1-888-601-9980
Male: $23/month
*Based on standard profile
RBC Insurance is the insurance arm of Royal Bank of Canada (RBC), one of Canada’s Big Five banks and one of the largest banks in the entire world. It is a reputable insurance company, and it can be easy to buy coverage from them if you are already a bank customer.
Read our full review below to find out more about the company, the features they offer, and what we rate their life insurance products.
Need insurance answers now?
Call 1-888-601-9980 to speak to our licensed advisors right away, or book some time with them below.
Our RBC Life Insurance rating and review
We have rated RBC Insurance 5 stars and ranked it as the Canadian insurance company that gives the best value for money. They offer top-notch coverage with low term life insurance premiums — often beating the competition on price alone.
- Term lengths between 10-40 years, up to age 85
- Pick your own term length
- Level premium, convertible and renewable term policies
- Optional policy riders: term, child, accidental death, disability waiver of premium, guaranteed insurability (add additional life insurance coverage without a medical)
- No-medical policy options available with RBC Simplified Term Life Insurance
RBC Life Insurance is a great choice if you want to use a laddering strategy for your life insurance coverage. You have so many choices of term length and amount that you can easily stack policies to create a solution that perfectly matches your needs.
RBC Insurance Term Life Insurance Review: video summary
About RBC Insurance Agency Ltd.
RBC Insurance is the insurance division of the Royal Bank of Canada (RBC), the largest bank in Canada by market capitalization. RBC Bank itself was founded in 1864, but it wasn’t until the 1960s that RBC Insurance was created. Over the years, it was built up through a series of acquisitions:
- 1968 — Ontario Loan and Debenture Company (formerly Ontario Savings and Investment Society)
- 1993 — Voyageur Insurance Company
- 1996 — Westbury Canadian Life Insurance Company
- 1998 — Mutual of Omaha Life Insurance (Canada)
- 2000 — Prudential Canada
Now, RBC Insurance is the largest bank-owned insurance company. Its more than 2,500 employees serve around 5 million customers around the world.
RBC life insurance pros and cons
Here is what our experts rate as the advantages and disadvantages of buying term life insurance coverage with RBC Insurance:
| Pros | Cons |
|---|---|
| Premiums among the most competitive in the industry | Only available to citizens and permanent residents |
| Maximum coverage of $25 million — one of the highest in the Canadian insurance industry | |
| Significant flexibility in term lengths and coverage amounts | |
| Unique pick-a-term feature — choose your own term length | |
| Customizable options great for laddering strategy | |
| Wide range of rider options | |
| Term life policies are renewable, albeit at higher rates after the initial term | |
| Lesser questions apply for coverage under $1 million | |
| Online access to account | |
| Digital e-policy |
How much does life insurance from RBC Insurance cost?
The cost of a life insurance policy with RBC Insurance depends on details about you and your policy coverage, just like with any other Canadian insurance provider. But a young, healthy person can expect to pay around $25-$30 for life insurance from RBC.
Their insurance plans generally tend to be more affordable than those of many other term life insurance providers. Take a look at the chart below to compare RBC term life insurance quotes based on gender and age.
RBC Term Life Insurance Quotes
| Age | Male | Female |
|---|---|---|
| 20 | $32.18 | $22.86 |
| 25 | $32.18 | $23.27 |
| 30 | $32.63 | $23.31 |
| 35 | $32.63 | $24.26 |
| 40 | $47.61 | $34.83 |
| 45 | $75.42 | $53.37 |
| 50 | $127.44 | $85.55 |
| 55 | $237.69 | $166.14 |
| 60 | $428.63 | $308.70 |
| 65 | $703.85 | $479.79 |
*Representative monthly values, based on non-smokers in good health with $500,000 coverage and a 20-year term.
What types of term life insurance policies does RBC Insurance offer?
RBC Insurance offers two types of Canadian term life insurance:
- YourTerm — RBC Insurance’s flagship term product, offering customizable terms up to 40 years
- Simplified Term Life Insurance — a no-medical policy that does not require a medical exam for you to be approved, but that’s a lot more limited
Key features: YourTerm
- Level premiums for the entire term
- Policy renewal without proof of insurability
- Can be issued up until age 70
- Convertible into permanent coverage up to age 70
- Joint-first-to-die policies available
- Coverage ends at the policy anniversary nearest the insured’s age of 85
- Coverage for joint policies ends when the oldest insured person’s policy anniversary is nearest age 85
- The maximum amount of coverage is $25,000,000
Key features: Simplified Term Insurance
- Available term lengths: 10 to 40 years, customizable
- Available term types: Level coverage
- Maximum amount of coverage: $1,000,000
- Convertibility: Yes, convertible to RBC Universal Life without additional medical evidence
Optional riders and benefits
- Term insurance rider
- Children’s term insurance rider
- Accidental death benefit rider
- Total disability waiver of premium benefit rider
- Payor death and disability waiver of premium benefit rider
- Guaranteed insurability benefit rider
Is RBC Life Insurance right for me?
