Why RBC insurance vs. Manulife is a common comparison

Manulife and RBC insurance are frequently compared because they both operate in the same category of premium term life insurance providers offering high coverage and strong financial backing. What makes this comparison meaningful is that both insurers offer flexibility, but in fundamentally different ways.

Manulife offers flexibility through features, riders, and lifestyle integration, allowing policyholders to enhance and personalize their coverage experience. RBC insurance offers flexibility through how the policy is structured, using custom term selection and layered coverage to align insurance with financial timelines.

RBC insurance vs. Manulife at a glance

Both Manulife and RBC Insurance are well-established Canadian insurers with strong financial foundations. Here is a quick side-by-side snapshot of their history, scale, and financial strength:

About RBC term life insurance

RBC offers RBC YourTerm Life Insurance, a product designed to provide precision, flexibility, and structured financial planning within a single policy. Unlike traditional term plans that rely on fixed durations, RBC focuses on helping policyholders align coverage directly with real financial timelines, such as mortgages, loans, or income replacement periods.

Coverage amounts typically start at $50,000 and can go up to $25 million, subject to eligibility and underwriting approval. Once the selected term ends, policyholders can usually renew coverage at updated premiums without new medical evidence, and may also have the option to convert their term policy into permanent life insurance if their needs evolve.

Key features of RBC term life insurance

1. Custom term selection: RBC allows policyholders to select any term length within the 10–40 year range, rather than limiting them to fixed options. This is particularly useful when mortgage duration is not a standard 20 or 25 years or financial obligations don’t align with fixed term buckets.

2. Layered coverage: RBC allows multiple term durations to be combined under one policy. As shorter-term liabilities end, total coverage reduces automatically. This creates a declining coverage structure, aligned with real financial needs. This makes RBC one of the most planning-oriented term insurance in Canada.

3. Guaranteed premiums: Premiums under YourTerm remain fixed and level for the full term selected. This offers predictable costs and protection from age-based premium increases for up to four decades.

4. Renewable coverage to age 85: After the initial term ends, the policy can be renewed annually without new medical evidence or health questions. This helps ensure continued coverage even if your health changes over time.

5. Conversion to permanent insurance: RBC allows eligible policyholders to convert their term coverage into a permanent life insurance plan without new medical underwriting, typically available until age 71.

6. Optional riders: RBC term plan comes with optional riders, such as children’s term, accidental death, disability waiver, guaranteed insurability, and more.

Pros and cons of RBC term life insurance

About Manulife term life insurance

Manulife offers term life insurance through its flagship Family Term plan, along with an enhanced version called Family Term with Vitality Plus. Together, these plans provide a combination of core protection, flexibility, and optional lifestyle-based benefits. The base Family Term plan focuses on reliable, customizable coverage, while the Vitality Plus version builds on this by adding rewards, premium savings, and engagement through health-based incentives. The company primarily offers two term plan variations:

1. Manulife Family Term 

• Coverage: $100,000 to $20 million
• Term options: 10 years, 20 years, or coverage to age 65
• Premiums: Level premiums during the term
• Renewability: Up to age 85
• Conversion: Available to permanent insurance without medical underwriting

2. Manulife Family Term with Vitality Plus 

• Coverage: $250,000 to $25 million
• Term options: 10 years, 20 years, to age 65 or even to age 100
• Premium model: Can increase or decrease annually based on Vitality status
• Discount potential: Up to 15% premium savings through engagement
• Rewards: Gift cards, fitness discounts, wearable devices, etc.

Key features of Manulife term life insurance

1. Multiple-term options: Manulife offers a range of term choices to suit different life stages and financial needs. These include Term 10 (T10) and Term 20 (T20) for short- to medium-term protection, along with Term 65, which provides level coverage until the insured reaches age 65.

2. Vitality Plus program: The Vitality Plus program transforms insurance into an active, behaviour-linked product. Policyholders earn points for exercise and fitness tracking, health screenings and lifestyle improvements. Based on activity levels, premiums can decrease or increase if engagement drops.

3. Strong rider ecosystem: Manulife term insurance provides a wide range of optional riders, including:

• Disability waiver of premium
• Child term insurance
• Guaranteed insurability option
• Accidental death and injury benefits

These riders allow policyholders to expand coverage beyond basic death benefit protection.

4. Convertibility: A major advantage of Manulife’s term plans is the option to convert temporary coverage into permanent life insurance without new medical evidence in most cases. This can help preserve insurability as health needs change over time.

5. Multi-life flexibility: Manulife provides options to insure multiple individuals under one policy, making it a practical choice for families, couples, or business partners seeking shared protection under a single contract.

6. Living benefits built into the policy: Manulife includes features such as terminal illness benefit (up to 50%, capped at $250K for Family Term) and bereavement counselling support (up to $1,000). These features add practical financial support during difficult situations, not just at death.

Pros and cons of Manulife term life insurance

RBC vs Manulife term life insurance comparison

Our Ratings

Who should choose RBC Insurance?

RBC is best suited for individuals who want structured, goal-based insurance planning. It is ideal if:

• You want custom term selection (e.g., 22 years instead of 20/25)
• You need layered coverage for multiple financial obligations
• You want a lower minimum coverage amount

Who should choose Manulife?

Manulife is best suited for individuals who want a feature-rich insurance experience with added lifestyle value. It is particularly ideal if:

• You prefer a policy that offers engagement beyond just protection
• You want access to Vitality Plus rewards and potential premium savings
• You want to insure multiple individuals under one contract

Final Verdict: RBC or Manulife

Best overall: RBC insurance

RBC stands out as the better overall option for users who want their insurance to be tightly aligned with their financial plan. Its ability to offer custom term selection between 10 and 40 years and combine multiple durations through layered coverage makes it one of the most best term insurance plans in Canada.

Best for lifestyle benefits: Manulife

Manulife clearly leads when it comes to delivering a feature-rich insurance experience. Through its Family Term with Vitality Plus plan, it goes beyond traditional coverage by offering rewards, wellness incentives, and potential premium savings based on healthy behaviour.

Best for flexibility type: Tie

Both insurers offer flexibility, but in fundamentally different ways. Manulife offers flexibility through features and customization, including multiple riders, and the ability to enhance coverage with lifestyle-linked benefits. This makes it suitable for users who want to shape their policy experience. RBC offers flexibility through structure and precision, allowing exact term selection and layered coverage design. This makes it more effective for users who want their coverage to follow a defined financial timeline.

Best for affordability: RBC

RBC is generally more affordable at the baseline level, though it often comes in slightly lower than feature-heavy insurers. Its streamlined structure and focus on core coverage help keep premiums competitive.

Best for layered coverage: RBC insurance

RBC Insurance leads for layering because it allows multiple term lengths to be combined within a single policy. For example, buyers can choose a shorter term for mortgage protection and a longer term for family income support, helping coverage decrease naturally as financial responsibilities change.

Which insurer offers better flexibility: Manulife or RBC?

Both Manulife and RBC offer flexibility, but they deliver it in very different ways. Manulife provides flexibility through product features, riders, and its Vitality Plus program, which allows policyholders to enhance their coverage and potentially reduce premiums through healthy lifestyle choices. RBC, on the other hand, offers flexibility through structure by allowing policyholders to select any term between 10 and 40 years and combine multiple term durations under one policy using layered coverage.

What is Manulife Vitality Plus and how does it affect premiums?

Manulife Vitality Plus is a program that links your insurance policy to your lifestyle and health habits. Policyholders earn points for activities such as exercise, health screenings, and maintaining healthy routines. Based on their activity level, premiums can be adjusted annually, with the potential to receive discounts of up to around 15 percent.

What is RBC’s layered coverage and how does it work?

RBC’s layered coverage allows policyholders to combine multiple term lengths within a single policy to match different financial obligations. For example, a policyholder might choose one portion of coverage for 20 years to cover a mortgage and another portion for 30 years to support income replacement. As shorter-term obligations are completed, the coverage reduces automatically.

Which insurer offers higher coverage limits?

Both Manulife and RBC offer coverage of up to $25 million, making them comparable for high coverage needs. However, in Manulife’s case, the higher limit is typically available through the Family Term with Vitality Plus plan, while the standard Family Term plan generally offers coverage up to around $20 million. RBC’s YourTerm plan offers coverage up to approximately $25 million across its standard offering.

Which insurer is better for families?

Manulife is often the better option for families because it offers more features that support family-based coverage, including child riders and broader customization options. The ability to add riders and enhance coverage makes it easier to structure protection for dependents.

Which insurer is better for mortgage or income protection planning?

RBC is generally better suited for mortgage and income protection planning because of its custom term selection and layered coverage features. These allow policyholders to align coverage precisely with financial obligations and reduce it over time as those obligations decrease.

Why BMO insurance vs. RBC insurance is a common comparison

When Canadians start looking at life insurance, BMO insurance and RBC insurance often end up on the shortlist, and for good reason. Both offer:

• Competitively priced term life insurance
• Renewable and convertible term policies
• Backing from well-capitalized, established institutions

Naturally, buyers want to know what actually sets them apart if both are strong and reputable. The answer usually comes down to structure and flexibility. Think of RBC as “build-your-own term” and BMO as “pre-set terms.” For someone trying to match coverage precisely to a mortgage or long-term financial goal, that difference matters.

RBC insurance vs. BMO insurance at a glance

Both RBC and BMO are part of Canada’s “Big Five” banks, with decades of financial strength and nationwide presence. Here’s a quick snapshot of how the two companies compare:

About RBC term life insurance

RBC Insurance offers YourTerm Life Insurance, a term life insurance plan designed to provide financial protection for a set period of time. This plan allows policyholders to choose a custom coverage term between 10 and 40 years, helping match insurance coverage with financial responsibilities such as mortgages, debts, or income replacement needs.

Coverage amounts typically range from $50,000 up to $25 million, depending on eligibility and underwriting. At the end of the term, policies can be renewed at a new premium without medical evidence, and policyholders may also have the option to convert their term policy to permanent life insurance if their coverage needs change.

RBC YourTerm Life Insurance also offers layered coverage options, allowing policyholders to combine multiple term lengths under one policy to better match different financial obligations over time. For example, you can add a shorter term for your mortgage and a longer term for income replacement under one policy so total coverage tapers over time.

Key features of RBC term life insurance

1. Flexible term options: RBC insurance allows policyholders to choose any term length between 10 and 40 years, offering more flexibility than insurers that only provide fixed term options.

2. Wide coverage range: Policies typically offer coverage amounts from $50,000 up to $25 million, depending on the applicant’s eligibility.

3. Renewable coverage: At the end of the selected term, policies can generally be renewed without medical evidence up to age 85, though premiums increase based on age.

4. Conversion to permanent life insurance: RBC insurance allows policyholders to convert their term policy to permanent life insurance without medical evidence, typically up to age 71.

