with moderate health risks.

iA offers both participating and non-participating whole life options, with simplified issue choices for faster approval and less medical scrutiny. This makes iA an ideal fit for retirees seeking final expense planning and wealth building.

Showcasing iA’s Non-PAR L100 cash value and paid-up insurance benefits

*Illustrated the cash value and paid-up insurance for an individual seeking l100, Non-PAR whole life insurance plan with $100,000 in coverage

Cheapest whole life insurance for riders and customizations – Canada Life

When it comes to flexibility and personalized protection, Canada Life offers some of the most customizable whole life insurance plans in Canada. While their base premiums are competitive, it’s their wide selection of optional riders and policy features that make them the top choice for people who want tailored coverage without overpaying.

Some of the key customization options from Canada Life include: 

• Accidental Death Benefit rider: Boosts the payout if death results from an accident
• Waiver of Premium: Keeps your policy active by waiving payments if you become disabled
• Children’s term rider: Adds coverage for your children with the option to convert later without a medical exam
• Guaranteed Insurability Option (GIO): Lets you increase your coverage later in life without new underwriting
• Additional Deposit Option (ADO): Allows lump-sum contributions that grow your cash value and death benefit faster

Additionally, Canada Life’s participating whole life plans let you choose how to use dividends: reinvest them into the policy, reduce premiums, or take them in cash.

Cheapest whole life insurance for overall premiums – Manulife

When comparing whole life insurance providers in Canada, Manulife consistently ranks among the most affordable across multiple ages and coverage levels. Whether you’re a young adult starting a financial plan or a 50-something preparing for retirement, Manulife offers some of the lowest base premiums for guaranteed lifetime coverage. The cost-effectiveness extends across both participating and non-participating policy types.

Manulife’s affordability stands out particularly in policies offering:

• Level, guaranteed premiums for life
• Multiple payment options (life-pay, 10-pay, 20-pay, pay to 90)
• Competitive pricing for both single and joint coverage
• Access to Vitality programs that reward healthy habits and may reduce long-term costs

Manulife Par and Manulife Par with Vitality Plus products do include premium savings potential and strong cash value growth. Manulife’s overall pricing strategy, combined with stability and brand reputation, makes it one of the best whole life options in Canada today.

Cost of whole life insurance for Manulife

*Illustrated cost of a non-participating whole life insurance policy for an individual of various age ranges seeking $100,000 in coverage

Cheapest whole life insurance for participating whole life policies – Equitable Life

When it comes to participating whole life insurance, where policies build cash value and pay annual dividends, Equitable Life of Canada stands out as the most cost-effective choice in 2025.

Equitable Life offers two flagship participating products under the Equimax line: Equimax Estate Builder, which focuses on maximizing long-term death benefit and estate value, and Equimax Wealth Accumulator focuses on early cash value growth and flexibility

Equitable Life is particularly attractive due to the combination of affordable premiums and strong performance:

• Dividend Scale Interest Rate (DSIR) of 6.40% as of 2024—one of the highest in Canada
• Historically consistent dividend payouts, even in low-interest environments
• Ideal for both estate planning and long-term cash accumulation
• Available in 10-pay, 20-pay, and life-pay structures

Equitable’s participating policies consistently outperform others in cash value growth per premium dollar, offering clients a mix of affordability and long-term cash value growth.

Cash value growth of an Equimax Estate Builder plan

*Projected cash value for a 35-year-old, non-smoker, male opting for a 20-Pay with a $10,000 annual premium

Cheapest whole life insurance for high-net-worth individuals – Sun Life

Sun Life stands out as the top choice for high-net-worth individuals looking for substantial and flexible whole life coverage. With minimum coverage starting at $250,000, their policies are well-suited for clients seeking to preserve wealth, plan their estates, or leave a financial legacy.

Sun Life offers both participating and non-participating whole life insurance options. The participating plans provide long-term value through annual dividends and strong cash value growth, while the non-participating options offer guaranteed premiums and predictable benefits. 