RBC Insurance’s flexible and affordable coverage options make it a great choice for most Canadian consumers. With the support of such a huge bank, you can feel assured that RBC Insurance is a stable entity. RBC life insurance can be a top choice for people who:
- Want to use a laddering strategy to save on costs
- Want the lowest rates for high quality
- Have health issues or want to buy a policy without doing a medical test
- Need a large amount of coverage (up to $25 million)
- Want a flexible term length (such as a 23-year policy to match the time left on your mortgage, instead of having to choose either 20 years or 30 years like you would have to with another provider)
- Are already a customer with RBC or have insurance with them, and want the convenience of comprehensive financial protection through a single insurance provider
As Canada’s best online life insurance advisors, we can help you decide if RBC’s life insurance products are the best fit for you.
How do I get RBC Life Insurance quotes?
You can get RBC term insurance quotes on our website in seconds by using our free online quoting tool and shopping for rates. Get a personalized quote, compare prices from other major providers, and start the online application process in a couple of minutes or less.
Or, book a consultation call with our licensed advisors. We can give you expert advice and help you find the best life insurance options for you and your family’s peace of mind.
What other insurance policies does RBC offer?
Besides its term life insurance product, RBC Insurance also offers:
- Permanent life insurance (participating whole life, universal, Term-to-100, guaranteed acceptance)
- Critical illness insurance
- Disability insurance
- Hospital insurance
- Accidental death & dismemberment insurance
- Travel insurance
- Home insurance
- Car insurance
- Business insurance
- Group benefits
- Creditor insurance
- Investment products and financial services
Whole life insurance
RBC offers 2 different participating whole life insurance policies that build cash value, pay dividends, and have limited pay options.
- RBC Growth Insurance – Coverage of between $25K and $25 million, with cash value available after year 5
- RBC Growth Insurance Plus – Coverage of between $250K and $25 million, with accelerated cash value growth and cash value available as early as the 1st year
Universal life insurance
Universal life insurance is like whole life insurance, but you control the cash value investment part yourself. RBC gives you a choice between level protection and an increasing death benefit. The RBC Universal Life Insurance Plan offers between $25K to $25 million in coverage, and can be bought up to age 85.
Term-to-100 life insurance
Term 100 (T-100) is a type of permanent life insurance policy, but you only pay insurance premiums until age 100. This policy is different from whole and universal because it does not have an investment component. RBC’s T100 policy offers between $50K and $25 million in coverage, and you can apply as late as age 85.
Guaranteed acceptance life insurance (permanent)
Guaranteed acceptance life insurance is a type of policy that gives you coverage without a health questionnaire. But, it’s more expensive and gives you less coverage than normal policies. The RBC Guaranteed Acceptance life insurance policy offers coverage of $5K-$40K to Canadians and residents between ages 40-75.
Speak with an advisor
As insurance advisors for RBC Insurance, we can help you find the right policy. Click the button below to schedule a call with our licensed insurance advisors. Let us help you protect your family’s financial security.
Frequently Asked Questions
Can I convert RBC term life to permanent coverage?
Yes, you can convert term life to permanent coverage. It is convertible to RBC whole life, universal life, or Term 100 without a medical exam up to age 71; renewable to age 85 without proof of insurability.
What riders are available with RBC YourTerm?
Children’s term, accidental death, total disability waiver of premium, guaranteed insurability, joint first-to-die, payor waiver.
How much does RBC term life insurance cost in 2026?
The cost of RBC term life insurance varies depending on factors like plan type, age, province, health condition, etc. Typically, the cost of RBC term life insurance for a young and healthy person ranges between $25-$30.
Canada Life Term Life Insurance Review (2025)
Canada Life, one of Canada’s largest and most trusted insurance providers, has offered financial security solutions for over 175 years. Its My Term™ Life Insurance offers flexible, affordable coverage with term lengths ranging from 10 to 50 years.
This type of insurance is a practical choice for families, homeowners, and business owners looking to protect their financial future. Additionally, policyholders can also convert this term policy to permanent insurance without medical underwriting to ensure long-term security.
In this article, we’ll take you through the key features, costs, and pros and cons of Canada Life’s term life insurance.
Need insurance answers now?
Call 1-888-601-9980 to speak to our licensed advisors right away, or book some time with them below.
What are the key features of Canada Life term life insurance?
Canada Life My Term™ provides flexible, temporary coverage ranging from 5 to 50 years, allowing policyholders to choose a term length that aligns with their financial needs. This policy offers guaranteed level premiums for the selected term and automatic yearly renewals without medical underwriting.