5. Layered coverage option: RBC insurance offers layering, allowing policyholders to combine multiple term policies with different durations under one plan.

6. Optional riders: RBC term plan includes optional riders, such as children’s term, accidental death, disability waiver, and guaranteed insurability.

Pros and cons of RBC term life insurance

About BMO term life insurance

BMO insurance offers several term options (typically 10, 15, 20, 25, and 30 years) allowing individuals to choose coverage that aligns with their financial responsibilities and life stage. With this plan, policyholders receive coverage for a set term while paying premiums that typically remain level throughout that term.

Coverage amounts generally range from $100,000 up to $30 million, depending on eligibility and underwriting. If the insured person passes away during the policy period, the insurer pays a tax-free lump-sum death benefit to the beneficiaries, helping them cover expenses such as mortgages, debts, or everyday living costs.

Premiums typically remain level throughout the selected term, and policies can be converted to permanent life insurance without new medical evidence. The terms 10/15/20 are renewable, but T25 and and T30 are not renewable. BMO also offers different policy structures, including single life, combined life, and joint last-to-die coverage, allowing individuals, couples, or families to customize protection based on their needs.

Key features of BMO term life insurance

1. Multiple term options: BMO insurance offers fixed coverage terms of 10, 15, 20, 25, and 30 years, allowing policyholders to choose a duration that matches their financial obligations such as a mortgage or family expenses.

2. Wide coverage range: Policies generally provide coverage from $100,000 up to $30 million, depending on eligibility and underwriting.

3. Renewable coverage: At the end of the selected term, T10/15/20 policies can be renewed without additional medical evidence, but T25 and and T30 are not renewable.

4. Conversion to permanent insurance: BMO insurance allows policyholders to convert their term life policy to a permanent life insurance plan without new medical underwriting.

5. Term exchange option: The Term 10 or Term 15 coverage to be exchanged for a longer term (such as Term 20, 25, or 30) during the early years of the policy without additional underwriting.

6. Support services for beneficiaries: BMO policies may include complimentary support services for beneficiaries, such as assistance with estate-related tasks and grief support resources.

Pros and cons of BMO term life insurance

RBC vs BMO term life comparison

Our Ratings

Who should choose RBC Insurance?

RBC term life insurance may be a better choice for buyers who value flexibility in term length and customizable coverage structures. Choose RBC if:

• You want highly flexible term lengths: RBC allows you to select any coverage term between 10 and 40 years, which can help match insurance precisely with financial obligations such as mortgages, business loans, or education funding timelines.
• You want a lower minimum coverage amount: RBC policies can start from $50,000, which may make them suitable for buyers who want smaller coverage amounts or are purchasing their first life insurance policy.
• You want the ability to layer coverage: RBC YourTerm allows layered coverage structures, enabling policyholders to combine multiple term durations within one policy to align coverage with changing financial responsibilities.

Who should choose BMO insurance?

BMO term life insurance may be a good fit for buyers who prefer straightforward coverage without needing extensive customization or highly flexible term structures. Choose BMO if:

• You prefer simple, fixed-term options: If you are comfortable choosing from structured terms such as 10, 15, 20, 25, or 30 years, BMO’s fixed-term structure can make the decision process simpler.
• You value additional support for your beneficiaries: BMO policies may include complimentary support services for beneficiaries, such as guidance with estate-related tasks and access to grief support resources after a claim.
• You want competitive pricing: BMO is often more affordable than highly customizable insurers. On top of competitive pricing, their plans include most of the standard features Canadians typically expect from a life insurance policy.

Final Verdict: RBC or BMO

Best overall: RBC insurance

RBC earns the top overall spot because it balances affordability, flexibility, and long-term usefulness. Buyers can choose any term from 10 to 40 years, start with lower coverage amounts, and use layered coverage to match changing financial needs over time.

Best for price: BMO insurance

BMO can be an excellent value for buyers who want straightforward protection at competitive rates. Its standard fixed-term structure often appeals to people looking for simple and cost-effective coverage without extra complexity.

Best for high coverage: BMO insurance

BMO stands out for applicants needing larger policies, with coverage limits reaching up to $30 million. This can make it a strong option for business owners, high-income earners, or families with major financial obligations.

Best for customization: RBC insurance

RBC is the clear winner for customization because it allows buyers to select any term length between 10 and 40 years. This makes it easier to align coverage with milestones such as mortgage payoff dates, children becoming independent, or retirement planning.

Best for layered coverage: RBC insurance

RBC leads for layering because multiple term lengths can be combined under one policy. For example, buyers can carry a shorter term for a mortgage and a longer term for family income protection, allowing coverage to reduce naturally as responsibilities change.

Is RBC better than BMO for term life insurance?

RBC may be better for buyers who want flexible term lengths between 10 and 40 years and the ability to structure coverage with layered terms. BMO may be a better option for those who prefer simple, pre-set term options such as 10, 15, 20, 25, or 30 years.

What is the minimum coverage amount for RBC vs. BMO term life insurance?

RBC term life insurance can start from $50,000, while BMO term life insurance typically starts from $100,000.

Can RBC and BMO term life insurance be converted to permanent insurance?

Yes. Both RBC and BMO allow policyholders to convert their term life insurance policy to permanent life insurance without new medical evidence, within the eligible conversion period.

Are RBC and BMO reliable life insurance companies?

Yes. Both insurers are backed by major Canadian banks and hold strong financial ratings, indicating a strong ability to meet their policyholder obligations.

How much term life insurance coverage do I need?

The amount of coverage depends on your income, financial obligations, debts, and family needs. A common guideline is to have coverage worth 5 to 7 times your annual income, though individual needs may vary.

Why Sun Life vs RBC insurance is a common comparison

Sun Life and RBC insurance are often compared because they operate in the same decision space for buyers looking for term life insurance with flexible structuring options. What makes this comparison particularly relevant is that both insurers offer flexibility, but in different ways.

Sun Life insurance provides flexibility through a wide range of predefined term options (5 to 40 years) along with features like multi-life coverage and extensive riders, allowing policyholders to build highly customized policies. RBC insurance, on the other hand, offers flexibility through custom term selection between 10 and 40 years, combined with its layered coverage feature, which allows multiple term durations to be combined under one policy.

As a result, the comparison between Sun Life and RBC is less about whether flexibility exists and more about how that flexibility is delivered.

Sun Life vs RBC insurance at a glance

Before evaluating their term insurance offerings, it is important to understand how both insurers are positioned within the Canadian insurance market.

About Sun Life term life insurance

Sun Life’s main term insurance offering is Sun Life Evolve Term, a flagship product designed for those who need high coverage limits and maximum flexibility. This plan is built to be a comprehensive financial tool, offering coverage up to $25 million and a wide variety of term lengths. It is specifically engineered to “evolve” with you, providing the ability to cover up to five people on one policy and offering a generous conversion window that allows you to switch to permanent insurance.

While Evolve Term is the most robust option for customized planning, Sun Life also offers Sun Life Go Term. This “Go” version is intended for quick, online applications, but it lacks the depth of the flagship plan; it features much lower coverage caps and fewer options for personalization. For anyone looking for long-term value and the ability to tailor a policy to specific family or business needs, Evolve Term is the clear preference.

Key features of Sun Life term life insurance

1. Broad term flexibility: Sun Life offers one of the flexible term ranges in Canada (choose any term between 5–40 years). This allows you to precisely match coverage with financial obligations.

2. Multi-life coverage: This is a major differentiator. Sun Life allows multiple individuals (up to 5) to be covered under one policy, which is particularly useful for families with shared financial responsibilities, and business partners structuring coverage.

3. Conversion flexibility: Sun Life offers a longer conversion window (up to age 75) compared to many competitors. This allows you to convert to permanent insurance, avoid medical underwriting and lock in insurability even if health changes.

4. Extensive rider ecosystem: Sun Life offers one of the most comprehensive rider sets, including child term benefit, disability waiver of premium, accidental death benefit, business-focused riders and guaranteed insurability rider. This enables deep customization based on personal and financial needs.

5. Guaranteed renewability to age 85: At the end of your term, you can renew your policy without medical evidence. However, premiums will increase based on age.

6. Term exchange option: Depending on your age, you can change your Term 10 or Term 15 policy to a Term 20 or Term 30 policy within five years of policy issue, usually without new medical evidence.

7. Living benefit: Sun Life, at its discretion, provide an advance payment of up to 50% of the basic insurance amount, to a maximum of $100,000, if eligibility conditions are met. This amount is paid while the insured is living and is deducted from the final death benefit payable to beneficiaries.

Pros and cons of Sun Life term life insurance

About RBC term life insurance

RBC YourTerm Life Insurance is a highly customizable plan designed to bridge the gap between rigid insurance products and your specific financial timeline. This flagship offering stands out for its precision, allowing you to choose any term length between 10 and 40 years. This ensures you aren’t paying for coverage longer than your actual debt or income needs exist. With coverage limits reaching up to $25 million, it is built to handle everything from standard mortgage protection to complex high-net-worth estate planning.

A defining advantage of YourTerm is its layered coverage capability, which allows you to hold multiple terms under a single policy to match different financial horizons. For instance, you can secure a 30-year layer for a mortgage alongside a 10-year layer for a short-term business loan.

Key features of RBC term life insurance

1. Custom term selection: Unlike insurers that offer fixed term buckets, RBC allows you to choose almost any term length within the 10–40 year range. This enables more precise alignment with financial obligations and helps to avoid overpaying for unnecessary coverage duration.

2. Layered coverage: RBC allows multiple term policies to be combined under one plan. As the shorter-term coverage expires, your total coverage reduces, aligning with reduced financial obligations. This makes RBC one of the most planning-oriented term insurance products.

3. Guaranteed premiums: Premiums for YourTerm are guaranteed to remain fixed and level for the entire duration of the term you select. This provides total cost predictability, ensuring that your insurance budget is protected from age-related increases for up to four decades.

4. Renewable coverage to age 85: Once your initial term expires, the policy is guaranteed to renew annually without the need for medical evidence or health questions. This ensures continued protection even if your health has changed since you first purchased the policy.

5. Conversion to permanent insurance: RBC allows you to convert your temporary term policy into a permanent life insurance plan without undergoing new medical underwriting. This privilege is typically available until the insured reaches age 71.

Pros and cons of RBC term life insurance

Sun Life vs. RBC term life comparison

Our Ratings

Who should choose Sun Life?

Sun Life insurance is particularly strong for users who want to design their policy structure, rather than just select a term and coverage amount.

