PolicyAdvisor's Life Insurance Articles

In Canada, life insurance death benefits paid to a named beneficiary are tax-free. Taxes can arise, however, when you withdraw cash value, borrow against the policy, transfer ownership, or route proceeds through your estate. This guide shows exactly when tax applies and how to structure your policy to avoid tax consequences in 2026.

Proper structuring of your policy can help your loved ones continue living their lives with minimal tax liabilities. In this article, we will help you figure out what you need to know about taxes when purchasing a life insurance policy in 2026. These tips will help your family receive the most money without the tax burden.

Is a life insurance benefit taxable for a beneficiary?

In most cases, life insurance is not taxable in Canada. Death benefits paid to a named beneficiary are tax-free. If you name your spouse, child, or any other individual or entity (like a charity) as a beneficiary on your life insurance policy, the proceeds will be tax-free when paid to them. The beneficiary does not have to declare the proceeds as taxable income on their annual Canada Revenue Agency (CRA) returns.

Appointing a beneficiary in your life insurance policy has several advantages:

Proceeds are paid tax-free
Proceeds do not have to go through probate
Proceeds do not become a matter of public record

You should always appoint a beneficiary on your policy to ensure that the proceeds from your life insurance policies go to the beneficiaries of your choice, rather than directly to your estate or creditors. If you choose not to appoint a beneficiary, then your estate will automatically be designated as the beneficiary.

When this happens, the life insurance funds become a part of the pool of estate assets. The life insurance money can then be used to cover any outstanding debts on the estate and may be subject to other administrative fees and probate fees, meaning less money for your family.

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When can life insurance become taxable?

Life insurance can become taxable in several scenarios in Canada:

Policy surrender or lapse: If you surrender your policy or it lapses with an outstanding loan, the loan amount may be taxable
Policy transfers: Transferring ownership to someone other than a spouse or a qualifying trust can trigger taxes on accrued gains
Excess withdrawals: A partial surrender/withdrawal is taxable to the extent that proceeds exceed ACB at the time of the disposition. Please note that the ACB determines whether a policy gain is taxable
Policy loans: If a policy loan is not repaid and the policy lapses, the loan amount may be taxable

Quick glance:

Scenario	Tax treatment
Death benefit to the beneficiary	Tax-free
Death benefit to the estate	Probate (not income tax)
Cash value growth	Tax-deferred
Withdrawal > Adjusted Cost Basis (ACB)	Taxable
Policy lapse with the loan	Taxable gain

Taxes on policy loans, cash withdrawals, and collateral assignments

During your lifetime, you can access your permanent life policy’s cash value in three ways: policy loan, withdrawal, or collateral assignment.

1. Policy withdrawals

Permanent life insurance can grow in cash value and provide you with a potential source of future funds. Most policies with cash values allow you to withdraw some or all of the cash value (for a fee).

However, these withdrawals are generally taxable. A withdrawal is taxed when the amount withdrawn exceeds the policy’s Adjusted Cost Basis (ACB).

Policy details	Value
Policy cash value	$100,000
Adjusted Cost Basis (ACB) in policy	$75,000
Policy withdrawal	$20,000
Amount of withdrawal treated as ACB	$15,000 (75% of $20,000)
Withdrawal amount that is taxable	$5,000 ($20,000-$15,000)

2. Policy loans

A policy loan is a borrowing from the insurance company secured by the cash value of the policy. Think of it like taking an advance on your policy’s death benefit. It is different from a withdrawal in that you can repay this loan, so your death benefit doesn’t take a hit.

Policy loan amounts that are equal to or less than the policy’s ACB are non-taxable. However, policy loans taken in excess of the policy’s ACB will be taxable. In such a case, the insurance company will issue a T5 slip to report the taxable gain.

Policy details	Value
Policy cash value	$100,000
Policy loan	$80,000
Adjusted Cost Basis	$75,000
Taxable gain (same as the amount in excess of ACB)	$5,000

3. Policy as collateral

A policy owner can take a loan from a third-party institution, such as a bank, using the cash value as collateral on the loan. Generally, loans will be structured as a line of credit and the loan proceeds will be received tax-free.

Upon the death of the insured, the proceeds from the life insurance policy are used to pay off the line of credit and any unpaid interest on the loan. If you repay the policy loan during your lifetime using your own funds then there will be no tax impact.

Difference between policy withdrawal, policy loan, and collateral assignment

Features	Policy withdrawal	Policy loan	Policy as a collateral assignment
Access to cash value (%)	Up to 100% (minus any surrender fees)	Up to 90%	50-90%
Taxable	Only amount in excess of the policy ACB	When loan amount exceeds ACB	Tax-free
Considers what you’re using the money for	No	No	Yes
Uses your credit score to determine loan amount	No	No	Yes
Reduces death benefit	Yes	Yes, if you don’t repay the loan	Yes

Taxation of life insurance premiums and contributions

In Canada, life insurance premiums are generally not tax-deductible. Here’s how this works:

Tax deductibility: In Canada, premiums paid for personal life insurance policies are generally not tax-deductible on personal income tax returns. This means individuals cannot claim these premiums as expenses to reduce taxable income
Business-owned policies: There are exceptions for business-owned life insurance policies, where premiums may be deductible as a business expense, depending on the purpose and structure of the policy
Tax-deferred growth: While premiums are not tax-deductible, the cash value within the policy grows tax-deferred. This means any earnings on the policy’s cash value are not taxed until they are withdrawn from the policy

Is death benefit taxable in Canada?

In Canada, life insurance death benefits are generally not taxable. Beneficiaries receive the full amount tax-free, making life insurance an effective tool for financial protection.

However, if the death benefit is paid to the estate rather than a named beneficiary, it may be subject to probate fees and used to cover the estate’s debts. Additionally, in rare cases, any interest earned on delayed payouts may be taxable.

What happens if you withdraw money from a permanent life insurance policy?

If you withdraw money from the cash value of a permanent life insurance policy, such as whole life or universal life, you may have to pay taxes. The taxable amount depends on the policy’s adjusted cost basis (ACB). If the amount withdrawn exceeds the ACB, the difference is considered taxable income and must be reported on your tax return.

Withdrawals within the ACB limit are generally tax-free. To minimize tax liabilities, it is wise to consult a financial advisor before making a withdrawal.

Taxation of life insurance cash values and withdrawals

The cash value accumulated in a life insurance policy grows tax-deferred in Canada, meaning you do not pay taxes on the gains as they accrue. When you decide to withdraw or take a loan against the cash value, the tax treatment varies.

Withdrawals are tax‑free only up to the policy’s ACB. Taxable policy gain arises when proceeds exceed ACB.

Additionally, policy loans are taxable if the loan proceeds exceed ACB at the time. However, if the policy lapses or is surrendered, the outstanding loan balance may be subject to tax, so careful planning is essential.

Taxation of life insurance policy transfers

Transferring a life insurance policy can have significant tax implications in Canada. If you transfer ownership of a life insurance policy, the transfer may be considered a taxable event, depending on the circumstances. Here’s how the taxation works:

Taxable transfers: Transferring ownership of a life insurance policy to another individual or entity can trigger tax consequences
Tax-free transfers: Transfers to a spouse or a qualifying trust are typically tax-free, preserving the policy’s tax-deferred status
Taxable gain: If the policy has accumulated cash value and is transferred for consideration (e.g., sale), any gain may be subject to capital gains tax
Consultation recommended: Consulting with a tax professional is advisable before transferring a policy to understand and mitigate potential tax liabilities

Can I claim life insurance premiums on my income tax?

The tax deductibility of life insurance premiums is complex. In most cases, premiums aren’t tax-deductible for individuals or businesses. However, there are some exceptions. For instance, if you use your policy as loan collateral or borrowed money through a policy loan and then use the loan proceeds in business activities, premiums could be deductible. This is possible whether it is a personally-paid life insurance policy or a corporate-paid policy.

The following criteria must be followed to claim your premiums related to a policy loan:

Policy must be collaterally assigned for a loan from a “restricted financial institution” as defined by the Income Tax Act (this includes a bank, trust company, insurance company, or credit union);
Interest payable on the loan must be otherwise deductible from the policyholder’s income;
Policyholder must be the borrower; and,
Assignment of the death benefit must be made to the lender as collateral for the debt.

It is important to note that assigning the death benefit to the lender does not trigger a tax consequence. Additionally, the policyholder can deduct the lesser of the premiums they actually pay for the net cost of pure insurance (NCPI), an amount that the insurance company calculates for tax purposes.

Claiming your personally paid life insurance

Suppose you have a permanent life insurance policy with a cash surrender value of $500,000. A financial institution might offer to loan you $450,000 based on your policy’s value. During this time, you still need to make premium payments on the life insurance policy.

After taking the loan, you use the $450,000 to purchase, renovate, and flip a property. Profits from this business venture are taxed as business income on your personal tax return.

In this situation, your life insurance premiums are likely deductible because you are using the loan proceeds for business activities or property. You may also be able to claim a tax credit if you donated your policy to a charitable institution and kept making the premium payments to keep the policy in force.

Claiming your business or corporate paid life insurance

A corporation can also deduct life insurance premiums when it uses a policy as loan collateral, assuming that all the other criteria listed above are met.

In addition, businesses can deduct premiums paid on behalf of their employees. These costs are deductible and are treated as payments to employees, like health and dental benefits, or disability insurance.