It also includes conversion options, allowing policyholders to switch to permanent coverage at any time before age 70. Additionally, Canada Life provides competitive pricing, preferred underwriting for eligible applicants, and a term conversion reset feature.
Key features of Canada Life My Term™
| Features | Description |
| Term length options | Five to 50 years (inclusive) |
| Coverage options | Single-life (pays the death benefit upon the insured’s death)
Joint first-to-die (pays the death benefit upon the first insured’s death) |
| Issue ages (Nearest birthday) | Single-life:
– Non-smokers: 18 to (85 minus the chosen term) – Smokers: 15 to (85 minus the chosen term) Joint first-to-die: – Non-smokers: 18 to (85 minus the chosen term) – Smokers: 15 to (85 minus the chosen term) |
| Minimum coverage amount | $100,000 (or an annual premium of $500 if coverage is less than $100,000) |
| Premiums | Guaranteed level premiums for the initial term
Renewal premiums increase yearly but remain guaranteed |
| Renewals | Automatic yearly renewals without medical underwriting |
| Convertibility | Convertible to any Canada Life permanent policy before age 70 without medical evidence
If issued at age 69 or older, conversion is allowed within the first two years |
| Term conversion reset feature | Allows part of the policy to be converted into a term rider on a new permanent life insurance policy |
| Term-to-term conversion | Available if converting to a term at least 10 years longer than the original
Must be done after the first policy anniversary and before: – The end of the initial term – The seventh policy anniversary – The policy anniversary closest to the maximum age for the new term policy |
| Additional benefits and riders | Available on single-life policies:
– Waiver of premium benefit – Accidental death benefit – Guaranteed insurability rider – Business growth protection rider (10 or 15 years) – Child’s term life insurance rider Available on joint first-to-die policies: – Business growth protection rider (10 or 15 years) – Child’s term life insurance rider |
Is a medical exam required for Canada Life term life insurance?
No. Canada Life uses preferred underwriting to streamline applications and minimize the need for medical evidence. In many cases, you can qualify for term life insurance without a medical exam if you meet the following criteria:
- Ages 18 to 45: Applying for $2 million to $5 million in coverage
- Ages 46 to 50: Applying for $1 million to $3 million in coverage
- Ages 51 to 55: Applying for $250,000 to $1 million in coverage
- Ages 56 to 60: Applying for $100,000 to $1 million in coverage
What is Canada Life’s preferred underwriting option?
Preferred underwriting is a detailed assessment process that evaluates various health and lifestyle factors to determine an applicant’s life insurance risk level.
Canada Life considers smoking habits, body build (height and weight ratio), blood pressure, cholesterol levels, personal and family medical history, occupation, high-risk activities (avocations), and driving record.
By analyzing these factors, Canada Life can categorize applicants into specific underwriting risk classes, offering lower premiums to individuals who present a lower risk.
This means healthier applicants with good lifestyle habits can qualify for preferred rates, resulting in more affordable life insurance coverage.
Can I withdraw money from Canada Life term insurance?
No, you cannot withdraw money from a Canada Life term life insurance policy because it does not accumulate cash value like whole life policies.
Whole life policies set aside a portion of your premium payments for accumulation, which can be withdrawn, borrowed against, or used as collateral for a loan.
What happens when my Canada Life term policy expires?
When your Canada Life term policy expires, you have a few options:
- Renew your policy: This happens automatically. Once your initial term ends, your policy renews annually, with a gradual increase in premium, until its expiry date (typically the policy anniversary closest to the insured’s 85th birthday)
- Switch to a longer-term: If you want extended coverage, you can convert your policy to a term 10+ years longer than your original term. However, eligibility depends on your age and how long you’ve held your policy
- Switch to permanent coverage: You can also convert your Canada Life My Term™ policy to a permanent plan without additional medical underwriting until age 70
What are the pros and cons of Canada Life’s term life insurance policy?
Canada Life’s My Term™ life insurance offers a flexible and customizable term length ranging from 5 to 50 years, making it suitable for various financial needs. It is generally more affordable than permanent life insurance and provides a tax-free payout to beneficiaries.
Additionally, policyholders can convert their coverage to permanent insurance until age 70 without a medical exam. When the initial term expires, the policy automatically renews annually, ensuring continued coverage without requiring proof of insurability.
However, Canada Life term life insurance premiums increase annually upon renewal after the initial term, which can become costly over time.
Moreover, the policy requires a minimum coverage amount or premium, which may limit accessibility for those seeking lower coverage. Lastly, smokers and individuals with health concerns may face higher premiums compared to healthier applicants.