• You want broader term flexibility: Sun Life offers flexible term options to choose from (anything between 5 to 40 years), which is one of the widest ranges in Canada. This makes it ideal if you want short-term coverage for temporary liabilities or long-term protection aligned with income or dependents
• You need multi-life or shared coverage: Sun Life allows multi-life coverage (up to 5 insured individuals) under one policy. This is particularly useful for families with shared financial responsibilities and business partners structuring coverage
• You want to customize your policy deeply: Sun Life is one of the most customizable insurers in Canada. You can add riders (child, disability waiver, business protection), and increase coverage at key life events (marriage, child, mortgage).

Who should choose RBC insurance?

You should consider RBC insurance if your goal is to structure your coverage intelligently around financial obligations, rather than customize policy features extensively.

• You want custom term selection: RBC also allows you to choose any term between 10 and 40 years (e.g., 12, 23, 27 years). This is a major advantage over most insurers. This is ideal if your mortgage is 22 years, not 20 or 25 and you want coverage to match exact timelines
• You want to structure coverage using layering: RBC’s biggest differentiator is layered coverage. You can combine multiple terms under one policy. As shorter-term needs expire, your coverage automatically reduces.
• You want competitive pricing with smart structuring: RBC is often slightly more affordable than highly customizable insurers. This is because of fewer riders and more efficient product design. At the same time, features like layering ensure you’re not overpaying for coverage duration.

Final Verdict: RBC or Sun Life

Best overall: Sun Life

Sun Life stands out as the better overall option if your priority is flexibility and control over your policy design.

Best for structured planning: Tie

RBC insurance and Sun Life both stand out for their ability to structure coverage around real financial timelines, rather than just offering predefined options.

Best for customization: Sun Life

Sun Life clearly leads when it comes to policy-level customization. You get flexible term options (5–40 years), multi-life coverage, extensive rider ecosystem and the ability to adjust coverage at life events.

Best for affordability: RBC insurance

RBC insurance is generally more price-efficient, especially for standard term policies. RBC YourTerm is among the more competitively priced options in Canada for typical coverage scenarios .

Best for layered coverage: RBC insurance

RBC insurance stands out for layered coverage because its YourTerm plan lets you combine multiple term lengths within one policy, instead of buying separate policies.

Best for families or complex needs: Sun Life

Sun Life is significantly better suited for complex use cases, including families needing shared or multi-life coverage, business owners requiring structured protection and users needing multiple riders or future flexibility.

What is RBC’s layered coverage and how is it different from Sun Life?

RBC’s layered coverage allows policyholders to combine multiple term lengths within a single policy. For example, a policyholder can choose one portion of coverage for 20 years to match a mortgage and another portion for 30 years to support income replacement. As shorter-term obligations are completed, the overall coverage reduces automatically.

Sun Life does not offer this feature as part of a single policy. While similar outcomes can be achieved by purchasing multiple policies, it requires manual structuring and management. RBC’s layering simplifies this process by integrating it into one policy.

Which insurer offers longer conversion flexibility?

Sun Life offers a longer conversion window compared to RBC. Policyholders can typically convert their term policy to permanent insurance up to age 75 without medical underwriting. RBC also allows conversion without medical evidence, but the window generally closes earlier, around age 71.

Which insurer is more affordable: Sun Life or RBC?

RBC is generally more affordable for standard term life insurance policies. Its product structure focuses on efficient coverage design with fewer add-ons, which helps keep premiums lower. Sun Life may cost slightly more because it offers more customization options, including additional riders, multi-life coverage, and broader structuring capabilities.

Which insurer is better for families?

Sun Life is typically better suited for families because it allows multiple individuals to be covered under a single policy, with support for up to five insured lives. This makes it easier to structure coverage for shared financial responsibilities within a household.

Can I increase my coverage later with Sun Life or RBC?

Sun Life provides more flexibility when it comes to increasing coverage. In certain situations, such as major life events, policyholders may be able to increase their coverage, subject to underwriting conditions. With RBC, increasing coverage typically requires purchasing a new policy rather than modifying an existing one.

Why Manulife vs. Canada Life is a common comparison

When exploring term life insurance options in Canada, many find themselves comparing Canada Life and Manulife. Both companies are among the largest life insurers in the country and offer term life policies designed to help individuals and families protect their financial responsibilities.

The basic concept of term insurance remains the same for both Canada Life and Manulife, yet the structure and features will differ. Coverage limits, available term lengths, optional riders, and underwriting practices can vary from one company to another. These differences can influence how flexible a policy is and how well it aligns with a policyholder’s long-term financial plans.

The comparison below examines how Canada Life and Manulife structure their term life insurance offerings and who is it best suited for.

Manulife vs. Canada Life at a glance

Here’s a table to give you a quick overview of Canada Life and Manulife:

Company snapshot: Manulife vs. Canada Life

About Manulife term life insurance

Manulife offers a range of term life insurance options designed to meet different protection needs. Here is a detailed overview of Manulife term insurance plans:

• Manulife Family Term: This plan is an affordable and flexible solution to your term insurance needs. The Manulife Family Term lets you choose between $100,000 and $20 million in coverage, depending on your coverage needs. With this term life policy, you can also get advance cash if diagnosed with a terminal illness. The available coverage options are single life or multi-life coverage
• Family Term with Vitality Plus: It is like other term life plans offered by Manulife, but with the added benefits of Manulife Vitality, which rewards you for maintaining a healthy lifestyle. With this plan, you pay level premiums for 10 or 20 years, to age 65, or for life, and choose coverage between $250,000 and $25 million. The plan also includes coverage for bereavement counselling costs up to $1,000

In addition to these, Manulife also offers CoverMe® Term 10 Life Insurance, CoverMe® Term 20 Life Insurance, and CoverMe Easy Issue. These plans are easily available on online platforms but are comparatively higher priced. Overall, for a flexible and affordable term life insurance plan, Manulife Family Term is an ideal plan.

Key features of Manulife term life insurance

Manulife’s term life insurance policies come with the following features:

1. Multiple term length: The policy offers a variety of term options, including Term 10 (T10), Term 20 (T20), and Term 65 (coverage up to age 65). This range allows policyholders to select coverage that aligns with both temporary and lifelong financial protection needs

2. Level and guaranteed premiums: Premiums remain level throughout the selected term, providing stability in insurance costs. This predictability helps policyholders plan their finances more effectively without worrying about unexpected premium increases

3. Convertibility: The policy includes an option to convert term coverage into permanent life insurance, typically without requiring additional medical evidence. This provides flexibility for those who want to transition to lifelong coverage in the future

4. Coverage options: Multiple coverage structures are available to cover multiple individuals under one policy. These choices make the policy suitable for individuals, couples, and families with varying insurance needs

5. Riders: A range of optional riders is available to enhance coverage, including accidental death benefit, premium waiver benefit, guaranteed insurability option, business value protection benefit, child term benefit, and disability protection rider. These add-ons allow for more customized and comprehensive protection

6. Living benefit: The term policy may provide an advance of up to 50% of the death benefit, capped at $250,000 under Family Term, if diagnosed with a terminal illness, and with Vitality Plus, it also includes up to $1,000 in bereavement counselling support

Pros and cons of Manulife term life insurance

About Canada term life insurance

Canada Life’s primary term life insurance product is My Term™ Life Insurance, designed to offer flexibility in both coverage structure and policy duration. The My Term™ Life Insurance plan is available in 5 to 50 year term lengths with coverage options including single-life and joint-first-to-die coverage. 

Another distinguishing feature of My Term™ Life Insurance is its broad coverage range. Policies start at $100,000, and while there is no strict upper limit on the maximum coverage amount, applications requesting more than $25 million typically require additional underwriting review.

Canada Life term life insurance also offers flexibility, and the coverage can be automatically renewed at the end of the term without requiring new medical evidence. In addition, the policy offers conversion options, allowing it to be converted to permanent life insurance or longer term lengths, as the need evolves.

Key features of Canada Life term insurance

Canada Life’s My Term™ Life Insurance comes with the following features:

1. Guaranteed renewability: The policy offers automatic annual renewals without requiring medical evidence, ensuring continued coverage regardless of changes in health. Premiums are guaranteed for each renewal period, but increase annually as the insured ages

2. Convertibility: Policyholders can convert their term policy into any permanent life insurance product available at the time of conversion, without medical underwriting. In addition, term-to-term conversion is available, provided the new term is at least 10 years longer than the original term length, offering added flexibility

3. Term lengths: The plan provides a wide range of term lengths, from 5 to 50 years. This flexibility allows policyholders to align coverage with both short-term financial needs, such as debt protection, and long-term goals like mortgage or income protection

4. Optional benefits and riders: A variety of riders can be added to enhance coverage, including waiver of premium, accidental death benefit, guaranteed insurability rider, business growth protection rider, and a child’s term life insurance rider. These options allow for more tailored and comprehensive protection

5. Flexible coverage: The policy offers flexible coverage structures, including single-life and joint-first-to-die options. Single-life coverage protects one individual, while joint-first-to-die cover two lives under one policy, making it suitable for both individual and family insurance needs

Pros and cons of Canada Life term life insurance

Manulife vs. Canada Life comparison

Our Ratings

Who should choose Manulife?

Manulife term life insurance is a good choice for those looking beyond the basics of what a term life insurance policy can offer. It appeals to those who want more than basic term life coverage and are interested in plans that combine protection with additional lifestyle or family-oriented features. Choose Manulife if:

• You are interested in wellness-linked benefits: Some term life insurance plans offered by Manulife integrate the Vitality program, which rewards healthy lifestyle choices. Manulife’s Family Term with Vitality Plus gives access to the Vitality program, which may be included without an additional cost
• You want to insure multiple people under one policy: Manulife’s Family Term policy allows coverage for more than one life within a single plan and may also include additional support benefits, such as terminal illness assistance and bereavement counselling
• You want coverage aligned with life goals: Manulife has T65, which provides financial protection up to the age of 65, aligning with retirement planning or long-term goals
• You are looking for living benefits: Manulife term insurance plan offers living benefits, which means that if you are diagnosed with a terminal illness, you may get up to 50% of the policy’s value

Who should choose Canada Life?

Canada Life may appeal to individuals who want a term plan that is straightforward and is available at a longer term length. Choose Canada Lie if:

• You want longer term length options: Canada Life offers term durations ranging from 5 to 50 years through its My Term™ policy, allowing policyholders to select coverage that aligns with both short-term and long-term financial obligations
• You want riders’ availability: Canada Life also lets you choose from multiple riders available, such as accidental death benefit rider, child term rider, disability waiver rider, guaranteed insurability benefit rider, and business value protection rider
• You want straightforward conversion options: Canada Life’s term life insurance plan can be converted to a permanent life insurance policy or to another term that is at least 10 years longer than the term length of the original policy

Final Verdict: Manulife or Canada Life

Best overall: Manulife

Manulife, with an overall rating of 4.2, is slightly better than Canada Life. Manulife’s term life insurance plan offers comprehensive coverage options along with the added benefit of a wellness-benefit program.