A corporation can pay its shareholder’s life insurance premiums, suggesting that the shareholder is also an employee, and the premiums are paid in the shareholder’s capacity as an employee.

What happens if you name your estate as the beneficiary?

If you name your estate as the beneficiary of your life insurance policy, the death benefit may be subject to probate fees and could become part of the estate’s taxable assets. Probate is the legal process of validating a will and distributing the estate, and in some provinces, the fees can be significant.

Additionally, naming the estate as the beneficiary could expose the death benefit to creditors if the estate has outstanding debts. To avoid these issues, it’s often recommended to name specific individuals or entities as beneficiaries instead of the estate.

Can life insurance help reduce taxes for my estate?

Yes, life insurance can play a significant role in reducing taxes for your estate. Upon death, your estate may face taxes on capital gains, RRSPs, or other taxable assets.

The death benefit from a life insurance policy can provide the liquidity needed to cover these taxes, ensuring that your heirs do not have to sell off assets like a family home or investments to pay the tax bill.

Additionally, since the death benefit is tax-free, it allows more of your wealth to be preserved and passed on to your loved ones.

When can I claim my life insurance on my tax return?

The rules around reporting your life insurance premiums and payouts on your tax returns depend on how you are using your insurance and the kind of policy you have. For example, a life insurance death benefit payout is not reported as taxable income. However, if you receive the interest or dividends as cash, you need to report the cash received as income on your personal tax return. Similarly, any gains on policy withdrawals or loans have to be reported.

If a policy loan or withdrawal is part of corporate-owned life insurance (COLI), the taxable income is reported on the corporation’s tax return instead.

It’s ideal to speak with a tax professional to learn exactly how your life insurance proceeds are taxed.

How can I avoid paying taxes on life insurance?

As mentioned before, life insurance payouts aren’t taxable. However, working with an experienced tax accountant or lawyer is the best way to avoid paying tax for any nuanced life insurance policies (such as ones that pay dividends). For most people, this might mean naming primary and contingent beneficiaries so that your death benefit won’t go through your estate and be subject to probate fees.

However, if you take a policy loan, cash withdrawal, or use the cash value as collateral, significantly more complex tax consequences are at play. The same is true when dealing with corporate-owned life insurance.

These transactions might generate numerous tax liabilities, so it is best to speak to a tax professional and an expert insurance advisor to understand your tax reduction options.

PolicyAdvisor’s licensed insurance experts can inform you what life insurance products are best for your situation and how to reduce the taxability of your death benefit. Book some time with us below to see how you can structure your life insurance needs in the most tax-efficient manner.

How does life insurance help in tax planning?

Life insurance can be a powerful tool in tax planning in Canada. It offers various benefits, including tax-deferred growth of cash values, tax-free death benefits to beneficiaries, and the potential for tax-free withdrawals under specific conditions.

Here are some things you must bear in mind about tax planning with life insurance:

Estate planning: Life insurance plays a crucial role in estate planning by providing tax-free death benefits to beneficiaries
Tax-deferred growth: The cash value growth within certain policies, like whole life or universal life, is tax-deferred
Estate tax mitigation: Life insurance proceeds can help cover estate taxes, ensuring assets are passed to heirs without undue tax burden
Flexibility: Policies can be structured to offer flexibility in premium payments and death benefits, optimizing tax efficiency based on individual financial goals

Frequently-asked questions

Is life insurance payout taxable on death?

In Canada, life insurance payouts are generally not taxable when received by the beneficiary upon the insured’s death. The death benefit is typically tax-free and can be used for various purposes, such as covering funeral costs or paying off debts. However, if the policy has accumulated cash value, any taxable gains from that portion may be subject to tax.

What is the tax implication of withdrawing cash from a life insurance policy?

Withdrawing cash from a life insurance policy in Canada may trigger tax implications. If the withdrawal exceeds the policy’s adjusted cost basis (ACB), the excess amount is considered a taxable gain and must be reported as income. This taxable portion is subject to the individual’s marginal tax rate. However, withdrawals within the ACB are tax-free.

Are life insurance death benefits included in calculating an estate’s taxes in Canada?

Life insurance death benefits are typically not included when calculating an estate’s taxes, as they are generally paid directly to a named beneficiary and bypass the estate. However, if the estate is the beneficiary, the death benefit may form part of the estate’s value, potentially subjecting it to probate fees.

Can I transfer ownership of a life insurance policy without triggering a taxable event?

Transferring ownership of a life insurance policy can trigger a taxable event if the policy has a cash surrender value (CSV). The transfer is treated as a disposition, and any gain (CSV exceeding the adjusted cost basis) is taxable. However, transferring the policy to a spouse or common-law partner may qualify for a tax-free rollover.

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Not all term life insurance policies are built the same, even when they appear similar. The real difference often lies in how insurers structure flexibility, handle long-term conversion, and support evolving financial needs. This is where Empire Life and Sun Life start to diverge.

Both companies offer strong term life insurance solutions with core features like level premiums, renewability, and conversion to permanent coverage. However, their features are still different. These differences become especially important to look at when you consider real-life scenarios such as managing multiple financial obligations, planning for long-term insurability, or designing coverage that evolves over time.

In this guide, we break down Empire Life vs Sun Life in detail to help you understand not just what they offer, but how well each option fits into your overall financial strategy.

4.5

out of 5

4.3

out of 5

Sun Life stands out for its flexibility, scalability, and customization, offering a wide range of term lengths, strong multi-life options, and an extensive selection of riders. It is best suited for individuals with complex or evolving insurance needs.

Empire Life excels in structured coverage design and planning efficiency, with features like bundled term policies and partial conversion that support long-term financial strategies.

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4.5/5

Sun Life stands out for its flexibility, scalability, and customization, offering a wide range of term lengths, strong multi-life options, and an extensive selection of riders. It is best suited for individuals with complex or evolving insurance needs.

Get Quote

4.3/5

Empire Life excels in structured coverage design and planning efficiency, with features like bundled term policies and partial conversion that support long-term financial strategies.

Get Quote

Quick verdict

Choose Sun Life if:

You want highly customizable term lengths (5 to 40 years)
You need multi-life coverage for families or business use
You prefer a broader range of riders

Choose Empire Life if:

You want to bundle multiple term lengths within a single policy
You value partial/full conversion flexibility to permanent insurance
You want a lower starting coverage threshold ($25,000)

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. Manulife term life insurance: Which is better in 2026?

Sun Life vs. Empire Life at a glance

Features	Sun Life	Empire Life
Founded	1865	1923
Headquarters	Toronto, Ontario	Kingston, Ontario
Total assets (insurer)	$1.5T	$19.7B
AM Best rating	A+	A
LICAT Ratio	152%	151%

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

Pros	Cons
Highly flexible term lengths	Less structured bundling
Strong multi-life coverage options	It is more expensive
Wide range of riders
High coverage limits

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

Pros	Cons
Strong, structured coverage design	Multi-life limited to two lives
Supports coverage bundling	Renewal rules can be complex
Conversion flexibility
Lower minimum coverage entry

Sun Life vs Canada Term Life Insurance: Which is better for you?

Sun Life vs. Empire Life comparison

Features	Sun Life	Empire Life
Flagship term product	Sun Life Evolve Term	Solution Series (Solution 10/15/20/25/30 +Solution ART)
Term length options	5 to 40 years	10, 15, 20, 25, 30 year
Coverage range	$50,000 – $25M	$25,000-$20M
Renewability	Without medical evidence, up to age 85	Varies by plan – Solution 10 to age 75; Solution 15 to age 70; Solution 20 to age 65; Solution 25/30/ART to age 85
Convertibility	To permanent up to age 75, no medical evidence	Full or partial to permanent up to age 75, no medical evidence (partial with carry-over)
Coverage structures	Single, joint first-to-die, multi-life (up to 5 insureds)	Single, multi-life (2 lives max), joint first-to-die, joint last-to-die
Term exchange option	T10/T15 → T20/T30 within 5 years, no medical evidence	Term Exchange Privilege available (details vary by plan)
Living benefits	50% of basic insurance amount, max $100,000, discretionary	50% of death benefit, max $50,000
Riders available	Child term rider Guaranteed insurability rider Accidental death rider Disability waiver (insured + owner) Business value protection rider Partner protection rider Renewal protection rider	Waiver of premium rider Guaranteed insurability rider Accidental death and dismemberment rider Children’s life rider Children’s critical illness rider

Our Ratings

VS

Term length options

Coverage range

Renewability

Convertibility

Coverage structures

Term exchange option

Living benefits

Riders available

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.

Frequently asked questions

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.

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When comparing term life insurance providers, the decision often comes down to how well a policy aligns with your financial planning style, not just the features it includes. This is where Empire Life and Canada Life present two distinct approaches.

Both insurers offer reliable term life coverage backed by strong financial stability and long-standing experience in the Canadian market. However, they differ in how they structure flexibility and other parametres.

These differences become especially relevant when planning for evolving needs such as income protection, estate planning, or business coverage. In this guide, we compare Empire Life vs Canada Life term insurance in detail to help you choose the insurer that best fits your long-term life insurance financial strategy.

4.5

out of 5

4.3

out of 5

Empire Life excels in structured coverage design and planning efficiency, offering features like bundled term policies and partial conversion.

Canada Life stands out for its flexibility, term-to-term conversion, and a wide range of riders.

Get Quote

4.5/5

Empire Life excels in structured coverage design and planning efficiency, offering features like bundled term policies and partial conversion.