Pros and cons of Canada Life term life insurance
| Pros | Cons |
| Choose term lengths from 5 to 50 years and add optional riders for enhanced protection | After the initial term, renewal premiums rise annually |
| More cost-effective than permanent life insurance | Requires a minimum coverage amount or premium |
| Can be converted to permanent life insurance until age 70 without a medical exam | Smokers and those with health conditions may face higher premiums |
| Ensures continued coverage without medical underwriting |
What other insurance policies does Canada Life offer?
Beyond life insurance, Canada Life provides a range of coverage options,
- Permanent Life Insurance: Wealth Achiever Plus (Whole Life), Universal Life
- Critical Illness Insurance: Canada Life Critical Illness Insurance
- Disability Insurance: Canada Life Disability Insurance
- Health & Dental Insurance: Canada Life Health & Dental Insurance
- Workplace Benefits: Canada Life Group Benefit
- Creditor Insurance: Canada Life Creditor Insurance
- Investment Products & Financial Services: Canada Life Mutual Funds, Segregated Funds, Annuities, Financial Planning Services
Is Canada Life a good insurance company?
Yes, Canada Life is one of Canada’s largest and most financially stable insurance providers.
With an A+ rating from A.M. Best, it has a strong track record of financial reliability, ensuring policyholders can trust their claims will be paid. The company also holds an AAA- brand rating, highlighting its strong reputation in the Canadian insurance market.
For term life insurance, Canada Life offers customizable term lengths from 5 to 50 years, guaranteed level premiums for the initial term, and the option to convert to permanent insurance without medical underwriting.
While Canada Life’s premiums may be slightly higher than some competitors, its strong financial backing and policy flexibility make it a solid choice for those seeking long-term stability.
How can I compare quotes for Canada Life term life insurance?
You can get personalized term life insurance quotes for Canada Life through PolicyAdvisor, where you can compare different plans and policies. Our experienced advisors help compare plans and select options to protect your loved ones. Schedule a free consultation today!
Frequently asked questions
How do premiums work for Canada Life term life insurance?
Premiums for Canada Life term life insurance remain fixed for the initial term length chosen. Once the term ends, the policy automatically renews annually with increasing premiums unless the policyholder cancels or converts the coverage. Payments can be made monthly or annually, depending on the policyholder’s preference.
Can I customize my Canada Life term life insurance policy?
Yes, Canada Life’s My Term™ insurance allows for flexible customization. Policyholders can choose their coverage amount and term length(from 5 to 50 years). Optional riders, such as critical illness or disability coverage, can be added for extra protection. Additionally, the policy can be converted to permanent life insurance without a medical exam before a certain age.
What happens when my term ends?
When the initial term expires, the policy automatically renews on an annual basis with higher premiums. This renewal continues until age 85, unless the policyholder cancels or converts the policy to a permanent life insurance plan. Some policyholders may also have the option to adjust their coverage at this stage.
Can I cancel my Canada Life term life insurance policy?
Yes, policyholders can cancel their term life insurance policy at any time. However, cancellation means losing coverage immediately, and no death benefit will be paid out if the insured passes away after the policy is terminated. There are no refunds for past premiums paid.
Edge Benefits Life Insurance Review – Updated 2025
We recommend Edge Benefits if you need a guaranteed issue life insurance policy. These policies are best for those who might not otherwise qualify for standard life insurance products but still need final expense coverage.
Read our full review below to find out more about the company, which features they offer, and what we rate their life insurance products.
Need insurance answers now?
Call 1-888-601-9980 to speak to our licensed advisors right away, or book some time with them below.
Our Edge Benefits life insurance rating and review
We give Edge Benefits a 3-star review for their life insurance offerings. The guaranteed product itself is fairly decent, but because Edge does not offer standard terms, full underwritten life insurance, and the premiums for the guaranteed product aren’t level, it does not qualify for a 5-star review.
Edge Benefits is an insurance provider that partners with other insurance companies such as the Co-operators, Green Shield, Chubb, and Beneva. Edge Benefits offers its guaranteed issue life insurance product through Chubb Insurance, who are known for these specialty types of insurance.
What types of life insurance policies does Edge Benefits offer?
Edge Benefits offers guaranteed issue term life insurance. The guaranteed life insurance product includes coverage up to $50,000 with one term option (to age 75). Because there is only one longer-term option, premiums are age-banded, meaning that they will increase as you age.
Guaranteed Issue Life insurance
- Term coverage to age 75 for those looking to cover final expenses
- No medical exams or questions
- $50,000 in coverage available
- Available from 18 to 69 years of age
- Living benefits provided up to 50% in case of terminal illness (accelerated death benefit)
- Return of premium in case of non-accidental death within 2 years of policy effective date
Coverage and policy details
- Available Term Lengths: To age 75
- Maximum Amount of Coverage: $50,000
- Renewability: No
- Convertibility: No
Pros and cons
✅ Edge Benefits life insurance pros
- No medical exams, health questions, or medical underwriting needed
- Fast underwriting (days or weeks)
- Multi-product discount with health & dental
- Coverage up to age 75
- Online access to account
- Digital e-policy
- Accelerated death benefit in case of terminal illness
❌ Edge Benefits life insurance cons
- Does not offer fully underwritten life insurance
- No additional riders available
- Only $50,000 in coverage (normal for guaranteed products, but not as much as standard products)
- Only one term offering (up to age 75)
Who is Edge Benefits?