Best for riders: Manulife

Both Canada Life and Manulife have good options when it comes to riders’ availability; Manulife has a slight edge. This is mainly because it also has riders for disability.

Best for high coverage needs: Canada Life

Canada Life’s My Term™ Life Insurance comes without any limit on the maximum coverage amount. This lets you choose a higher coverage as per your needs.

Best for wellness benefits: Manulife

Manulife has a special Vitality program that rewards policy owners for maintaining a healthy lifestyle. Canada Life does not have any such program.

Best for price: Canada Life

Canada Life and Manulife are almost at par when it comes to pricing. But, if given a pick, Canada Life has an affordable term life insurance solution for the initial term.

Which is better: Canada Life or Manulife term life insurance?

Manulife ranks slightly higher overall due to its Vitality rewards program and multiple plan options. With the Manulife term life plan, you will earn rewards for leading a healthy lifestyle. Canada Life is also a good option for its longer term lengths and term-to-conversion feature.

What is Manulife Vitality, and is it available with all plans?

Manulife Vitality is a wellness rewards program available with select policies; it rewards healthy lifestyle habits through discounts and rewards. It can help you earn rewards and save on premiums if the Vitality program is tied to your chosen plan.

What are the term life plans available with Manulife?

With Manulife, you have the option to choose from different term life plans, including Manulife Family Term, Family Term with Vitality Plus, CoverMe Term Life, and CoverMe Easy Issue.

What are the different riders available with Canada Life term life insurance plans?

With Canada Life’s term life insurance plan, you can include riders like waiver of premium benefit, accidental death benefit, guaranteed insurability rider, business growth protection rider, and child’s term life insurance rider to enhance your plan benefits.

Why Sun Life vs. Empire Life is a common comparison

Term life insurance decisions are rarely about choosing between a “good” and a “bad” provider. More often, the challenge is selecting between two strong insurers that take very different approaches to solving the same problem. That is exactly the case with Empire Life and Sun Life term insurance.

Both companies deliver reliable term life coverage backed by strong financial stability and industry experience. They provide the essential features most Canadians expect, such as predictable premiums, renewal options, and the ability to transition into permanent insurance later in life.

What makes this comparison meaningful is not the basics, but how each insurer structures flexibility and planning. For buyers, this creates a practical decision: do you want a policy that is pre-structured for financial efficiency, or one that is highly customizable to fit complex or evolving needs? 

This comparison breaks down those differences in detail, helping you choose the option that fits your financial strategy rather than just your immediate coverage requirement.

Sun Life vs. Empire Life at a glance

About Sun Life term life insurance

Sun Life term life insurance is designed to offer flexible and customizable financial protection for individuals and families with a wide range of coverage needs. Its flagship product, Sun Life Evolve Term, allows policyholders to choose from a broad range of term lengths, typically between 5 and 40 years, making it easier to align coverage with specific financial goals.

Sun Life also supports multiple coverage structures, including multi-life options, which makes it suitable for families, business owners, and individuals with more complex insurance requirements.

Because of its high level of flexibility and customization, Sun Life is often chosen by individuals who want more control over how their policy is structured. It focuses on delivering adaptable life insurance solutions that can evolve alongside changing financial responsibilities and long-term planning needs.

Key features of Sun Life term life insurance

1. Level, guaranteed premiums: Premiums remain fixed throughout the selected term, ensuring stability in payments. This helps maintain predictable insurance costs and supports effective long-term financial planning

2. Flexible term options: The policy offers a wide range of term lengths, typically from 5 to 40 years. This flexibility allows policyholders to align their coverage precisely with financial goals such as loans, income protection, or future obligations

3. Conversion flexibility: Policyholders can convert their term insurance into permanent coverage without providing medical evidence. This option is generally available until age 75, offering flexibility to adapt coverage as long-term needs evolve

4. Built-in renewal structure: The policy can be renewed without medical underwriting at the end of the term, ensuring continued coverage even if health conditions change. Coverage can typically extend up to age 85

5. Coverage structures: Multiple coverage structures are available, including single life, joint first-to-die, and multi-life policies covering up to five insured individuals. This allows for tailored protection based on personal, family, or business needs

6. Optional riders and add-ons: A variety of riders can be added to enhance coverage, including child term benefit, guaranteed insurability, accidental death benefit, disability waiver, and business or partner protection riders. These options provide additional flexibility and customization

Pros and cons of Sun Life term life insurance

About Empire Life term life insurance

Empire Life term life insurance is designed to provide structured and efficient financial protection for individuals who want coverage aligned with specific financial responsibilities and long-term planning needs. The insurer’s Solution Series Term Life Insurance offers a range of term options, including 10, 15, 20, 25, and 30 years, as well as an annual renewable term option, allowing policyholders to choose coverage based on their goals.

The plan allows policyholders to maintain coverage for the selected term as long as premiums are paid, offering a predictable and stable protection structure. A key feature of Empire Life’s term plan is the ability to bundle multiple term lengths within a single policy, helping align coverage with changing financial obligations over time.

Due to its structured design and ability to combine different coverage durations, Empire Life is often chosen by individuals looking for efficient, planning-focused protection without overly complex customization.

Key features of Empire Life term life insurance

1. Level, guaranteed premiums: Premiums remain fixed throughout the selected term, providing stability in insurance costs

2. Multiple term options: The plan offers a variety of term lengths, including 10, 15, 20, 25, 30 years, and Solution ART. This range allows policyholders to align their coverage with both short-term and long-term financial needs

3. Conversion flexibility: Policyholders can convert part or all of their term coverage into permanent insurance without providing medical evidence. This option is typically available until age 75

4. Built-in renewal structure: The policy can be renewed without medical underwriting at the end of the term. The renewal structure varies by plan type, and coverage can extend up to age 85

5. Coverage bundling: Multiple term lengths can be combined within a single policy, allowing coverage to adjust alongside decreasing financial obligations. This helps optimize protection while avoiding the need for multiple separate policies

6. Optional riders: A range of optional riders is available to enhance coverage, including waiver of premium, guaranteed insurability rider, accidental death and dismemberment coverage, and children’s life and critical illness riders. These add-ons provide greater flexibility and customization

Pros and cons of Empire Life term life insurance

Sun Life vs. Empire Life comparison

Our Ratings

Who should choose Sun Life?

Sun Life is a good choice for those who:

• Want flexibility: Sun Life offers flexible term lengths from 5 to 40 years, allowing precise alignment with financial goals
• Need multi-life coverage: Sun Life offers coverage for multiple lives, up to 5 individuals, making it Ideal for families or business owners needing coverage for multiple individuals
• Prefer more rider options: Sun Life provides a broader range of add-ons for enhanced protection. These riders help to customize the coverage as per needs

Who should choose Empire Life?

Empire Life is a good choice for those who:

• Prefer bundling: Empire Life allows bundling of multiple term lengths within one policy, making it ideal for aligning coverage with liabilities like mortgages and loans
• Want conversion flexibility: You can convert part of your policy to permanent life insurance while keeping some term coverage active
• Want lower starting coverage amounts: Empire Life term insurance provides coverage from $25,000, making it a good choice for those with short-term needs

Final Verdict: Sun Life or Empire Life

Best overall: Sun Life

Sun Life takes the lead overall due to its highly flexible policy design, wider term range, and stronger customization options. It is particularly well-suited for individuals who want coverage that can be tailored precisely to their financial goals and adjusted over time.

Best for flexibility: Sun Life

Sun Life offers significantly greater flexibility in term lengths, riders, and coverage structures. It is better suited for individuals who want highly customizable insurance solutions.

Best for coverage structure: Empire Life

Empire Life excels in structured coverage design, particularly with its ability to bundle multiple term lengths within one policy.

Best for families and multi-life coverage: Sun Life

Sun Life supports multi-life coverage for up to five insured individuals, making it a stronger choice for families or business owners who want to cover multiple people under one policy structure.

Best for riders: Sun Life

Sun Life offers a broader and more diverse rider ecosystem, including options for business protection and enhanced personal coverage, making it more suitable for individuals who want to customize their policy extensively.

Which is better: Empire Life or Sun Life for term life insurance in Canada?

Sun Life is generally a better choice; it is well-suited for individuals who want maximum flexibility, including customizable term lengths (5 to 40 years), broader rider options, and multi-life coverage structures. It works well for complex financial planning, such as business protection or high-net-worth estate strategies.

Can I convert both Empire Life and Sun Life term policies to permanent insurance?

Yes, both Empire Life and Sun Life allow you to convert your term life insurance policy into permanent life insurance without requiring new medical underwriting, which is a critical feature for long-term planning.

Empire Life offers both full and partial conversion, allowing you to convert a portion of your coverage while keeping the remaining term policy active. This provides greater flexibility for gradually transitioning into permanent coverage. Sun Life offers conversion options, typically available until age 75, allowing you to switch entirely to a permanent policy.

Which insurer is better for first-time life insurance buyers?

Sun Life is often more suitable for first-time buyers who want clear, structured coverage without excessive complexity. Empire Life’s bundled coverage and term-exchange feature often make it difficult to understand. However, it can still be a good choice for first-time buyers who are working with an advisor, such as one from PolicyAdvisor.

Which company offers better flexibility in term lengths and coverage design?

Sun Life offers significantly more flexibility in terms of term length customization and overall policy design. With options ranging from 5 to 40 years, it allows you to align coverage very precisely with financial milestones, such as mortgages, income replacement, or retirement planning.

Which insurer is better for long-term financial planning and estate strategies?

Both insurers can support long-term planning, but they do so in different ways.

Empire Life is better for individuals who want efficient, structured planning, particularly for scenarios where coverage needs decrease over time. Its bundling and partial conversion features make it effective for transitioning from term to permanent coverage gradually.

Sun Life is better suited for complex financial and estate planning strategies, especially when customization, high coverage amounts, and multiple insured individuals are involved. Its flexible term lengths and broader rider ecosystem provide more tools for advanced planning.

What is the living benefit access under Empire Life?

Under Empire Life term life insurance, the living benefit allows policyholders diagnosed with a terminal illness to access up to 50% of the death benefit (maximum $50,000) while still alive. The amount is paid as a lump sum and is deducted, along with any interest, from the final payout to beneficiaries. This feature helps cover medical or personal expenses during a critical health situation.

Why Empire Life vs. Canada Life is a common comparison

Choosing between two well-established insurers often comes down to how their products are designed rather than what they include. That is exactly the case with Empire Life and Canada Life.

Both insurers offer dependable term life insurance backed by strong financial stability and long-standing market presence. They include essential features such as predictable premiums, renewal options, and the ability to convert to permanent coverage without additional medical underwriting.