Get Quote

4.3/5

Canada Life stands out for its flexibility, term-to-term conversion, and a wide range of riders.

Get Quote

Quick verdict

Choose Empire Life if:

Want to bundle multiple term lengths within a single policy
Value partial or full conversion flexibility
Prefer a lower starting coverage threshold ($25,000)

Choose Canada Life if:

Want to set an exact term (5–50 years)
May extend or switch to a longer term later
Plan to tailor with more rider choices

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.

Sun Life vs. Manulife term life insurance: Which is better in 2026?

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.

Features	Empire Life	Canada Life
Founded	1923	1847
Headquarters	Kingston, Ontario	Toronto, Ontario
Total assets (insurer)	$19.7B	$461.2B
AM Best rating	A	A+
LICAT Ratio	151%	130%

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

Pros	Cons
Unique coverage bundling within one policy	Less flexible than larger insurers
Partial conversion flexibility	Insures up to 2 lives only
Lower minimum coverage ($25,000)
Competitive pricing
Strong planning-oriented design

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

Pros	Cons
Highly flexible term lengths	Slightly more complex structure
Strong conversion and renewal options	Minimum coverage amount starts at $100,000
High coverage availability
Wide range of riders

Sun Life vs Canada Term Life Insurance: Which is better for you?

Empire Life vs. Canada Life comparison

Features	Empire Life	Canada Life
Flagship term product	Solution Series (Solution 10/15/20/25/30 + Solution ART)	My Term™ Life Insurance
Term length options	10, 15, 20, 25, 30 years + Solution ART	5 to 50 years
Coverage range	$25,000 – $20M	$100,000 – no strict maximum (special quoting above $25M)
Renewability	Varies by plan: Solution 10 to age 75; Solution 15 to age 70; Solution 20 to age 65; Solution 25/30/ART to age 85	Without medical evidence, up to age 85
Convertibility	Full or partial to permanent up to age 75, no medical evidence (partial with carry-over)	To permanent up to age 70
Coverage structures	Single, multi-life (2 lives max), joint first-to-die, joint last-to-die	Single, joint first-to-die (up to 2 insureds)
Term exchange option	Term Exchange Privilege available (details vary by plan)	Term-to-term conversion (new term ≥10 years longer)
Riders available	Waiver of premium rider Guaranteed insurability rider Accidental death and dismemberment rider Children’s life rider Children’s critical illness rider	Accidental death benefit rider Child term rider Disability waiver rider Guaranteed insurability rider Business value protection rider

Our Ratings

VS

Term length options

Coverage range

Renewability

Convertibility

Coverage structures

Term exchange option

Riders available

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.

Frequently asked questions

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.

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If you are comparing RBC vs. Empire Life term insurance, you are evaluating two well-established insurers that take very different approaches to coverage design. Both offer reliable term life insurance with level premiums, tax-free payouts to beneficiaries, and the option to convert to permanent insurance.

The real decision lies in understanding how a policy fits into your broader financial strategy, whether it supports structured planning or prioritizes simplicity and ease of use. This is where Empire Life and RBC Insurance take notably different approaches. These differences become especially important when you consider managing debt timelines, planning for long-term insurability, or choosing between simplicity and control.

In this guide, we break down RBC vs. Empire Life term insurance in detail to help you determine which insurer aligns best with your financial priorities and long-term planning approach.

4.3

out of 5

4.2

out of 5

RBC stands out for its simplicity, flexibility, and strong financial backing. It offers a reliable and easy-to-manage term life insurance solution offering flexibility to choose the term length (10-40 years).

Empire Life excels in structured, planning-focused coverage design. Its bundling and partial conversion features make it particularly valuable for individuals with clear financial timelines.

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4.3/5

RBC stands out for its simplicity, flexibility, and strong financial backing. It offers a reliable and easy-to-manage term life insurance solution offering flexibility to choose the term length (10-40 years).

Get Quote

4.2/5

Empire Life excels in structured, planning-focused coverage design. Its bundling and partial conversion features make it particularly valuable for individuals with clear financial timelines.

Get Quote

Quick verdict

Choose RBC if:

You want a straightforward, easy-to-understand term life policy
You want to pick any term from 10 to 40 years to match your timeline precisely

Choose Empire Life if:

You want broader rider options
You value partial and staged conversion to permanent insurance

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.

Sun Life vs. Manulife term life insurance: Which is better in 2026?

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.

Features	RBC Insurance	Empire Life
Founded	1864 (Royal Bank of Canada); RBC Life Insurance Company founded in 1996	1923
Headquarters	Toronto, Ontario	Kingston, Ontario
Total assets (insurer)	$28.6B	$19.7B
AM Best rating	A	A
LICAT Ratio	135%	151%

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

Pros	Cons
Flexible term lengths (10–40 years)	Fewer advanced rider options
Layered coverage for better planning	Renewal premiums increase significantly
Guaranteed premiums during term
No-medical renewal option
Convertible to permanent 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

Pros	Cons
Multiple term options available	The term exchange privilege can be complex to understand
Conversion flexibility	Limited multi-life options
Lower minimum coverage
Supports bundling

Sun Life vs Canada Term Life Insurance: Which is better for you?

RBC vs. Empire Life term life comparison

Features	RBC Insurance	Empire Life
Flagship term product	RBC YourTerm Life Insurance	Solution Series (Solution 10/15/20/25/30 + Solution ART)
Term length options	Any term 10-40 years	10, 15, 20, 25, 30 years
Coverage range	$50,000 – $25M	$25,000 – $20M
Renewability	Without medical evidence, up to age 85	Varies by plan: Solution 10 to age 75; Solution 15 to age 70; Solution 20 to age 65; Solution 25/30/ART to age 85
Convertibility	To permanent up to age 71, no medical evidence	Full or partial to permanent up to age 75, no medical evidence (partial with carry-over)
Coverage structures	Single life and joint first to-die	Single, multi-life (2 lives max), joint first-to-die, joint last-to-die
Term exchange option	T10/T15/T25 can exchange for higher term; T20/T30 limited	Term Exchange Privilege available (details vary by plan)
Layered / bundled coverage	Yes, multiple term lengths combinable in one policy	Yes
Riders available	Children’s term benefit Accidental death benefit rider Total disability waiver of premium rider Guaranteed insurability rider	Waiver of premium rider Guaranteed insurability rider Accidental death and dismemberment rider Children’s life rider Children’s critical illness rider

Our Ratings

VS

Term length options

Coverage range

Renewability

Convertibility

Coverage structures

Term exchange option

Layered / bundled coverage

Riders available

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.

Frequently asked questions

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.

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If you are comparing Empire Life vs BMO term life insurance, you are already looking at two established Canadian insurers that approach coverage design in very different ways. Choosing a term life insurance provider isn’t just about comparing features; it is about understanding how a policy fits into the way you plan your finances.

When looking at Empire Life vs BMO, you are essentially deciding between two different term insurance policies, one built around structured, layered planning and the other around simpler fixed-term selection. Both insurers, however, offer core benefits such as level premiums, renewable coverage, and the ability to convert to permanent coverage. However, the way these benefits are packaged and delivered can lead to very different experiences over time.

In this guide, we take a closer look at Empire Life vs BMO term life insurance, breaking down their differences in structure, flexibility, and usability to help you choose the option that aligns best with your financial priorities.

4.5

out of 5

4.3

out of 5

Empire Life excels in structured, planning-oriented coverage design. Its bundling and partial conversion features make it particularly valuable for individuals with clear financial timelines and long-term planning goals.

BMO stands out for its simplicity, accessibility, and ease of use. It offers a reliable and straightforward term life insurance solution suitable for a wide range of individuals, particularly those who prefer minimal complexity.

Get Quote

4.5/5

Empire Life excels in structured, planning-oriented coverage design. Its bundling and partial conversion features make it particularly valuable for individuals with clear financial timelines and long-term planning goals.

Get Quote

4.3/5

BMO stands out for its simplicity, accessibility, and ease of use. It offers a reliable and straightforward term life insurance solution suitable for a wide range of individuals, particularly those who prefer minimal complexity.

Get Quote

Quick verdict

Choose Empire Life if:

You want to bundle multiple term lengths within a single policy
You value partial conversion flexibility for long-term planning

Choose BMO if:

You want a simple, easy-to-understand term life policy
You prefer fixed-term options without complex structuring
You want complimentary support for your beneficiaries

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.

Sun Life vs. Manulife term life insurance: Which is better in 2026?

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.

Features	Empire Life	BMO Insurance
Founded	1923	1817 (Bank of Montreal); BMO Life Insurance was formed later
Headquarters	Kingston, Ontario	Toronto, Ontario
Total assets (insurer)	$19.7B	$20.1B
AM Best rating	A	A
LICAT Ratio	151%	130%

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

Pros	Cons
Unique structured bundling approach	Can feel complex for some buyers
Partial conversion flexibility	Limited multi-life coverage
Lower minimum coverage ($25,000)
Strong planning-oriented design

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

Pros	Cons
Simple and easy-to-understand policies	Limited flexibility in structuring coverage
Standard term options suit common needs	Less advanced planning features
Support for beneficiaries
Strong brand trust and accessibility

Sun Life vs Canada Term Life Insurance: Which is better for you?