High-net-worth clients can choose from premium payment options like 10-pay, 20-pay, or life-pay, and further tailor the policy with riders and additional deposit options

Cheapest whole life insurance for individuals with pre-existing conditions – Canada Protection Plan

Canada Protection Plan (CPP) is one of the top choices in Canada for individuals seeking whole life insurance without undergoing a medical exam. Their simplified application process makes coverage more accessible, especially for those with pre-existing conditions or health concerns. 

Applicants can choose from coverage amounts ranging from $10,000 to $1,000,000, depending on eligibility and plan type. Some policies come with immediate full death benefits, while others include a two-year waiting period before full coverage kicks in. 

To further customize the policy, CPP also offers optional riders such as the Accidental Death Benefit, Child Term Benefit, and Hospital Cash Benefit, allowing policyholders to tailor their protection to suit their family’s specific needs.

Cost of whole life insurance for the Canada Protection Plan

*Illustrated cost for individuals of varied age ranges seeking $200,000 in coverage with a Life Pay option

Can I use whole life insurance as a tax-free investment in Canada?

Yes, you can use whole life insurance as a tax-efficient investment in Canada, especially with participating policies. These policies build cash value over time, which grows tax-deferred. You can access this cash through policy loans or withdrawals, often without triggering immediate taxes. 

Additionally, the death benefit is paid out tax-free to your beneficiaries. Participating whole life insurance also offers dividends, which can be reinvested to increase your policy’s value or reduce premiums. This makes it a popular strategy for high-net-worth individuals looking to grow and transfer wealth efficiently. 

Can I get whole life insurance in Canada without a medical exam?

Yes, you can get whole life insurance in Canada without a medical exam. Several Canadian insurers offer these types of policies, including Canada Protection Plan, Assumption Life, Foresters Financial, and iA Financial Group. 

These policies are commonly known as “no-medical” or “simplified issue” whole life insurance, and they are designed for people who:

• Prefer a quick and easy application process
• Have pre-existing medical conditions
• Want to avoid medical tests like bloodwork or physicals

Can I convert my term life policy into whole life in Canada?

Yes, you can convert many term life insurance policies into whole life insurance in Canada, often without needing a medical exam. The term conversion option allows you to switch to permanent coverage based on your original health status, even if your health has changed since you first bought the policy. 

Most insurers offer the term conversion feature up to a certain age, usually between 65 and 70. The new whole life premiums are calculated based on your age at the time of conversion, not your age when you purchased the term policy. 

Some insurers also allow partial conversions, meaning you can convert only a portion of your existing term life insurance coverage into a whole life insurance policy.

Can I use whole life insurance for retirement income in Canada?

Yes, you can use whole life insurance to supplement retirement income in Canada, especially through participating policies with strong cash value growth. Over time, the policy builds tax-deferred cash value, which you can access through policy loans or withdrawals. 

These funds can provide a flexible, tax-efficient source of income during retirement. Since policy loans don’t trigger immediate taxation and don’t require repayment on a fixed schedule, they offer financial flexibility. 

However, any unpaid loan balances reduce your death benefit. It’s important to structure the policy properly with the help of a licensed advisor to ensure it fits your long-term retirement and estate planning goals.

How to choose the right whole life insurance company in Canada?

When choosing a whole life insurance company in Canada, it’s important to look beyond just the monthly premium. Whole life insurance is a long-term financial product, and your provider should offer strong performance, stability, and value over decades.

• Look for value: Focus on long-term value, including cash value growth, flexibility, and total returns, not just the cheapest premium
• Check dividend history (for participating policies): A reliable whole life insurance dividend track record shows how consistently the company rewards policyholders and signals financial health
• Understand cash value growth and access: Find out how quickly your policy accumulates cash value, and whether you can access it easily through loans or withdrawals
• Review financial strength and claims record: Choose a company with strong credit ratings (e.g., A.M. Best, DBRS) and a solid reputation for paying claims promptly
• Evaluate product customization: Consider whether the insurer allows riders, premium payment options (e.g., 10-pay, 20-pay), or partial conversions if your needs change
• Consider customer support: Good customer service, online access to policy information, and responsive claims support are essential for long-term satisfaction

Is whole life insurance worth it in Canada in 2025?