The key difference lies in how flexibility is delivered. Empire Life term insurance plans focus on structured, efficient coverage through bundling and layered planning, while Canada Life emphasizes flexibility through wider term ranges and multiple conversion pathways.

For buyers, this creates a clear decision point: whether you prefer pre-structured coverage aligned with financial timelines or greater adaptability to changing needs over time. This comparison explores those differences to help you choose the right fit.

Empire Life vs. Canada Life at a glance

Before diving into product-level differences, it helps to understand how Empire Life and Canada Life compare as organizations. Their size, market positioning, and financial strength influence not just reliability, but also how their term insurance products are designed and delivered. This context sets the foundation for a more meaningful comparison.

About Empire Life term life insurance

Empire Life approaches term life insurance with a focus on precision and efficiency in coverage design. Its Solution Series Term Life Insurance is built for individuals who want their policy to closely mirror their financial obligations over time rather than remain static.

Instead of relying on a single term duration, Empire Life allows policyholders to layer multiple term lengths within one contract, creating a coverage structure that can decrease as debts, loans, or responsibilities are paid off. This makes it particularly useful for planning around clearly defined financial milestones.

The overall design is less about broad customization and more about intentional structuring, making it a strong fit for individuals who prefer a disciplined, planning-oriented approach to life insurance.

Key features of Empire Life term life insurance

1. Level, guaranteed premiums: Premiums remain fixed throughout the selected term, providing consistency in payments. This stability supports long-term financial planning by making it easier to budget for insurance costs over time

2. Multiple-term options: The plan offers term lengths of 10, 15, 20, 25, and 30 years, allowing policyholders to choose coverage that fits their financial timelines. This makes it suitable for structured planning around responsibilities like mortgages or family needs

3. Conversion flexibility: Policyholders can convert part or all of their term coverage into permanent life insurance without undergoing medical underwriting. This option is typically available up to age 75 (subject to policy conditions), offering flexibility for long-term protection

4. Built-in renewal structure: The policy includes a renewal feature that allows coverage to continue without medical evidence after the initial term. The renewal age limit varies from plan to plan, while Solution 10/15/20 can be renewed at ages 75, 70, and 65, respectively, Solution 25/30 and Solution ART can be renewed up to 85 years of age

5. Coverage bundling: Multiple term lengths can be combined within a single policy, allowing policyholders to tailor coverage to changing financial obligations. This also simplifies management by avoiding the need to maintain multiple separate policies

6. Optional riders and add-ons: A variety of riders can be added to enhance coverage, including waiver of premium, guaranteed insurability benefit, accidental death and dismemberment rider, as well as children’s life insurance and children’s critical illness riders. These add-ons provide greater customization and protection based on individual needs

Pros and cons of Empire Life term life insurance

About Canada Life term life insurance

Canada Life takes a more adaptive approach to term life insurance through its My Term™ Life Insurance offering. Rather than structuring coverage around fixed assumptions, it provides a wide spectrum of term lengths and conversion pathways that allow policies to evolve alongside changing needs.

A key strength of Canada Life is its ability to extend, adjust, or transition coverage without starting over, whether through longer-term selections or term-to-term exchanges. This makes it particularly suitable for individuals whose financial responsibilities may shift over time, such as growing families or business owners.

Overall, Canada Life is designed for flexibility at scale, offering a framework that supports ongoing adjustments rather than pre-defined coverage paths.

Key features of Canada Life term life insurance

1. Level, guaranteed premiums: Premiums remain fixed throughout the selected term length, eliminating the risk of unexpected price increases during the term and supporting consistent financial planning

2. Flexible term options: The plan offers a wide range of term lengths, from 5 to 50 years, providing exceptional flexibility. This allows policyholders to align coverage precisely with financial goals such as mortgages, income replacement, or retirement planning, making it suitable for both short-term and long-term needs

3. Conversion flexibility: Policyholders can convert their term policy into permanent life insurance without undergoing medical underwriting. This option is typically available until age 70 (subject to policy conditions) and also includes term-to-term conversion, allowing extension of coverage duration without purchasing a new policy

4. Built-in renewal structure: The policy can be renewed after the initial term without requiring medical evidence, ensuring continued coverage even if health conditions change. Coverage can extend up to age 85, though premiums will increase based on age at the time of renewal

5. High coverage potential: There is no strict maximum base coverage limit, subject to underwriting approval. This makes the policy suitable for individuals with higher income levels, business owners, or those with complex financial protection needs

6. Optional riders and add-ons: A range of optional riders is available to enhance coverage, including accidental death benefit, child term rider, disability waiver rider, guaranteed insurability benefit, and business protection riders. These options allow for more customized and comprehensive protection

Pros and cons of Canada Life term life insurance

Empire Life vs. Canada Life comparison

Our Ratings

Who should choose Empire Life?

Empire Life is a good choice for those who:

• Think in terms of financial timelines rather than fixed coverage: Empire Life works best for individuals who want their insurance to reflect how liabilities naturally reduce over time, rather than staying constant
• Want to avoid managing multiple policies: Its ability to combine different term lengths into a single contract makes it easier to manage coverage without juggling separate plans
• Prefer a disciplined, planning-first approach: Ideal for those who already have a clear roadmap for expenses like mortgages, loans, or business obligations
• Prefer a lower coverage amount: Empire Life has a term insurance plan starting at a lower coverage amount ($25,000), making it a good choice for those with short-term needs

Who should choose Canada Life?

Canada Life is a good choice for those who:

• Want maximum flexibility in term lengths: With options from 5 to 50 years, Canada Life allows you to align coverage very precisely with financial goals
• Value term-to-term conversion: Ability to extend or modify coverage without purchasing a new policy or undergoing medical underwriting
• Need high coverage amounts: Suitable for individuals requiring extensive coverage for estate planning, business protection, or income replacement

Final Verdict: Empire Life or Canada Life

Choosing between Empire Life and Canada Life ultimately comes down to how you want your insurance to function over time.

Best overall: Empire Life

Empire Life leads overall due to its simple structure. It is better suited for individuals who want insurance that can adapt to changing financial needs over time.

Best for flexibility and long-term adaptability: Canada Life

With term lengths up to 50 years and term-to-term conversion, Canada Life offers superior adaptability. It works well for individuals who want their policy to evolve alongside life changes.

Best for structured coverage planning: Empire Life

Empire Life stands out for its bundled coverage approach, allowing multiple term lengths within one policy. This makes it ideal for aligning coverage with declining liabilities.

Best for conversion strategy: Empire Life

Empire Life’s partial conversion feature provides more control when transitioning to permanent insurance, allowing a gradual shift rather than a full conversion.

Best for additional features: Empire Life

Empire Life also offers living benefits, which means you will get a living benefit advance if diagnosed with a terminal illness. It offers up to 50% of the death benefit, up to $50,000.

Can I convert both Empire Life and Canada Life term policies to permanent insurance?

Yes, both insurers allow conversion to permanent life insurance without requiring new medical underwriting. Empire Life offers both full and partial conversion, while Canada Life provides full conversion along with term-to-term exchange options. Conversion timelines and age limits vary by policy.

What is the living benefit with Empire Life term insurance?

Empire Life term insurance provides an advanced payout if the insured is diagnosed with a terminal illness. This benefit allows access to up to 50% of the death benefit, capped at $50,000, paid as a lump sum. The amount received, along with any applicable interest, is deducted from the final death benefit paid to beneficiaries.

Which company offers better flexibility in term lengths and coverage design?

Canada Life offers greater flexibility with term lengths ranging from 5 to 50 years and the ability to convert between term policies. This makes it easier to align coverage with both short-term and long-term financial goals.

Which insurer is better for long-term financial planning?

Both insurers support long-term planning, but in different ways. Empire Life is better for structured, milestone-based planning where coverage decreases over time. Canada Life is better for evolving needs where flexibility and adaptability are important.

Why RBC Insurance vs. Empire Life is a common comparison

When comparing term life insurance providers, it is often not about choosing between a strong and a weak insurer; it is more about selecting between two fundamentally different approaches to coverage design.

Both Empire Life and RBC are well-established players in the Canadian insurance landscape. They offer term life insurance products supported by strong financial stability, and both include essential features such as level premiums, policy renewability, and the ability to convert term coverage into permanent insurance without new medical underwriting.

However, the way these features are structured creates a meaningful distinction.

Empire Life builds term policies that allow you to layer multiple term durations and gradually align coverage with declining financial obligations. RBC, on the other hand, prioritizes simplicity, offering fixed-term policies that are easy to select and manage without requiring detailed structuring.

RBC Insurance vs. Empire Life at a glance

Before evaluating their term insurance offerings, it is helpful to understand how both insurers are positioned within the broader market.

About RBC term life insurance

RBC offers RBC YourTerm Life Insurance, a plan designed to provide financial protection for a defined period while allowing flexibility in how coverage is structured over time.

The policy lets you choose a custom term length between 10 and 40 years, helping you align coverage with financial responsibilities such as mortgages, debts, or income replacement. Coverage amounts typically range from $50,000 to $25 million, depending on eligibility.

A key advantage of RBC’s offering is its layering capability, which allows you to combine multiple term lengths within a single policy. This helps structure coverage so that it gradually decreases as financial obligations reduce.

Another key strength of RBC term life insurance lies in its integration within a broader financial ecosystem. As part of one of Canada’s largest banks, it offers strong distribution, digital accessibility, and brand trust, which can make the process of obtaining and managing insurance more convenient.

Key features of RBC term life insurance

1. Flexible term options: Policyholders can choose any term length between 10 and 40 years, offering greater customization compared to insurers that only provide fixed-term options. This flexibility allows coverage to be tailored to specific financial timelines and obligations

2. Wide coverage range: Coverage amounts range from $50,000 up to $25 million, making the policy suitable for both individuals seeking basic protection and those with more complex or high-value insurance needs

3. Level, guaranteed premiums: Premiums remain fixed for the entire duration of the selected term, ensuring stability in payments. This consistency helps with predictable financial planning and long-term budgeting

4. Renewable coverage: The policy can be renewed at the end of the term without requiring medical underwriting (up to age 85), allowing continued coverage even if health changes. However, premiums will increase based on the policyholder’s age at renewal

5. Conversion to permanent insurance: Policyholders have the option to convert their term policy into permanent life insurance without providing medical evidence. This feature is typically available up to age 71, offering flexibility for long-term coverage planning

6. Layered coverage option: Multiple term lengths can be combined within a single policy, allowing policyholders to align coverage with both short-term and long-term financial obligations. This approach helps optimize coverage as liabilities decrease over time

Pros and cons of RBC term life insurance

About Empire Life term life insurance

Empire Life’s Solution Series Term Life Insurance is structured for individuals who want their coverage to reflect the way financial responsibilities change over time. It lets you choose from 10, 15, 20, 25, and 30-year term lengths or Solution ART.