Empire Life vs. BMO term Life comparison

Features	Empire Life	BMO Insurance
Flagship term product	Solution Series (Solution 10/15/20/25/30 + Solution ART)	BMO Term Life (Term 10/15/20/25/30)
Term length options	10, 15, 20, 25, 30 years + Solution ART	10, 15, 20, 25, 30 years (fixed)
Coverage range	$100,000 – $30M	$25,000 – $20M
Renewability	Varies by plan: Solution 10 to age 75; Solution 15 to age 70; Solution 20 to age 65; Solution 25/30/ART to age 85	Term 10/15/20 renewable up to age 85; Term 25 and Term 30 are NOT renewable
Convertibility	Full or partial to permanent up to age 75, no medical evidence (partial with carry-over)	To permanent before age 71, no medical evidence
Coverage structures	Single, multi-life (2 lives max), joint first-to-die, joint last-to-die	Single, combined life, joint last-to-die
Term exchange option	Term Exchange Privilege available	T10/T15 → 20/25/30 in early years, no medical evidence
Living benefit	50% of the death benefit, max $50,000, lump sum (deducted with interest)	Available as an optional rider
Riders available	Waiver of premium rider Guaranteed insurability rider Accidental death and dismemberment rider Children’s life rider Children’s critical illness rider	Critical illness rider Accidental death benefit tider Child life rider Waiver of premium rider

Our Ratings

VS

Term length options

Coverage range

Renewability

Convertibility

Coverage structures

Term exchange option

Living benefit

Riders available

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.

Frequently asked questions

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.

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Choosing between Empire Life and Manulife isn’t just about comparing features on paper; it is about finding a policy that fits naturally into your financial life.

Both insurers have a strong presence in the Canadian market and offer term life insurance designed to provide reliable protection over a defined period. At a glance, their offerings may seem similar, with standard benefits like level premiums, renewability, and conversion options.

But once you look closer, the differences start to show, not just in what is offered, but in how policies are structured, managed, and experienced over time.In this guide, we break down Manulife vs Empire Life term insurance in detail to help you understand how each insurer approaches term life insurance, so you can make a more informed and confident decision.

4.4

out of 5

4.2

out of 5

Manulife stands out for its flexibility, product diversity, and innovative features like Vitality. It offers a well-rounded solution suitable for a wide range of needs.

Empire Life excels in structured, planning-oriented coverage design. Its bundling and partial conversion features make it highly effective for individuals with clear financial timelines.

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4.4/5

Manulife stands out for its flexibility, product diversity, and innovative features like Vitality. It offers a well-rounded solution suitable for a wide range of needs.

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4.2/5

Empire Life excels in structured, planning-oriented coverage design. Its bundling and partial conversion features make it highly effective for individuals with clear financial timelines.

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Quick verdict

Choose Manulife if:

You want multi-life coverage for families or business partners
You value wellness-linked benefits like Vitality rewards
You prefer customization through riders

Choose Empire Life if:

You want to bundle multiple term lengths within a single policy
You prefer structured, milestone-based coverage planning
You value partial conversion flexibility for long-term transitions

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.

Sun Life vs. Manulife term life insurance: Which is better in 2026?

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.

Features	Manulife	Empire Life
Founded	1887	1923
Headquarters	Toronto, Ontario	Kingston, Ontario
Total assets (insurer)	$1.3T	$19.7B
AM Best rating	A+	A
LICAT Ratio	137%	151%

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

Pros	Cons
Multi-life coverage flexibility	Vitality only available on select plans
Wellness rewards integration	Simplified plans have higher pricing
Strong brand and financial backing	Fewer structured planning tools
High coverage limits available	Full underwriting is required for larger policies

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

Pros	Cons
Structured, planning-oriented design	Can feel complex for some buyers
Partial conversion flexibility
Lower minimum coverage ($25,000)
Efficient coverage alignment

Sun Life vs Canada Term Life Insurance: Which is better for you?

Manulife vs. Empire Life comparison

Features	Manulife	Empire Life
Flagship term product	Manulife Family Term (+ Family Term with Vitality Plus)	Solution Series (Solution 10/15/20/25/30 + Solution ART)
Term length options	T10, T20, T65	10, 15, 20, 25, 30 years + Solution ART
Coverage range	$100K – $20M (Family Term); $250K – $25M (Vitality Plus)	$25,000 – $20M
Renewability	T10/T20 to age 85; T65 to age 65	Varies by plan: Solution 10 to age 75; Solution 15 to age 70; Solution 20 to age 65; Solution 25/30/ART to age 85
Convertibility	To permanent, no medical evidence (age varies by plan)	Full or partial to permanent up to age 75, no medical evidence (partial with carry-over)
Coverage structures	Single or multi-life	Single, multi-life (2 lives max), joint first-to-die, joint last-to-die
Living benefit	Terminal illness benefit up to 50%, capped at $250K (Family Term); Vitality Plus adds bereavement counselling up to $1,000	50% of death benefit, max $50,000, lump sum (deducted with interest)
Riders available	Disability waiver rider Guaranteed insurability rider Accidental death rider Child term rider Critical illness rider	Waiver of premium benefit Guaranteed insurability rider Accidental death and dismemberment rider Children’s life rider Children’s critical illness rider

Our Ratings

VS

Term length options

Coverage range

Renewability

Convertibility

Coverage structures

Living benefit

Riders available

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.

Frequently asked questions

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.

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When comparing term life insurance providers in Canada, Sun Life and BMO Insurance are both strong contenders. Both companies offer level premiums during the term, renewability up to age 85 and conversion to permanent insurance. However, the real difference lies in how their products are structured.

In this guide, we compare Sun Life vs. BMO insurance across key features to help you decide which term life insurance provider may be right for you. Let’s start with the quick verdict.

4.8

out of 5

4.5

out of 5

Best for flexible term lengths (5–40 year terms)

Best for structured term plans (10/15/20/25/30 years)

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4.8/5

Best for flexible term lengths (5–40 year terms)

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4.5/5

Best for structured term plans (10/15/20/25/30 years)

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Quick verdict

Choose Sun Life if:

You want flexible term lengths: choose any term between 5 to 40 years
You want multi-life coverage (up to 5 lives)
You want conversion flexibility up to age 75 if needs evolve
You need advanced riders (disability, child coverage, business riders)

Choose BMO if:

You prefer clear fixed-term options: 10, 15, 20, 25, 30 years
You want a simpler term structure which is easy to maintain
Straightforward pricing within the chosen term, with less customization to weigh

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.

Parameter	Sun Life	BMO Insurance
Founded	1865	1817 (Bank of Montreal); BMO Life Insurance formed later
Headquarters	Toronto, Ontario	Toronto, Ontario
Total assets (insurer)	$1.5T	$20.1B
AM Best rating	A+	A
LICAT ratio	152%	130%

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

Pros	Cons
5–40 year flexibility	Comparatively higher premiums
Multi-life coverage	No layered coverage option
Strong rider ecosystem
Conversion up to 75

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

Pros	Cons
Simple fixed terms	No layered coverage
High coverage (up to $30M)	Limited riders
Term exchange option	No multi-life coverage
Living benefit rider

Sun Life vs. BMO insurance comparison

Feature	Sun Life	BMO Insurance
Flagship term product	Sun Life Evolve Term	BMO Term Life Insurance (Term 10/15/20/25/30)
Term length options	5 to 40 years	10, 15, 20, 25, 30 years (fixed)
Coverage range	$50,000 – $25M	$100,000 – $30M
Renewability	Without medical evidence, up to age 85	T10/T15/T20 renewable; T25 and T30 are not renewable
Convertibility	To permanent up to age 75, no medical evidence	To permanent before age 71, no medical evidence
Coverage structures	Single life, joint first-to-die, multi-life (up to 5 insureds)	Single life, combined life, joint last-to-die
Term exchange option	T10/T15 → T20/T30 within 5 years, no medical evidence	T10/T15 → 20/25/30 in early years, no medical evidence
Living benefit	50% of basic insurance amount, max $100,000, discretionary	Do not automatically include a “living benefit”, can be added as an optional rider
Riders available	Child term, Guaranteed insurability, Accidental death, Disability waiver (insured + owner), Business value protection, Partner protection, Renewal protection	Critical illness, Accidental death, Child life, Waiver of premium

Our Ratings

VS

Term length options

Coverage range

Renewability

Convertibility

Coverage structures

Term exchange option

Living benefit

Riders available

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.

Frequently asked questions

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.

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Choosing between RBC Insurance and Canada Life Insurance is not just about selecting a term life insurance provider; it is about understanding two different approaches to protection planning.

Both insurers are financially strong and widely trusted in Canada. However, their product design differs significantly. Understanding these differences is critical before choosing a policy because the structure you select today can impact affordability, flexibility, and long-term usability of your insurance strategy.

4.3

out of 5

4.1

out of 5

Strong flexibility, long term lengths, solid long-term planning features, and good conversion options for evolving financial needs

Highly structured, lower coverage amount, easy-to-understand product design with strong layered term flexibility and fast accessibility

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4.3/5

Strong flexibility, long term lengths, solid long-term planning features, and good conversion options for evolving financial needs

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4.1/5

Highly structured, lower coverage amount, easy-to-understand product design with strong layered term flexibility and fast accessibility

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Quick verdict

Choose RBC if:

You want to pick any term length (10 to 40 years)
You are a first-time buyer and want a lower coverage amount of $50,000

Choose Canada Life if:

You want a longer term of up to 50 years
You want higher coverage limits

Why RBC vs. Canada Life is a common comparison

Canada Life and RBC Life Insurance are frequently compared because both target mainstream Canadian insurance buyers, but approach product design very differently.