Whether whole life insurance is worth it in Canada in 2025 depends on your financial goals and personal situation. With rising dividend scale interest rates and stronger insurance options from top insurers like Equitable Life and Canada Life, whole life insurance continues to be a solid choice for high-net-worth individuals and families seeking permanent coverage. 

However, for those with limited budgets or short-term needs, term life insurance might offer more flexibility at a lower cost. You can seek the help of our expert advisors at PolicyAdvisor to get customized whole life insurance quotes from 30+ top providers in Canada. 

Our experts can help you get customized quotes based on your unique needs through our whole life insurance calculator, along with additional riders to help you find maximum coverage at the most affordable prices. Schedule a call with us today!

Receiving a prostate cancer diagnosis can be life-altering, not just physically and emotionally, but financially as well. The Canadian Cancer Society estimates that prostate cancer will affect 27,900 Canadian men in 2024, making up 22% of all new cancer cases among men. With early detection and better treatment options, many survivors live long, healthy lives, prompting insurers to reassess how they evaluate cancer histories. 

This blog explores the life insurance landscape for prostate cancer survivors, including eligibility criteria, policy types, pricing factors, and how to find the best coverage available in Canada today.

Is it possible to get life insurance after prostate cancer in Canada?

Yes, it is possible to get life insurance after prostate cancer in Canada, though the type of policy and terms you qualify for will depend on several key factors. Canadian insurers generally assess applications from cancer survivors based on the stage and grade of the cancer, how long the applicant has been in remission, the type of treatment received, and their overall health profile. 

Many survivors can qualify for traditional term or whole life insurance, especially when doctors detect the cancer early and treat it successfully. In other cases, simplified or guaranteed issue policies, requiring minimal or no medical underwriting, may be viable options.

How do insurers determine the eligibility of life insurance for prostate cancer survivors?

Life insurers in Canada determine the eligibility of life insurance for prostate cancer survivors through a comprehensive underwriting process. Insurers carefully review both medical and lifestyle factors to assess long-term health risks and determine the level of coverage and premium rates an applicant may qualify for. 

Here are the primary factors insurers consider when reviewing applications from prostate cancer survivors:

• Stage and grade of the cancer at diagnosis: Insurers typically place fewer underwriting obstacles for applicants diagnosed with low-stage, localized prostate cancer than for those with more advanced or aggressive forms of the disease.
• Gleason score: This score measures how aggressive the prostate cancer was. A lower Gleason score (such as 6 or less) indicates a less aggressive cancer, and life insurers view this more favourably 
• Time since completion of treatment: The longer you have been cancer-free, the better your chances of being approved. Many insurers prefer a waiting period of one to five years post-treatment before offering standard life insurance policies
• Type of treatment received and response to treatment: Treatments such as radical prostatectomy (complete surgical removal) with no signs of recurrence are generally seen as lower risk. More complex treatments or mixed outcomes may lead to higher premiums or restricted coverage
• Current PSA (Prostate-Specific Antigen) levels: Insurers will review recent PSA test results to assess whether the cancer is in remission or if there are any signs of recurrence. Stable or declining PSA levels are a positive sign
• Age at the time of diagnosis and application: Younger applicants diagnosed early and treated successfully can have more favourable outcomes than older individuals or those diagnosed later in life
• Overall health and lifestyle choices: Insurers assess co-existing health conditions such as hypertension, diabetes, or obesity, along with lifestyle habits like smoking, alcohol use, diet, and physical activity levels. A healthier lifestyle can mitigate some of the risks associated with your cancer history
• Family medical history: A family history of prostate cancer or other hereditary cancers may increase perceived risk, although this is usually considered in the broader context of your personal health history

What are the types of life insurance options for prostate cancer survivors in Canada?