Moreover, rather than relying on a single fixed term, Empire Life allows policyholders to combine multiple term durations within a single contract, creating a layered coverage structure. This is particularly useful for individuals with predictable financial timelines, such as mortgages, loans, or business obligations that decrease over time.

This approach reduces the need to manage multiple policies and allows for more efficient coverage planning. Overall, Empire Life is best suited for individuals who prefer structured, milestone-based insurance strategies over highly flexible or customizable designs.

Key features of Empire Life term life insurance

1. Guaranteed renewability: The policy can be renewed at the end of each term without requiring medical underwriting, ensuring continued coverage even if health conditions change. The renewal structure varies depending on the plan type (ART vs. level term), and coverage can extend up to age 85, with premiums eventually stabilizing at later stages

2. Multiple-term options: The plan offers a range of term lengths, including 10, 15, 20, 25, 30 years, and Solution ART. This variety allows policyholders to align their coverage with different financial timelines and responsibilities

3. Conversion flexibility: Policyholders can convert part or all of their term coverage into permanent insurance, with carry-over options providing added flexibility. This conversion does not require medical underwriting and is typically available until age 75

4. Coverage bundling: Multiple term lengths can be combined within a single policy, allowing coverage to match changing financial obligations over time. This is especially useful for aligning insurance with decreasing liabilities, like mortgages or loans

5. Optional riders and benefits: The policy offers several optional add-ons, including waiver of premium, guaranteed insurability rider, accidental death and dismemberment coverage, as well as children’s life and children’s critical illness riders. These options enhance protection and allow for more personalized coverage

Pros and cons of Empire Life term life insurance

RBC vs. Empire Life term life comparison

Our Ratings

Who should choose RBC?

RBC is a good choice for those who:

• Prefer flexibility without overcomplicating your policy: RBC allows you to choose any term between 10 and 40 years, making it easier to match coverage with specific financial timelines without being restricted to fixed options
• Value convenience and a strong digital experience: With integration into a large banking ecosystem, RBC makes applying for and managing your policy more seamless and accessible
• Need higher coverage amounts: RBC supports coverage up to $25 million, making it suitable for individuals with significant financial responsibilities or income replacement needs

Who should choose Empire Life?

Empire Life is an ideal choice for those who:

• Plan your insurance around financial milestones: Empire Life is ideal if your coverage needs are tied to specific obligations such as mortgages, loans, or business liabilities that decrease over time. Its bundling feature allows you to align coverage with these timelines more precisely
• Value flexibility during transitions rather than at purchase: Its partial conversion feature allows you to gradually transition into permanent insurance, which can be especially useful for long-term planning and evolving needs
• Prefer customization: Empire Life is well-suited for individuals who prefer extensive term life insurance riders or customization

Final Verdict: RBC or Empire Life

Best overall: RBC

RBC takes the lead overall due to its simplicity, strong financial backing, and ease of use. It provides a reliable and accessible term insurance solution that works well for a broad range of individuals, particularly those who prefer straightforward coverage. RBC also lets you choose a flexible term length, ranging from 10 to 40 years. 

Best for simplicity: RBC

RBC excels in delivering an easy-to-understand product. Its term structure and streamlined application process make it especially appealing to first-time buyers or those who prefer minimal complexity.

Best for structured coverage planning: Empire Life

Empire Life stands out for its ability to align coverage with financial timelines. Its bundling feature allows policyholders to create a more efficient and intentional coverage structure.

Best for conversion strategy: Empire Life

Empire Life offers more strategic flexibility through partial conversion, allowing policyholders to transition gradually into permanent insurance rather than making a single decision.

Best for high coverage needs: RBC

RBC supports higher coverage limits (up to $25 million), making it more suitable for individuals with significant financial responsibilities or estate planning needs.

Best for flexibility: RBC

RBC offers various flexible term lengths from 10 to 40 years to choose from. It also has good rider options to customize the policy accordingly. 

Which is better: Empire Life or RBC for term life insurance in Canada?

RBC is generally better for individuals who prioritize simplicity, accessibility, and higher coverage limits. RBC term insurance plans are also more flexible and offer term length options ranging from 10-40 years.

Is RBC more flexible than Empire Life for choosing term length?

Yes, RBC offers more flexibility in selecting the initial term because you can choose any duration between 10 and 40 years. Empire Life, in contrast, offers predefined terms (10, 15, 20, etc.).

Which insurer is better if I want my coverage to decrease as my debts reduce?

Empire Life is generally better suited for this purpose. Its policy design allows you to layer multiple term durations intentionally, so portions of your coverage expire as financial obligations like mortgages or loans are paid off. RBC can achieve something similar through layering, but it is less planning-driven in its structure.

Which insurer is easier to manage over time?

RBC is generally easier to manage because its policies are simpler and more standardized, with fewer structural decisions required after purchase. Empire Life may require more upfront planning, but it can be more efficient over time if your coverage is carefully structured from the beginning.

Does RBC’s banking ecosystem make a difference when buying insurance?

Yes, for many buyers it does. RBC’s integration with its broader financial services ecosystem (RBC Bank) can make the process of applying, managing, and reviewing your policy more convenient, especially if you already bank with RBC.

Why Empire Life vs. BMO Insurance is a common comparison

When comparing Empire Life and BMO, the decision is less about which insurer is objectively better and more about how each one approaches the design of term life insurance. Both companies offer dependable term insurance backed by strong financial stability, along with core features such as level premiums, renewability without medical evidence, and the option to convert to permanent insurance. 

However, the real distinction lies in how these features are structured and experienced over time. As a result, their term life insurance comparison is ultimately about choosing between a policy that is actively designed to match a financial strategy and one that delivers reliable protection with minimal complexity.

Empire Life vs. BMO Insurance at a glance

Before diving into product details, it’s important to understand how both insurers are positioned within the Canadian insurance landscape. Their scale, strategy, and financial strength influence how their products are designed.

About Empire Life term life insurance

Empire Life’s Solution Series Term Life Insurance is designed for individuals who want coverage that closely aligns with how their financial responsibilities evolve over time. Rather than relying on a single fixed term, it allows policyholders to combine multiple term durations within one policy, creating a layered structure where coverage gradually decreases as liabilities such as mortgages, loans, or income replacement needs are reduced.

In addition to this structured approach, Empire Life term insurance plans offer level premiums during the term, guaranteed renewability without medical evidence, and flexible conversion options, including the ability to partially convert coverage to permanent insurance. It also provides access to a range of optional riders that can enhance protection based on individual needs. Together, these features help reduce inefficiencies, such as overpaying for coverage that is no longer necessary later in life.

Key features of Empire Life term life insurance

1. Level, guaranteed premiums: Premiums remain fixed throughout the selected term, ensuring stability in payments. This predictability supports long-term financial planning by allowing policyholders to budget without worrying about future premium increases

2. Multiple term options: The plan offers flexible term lengths of 10, 15, 20, 25, 30 years, along with the Solution ART option. This variety allows individuals to choose coverage that aligns closely with specific financial responsibilities and life stages

3. Conversion flexibility: Policyholders have the option to convert part or all of their term coverage into permanent insurance without undergoing medical underwriting. This feature is available up to age 75, making it easier to maintain lifelong coverage as needs evolve

4. Guaranteed renewability: The policy can be renewed without providing medical evidence, offering continued protection even if health conditions change. While renewal structures may vary by plan type, coverage can generally be extended up to age 85

5. Coverage bundling: This feature allows multiple term lengths to be combined within a single policy. It helps align insurance coverage with decreasing financial obligations over time, such as mortgages or dependents’ needs.

6. Optional riders: A range of optional riders can be added to enhance coverage, including waiver of premium, guaranteed insurability, accidental death benefit, and children’s life and critical illness riders. These add-ons provide additional flexibility and protection tailored to individual needs.

Pros and cons of Empire Life term life insurance

About BMO term life insurance

BMO Insurance offers term life insurance solutions designed for individuals who want clear, straightforward coverage without complex structuring. Its plans include Term 10, 15, 20, 25, and 30, allowing policyholders to select a fixed coverage period that aligns with common financial responsibilities such as mortgages, debts, or income replacement needs. This makes it easy to match insurance duration with specific life stages without requiring detailed planning.

Coverage amounts typically range from $100,000 up to $30 million, depending on eligibility, making BMO suitable for both basic protection and higher coverage needs. Premiums remain level throughout the selected term, providing predictable costs, and policies can be renewed or converted to permanent life insurance without new medical evidence within the eligible period.

BMO also offers flexible policy structures, including single life, combined life, and joint last-to-die options, allowing individuals, couples, and families to choose coverage that fits their situation.

Key features of BMO term life insurance

1. Multiple term options: The plan offers fixed term lengths of 10, 15, 20, 25, and 30 years, allowing policyholders to choose coverage that aligns with specific financial responsibilities

2. Wide coverage range: Coverage amounts typically range from $100,000 to $30 million, making the policy suitable for both individuals seeking basic protection and those with high-value insurance needs, such as business owners or high-income earners.

3. Level premiums during the term: Premiums remain stable throughout the selected term, ensuring predictable and consistent insurance costs. This helps policyholders plan their finances more effectively without worrying about premium increases during the coverage period.

4. Renewable coverage: At the end of the term, policies can be renewed without requiring medical evidence. Term 10/15/20 is renewable up to the age of 85 years, while terms 25 and 30 are not renewable.

5. Conversion to permanent insurance: The policy includes an option to convert to permanent life insurance without medical underwriting. This provides flexibility for those who want to secure lifelong coverage as their financial needs evolve.

6. Term exchange option: Policyholders can exchange a Term 10 or Term 15 policy for longer terms, such as 20, 25, or 30 years, within the early years of the policy, without additional underwriting. This allows for easy adjustments as long-term financial commitments change.

7. Support services for beneficiaries: The policy may include support services such as estate assistance and grief support resources. These services help beneficiaries manage financial matters and administrative responsibilities during a difficult time.

Pros and cons of BMO term life insurance

Empire Life vs. BMO term Life comparison

Our Ratings

Who should choose Empire Life?

Empire Life is a good choice for individuals who:

• Want coverage that aligns with how your financial responsibilities evolve: Empire Life works well if your obligations, such as mortgages, loans, or business liabilities, are expected to decrease over time. Its structure allows your coverage to adjust accordingly, rather than remain constant
• Prefer combining multiple coverage needs into one policy: Instead of managing separate policies, Empire Life lets you layer different term lengths within a single plan, helping you streamline coverage while maintaining precision
• Value flexibility when transitioning to permanent insurance: With partial conversion, you can move a portion of your coverage into permanent insurance while keeping the rest active, giving you more control over long-term planning decisions

Who should choose BMO Insurance?