Canada Life is one of Canada’s oldest insurers, known for stability and long-term planning tools. RBC Insurance, backed by one of Canada’s largest financial institutions, focuses on modern insurance design with flexibility and customization. Both insurers offer conversion and renewability, but the way coverage is structured differs significantly.

Naturally, it becomes important to compare the two leading insurers in Canada, so that it becomes easier to pick the one that best aligns with your budget, coverage, flexibility needs, and more.

RBC vs. Canada Life at a glance

Before comparing product features in detail, it’s important to understand the overall positioning of both insurers in the Canadian market. While both Canada Life and RBC Insurance are well-established and financially strong, they operate with slightly different philosophies and distribution models when it comes to their term insurance plans.

Company snapshot: Canada Life vs. RBC

Features	RBC Insurance	Canada Life
Founded	1864 (Royal Bank of Canada); RBC Life Insurance Company founded in 1996	1847
Headquarters	Toronto, Ontario	Toronto, Ontario
Total assets (insurer)	$28.6B	$461.2B
AM Best rating	A	A+
LICAT Ratio	135%	130%

About RBC term life insurance

RBC Insurance offers RBC YourTerm Life Insurance, a term life insurance plan designed to provide financial protection for a set period of time. Instead of restricting to a small set of fixed-term options, RBC YourTerm allows you to choose a custom coverage term between 10 and 40 years. This flexibility makes it easier to align your insurance coverage with real-life financial responsibilities such as mortgages, personal loans, education costs, or long-term income replacement needs.

Policyholders can select coverage amounts typically ranging from $50,000 up to $25 million, depending on eligibility and underwriting approval. This wide coverage range makes the product suitable for both individuals seeking basic protection and those with higher financial responsibilities.

Key features of RBC term life insurance

1. Flexible term length: RBC term life insurance typically offers flexible term lengths ranging from 10 to 40 years. This allows policyholders to choose a duration that aligns with their financial responsibilities, such as mortgages, income replacement, or long-term planning needs

2. Level premiums: Premiums remain fixed throughout the selected term, providing a stable and predictable cost structure. This makes it easier for policyholders to budget and plan their finances without worrying about premium increases during the term

3. Conversion option: The policy includes an option to convert to permanent life insurance without requiring a medical exam. This helps maintain long-term insurability and is especially beneficial if health conditions change over time

4. Renewability: Coverage can be renewed after the initial term without a medical exam, ensuring continued protection up to age 85. However, premiums will increase at renewal based on the policyholder’s age

5. Wide coverage range: RBC offers coverage amounts of up to $25 million, depending on the applicant’s eligibility. This makes the policy suitable for both basic coverage needs and more complex financial protection requirements

6. Optional benefits and riders: A range of optional riders is available to enhance coverage, including accidental death benefit rider, child term rider, disability waiver rider, guaranteed insurability benefit rider, and critical illness rider. These add-ons allow policyholders to customize their coverage based on personal, family, or business needs

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

Pros and cons of RBC term life insurance

Pros	Cons
Very simple policy structure	Limited customization in terms of riders
Strong brand trust (RBC)	No wellness or reward programs
Easy application process
Competitive pricing

About Canada Life term life insurance

Canada Life offers term life insurance designed for individuals who want more than just basic protection. Their term insurance plans are structured to support long-term financial planning, especially for families, business owners, and individuals who expect their insurance needs to evolve over time.

Canada Life offers its term life insurance under products such as Canada Life My Term™, which is designed to evolve with your life circumstances rather than forcing you into a one-size-fits-all product. The My Term™, available in 5-50 year term lengths, allows policyholders to choose term lengths that closely match their financial goals and obligations. This flexibility lets you tailor your coverage to things like mortgage duration, family dependency periods, or business planning timelines without being restricted to rigid preset term buckets.

The ability to convert or customize with riders makes the Canada Life term insurance plan appealing to those who want insurance that can grow or shift as their financial and family landscapes evolve.

Key features of Canada Life term insurance

1. Level premium structure: Premiums remain fixed for the entire duration of the selected term, supporting long-term financial planning and helping policyholders manage their budgets effectively

2. Multiple-term options: Canada Life offers a wide range of term lengths, from 5 to 50 years. This flexibility allows policyholders to align their coverage with key financial milestones such as mortgage duration, child dependency periods, or retirement planning timelines

3. Conversion to permanent insurance: Policyholders have the option to convert their term policy into permanent life insurance without requiring medical evidence up to age 70. This feature supports long-term planning needs, including estate and legacy planning

4. Renewability: The policy can be renewed at the end of the term without a medical exam (up to age 85), ensuring continued coverage even if health conditions change. However, premiums will increase upon renewal based on the policyholder’s age

5. Optional benefits and riders: A variety of riders can be added to enhance coverage, including accidental death benefit rider, child term rider, disability waiver rider, guaranteed insurability benefit rider, and business value protection rider

6. Coverage options: Canada Life offers both single life and joint first-to-die coverage options. Joint first-to-die policies insure two individuals under one plan, making them suitable for couples or shared financial responsibilities

Pros and cons of Canada Life term insurance

Pros	Cons
Higher coverage limits are available	Slightly more complex product structure
Reliable conversion options	Minimum coverage starts at $100,000
Good customization options
Strong financial backing

RBC vs. Canada Life comparison

Features	RBC Insurance	Canada Life
Flagship term product	RBC YourTerm Life Insurance	My Term™ Life Insurance
Term length options	Any term 10-40 years	5 to 50 years
Coverage range	$50,000 – $25M	$100,000 – no strict maximum (special quoting above $25M)
Renewability	Without medical evidence, up to age 85	Without medical evidence, up to age 85
Convertibility	To permanent up to age 71, no medical evidence	To permanent up to age 70
Coverage structures	Single life and joint first-to-die	Single, joint first-to-die (up to 2 insureds)
Term exchange option	Can be exchanged for a 15, 20, or 30-year term policy	Term-to-term conversion is possible ((new term ≥10 years longer)
Riders available	Children’s term rider Accidental death benefit rider Total disability waiver of premium benefit rider Payor death and disability waiver of premium benefit rider	Accidental death benefit rider Child term rider Disability waiver rider Guaranteed insurability rider Business value protection rider

Our Ratings

VS

Term length options

Coverage range

Renewability

Convertibility

Coverage structures

Term exchange option

Riders available

Who should choose RBC?

RBC is a good choice for those who:

Want flexibility in choosing standard term lengths: RBC Insurance allows you to choose from a range of term durations (10 to 40 years), making it easier to match coverage with specific financial obligations like a mortgage or income replacement period
Are a first-time buyer: With coverage options starting from around $50,000, RBC is accessible for those just starting out with life insurance and looking for a smaller, more affordable policy
Value the familiarity of a bank-backed insurer: As part of Royal Bank of Canada, RBC Insurance may appeal to those who prefer dealing with a well-known financial institution they may already bank with

Who should choose Canada Life?

Canada Life becomes a suitable choice for those who:

Want to align coverage with long-term financial milestones: Canada Life’s My Term™ Life Insurance offers a broad range of term lengths (5-50 years), allowing you to match coverage with extended responsibilities such as raising children, long-term debt, or retirement planning
Value conversion optionality for future planning: Canada Life allows you to convert your term policy into permanent life insurance without additional medical evidence (subject to eligibility conditions)
Prefer customization through riders: You can enhance your base policy with life insurance riders such as accidental death benefit, child term rider, disability waiver, and guaranteed insurability options
Want a policy that can evolve with your life stages: With flexible structuring and conversion features, Canada Life supports policyholders who expect their insurance needs to change over time, rather than remain static

Final Verdict: RBC or Canada Life

1. Best overall: Canada Life

Canada Life stands out overall due to its flexibility, competitive pricing, and strong customization options. It is well-suited for individuals who want coverage that can evolve alongside their financial responsibilities without significantly increasing costs.

2. Best for flexibility and customization: Canada Life

Canada Life offers more control over long-term policy design through varied term options, rider choices, and conversion flexibility. It works best for those who prefer a more planning-driven approach to insurance.

3. Best for simplicity and ease of purchase: RBC

RBC excels in simplicity, with a streamlined product structure and easy purchase process. It is particularly appealing for first-time buyers or those who want straightforward coverage without complexity.

4. Best for higher coverage limits: Canada Life

Canada Life is a stronger choice for individuals seeking higher coverage amounts. Its underwriting capacity and product structure make it better suited for those with larger protection needs, such as high-income earners or business owners.

5. Best for conversion and renewability: Tie

Both Canada Life and RBC provide solid conversion and renewability options, allowing policyholders to extend or transition coverage without additional medical underwriting.

Frequently asked questions

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

Canada Life is generally better suited for individuals who want long-term flexibility, stronger customization, and the ability to structure insurance around evolving financial goals such as family planning or estate needs.

Is Canada Life more expensive than RBC Insurance?

No, Canada Life is a more affordable option than RBC when it comes to a term life insurance policy. To get the most affordable quotes, you can get in touch with our advisors at PolicyAdvisor, who will help you compare and get the best possible rates for your term life insurance policy.