Prostate cancer survivors in Canada can access several life insurance options, though eligibility depends on factors like the stage of cancer, treatment type, remission period, and overall health. Insurers assess risk carefully, but many survivors can still secure meaningful coverage with the right policy.

• Fully underwritten life insurance: Best suited for survivors in long-term remission with low-risk cancer and stable PSA levels. Offers the most affordable premiums and high coverage amounts but requires full medical underwriting, including exams and records
• Simplified issue life insurance: Ideal for those with recent or moderate health issues. Requires no medical exam, only a brief questionnaire. Approval is faster, though premiums are higher and coverage amounts are lower
• Guaranteed issue life insurance: Designed for individuals with serious health risks or recent treatment history. No medical questions or exams, but comes with high premiums, low benefit amounts, and a waiting period before full benefits apply
• Permanent life insurance (Whole or universal life): Offers lifetime coverage and may build cash value. Suitable for stable survivors looking for long-term protection or estate planning, though premiums are higher than term options

How long should a prostate cancer survivor wait before applying for life insurance?

Most Canadian insurers prefer a waiting period of 6 months to 5 years post-treatment to properly assess risk and consider your application for standard or near-standard rates. However, the waiting period may be different for you based on your stage and grade of the cancer, type of treatment received, and how well you’ve recovered.

For example, if the cancer was low-grade and detected early, and you’ve been in remission with stable PSA levels, you may be eligible for coverage as early as 6 to 12 months after treatment. However, if the cancer was aggressive or if you underwent radiation or hormone therapy, insurers may require a 2 to 5-year cancer-free period before offering traditional coverage. 

During this waiting period, you may still qualify for simplified or guaranteed issue life insurance. This requires fewer medical disclosures but comes with higher premiums and limited coverage.

Does prostate cancer increase life insurance premiums?

A history of prostate cancer may increase life insurance premiums, and it significantly influences how an insurer assesses your risk profile. Insurers determine premiums based on the likelihood of future health complications and generally consider cancer survivors as higher-risk applicants.

However, the extent of the premium increase depends on multiple factors, including the stage of cancer at diagnosis, Gleason score, treatment outcomes, and time since remission. Applicants with early-stage, low-grade prostate cancer who have been in remission for several years with stable PSA levels can receive approvals at standard or mildly rated premiums. 

On the other hand, those with aggressive or recurrent cancer may face higher premiums, coverage limitations, or even temporary declines. Insurers also consider your age, lifestyle habits, and overall health during the underwriting process.

What are the best life insurance companies for prostate cancer survivors?

While underwriting policies vary, some Canadian life insurance providers apply more flexible criteria when evaluating the cancer history of prostate cancer survivors. These insurers may offer competitive rates, quicker assessments, or tailored policies depending on your health status and time since treatment.

Here are some insurers commonly recognized for being favourable to prostate cancer survivors:

• Canada Life: Known for its detailed underwriting and willingness to consider applicants with a history of low-grade or early-stage prostate cancer, especially after a few years in remission
• Manulife: Offers both traditional and no-medical exam options. Manulife is often open to insuring survivors who are several years post-treatment with stable health indicators
• Equitable Life: A smaller but flexible insurer with strong simplified issue life insurance offerings, ideal for those who may not yet qualify for fully underwritten policies
• Assumption Life: Offers a range of no-medical and simplified issue products, making it a good fit for applicants who are within a shorter recovery timeline
• Empire Life: Provides both term and permanent insurance with relatively adaptable underwriting policies for cancer survivors in stable remission
• Humania Assurance: Specializes in simplified and guaranteed issue life insurance, suitable for prostate cancer survivors who may face challenges with traditional underwriting

Are there no-medical exam life insurance options for cancer survivors in Canada?