BMO is a good choice for those who:

• Want a simple, easy-to-understand policy: BMO is a strong fit if you prefer straightforward term life insurance without complex structuring. Its plans are designed to be clear and easy to navigate, making decision-making quicker and more intuitive
• Prefer fixed-term coverage without layered planning: With standard term options like 10, 15, 20, 25, and 30 years, BMO works well for individuals who want to match coverage to a specific timeframe without combining multiple terms
• Value-added support for your beneficiaries: BMO may include complimentary support services such as estate assistance and grief resources, helping your family manage financial and administrative responsibilities during difficult times

Final Verdict: Empire Life or BMO Insurance

Best overall: Empire Life

Empire Life takes the lead overall due to its flexibility. It offers features like coverage bundling and partial conversion, which allow policyholders to adapt their insurance as financial needs evolve, making it a more versatile option.

Best for simplicity and ease of use: BMO

BMO excels in providing clear, easy-to-understand policies. Its fixed-term structure and minimal configuration make it particularly suitable for first-time buyers or those who want a no-frills insurance experience.

Best for structured coverage planning: Empire Life

Empire Life stands out for its ability to align insurance with financial milestones. Its bundling feature allows policyholders to create a more efficient coverage structure that evolves over time.

Best for conversion strategy: Empire Life

Empire Life offers greater strategic flexibility through partial conversion. This allows policyholders to gradually transition into permanent insurance, which can be valuable for long-term planning.

How do Empire Life and BMO differ in how they structure term life coverage?

The key difference lies in how coverage is designed. Empire Life allows you to combine multiple term lengths within one policy, creating a structured plan that aligns with decreasing financial obligations over time. BMO, in contrast, offers fixed-term policies that are simpler and easier to select. This makes Empire Life better for planning-focused buyers, while BMO is more suitable for those who prefer a straightforward, low-maintenance approach.

Which insurer is better if I want my coverage to evolve over time?

Empire Life is generally better suited for evolving coverage needs. Its bundling feature allows different portions of your coverage to expire at different times, while partial conversion lets you transition gradually into permanent insurance. BMO policies are more static, meaning you typically choose one term and keep it until expiry. While reliable, they offer less flexibility for adjusting coverage as your financial situation changes.

Are there differences in how easy it is to manage policies with Empire Life vs BMO?

Yes, there is a noticeable difference in ongoing management. BMO policies are easier to manage because they follow a standardized structure with fewer moving parts. Once set up, they require minimal adjustments. Empire Life policies, while more strategic, may require more upfront planning and periodic review to ensure the bundled structure continues to align with your financial goals. This makes BMO more convenient, while Empire Life is more hands-on but potentially more efficient.

How do conversion options compare between Empire Life and BMO?

Both insurers allow you to convert your term policy into permanent life insurance without medical underwriting, which is valuable for long-term planning. However, Empire Life offers more flexibility through partial conversion, allowing you to convert only a portion of your coverage while keeping the rest active. BMO typically supports full conversion only, meaning you convert the entire policy at once, offering less strategic flexibility.

Which insurer is a better fit for someone who wants a simple buying experience?

BMO is generally the better choice for a simple and seamless buying experience. Its term options are easy to understand, and the policy structure does not require complex decisions. This makes it particularly appealing for first-time buyers or those who want quick, hassle-free coverage. Empire Life, while more powerful in planning, may require more guidance or advisor support to fully utilize its structured features effectively.

Why Manulife vs. Empire Life is a common comparison

When comparing Empire Life and Manulife, the decision isn’t about choosing between a strong and a weak insurer; it is about deciding how their term policies are structured.

Empire Life builds its term life insurance around precision and efficiency, allowing you to actively structure coverage so that it aligns with declining financial obligations. This makes it particularly useful if you already have a clear roadmap for your financial responsibilities.

Manulife, on the other hand, offers a multi-layered product ecosystem where you can also include wellness benefits in your policies. Rather than structuring coverage upfront, Manulife focuses on giving you multiple ways to customize and enhance your policy over time.

Manulife vs. Empire Life at a glance

Before diving into product-level differences, it helps to understand how both insurers are positioned within the Canadian market.

About Manulife term life insurance

Manulife approaches term life insurance with a broader, more flexible product ecosystem designed to meet a wide range of needs, from simple coverage to advanced, feature-rich policies.

Its flagship offering, Family Term, is built for both individuals and families, with options for single-life and multi-life coverage. This makes it particularly suitable for couples, families, or business partners who want to consolidate coverage under one policy. Term options include 10 years, 20 years, or coverage to age 65, with level premiums throughout the selected duration.

A defining feature of Manulife term insurance is its Vitality program, which integrates insurance with lifestyle. Through this program, policyholders can earn rewards or potential premium benefits by engaging in healthy activities such as exercise or wellness tracking. This creates a more interactive insurance experience compared to traditional static policies.

Manulife also offers simplified products like CoverMe for easier online purchase, though these typically come with higher premiums and lower coverage limits. Overall, Manulife is designed for individuals who value flexibility, product variety, and lifestyle integration.

Key features of Manulife term life insurance

• Level, guaranteed premiums: Manulife offers level, guaranteed premiums that remain stable throughout the selected term. This ensures predictable costs over time, making it easier for policyholders to plan their finances without worrying about unexpected premium increases
• Multiple-term options: Manulife provides multiple-term options, including Term 10, Term 20, and coverage up to age 65. This flexibility allows individuals to choose coverage that aligns with both short-term obligations and long-term financial needs
• Convertibility: Policies can be converted to permanent life insurance without requiring additional medical evidence. This feature helps preserve insurability, especially if health conditions change in the future
• Multi-life flexibility: Manulife allows multiple individuals to be covered under a single policy. This makes it a good option for families or business partners looking for a consolidated and efficient coverage solution
• Wellness integration: Through the Manulife Vitality program, policyholders can access rewards linked to healthy lifestyle habits. This includes potential incentives and benefits that encourage long-term wellness
• 30-day money-back guarantee: Manulife offers a 30-day money-back guarantee, allowing policyholders to cancel their policy within this period and receive a full refund. This provides added confidence and flexibility when purchasing coverage

Pros and cons of Manulife term life insurance

About Empire Life term life insurance

Empire Life’s Solution Series Term Life Insurance is designed for individuals who want coverage that closely aligns with how their financial responsibilities evolve over time. Rather than relying on a single fixed term, it allows policyholders to combine multiple term durations within one policy, creating a layered structure where coverage gradually decreases as liabilities such as mortgages, loans, or income replacement needs are reduced.

This structured approach makes Empire Life particularly effective for individuals who prefer intentional planning over passive coverage selection. Instead of maintaining the same coverage throughout the policy term, you can design a plan where different portions of your coverage expire at different times, reducing unnecessary costs later in life.

In addition, Empire Life offers level premiums, guaranteed renewability without medical evidence, and flexible conversion options, including partial conversion to permanent life insurance. These features provide both stability and long-term adaptability without requiring a complete policy overhaul.

Key features of Empire Life term life insurance

• Level, guaranteed premiums: Empire Life offers level, guaranteed premiums that remain fixed throughout the selected term
• Multiple term options: Empire Life provides a range of term options, including 10, 15, 20, 25, and 30 years, along with Solution ART. These choices allow for structured coverage that can be aligned with specific financial timelines and obligations
• Conversion flexibility: Policies can be converted to permanent insurance without medical underwriting, helping preserve insurability over time. Empire Life also offers partial conversion, allowing policyholders to convert a portion of their coverage while keeping the rest active. Conversion is typically available up to age 75
• Guaranteed renewability: Empire Life policies are guaranteed renewable without requiring medical evidence. This ensures continued coverage even if health changes, with the option to extend protection up to age 85
• Coverage bundling: A standout feature of Empire Life is its ability to bundle multiple term lengths within a single policy. This enables policyholders to align coverage with declining liabilities, such as mortgages or loans, creating a more efficient long-term protection strategy
• Optional riders: Empire Life offers a range of optional riders to enhance coverage, including waiver of premium, guaranteed insurability, accidental death benefit, and children’s life and critical illness riders. These add-ons allow for further customization based on individual needs

Pros and cons of Empire Life term life insurance

Manulife vs. Empire Life comparison

Our Ratings

Who should choose Manulife?

Manulife is best-suited for individuals who:

• Need coverage for multiple people under one policy: Manulife’s multi-life options make it a strong choice for families or business partners looking to consolidate coverage efficiently
• Value wellness-linked incentives: The Vitality program adds a unique dimension by rewarding healthy lifestyle habits, making insurance more interactive
• Prefer riders’ availability: Manulife term plans work well if you need multiple rider options to customize your policy with them

Who should choose Empire Life?

Empire Life is an ideal choice for individuals who:

• Want coverage that mirrors your financial timeline: Empire Life is ideal if your obligations, such as mortgages, loans, or business liabilities, are expected to decrease over time. Its bundling feature allows you to design coverage that reduces alongside these commitments
• Prefer bundling: Empire Life term plans offer the option to combine multiple term lengths in one policy
• Value flexibility when transitioning to permanent insurance: With partial conversion, you can gradually shift portions of your coverage into permanent insurance instead of making a single, all-or-nothing decision

Final Verdict: Manulife or Empire Life

Best overall: Manulife

Manulife takes the lead overall due to its broader product range, strong financial backing, and flexibility. It caters to a wider range of users, from individuals seeking simple coverage to families needing multi-life protection and additional features like wellness rewards.

Best for flexibility and product range: Manulife

With multiple product tiers, multi-life options, and wellness integration, Manulife offers a more adaptable insurance experience. It is particularly useful for individuals who expect their needs to evolve.

Best for structured coverage planning: Empire Life

Empire Life excels in designing policies that align precisely with financial timelines. Its bundling approach allows for a more efficient and intentional coverage structure.

Best for conversion strategy: Empire Life

Empire Life stands out with its partial conversion feature, giving policyholders more control over how and when they transition to permanent coverage.

Best for family or multi-life coverage: Manulife

Manulife’s ability to cover multiple individuals under one policy makes it a better choice for families or business partners.

Best for engagement and added benefits: Manulife

With the Vitality program, Manulife offers a more interactive experience, rewarding healthy behaviour and adding value beyond traditional insurance.

How do Empire Life and Manulife differ in their approach to term life insurance?

Empire Life focuses on structured coverage design, allowing you to bundle multiple term lengths within a single policy to match declining financial obligations. Manulife, on the other hand, offers a broader product ecosystem with options like multi-life coverage and wellness-linked benefits. This makes Empire Life more planning-driven, while Manulife emphasizes flexibility and variety.

Which insurer is better for families or joint coverage needs?

Manulife is generally the better choice for families or joint coverage needs due to its multi-life policy structures. It allows multiple individuals to be covered under one plan, which can simplify management and potentially reduce costs. Empire Life offers limited multi-life options, making it less suitable for family-based coverage strategies.