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

Yes, both Canada Life and RBC Insurance offer conversion options that allow policyholders to switch their term life insurance into permanent life insurance without requiring new medical underwriting. This is an important feature for long-term planning because it protects your insurability even if your health changes over time. Conversion rules may vary depending on age limits and policy conditions, so it is important to understand the specific conversion window for each insurer.

Does Canada Life offer more flexibility than RBC Insurance?

Yes, Canada Life generally offers more flexibility compared to RBC Insurance, especially in terms of long-term planning, policy customization, and integration with financial strategies. It allows more structured decision-making around term selection, riders, and conversion planning. RBC Insurance focuses more on simplicity and structured protection, offering flexibility mainly through its custom term range and layered coverage design. Therefore, Canada Life is better for planning-heavy users, while RBC is better for straightforward needs.

What happens when my term life insurance expires with Canada Life or RBC Insurance?

When a term policy expires with either Canada Life or RBC Insurance, coverage typically ends unless you choose to renew or convert it. Both insurers allow renewal without requiring medical evidence, but premiums will increase based on your age at renewal. Alternatively, if you have a conversion option available, you can convert the policy into permanent life insurance. This ensures continued coverage, but it is usually more expensive than the original term policy.

Which insurer is better for families or long-term financial planning?

Canada Life is often considered better for families and long-term financial planning because it offers more customization, flexible term structuring, and stronger alignment with future financial needs like education planning, mortgage protection, or estate planning.

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Choosing the right term life insurance provider in Canada goes beyond premium costs; it is about finding coverage that matches your personal financial objectives, lifestyle changes, and future security needs. Canada Life Insurance and BMO Insurance often top the list for many Canadians seeking reliable protection.

Both providers deliver core term life benefits like consistent premiums, defined coverage durations, and pathways to permanent plans. Yet digging deeper reveals key distinctions in adaptability, rider selections, and support services that can help you decide which one to choose.

These variations matter for everything from family protection to estate strategies. Keep reading for an in-depth analysis of Canada Life vs BMO.

4.4

out of 5

4.5

out of 5

Strong flexibility through My Term, wider term range, solid conversion options, and planning-focused structure

Simple and easy-to-understand policy design, straightforward and term exchange option available

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4.4/5

Strong flexibility through My Term, wider term range, solid conversion options, and planning-focused structure

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4.5/5

Simple and easy-to-understand policy design, straightforward and term exchange option available

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Quick verdict

Choose Canada Life if:

You want a flexible term length of 5-50 years
You want broader rider options
You value term-to-term conversion

Choose BMO if:

You prefer fixed-term options such as 10, 15, 20, 25, or 30 years
You want complementary loss support services for beneficiaries
You want term exchange option

Why Canada Life vs. BMO is a common comparison

When Canadians look for term life insurance, Canada Life and BMO Insurance often appear in the discussion. Both Canada Life and BMO have strong histories and offer solid term life options widely available.

Both offer level premiums, coverage that is renewable, and the ability to convert term policies to permanent insurance later. They also support high coverage amounts for different needs, from families to business owners.

Because of these similarities, people frequently compare them directly. When two reliable providers offer overlapping basics, the focus shifts from general trust to specific fit: Canada Life vs BMO term life insurance. This comparison examines their plans side by side, so you can see which aligns with your own situation and priorities.

Canada Life vs. BMO at a glance

Before comparing product details, it is important to understand how both companies are positioned within the Canadian insurance market. While both are financially strong, their term insurance products differ significantly

Company snapshot: Canada Life vs. BMO

Features	Canada Life	BMO Insurance
Founded	1847	1817 (Bank of Montreal); BMO Life Insurance formed later
Headquarters	Toronto, Ontario	Toronto, Ontario
Total assets (insurer)	$461.2B	$20.1B
AM Best rating	A+	A
LICAT Ratio	130%	130%

About Canada Life term life insurance

Canada Life offers My Term Life Insurance as its main term product. This plan works for basic needs like income protection as well as more detailed financial arrangements.

A key feature is the wide choice of term lengths, from 5 to 50 years. This lets people match coverage to specific goals, such as paying off a mortgage or covering education costs.

If your needs evolve, for example, if you decide you want longer coverage or want to transition into a permanent life insurance solution, Canada Life allows several types of conversions without requiring new evidence of insurability up to a certain age. Optional riders and benefits can be added to customize protection further, such as enhanced coverage for critical situations or additional death benefit options.

Key features of Canada Life term life insurance

1. Level, guaranteed premiums: Premiums remain fixed throughout the chosen term length, ensuring stability in insurance costs. This helps support consistent and predictable long-term financial planning

2. Flexible term options: Canada Life offers a wide range of term lengths, typically from 5 to 50 years. This flexibility allows policyholders to align their coverage with key financial needs such as mortgages, dependent care, or retirement planning

3. Conversion flexibility: The policy includes an option to convert to permanent life insurance without requiring medical evidence, generally available until age 70. This feature helps preserve insurability and provides flexibility if long-term coverage needs change

4. Renewability: Canada Life My Term renews automatically at the end of the chosen term (not annually), without medical evidence, with guaranteed renewal premiums, up to policy anniversary nearest age 85

5. Optional riders: A range of riders is available to enhance coverage, including accidental death benefit rider, child term rider, disability waiver rider, guaranteed insurability benefit rider, and business value protection rider. These riders allow for greater customization based on individual or business needs

Pros and cons of Canada Life term life insurance

Pros	Cons
Strong long-term flexibility	Slightly more complex structure
Conversion to eligible permanent plans
Higher coverage limit
Wide range of riders available
Strong financial stability

About BMO term life insurance

BMO Term Life Insurance is designed to provide straightforward and predictable financial protection for individuals and families who want coverage aligned with specific life stages and financial responsibilities.

The plan allows policyholders to choose from a range of fixed term lengths, typically 10, 15, 20, 25, or 30 years, depending on their needs and goals. During the selected term, the policy remains active as long as premiums are paid, offering a stable protection structure that is easy to understand and manage.

Because of its simple structure and wide availability of term options, BMO Term Life Insurance is often chosen by individuals looking for reliable protection without complex features or layered policy structures. It focuses on delivering essential life insurance coverage in a clear and accessible format, making it suitable for both first-time buyers and those seeking simple, goal-based protection.

Key features of BMO Term Life Insurance

1. Term exchange options: BMO’s Term 10 or Term 15 coverage can be exchanged for a longer term (such as Term 20, 25, or 30) during the early years of the policy without additional underwriting.

2. Level, guaranteed premiums: Premiums remain fixed throughout the chosen term length without the risk of unexpected increases during the term

3. Multiple term lengths: BMO offers a range of term options, including 10, 15, 20, 25, and 30 years. This flexibility allows policyholders to align coverage with key financial milestones such as mortgages, income replacement needs, or different life stages

4. Wide coverage range: Coverage amounts can go up to $30 million, depending on eligibility. This makes the policy suitable for individuals with both basic and significant financial responsibilities, including high-income earners or business owners

5. Conversion flexibility: Policyholders have the option to convert their term coverage into permanent life insurance without undergoing medical underwriting (up to age 71)

6. Renewal option: The policy can be renewed after the term ends without requiring medical exams, ensuring continued protection. However, premiums will increase at renewal based on the policyholder’s age at that time

Pros and cons of BMO term life insurance

Pros	Cons
Very simple structure	Less flexible than competitors
Easy application process	Fixed-term lengths
High coverage availability
Can be converted to permanent life insurance without new medical underwriting

Canada Life vs. BMO comparison

Features	Canada Life	BMO Insurance
Flagship term product	My Term™ Life Insurance	BMO Term Life (Term 10/15/20/25/30)
Term length options	5 to 50 years	10, 15, 20, 25, 30 years (fixed)
Coverage range	$100,000 – no strict maximum (special quoting above $25M)	$100,000 – $30M
Renewability	Without medical evidence, up to age 85	Term 10/15/20 renewable up to age 85; Term 25 and Term 30 is not renewable
Convertibility	To permanent up to age 70	To permanent before age 71, no medical evidence
Coverage structures	Single, joint first-to-die (up to 2 insureds)	Single, combined life, joint last-to-die
Term exchange option	Term-to-term conversion (new term ≥10 years longer)	T10/T15 → 20/25/30 in early years, no medical evidence
Riders available	Accidental death benefit rider Child term rider Disability waiver rider Guaranteed insurability rider Business value protection rider	Critical illness rider Accidental death rider Child life rider Waiver of premium rider

Our Ratings

VS

Term length options

Coverage range

Renewability

Convertibility

Coverage structures

Term exchange option

Riders available

Who should choose Canada Life?

Canada Life is a good choice for those who:

Want to match the term precisely to your milestones: Canada Life’s My Term™ Life Insurance offers a wide range of term lengths that can extend up to longer durations, depending on eligibility, making it suitable for people who want coverage aligned with long-term financial responsibilities rather than short fixed milestones
Want conversion option: Canada Life allows you to convert your term policy into permanent life insurance without medical evidence (subject to policy conditions and age limits), helping ensure continued insurability even if your health changes in the future
Prefer more rider customization: My Term™ provides you the option to customize through riders like accidental death benefit rider, child term rider, and disability waiver rider. guaranteed insurability benefit rider, or business value protection rider

Who should choose BMO?