Yes, cancer survivors in Canada can access life insurance options that do not require a medical exam. These include simplified issue and guaranteed issue life insurance policies, which are specifically designed for individuals with pre-existing health conditions, including a history of cancer. 

Simplified issue policies involve a short health questionnaire but no medical tests. This makes them a suitable choice for survivors who have been in remission for some time and want quicker approval with moderate coverage. Guaranteed issue policies do not require any health questions or exams and offer guaranteed acceptance. 

Some insurers also offer no-medical term life insurance with limited underwriting, which can be ideal for those who want to avoid medical testing but still obtain meaningful protection.

What’s the difference between “rated,” “standard,” and “declined” in cancer-related life insurance underwriting?

In Canadian life insurance underwriting, “standard” means you’re approved at regular rates, “rated” indicates you’re approved but with higher premiums due to medical risk (common for cancer survivors), and “declined” means you’re not eligible for coverage at that time. 

Prostate cancer survivors often fall into the “rated” category, especially if diagnosed in the past 5–10 years. Ratings can improve over time with good health and cancer-free years, so reapplying later may lead to better results.

Can prostate cancer survivors be denied life insurance in Canada?

Yes, insurers may deny life insurance to prostate cancer survivors in Canada. However, this typically depends on the specifics of their medical history. Applicants with aggressive or recently treated prostate cancer may be deemed higher risk and could face a decline. This may happen particularly if it was an advanced form of cancer, with recurrent or poorly controlled symptoms.

However, a denial from one insurer does not mean that you are out of options. You may apply with other insurance companies with a lenient underwriting process. You may even go for no-medical life insurance plans. Working with a broker who specializes in cancer-related policies can significantly improve the chances of approval.

Will I need a medical exam to get life insurance after prostate cancer?

In Canada, traditional fully underwritten life insurance will require a medical exam for prostate cancer patients, especially if you are applying for higher coverage amounts. This exam may include blood work, a urine test, and a review of your PSA levels, treatment history, and overall health status.

However, if you prefer to avoid a medical exam, there are no-medical exam options available in Canada, such as simplified issue and guaranteed issue life insurance. These options are particularly useful for prostate cancer survivors looking for life insurance coverage. 

Your eligibility for no-exam coverage will depend on how long it has been since your treatment, your current health, and the insurer’s underwriting criteria.

Can beneficiaries of prostate cancer patients receive a life insurance payout?

Yes, beneficiaries of prostate cancer patients can receive a life insurance payout, provided the policy is in force and all conditions are met. If a person with prostate cancer holds a valid life insurance policy that was issued before the diagnosis, and they pass away while the policy is active, the insurer will typically pay the full death benefit.

However, complications may arise if the policy was purchased after the diagnosis. In such cases, the waiting period and disclosure requirements become critical. For example, guaranteed issue policies usually have a two-year waiting period during which only a partial benefit or return of premiums is paid if death occurs due to natural causes, including cancer. 

Also, if an applicant withholds or misrepresents medical information during the application process, the insurer may deny the claim. Prostate cancer patients need to fully disclose their medical history to ensure that their coverage remains valid.

How to get the best life insurance quotes for prostate cancer patients in Canada?

Finding the best life insurance quotes after a prostate cancer diagnosis can feel overwhelming, but it’s absolutely possible, especially with the right approach and tools. You’ll also want to consider what type of policy best suits your needs and determine how much coverage you truly require.

To streamline this process, consider using PolicyAdvisor, one of Canada’s leading online life insurance platforms. PolicyAdvisor works with 30+ top-rated Canadian insurance providers, giving you access to a broad range of products and underwriting criteria tailored to cancer survivors. 

With their AI-powered life insurance calculator, you can get personalized quotes in under 60 seconds, no paperwork or phone calls required. Plus, PolicyAdvisor offers lifetime after-sales support, helping you manage your policy, update coverage, or file claims when needed. Schedule a call with us today to get the best life insurance quotes!