How do conversion options compare between Empire Life and Manulife?

Both insurers allow conversion to permanent insurance without medical underwriting, but Empire Life offers more flexibility through partial conversion. This allows you to convert only a portion of your coverage while keeping the rest active. Manulife typically supports full conversion only, which is simpler but less flexible for staged planning strategies.

Is Manulife’s Vitality program worth considering?

Manulife’s Vitality program can be valuable if you are motivated by wellness incentives. It rewards healthy behaviours such as physical activity and regular health tracking with benefits like discounts or rewards. While it does not replace core insurance value, it adds an extra layer of engagement that may appeal to individuals who want more than just traditional coverage.

How does Manulife’s Vitality program affect term life insurance premiums and benefits?

Manulife integrates its Vitality program into select term life policies, allowing policyholders to earn rewards or potential premium savings based on healthy lifestyle activities. This includes tracking fitness, completing health assessments, and meeting activity goals. While premiums remain level during the term, participation in Vitality can unlock discounts or perks like gift cards and device savings, adding a lifestyle-based dimension to traditional coverage.

Why Sun Life vs. BMO insurance is a common comparison

Sun Life and BMO insurance are frequently compared because they both offer the essential pillars of a quality term policy, including level premiums, guaranteed renewal without medical exams, and the right to convert to permanent insurance. Both are backed by the massive financial stability of “Big Five” institutions, making them go-to choices for those who prioritize long-term brand reliability.

Sun Life Evolve Term is built for high-level customization, offering a vast range of terms and multiple riders that allow you to “engineer” a policy for specific business or estate needs. In contrast, BMO insurance focuses on a more traditional, “fixed-bucket” approach, providing standardized terms that are easier to understand and manage. Ultimately, this comparison is a trade-off between flexibility and ease of use.

Sun Life vs. BMO insurance at a glance

Before evaluating their term insurance offerings, it is important to know how both insurers are positioned within the Canadian insurance market.

About Sun Life term life insurance

Sun Life’s flagship product, Sun Life Evolve Term, is one of the most flexible term life products in Canada. It is a designed for people who want coverage that can grow and change as their life does. While many companies offer basic plans with only a few choices, Evolve Term is built to be a complete financial tool that works for everything from a simple mortgage to protecting a large business.

This plan is a significant step up from the more basic Sun Life Go Term. While the “Go” version is meant for quick online sign-ups with lower coverage limits, Evolve Term offers much higher protection and many more ways to customize your policy. It is the better choice if you want a plan that stays with you for the long haul, especially since it gives you a guaranteed path to permanent insurance later on without any new medical tests.

Key features of Sun Life term life insurance

1. Flexible term structure: Unlike most insurers, Sun Life term insurance allows a wide range of term durations (choose any term between 5 to 40 years). This makes it easier to align coverage with different obligations like mortgages or retirement timelines.

2. Multi-life coverage: A unique feature of this plan is that it allows you to cover up to five people under a single policy. This is a very efficient way for business partners to protect their company or for families to cover multiple members at once.

3. Conversion up to age 75: One of the best parts of Evolve Term is the conversion window, which is open until you reach age 75. This means you can switch your temporary term insurance into a permanent life insurance plan at any time without answering new health questions.

4. High customization via riders: You can customize your policy with a wide variety of “riders,” which are like add-ons for extra protection. These include:

• Child term benefit
• Disability waiver
• Business protection riders
• Guaranteed insurability

5. Guaranteed renewability to age 85: When your initial term ends, the policy is guaranteed to renew automatically every year until you are 85. You do not need to provide any new medical evidence to keep your coverage active. While the cost will go up as you get older, this guarantee ensures that you will never lose your insurance just because your health has changed.

6. Living benefit access: Sun Life offers a compassionate living benefit that may allow policyholders diagnosed with a terminal illness to receive up to 50% of their basic insurance amount, to a maximum of $100,000. Offered on a discretionary basis, it can provide financial support during challenging circumstances.

Pros and cons of Sun Life term life insurance

About BMO term life insurance

BMO has designed its term life plans to be straightforward and reliable, focusing on “fixed-bucket” terms that make it easy for policyholders to understand their coverage. The company uses standard terms of 10, 15, 20, 25, and 30 years to match typical life milestones like raising children or paying off a mortgage. Despite this simple structure, the plan is highly scalable, offering some of the highest limits in the industry.

The BMO term plan is built to be “low maintenance” while still providing long-term security through guaranteed renewals up to age 85 and the right to switch to permanent insurance during the term. BMO insurance further simplifies the process with a Term Exchange option, which allows you to upgrade a shorter policy (like a 10-year term) to a longer one without undergoing new medical exams. While the company also offers a Simplified-Issue product for those who want quick approval on smaller amounts, their main term plan remains the preferred vehicle for those seeking clear, high-value coverage in Canada.

Key features of BMO term life insurance

1. Fixed term options: BMO uses a structured model that offers terms ranging from 10 to 30 years. While this fixed approach is slightly less granular than a custom year-by-year model, it is much easier for the average person to understand and manage. This structure is ideal for people who want to match their insurance to traditional life stages, such as the 20 years left on a mortgage.

2. High coverage limits: One of BMO’s biggest strengths is its ability to provide very high levels of protection, with coverage limits reaching up to $30 million. This slightly exceeds the maximum offered by many other major insurers, making it a top choice for high-net-worth individuals who need to cover significant estate taxes or large business liabilities.

3. Conversion to permanent insurance: BMO insurance allows you to convert your temporary term policy into a permanent life insurance plan without the need for any new medical exams or health questions. This is a vital feature for people whose long-term financial goals change, as it guarantees that you can secure lifelong protection even if your health has declined.

4. Term exchange option: A standout feature of BMO’s policy is the term exchange option, which allows you to “upgrade” from a shorter term to a longer one early in the policy without a new medical exam. For example, if you start with a 10-year term but realize a few years later that you actually need 20 or 30 years of protection, you can often make that change easily.

5. Living benefit: BMO Term Life Insurance plans do not automatically include a “living benefit” in the base price, but you can add it as an optional rider. You can typically choose between Living Benefit 10 or Living Benefit 20 riders. These match the term length of your life insurance (e.g., a 10-year or 20-year term).

Pros and cons of BMO term life insurance

Sun Life vs. BMO insurance comparison

Our Ratings

Who should choose Sun Life?

You should consider Sun Life term plan if you want a policy that can offer flexible term lengths. It is also a strong fit if you fall into any of the following profiles:

• Families with evolving needs: If you expect your coverage requirements to change over time (for example, adding dependents or increasing income), Sun Life’s ability to increase coverage (subject to underwriting) and convert policies up to age 75 provides long-term adaptability.
• Business owners or partners: Sun Life’s support for multi-life coverage (up to 5 insured individuals) and business-focused riders makes it a better option for structuring insurance around partnerships, key-person protection, or shared liabilities.
• Users who want broad riders: If you want to build your policy using riders such as disability waiver, child term benefit, or guaranteed insurability rider, Sun Life offers one of the most extensive rider ecosystems among Canadian insurers.

Who should choose BMO insurance?

BMO is a better choice if your primary goal is to get reliable, straightforward coverage. Its term life insurance is built around fixed, clearly defined structures, with term options of 10, 15, 20, 25, and 30 years. BMO insurance is particularly suitable if you fall into the following categories:

• Users with clearly defined financial goals: If your primary need is to cover a specific liability, for example, a 20-year mortgage protection window, BMO’s standard term options align well without requiring customization.
• Price-sensitive buyers: BMO insurance is often slightly more affordable than Sun Life for comparable coverage, making it a strong option for those prioritizing cost efficiency.
• Users who prefer simplicity over flexibility: If you don’t need features like multi-life coverage, extensive riders, or complex structuring, BMO insurance provides a clean and predictable insurance solution.

Final Verdict: Sun Life or BMO

Best overall: Sun Life

Sun Life stands out as the better overall option for users who want a policy that can evolve over time. Its ability to offer term lengths from 5 to 40 years, along with features like multi-life coverage (up to 5 insured individuals) and conversion up to age 75, makes it one of the most flexible term life products in Canada.

Best for simplicity: BMO

BMO is the better option for users who want a clean, easy-to-understand policy without unnecessary complexity. With fixed term options of 10, 15, 20, 25, and 30 years, BMO allows you to match coverage directly to specific financial obligations such as a mortgage or income replacement period.

Best for customization: Sun Life

Sun Life clearly leads when it comes to customization. It offers flexible term durations (anything between 5–40 years), multiple policy structures (single, joint, multi-life) and extensive riders (child, disability, business protection). This makes it ideal for users who want to build a policy tailored to their exact needs.

Best for affordability: BMO

BMO generally offers slightly more competitive pricing for standard term life policies. This is largely because BMO offers standardized plans and fewer customization features. If cost is your primary concern and you don’t need customizable features, BMO offers better value.

Best for families and business owners: Sun Life

Sun Life term insurance comes with multi-life coverage (up to 5 individuals), business protection riders and flexible structuring options, making it ideal for families with shared financial responsibilities and business partners needing structured coverage.

Which insurer offers more flexible term options: Sun Life or BMO?

Sun Life offers significantly more flexibility when it comes to term lengths. It provides options ranging from 5 to 40 years, allowing you to align your coverage very precisely with different financial goals. BMO, on the other hand, offers fixed term options of 10, 15, 20, 25, and 30 years. While these cover most standard needs, they don’t offer the same level of customization.

Which insurer offers higher coverage limits?

BMO offers slightly higher maximum coverage, typically going up to $30 million, compared to Sun Life’s cap of around $25 million. For most individuals, this difference may not matter. However, it can be important for high-net-worth individuals and business owners requiring large coverage.

Can I convert my term policy to permanent insurance with both insurers?

Yes, both Sun Life and BMO allow you to convert your term life insurance into permanent coverage without medical underwriting. However, Sun Life typically allows conversion up to around age 75, while BMO’s conversion window is usually earlier (often around age 71–75 depending on the plan).

Which insurer is better for families?

Sun Life is generally better suited for families because it allows multi-life coverage (up to 5 insured individuals) under a single policy. This makes it easier to structure coverage for:

• Couples
• Parents and children
• Shared financial responsibilities

BMO does not offer multi-life coverage in the same way.

Which insurer is better for first-time buyers?

BMO is typically the better choice for first-time buyers. Its fixed-term structure (10–30 years) and simpler policy design make it easier to understand and purchase without feeling overwhelmed. Sun Life, while more flexible, can feel complex due to the number of options available.

Which insurer is better for business owners?

Sun Life is generally the better choice for business owners. It offers:

• Business-focused riders
• Multi-life coverage
• More flexible structuring options

These features make it easier to design policies for key person insurance, partnership protection and business continuity planning.