BMO is a good choice for those who:

Prefer fixed term length: BMO Term Life Insurance offers clear term options such as 10, 15, 20, 25, and 30 years, making it easy to select coverage that directly matches your financial obligations without complex planning decisions
Value additional support for your beneficiaries: BMO policies also include complimentary support for your beneficiaries, which may provide services like guidance on estate-related matters or grief support resources after a claim
Want to exchange your term: BMO allows Term 10 or Term 15 policies to be upgraded to longer durations, such as Term 20, 25, or 30, within the initial policy years, without requiring additional medical underwriting

Final Verdict: Canada Life or BMO

1. Best overall: BMO Insurance

BMO Insurance stands out overall due to its simple policy design options and fixed-term lengths that let you align coverage with long-term financial goals. It is ideal for individuals who want insurance that can evolve with their needs and comes with a term exchange feature.

2. Best for flexibility and customization: Canada Life

Canada Life offers significantly more control over policy structure, with a wider range of term options (5-50 years), riders, and long-term planning features. It is better suited for those who want a more tailored insurance strategy.

3. Best for simplicity and ease of understanding: BMO Insurance

BMO Insurance excels in offering straightforward, easy-to-understand policies. This makes it a strong choice for first-time buyers or those who prefer minimal complexity.

4. Best for exchange: BMO Insurance

BMO’s term insurance plan lets you convert T10/T15 to 20, 25, or 30-year term length. There is no medical evidence required for the term exchange to happen.

Frequently asked questions

1. Which is better: Canada Life or BMO for term life insurance in Canada?

Canada Life is generally better suited for individuals who want more flexibility, especially through its My Term product, which offers a wider range of term lengths, stronger customization options, and more planning-oriented features like structured renewability and conversion flexibility.

2. Is Canada Life more expensive than BMO Insurance?

Canada Life is more affordable than BMO insurance. However, to get the most affordable rates, you can get in touch with our licensed experts at PolicyAdvisor, who will help you obtain a suitable term life insurance quote at the most affordable rates.

3. Can I convert both Canada Life and BMO term policies to permanent insurance?

Yes, both Canada Life and BMO allow policyholders to convert their term life insurance into permanent life insurance without requiring new medical underwriting. This feature is extremely important for long-term planning because it protects insurability even if your health changes over time. Conversion rules, age limits, and eligible conversion periods may vary between insurers, so it is important to review policy conditions carefully to understand how and when conversion can be exercised effectively.

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

BMO Insurance is often considered more suitable for first-time buyers because its term life insurance structure is simple, with clearly defined term lengths and easy-to-understand features. The application process is also generally straightforward, making it easier for individuals who are new to insurance. Canada Life, while more flexible and feature-rich, may feel more complex due to its broader range of term options and customization possibilities, which may require more understanding before selecting a policy structure.

5. Does Canada Life offer more flexibility than BMO Insurance?

Yes, Canada Life generally offers more flexibility compared to BMO Insurance, particularly through its My Term product. It provides a wider range of term lengths, more structured renewal options, and stronger customization through riders and conversion features. This makes Canada Life more suitable for individuals with long-term planning needs.

6. What term life insurance options are available with Canada Life?

Canada Life offers a single primary term life insurance product called My Term™ Life Insurance, designed to provide flexible and customizable coverage. This plan is available in two structures: single life coverage and joint first-to-die coverage, allowing individuals or couples to choose protection based on their needs. The policy typically starts at a minimum coverage amount of $100,000, with no stated maximum limit on base coverage, making it suitable for both standard and high-coverage financial protection requirements.

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Choosing the right term life insurance company is not just about finding the lowest premium; it is also about selecting a provider whose product structure aligns with your financial strategy, risk profile, and long-term planning goals. Two names that frequently come up in this decision-making process are Manulife and BMO life insurance.

At first glance, both insurers offer what appears to be similar term life insurance: level premiums, fixed coverage periods, and the ability to convert to permanent insurance. However, once you look beyond the surface, the differences become much more meaningful. These differences are not just about features; they influence how effectively a policy can adapt to changing life circumstances, support complex financial planning, or scale with future needs.

Understanding where each insurer excels and where it may fall short can help you make a more informed decision. Read on to learn more.

4.2

out of 5

4

out of 5

Manulife stands out for flexibility, offering a wide range of term options, multi-life coverage, wellness integration through Vitality, and strong conversion features.

BMO stands out for simplicity, offering fixed-term options, high coverage limits, and a straightforward policy structure designed for basic protection needs.

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4.2/5

Manulife stands out for flexibility, offering a wide range of term options, multi-life coverage, wellness integration through Vitality, and strong conversion features.

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4/5

BMO stands out for simplicity, offering fixed-term options, high coverage limits, and a straightforward policy structure designed for basic protection needs.

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Quick verdict

Choose Manulife if:

You want term options like T10, T20, T65
You need multi-life coverage for families or business partners
You value wellness benefits through programs like Vitality

Choose BMO if:

You prefer fixed-term options such as 10, 15, 20, 25, or 30 years
You want a simple and easy-to-understand policy structure

Why Manulife vs. BMO is a common comparison

BMO and Manulife are frequently compared because they represent two popular insurers within the Canadian term life insurance market. While both companies are well-established and financially strong, their approach to term insurance and customer needs differs significantly, making them natural alternatives for comparison.

One of the many reasons why this comparison is so common is that both insurers are widely accessible and competitively priced across a range of demographics. Whether you are a young professional purchasing your first policy or a high-income earner seeking substantial coverage, both Manulife and BMO are likely to appear on your shortlist. This overlap in market presence naturally leads to direct comparisons.

The comparison also becomes particularly important in the context of long-term planning. Term life insurance is often purchased with future conversion in mind, and the way a policy is structured today can influence its usefulness years or even decades later. By comparing Manulife and BMO, buyers can better understand how each insurer supports or limits these long-term strategies.

Manulife vs. BMO Insurance at a glance

Before comparing specific product features, it’s important to understand the overall positioning of Manulife and BMO Insurance within the Canadian insurance market. Both are well-established institutions with strong financial backing, but they approach insurance product design differently based on their broader business models. The table below provides a quick snapshot of how these companies compare.

Company snapshot: Manulife vs. BMO

Features	Manulife	BMO Insurance
Founded	1887	1817 (Bank of Montreal); BMO Life Insurance formed later
Headquarters	Toronto, Ontario	Toronto, Ontario
Total assets (insurer)	$1.3T	$20.1B
AM Best rating	A+	A
LICAT Ratio	137%	130%

About Manulife term life insurance

Manulife term plans come in two variations: Manulife Family Term and Manulife Family Term with Vitality Plus. These plans are designed for needs ranging from basic income protection to more complex financial planning scenarios involving multiple insured individuals.

One of the defining characteristics of Manulife’s term plans is the range of term options available. Policyholders can choose from multiple term lengths, including T10, T20, and T65, allowing them to align their coverage with specific financial timelines.

In addition to its core offerings, Manulife also provides enhanced features through its Manulife Vitality program. This feature introduces a wellness component to life insurance, rewarding policyholders for maintaining healthy lifestyles.

Key features of Manulife term life insurance

1. Level, guaranteed premiums: Premiums remain fixed throughout the selected term, ensuring stability in insurance costs. This predictable structure helps policyholders plan their finances with confidence over the long term

2. Multiple term options: The plan offers term options such as T10, T20, and T65, allowing coverage to align with different financial needs. These options support goals like mortgage protection, income replacement, and long-term estate planning

3. Convertibility: Policyholders can convert their term life insurance into permanent coverage without providing medical evidence. This feature helps preserve insurability and offers flexibility if long-term coverage needs change

4. Multi-life flexibility: The policy allows multiple individuals to be covered under a single plan, making it a cost-efficient option for families or business partners seeking shared coverage

5. Manulife Vitality integration: The plan can be integrated with Manulife Vitality, a wellness rewards program that encourages healthy lifestyle choices. Policyholders can earn incentives and rewards for maintaining good health habits

6. 30-day money-back guarantee: A 30-day money-back guarantee is included, providing a risk-free trial period. This allows policyholders to review the policy and cancel within the period if it does not meet their needs

Pros and cons of Manulife term life insurance

Pros	Cons
High coverage limits	Vitality benefits are limited to select plans
Strong conversion flexibility	Bundled coverage is not available
Level premiums
Multi-life structures
Wellness-linked benefits

About BMO term life insurance

BMO’s term life insurance offerings are designed with simplicity in mind. The company provides a range of fixed-term options, typically spanning 10 to 30 years, which allows policyholders to select coverage that aligns with specific financial obligations such as mortgages or income replacement periods.

The structure of BMO term life insurance is straightforward, which means policyholders pay level premiums during the selected term, and coverage remains in place as long as premiums are paid.