Edge Benefits was founded in 1985, making it a relatively new player in the insurance industry (compared to those who have been around for hundreds of years). They initially sold life insurance, living benefits, and other investment products.
In 2013, Edge Benefits transformed the insurance purchasing landscape by eliminating paper applications and introducing a fully electronic application system. Two years later, it became affiliated with The Co-operators Group Limited. Furthermore, in 2019, Edge Benefits augmented its guaranteed issue critical illness insurance to $50,000, setting a new precedent as the highest coverage amount available in Canada. With a client base exceeding 60,000 policyholders, Edge Benefits has disbursed over $200 million in claims over the past 15 years.
Edge Benefits Inc operates as a strategic partner with insurance companies rather than functioning as an insurance entity itself. Among its partnered insurers are The Co-operators, Green Shield Canada, Chubb, and Beneva, ensuring comprehensive protection for Canadian consumers. Edge benefits issues their life insurance, critical illness insurance, and disability insurance products through Chubb.
Edge Benefits: Quick Facts
- Founded: 1985
- Headquarters: Newmarket Ontario
- AM Best Rating: N/A
- Better Business Bureau Accreditation and Rating: N/A
- Assets: –
- Annual Premiums: –
How much does guaranteed life insurance from Edge Benefits cost?
Edge Benefits life insurance costs around $30 per month. Rates are banded and increase based on age. However, Edge Benefits has the most affordable longer term coverage, especially compared to premiums for a whole life policy.
The Edge Benefits Term Life Insurance Quotes
| Age | Male | Female |
|---|---|---|
| 20 | $29.42 | $19.26 |
| 25 | $29.42 | $19.26 |
| 30 | $29.42 | $19.26 |
| 35 | $31.82 | $27.34 |
| 40 | $43.54 | $32.28 |
| 45 | $61.20 | $46.06 |
| 50 | $84.96 | $61.80 |
| 55 | $119.88 | $83.72 |
| 60 | $190.84 | $125.02 |
Representative values, based on non-smokers in good health. $50,000 coverage for their guaranteed life insurance coverage.
What other insurance policies does Edge Benefits offer?
Edge Benefits offers other insurance and investment products to customers, apart from term life, through its insurance partners
Edge Benefits critical illness insurance
Critical illness insurance offers a lump sum payment if you are diagnosed with a covered critical illness. Edge benefits offer two tiers of coverage.
Tier 1 is guaranteed critical illness coverage, meaning you can get coverage without medical exams or questions. They offer up to $50,000 in coverage for this guaranteed critical illness coverage, which is one of the highest amounts offered in the industry.
Tier 2 is their simplified critical illness insurance product. This is similar to the guaranteed product, in that there is no medical exam required. However, you must answer medical questions to qualify. If you do qualify, you can get up to $100,000 in critical illness coverage.
Read more about simplified issue vs guaranteed issue insurance.
Edge Benefits disability insurance
Disability insurance will replace part of your monthly income if you become sick or injured and can no longer work. While not the most comprehensive coverage, Edge Benefits gets the edge for simplified underwriting—they can skip a few of your personal details in the application process in exchange for the “extras” that other companies provide.
Coverage is offered up to age 70 with possible 0-day waiting periods. However, because they only offer a simplified product, coverage amounts are limited compared to other standard disability products.
See our review of Canada’s best disability insurance companies.
Edge Benefits travel insurance coverage
Edge offers travel medical insurance through Beneva. Like their other products, Edge provides guaranteed issue coverage for Canadian citizens and permanent residents who frequently travel outside of their province or Canada. Coverage comes in monthly or annual travel plans (rather than per-trip plans that other providers have), with up to $5 million in emergency medical coverage.
Read more about travel medical insurance.
Edge Benefits health & dental coverage
Edge offers health and dental insurance through Green Shield Canada. Like their other products, Edge offers basic guaranteed issue health insurance, meaning that those with pre-existing health concerns will have an easier time qualifying. Those wishing to purchase enhanced coverage will have to go through medical underwriting. Plans include coverage to age 75 with three tiers of coverage available, all including dental.
See our review of Canada’s best health insurance companies.
Other financial services & insurance from Edge Benefits
Besides insurance, Edge Benefits provides Canadians with several other financial products including:
- Business overhead expense insurance
- Loss of income insurance
- AD&D insurance
How can I get an Edge Benefits life insurance quotes?