Key features of BMO term life insurance

1. Fixed-term options: BMO term life insurance offers a range of fixed-term options, including Term 10, 15, 20, 25, and 30 years. This flexibility allows policyholders to choose coverage that aligns with specific financial timelines, such as mortgages or income protection needs

2. High coverage limits: The policy provides coverage amounts of up to $30 million, making it suitable for both individuals seeking basic protection and those with higher-value financial responsibilities or complex planning needs

3. Level premiums: Premiums remain stable throughout the selected term, ensuring predictable insurance costs. This consistency helps with long-term budgeting and financial planning

4. Renewable coverage: Policies can be renewed at the end of the term without requiring a medical exam. However, premiums typically increase at renewal based on the policyholder’s age at that time

5. Conversion option: The policy includes the option to convert to permanent life insurance without undergoing new medical underwriting. This provides flexibility for those who may want lifelong coverage in the future

6. Term exchange: Policyholders can exchange their existing policy for a longer-term option without additional medical underwriting. T10/15 can be exchanged for 20, 25, or 30-year term lengths

7. Coverage structures: BMO offers different coverage structures, including single life and joint last-to-die options. These choices make it suitable for individuals, couples, and estate planning needs

Pros and cons of BMO term life insurance

Pros	Cons
Simple and easy to understand term policy	Limited customization
Term exchange option is available	No wellness features
Strong renewal and conversion features	Less flexible
Provides high coverage limits of up to $30 million

Manulife vs. BMO comparison

Features	Manulife	BMO Insurance
Flagship term product	Manulife Family Term (+ Family Term with Vitality Plus)	BMO Term Life (Term 10/15/20/25/30)
Term length options	T10, T20, T65	10, 15, 20, 25, 30 years (fixed)
Coverage range	$100K – $20M (Family Term); $250K – $25M (Vitality Plus)	$100,000 – $30M
Renewability	T10/T20 to age 85; T65 to age 65	Term 10/15/20 renewable up to age 85; Term 25 and Term 30 is not renewable
Convertibility	To permanent, no medical evidence (age varies by plan)	To permanent before age 71, no medical evidence
Coverage structures	Single or multi-life	Single, combined life, joint last-to-die
Living benefit	Terminal illness benefit up to 50%, capped at $250K (Family Term); Vitality Plus adds bereavement counselling up to $1,000	Available as an optional rider
Riders available	Disability waiver rider Guaranteed insurability rider Accidental death rider Child term rider Critical illness rider	Critical illness rider Accidental death benefit rider Child term rider Waiver of premium rider

Our Ratings

VS

Term length options

Coverage range

Renewability

Convertibility

Coverage structures

Living benefit

Riders available

Who should choose Manulife?

Manulife is a good choice for those who:

Need multi-life or business coverage: Manulife is well-suited if you are insuring multiple individuals under one policy (such as spouses or business partners) or require coverage structured for business purposes
Want customization and flexibility: Manulife offers a wider range of structuring options, including varied term lengths, layering strategies, and the ability to tailor coverage based on evolving financial goals rather than sticking to a rigid format
Value wellness incentives: Manulife integrates wellness-focused features (such as its Vitality program), allowing policyholders to engage in healthier lifestyle habits and potentially benefit from rewards tied to those activities

Who should choose BMO?

BMO becomes a better choice for those who:

Want simple, fixed-term coverage: BMO focuses on straightforward term policies with clearly defined durations, making it easier to select coverage for 10, 15, 20, 25, and 30 years
Prefer to exchange the term: You can exchange your BMO term life insurance policy for a longer term, such as Term 20, 25, or 30, without any new medical evidence
Value higher coverage limit: BMO provides coverage of up to $30 million, beneficial for high-net-worth individuals

Final Verdict: Manulife or BMO

1. Best overall: Manulife

Manulife takes the lead overall due to its broader product range, strong financial backing, and added features like wellness integration. It caters to individuals looking for basic coverage, to families, or professionals who want more flexibility and enhanced benefits.

2. Best for flexibility and product range: Manulife

With multiple product tiers, multi-life coverage options, and programs like Vitality, Manulife offers a more adaptable insurance experience. It is especially suitable if your needs may evolve over time.

3. Best for simplicity and ease of understanding: BMO

BMO stands out for its straightforward, no-frills approach to term life insurance. Its fixed-term options and clear structure make it easier for first-time buyers to understand and manage.

4. Best for straightforward conversion strategy: BMO

BMO offers standard, easy-to-understand conversion options to permanent insurance. While less flexible than some competitors, it appeals to those who prefer simplicity over customization.

5. Best for family or multi-life coverage: Manulife

Manulife’s multi-life policy options make it a stronger choice for families or business partners looking to consolidate coverage under one plan.

6. Best for engagement and added benefits: Manulife

With the Vitality program, Manulife creates a more interactive insurance experience by rewarding healthy behaviour, adding value beyond traditional coverage.

7. Best for flexibility and customization: Manulife

Manulife offers significantly more flexibility with multi-life coverage, multiple term structures, and wellness integration through the Vitality program. BMO remains more rigid with fixed-term options.

Frequently asked questions

Which is better: Manulife or BMO for term life insurance in Canada?

Manulife is generally a better fit for individuals who need flexibility, such as those looking to insure multiple people under one policy, incorporate long-term planning strategies, or potentially convert to permanent insurance later. Manulife also offers the benefit of wellness-linked rewards.

Is Manulife cheaper than BMO for term life insurance?

Both Manulife and BMO are on par when it comes to term life insurance pricing. The actual pricing between Manulife and BMO can vary significantly depending on factors such as age, health, smoking status, and coverage amount, so there is no universal answer to which insurer is cheaper.

Can I convert both Manulife and BMO term policies to permanent insurance?

Yes, both Manulife and BMO allow policyholders to convert their term life insurance policies into permanent life insurance without requiring additional medical underwriting, which is a critical feature for long-term planning. This means that even if your health changes after purchasing the policy, you can still transition to permanent coverage.

Which insurer is better for families or joint coverage?

Manulife is generally the stronger option for families or individuals seeking joint coverage because of its ability to support multi-life policies under a single contract. This allows multiple insured individuals to be covered together, which can simplify administration and potentially reduce costs. It is particularly useful for couples, families, or even business partners who want coordinated coverage. So, if your goal is to build a comprehensive family insurance strategy rather than simply cover one individual, Manulife typically provides more options and better long-term adaptability.

Which is better for first-time buyers: Manulife or BMO?

For first-time buyers, the choice between Manulife and BMO often comes down to how comfortable you are with complexity. BMO is usually the better starting point for individuals who want a straightforward policy that is easy to understand and quick to set up. Its fixed-term options and simple structure make it easier to compare and purchase without needing extensive knowledge of insurance products.

Does Manulife’s Vitality program make a real difference compared to BMO?

Manulife’s Vitality program is a unique feature that differentiates it from BMO. The program rewards policyholders for healthy behaviours such as regular exercise, health check-ups, and wellness activities, offering incentives like gift cards or discounts.

For individuals who are motivated to actively participate, this can add tangible value and even offset some of the cost of insurance over time. However, if you are unlikely to engage with the program consistently, its benefits may be minimal. BMO does not offer a comparable feature, focusing instead on keeping its policies simple and straightforward. Therefore, Vitality is best viewed as an added bonus rather than a core deciding factor.

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Is Life Insurance Taxable in Canada? A 2026 Guide

Is a life insurance benefit taxable for a beneficiary?

When can life insurance become taxable?

Taxes on policy loans, cash withdrawals, and collateral assignments

1. Policy withdrawals

2. Policy loans

3. Policy as collateral

Taxation of life insurance premiums and contributions

Is death benefit taxable in Canada?

What happens if you withdraw money from a permanent life insurance policy?

Taxation of life insurance cash values and withdrawals

Taxation of life insurance policy transfers

Can I claim life insurance premiums on my income tax?

Claiming your personally paid life insurance

Claiming your business or corporate paid life insurance

What happens if you name your estate as the beneficiary?

Can life insurance help reduce taxes for my estate?

When can I claim my life insurance on my tax return?

How can I avoid paying taxes on life insurance?

How does life insurance help in tax planning?

Frequently-asked questions

Is life insurance payout taxable on death?

What is the tax implication of withdrawing cash from a life insurance policy?

Are life insurance death benefits included in calculating an estate’s taxes in Canada?

Can I transfer ownership of a life insurance policy without triggering a taxable event?

Sun Life vs Empire Life term life insurance: Which is better in 2026?

Quick verdict

Why Sun Life vs. Empire Life is a common comparison

Sun Life vs. Empire Life at a glance

About Sun Life term life insurance

Key features of Sun Life term life insurance

Pros and cons of Sun Life term life insurance

About Empire Life term life insurance

Key features of Empire Life term life insurance

Pros and cons of Empire Life term life insurance

Sun Life vs. Empire Life comparison

Our Ratings

Who should choose Sun Life?

Who should choose Empire Life?

Final Verdict: Sun Life or Empire Life

Best overall: Sun Life

Best for flexibility: Sun Life

Best for coverage structure: Empire Life

Best for families and multi-life coverage: Sun Life

Best for riders: Sun Life

Frequently asked questions

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

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

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

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

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

What is the living benefit access under Empire Life?

Empire Life vs Canada Life term insurance: Which is better in 2026?

Quick verdict

Why Empire Life vs. Canada Life is a common comparison

Empire Life vs. Canada Life at a glance

About Empire Life term life insurance

Key features of Empire Life term life insurance

Pros and cons of Empire Life term life insurance

About Canada Life term life insurance

Key features of Canada Life term life insurance

Pros and cons of Canada Life term life insurance

Empire Life vs. Canada Life comparison

Our Ratings

Who should choose Empire Life?

Who should choose Canada Life?

Final Verdict: Empire Life or Canada Life

Best overall: Empire Life

Best for flexibility and long-term adaptability: Canada Life

Best for structured coverage planning: Empire Life

Best for conversion strategy: Empire Life

Best for additional features: Empire Life

Frequently asked questions

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

What is the living benefit with Empire Life term insurance?

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

Which insurer is better for long-term financial planning?

RBC Insurance vs Empire Life term insurance: Which is better in 2026?

Quick verdict

Why RBC Insurance vs. Empire Life is a common comparison