Edge Benefits offers great guaranteed life insurance coverage products for those who do not otherwise qualify for standard life insurance. As insurance advisors for Edge Benefits insurance products, we can help you decide if Edge products are the best fit for you and find Edge life insurance quotes.
As Canada’s best online life insurance advisor, we will assist you in comparing and choosing products across all our partner companies. Speak to our licensed advisors and we will be able to assist you in finding the best coverage for your needs.
Edge Benefits Critical Illness Insurance Review – Updated 2025
We recommend Edge Benefits’ guaranteed issue critical illness insurance. They offer the highest amount of coverage for a guaranteed product with no medical exams or questions. These products are great for those who might not otherwise qualify for standard critical illness insurance products due to pre-existing health conditions.
Read our full review below to find out more about the company, which features they offer, and what we rate their critical illness insurance products.
Our Edge Benefits critical illness insurance review & rating
We give Edge Benefits a 5-star rating for their guaranteed critical illness insurance product. While it does not offer the same coverage maximums as a fully underwritten product, it offers the most coverage for a guaranteed product.
Edge Benefits is an insurance provider that partners with other insurance companies such as the Co-operators, Green Shield, Chubb, and Beneva. Edge Benefits offers its guaranteed issue critical illness insurance product through Chubb Insurance, who is known for specialty types of insurance.
Edge Benefits also offers:
- Guaranteed life insurance
- Disability insurance
- Travel insurance
- Accidental death & dismemberment (AD&D) insurance
- Loss of income insurance
- Business overhead expense insurance
Need insurance answers now?
Call 1-888-601-9980 to speak to our licensed advisors right away, or book some time with them below.
Edge Benefits critical illness product overview
Edge Benefit offers a high-quality guaranteed critical illness insurance product. This policy offers one of the highest max coverage amounts on the market for a guaranteed product. The product offers coverage for up to 23 full critical conditions and 2 partial conditions as well as optional children’s riders, which adds $10,000 in critical illness coverage for your children (up to age 21) for 4 extra conditions.
Their critical illness insurance is offered in two tiers:
Tier 1 – Guaranteed coverage
- No medical exams or questions
- Up to $50,000 in coverage
Tier 2 – Simplified coverage
- Some simple medical questions
- Up to $100,000 in coverage
Edge Benefits offers these tiers as a term policy to age 70. Additionally, they will increase the benefit amount by 5% every 5 years up to 25% for the policy. Because of this, we consider this a highly-rated guaranteed critical illness insurance policy.
Edge Benefits critical illness insurance pros and cons
Here is what our team ranks as the most and least advantageous features of Edge Benefits guaranteed critical illness insurance products for most Canadians.
✅ Edge Benefits critical illness insurance pros
- No medical exams, health questions, or medical underwriting needed
- Fast underwriting
- Large coverage amounts — up to $50,000 guaranteed
- Comprehensive coverage — 23 conditions covered
- Pays out for up to 2 partial conditions
- Second event benefits (payout for a second, unrelated condition)
- Automatic 5% benefit increase after 5 years (up to 25%)
- Options for simplified plans to increase coverage amount
- Child critical illness rider available
❌ Edge Benefits critical illness insurance cons
- No return of premium options if your plan expires or if you cancel without a claim
- No short-term options
- No limited pay options
- Limited coverage compared to fully underwritten policies
- 2-year waiting period for any condition related to a pre-existing condition (no coverage for the pre-existing condition itself)
Who is Edge Benefits?
Edge Benefits was founded in 1985, making it a relatively new player in the insurance industry (compared to those who have been around for hundreds of years). They initially sold life insurance, living benefits, and other investment products.
In 2013, Edge Benefits transformed the insurance purchasing landscape by eliminating paper applications and introducing a fully electronic application system. Two years later, it became affiliated with The Co-operators Group Limited. Furthermore, in 2019, Edge Benefits augmented its guaranteed issue critical illness insurance to $50,000, setting a new precedent as the highest coverage amount available in Canada. With a client base exceeding 60,000 policyholders, Edge Benefits has disbursed over $200 million in claims over the past 15 years.
Edge Benefits Inc. operates as a strategic partner with insurance companies rather than functioning as an insurance entity itself. The Co-operators, Green Shield Canada, Chubb, and Beneva are among its partnered insurers, ensuring comprehensive protection for Canadian consumers. Edge Benefits issues their life insurance, critical illness insurance, and disability insurance products through Chubb.
Edge Benefits Insurance Canada: Quick Facts
- When was Edge Benefits founded? 1985
- Where is Edge Benefits Insurance headquarters? Newmarket, Ontario
- AM Best Rating: N/A
- Better Business Bureau Accreditation and Rating: N/A
- Assets: –
- Annual Premiums: –
Is Edge Benefits’ critical illness insurance policy right for you?
Edge Benefits can be a good option for Canadians who have pre-existing conditions, or who don’t qualify for standard critical illness insurance for other reasons. This plan has the best coverage for a guaranteed product—you get up to $50,000 (with a 5% increase every 5 years) for 23+ conditions without medical exams or questions. Pricing for Edge Benefits is also lower than any other guaranteed product for the amount of coverage you get.
If you’re willing to answer a few medical questions, you can get coverage increases up to $100,000 with their Tier 2 simplified coverage as well.
But, as with all guaranteed products, we only recommend them as a last resort. If you are eligible for standard critical illness insurance we would recommend that first. Fully underwritten critical illness policies can provide coverage up to $3 million for 25+ critical conditions, plus more partial conditions.
Where to buy Edge Benefits Critical Illness insurance policies?
You can buy Edge Benefits Critical Illness insurance on PolicyAdvisor. Use our free quoting tool or click the button below to get personalized quotes instantly. And, you can also compare those quotes with some of the other best critical illness insurance companies in Canada.
If you would prefer to speak with a licensed insurance agent, we can help with that too! Our experienced advisors would be happy to speak with you and give one-on-one advice.
Edge Benefits critical illness insurance FAQ
Does Edge Benefit cover pre-existing conditions?
No. Edge Benefits critical illness insurance policies will not cover any pre-existing condition diagnosed before the policy’s effective date. However, you can still get coverage for other conditions, even if you’ve been diagnosed with a medical condition.
For example. if you have had paralysis before your policy’s effective date, the policy will not provide a payout if you are diagnosed with paralysis again. But if you were diagnosed with an eligible cancer, you would receive a payout.
Other companies may deny coverage altogether or may significantly increase your premiums if you have a pre-existing condition.
Is there a waiting period before claiming with Edge Benefits?
No. There is no standard waiting period for claiming a newly diagnosed critical illness.
However, if your newly diagnosed illness is related to a previously diagnosed illness. there is a 2-year waiting period.
Example: You were diagnosed with diabetes in childhood. You purchase a guaranteed critical illness insurance policy in your 40s.
❌ If your diabetes led to major organ failure WITHIN 24 months of the policy effective date, major organ failure is NOT covered.
✅ If your diabetes led to major organ failure AFTER 24 months of the policy effective date, major organ failure IS covered.
Can you claim a diagnosis more than once on a critical illness policy with Edge Benefits?
Yes. For certain conditions, you can claim more than once. For example, if you buy a critical illness policy and are diagnosed with cancer a few months later the claim will be
paid. Then, if you go into remission, but the cancer returns 10 years later, a second claim would be paid out.
What is a Second Event Benefit with Edge Benefits?
A second event benefit is a secondary payout if you are diagnosed with one critical illness and then another after fully recovering from the first illness. Only heart attack and cancer qualify for second-event benefits.
For example, if you are diagnosed with cancer after the policy’s effective date, you will get your first payout. Then, if later you recover from the cancer, but suffer an un-related heart attack, you would get a second payout for the heart attack.
RBC Critical Illness Insurance Review – Updated 2025
RBC critical illness insurance provides a financial safety net for individuals facing unexpected medical challenges. In this 2025 review, we’ll evaluate how RBC critical illness insurance can help protect your financial stability during a health crisis. Whether you’re seeking peace of mind or additional financial security, this review will guide you through everything you need to know about RBC’s offerings.
What are the key features of RBC’s critical illness insurance?
RBC offers two types of critical illness insurance plans tailored to meet diverse needs: the Critical Illness Insurance Plan and the Critical Illness Recovery Plan. Coverage amounts range from $10,000 to $2 million, providing flexibility to suit varying financial goals and protection levels.
The basic plan includes a Return of Premium on Death Benefit, offering refunds for all the paid premiums if the policyholder passes away while the policy is in force. Meanwhile, the Recovery plan stands out for its conversion feature, allowing policyholders to transition to a permanent plan without requiring proof of insurability.
| Category | Details |
| Minimum issue age | 18 years |
| Maximum issue age | 65 years |
| Coverage amount range |
|
| Survival period | 30 days |
| Additional benefits | Return of Premium on Death Benefit on the Basic plan |
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What are the different critical illness insurance plans offered by RBC?
RBC offers two types of critical illness insurance plans tailored to meet diverse needs: the Critical Illness Insurance Plan and the Critical Illness Recovery Plan. The Recovery plan has four tiers: 10-year term Renewable to age 75, Level cost to age 75, Renewable to age 65, and Renewable to age 75 plans.
While the Basic insurance plan offers coverage for major critical illnesses like cancer, heart attack, and stroke, the Recovery plan covers a detailed list of 30+ critical illnesses. Check out what these plans have to offer:
Key differences between RBC’s critical illness recovery plan and critical illness insurance plan
| Feature | Critical Illness Recovery Plan | Critical Illness Insurance Plan |
| Purpose | Comprehensive financial protection against 30+ critical illnesses | Affordable protection for the three most common critical illnesses: Life-threatening cancer, heart attack, and stroke |
| Eligibility | Available to individuals aged 18-65 | Available to individuals aged 18-50 |
| Coverage amount | Lump sum benefit between $25,000 to $2 million | Fixed benefit options of $10,000, $25,000, $50,000, or $75,000 |
| Covered illnesses | Covers over 30 illnesses, including cancer, heart attack, stroke, kidney failure, multiple sclerosis, Parkinson’s disease, Alzheimer’s disease, major organ transplant, and more | Covers only 3 critical illnesses: Life-Threatening Cancer, Heart Attack, and Stroke |
| Premiums | Depend on the chosen plan | Premiums increase every 10 years and can change until age 65 |
| Policy term | Flexible term options, including permanent or renewable term policies | Renewable term policies with a maximum term period |
| Long-term care conversion | Yes | No |
| Optional riders | Includes optional benefits such as:
|
Return of premium on death |
| Additional services | Provides access to additional services such as Teladoc Health, “The Healing Journey” program and early assistance benefit | Access to additional services such as Teladoc Medical Experts+, Medical Confidence, “The Healing Journey” program and early assistance benefit |
| Claim process | Requires detailed medical documentation; offers flexibility in accessing partial benefits for early-stage illnesses | Simplified claims process, but restricted to full payouts for qualifying conditions |
What are the critical illnesses covered by RBC?
RBC’s Critical Illness Recovery plan offers comprehensive coverage for a wide range of serious medical conditions, including cancers, heart attacks, loss of limbs, brain damage, organ failure, and more. This can serve as a financial support during challenging times.
Cancer (Life-threatening)
- Includes carcinoma, melanoma, leukemia, lymphoma, and sarcoma.
- A detailed explanation of “life-threatening cancer” is outlined in the policy contract.
Heart-related conditions
- Heart attack
- Heart surgery requirements, including:
- Aortic surgery
- Coronary artery bypass surgery
- Heart valve replacement or repair
Brain-related diseases
- Stroke (Cerebrovascular accident)
- Other brain diseases:
- Bacterial meningitis
- Benign brain tumor
- Dementia, including Alzheimer’s disease
- Parkinson’s disease and specified atypical Parkinsonian disorders
Loss of senses, limbs, or mobility
- Blindness: Total and irreversible loss in both eyes
- Deafness: Total and irreversible loss in both ears
- Loss of speech: Total and irreversible loss of the ability to speak
- Loss of limbs: Total severance of two or more limbs
- Paralysis: Total loss of muscle function in two or more limbs
Organ failure or transplant
- Kidney failure
- Major organ failure on waiting list
- Major Organ Transplant
Other covered conditions
- Coma
- Aplastic anemia
- Loss of independent existence
- Occupational HIV infection (accidental infection acquired while working)
- Severe burns
Partial benefits for early-stage conditions
You may qualify for 10% of the benefit amount (up to $50,000) the first time you are diagnosed with one of the following early-stage cancers:
- Early breast cancer
- Early prostate cancer
- Early skin cancer
- Early-stage intestinal cancer
- Early thyroid cancer
- Early-stage blood cancer
Additionally, you may also qualify for 10% of the benefit amount (up to $50,000) if you undergo a coronary angioplasty procedure.
What conditions are excluded from RBC critical illness insurance?
RBC critical illness insurance policies have specific exclusions such as self-inflicted harm, substance abuse, war or hostile conditions, criminal activities, and more. In such cases, no benefits will be paid, and premiums will not be refunded:
- Self-inflicted harm: No benefits are payable for injuries or death resulting from self-inflicted harm, attempted suicide, or suicide, regardless of the insured’s state of mind
- Substance use: Losses caused by the intentional use of drugs, intoxicants, narcotics, or poisonous substances are excluded
- War or hostile actions: Claims resulting from participation in war (declared or undeclared), hostile actions of armed forces, insurrection, or civil commotion are not covered
- Criminal activity: No benefits are paid for losses arising from an attempt to commit or the commission of a crime, regardless of whether the insured is charged
- Impaired operation of vehicles: Coverage is excluded for accidents occurring while operating a land, water, or air vehicle if:
- The insured’s blood alcohol concentration exceeds 80 milligrams per 100 milliliters, or
- The insured is under the influence of drugs, intoxicants, narcotics, or poisonous substances
What is the cost of RBC’s critical illness insurance plans?
The cost of RBC’s critical illness insurance ranges between $17 to $180 based on a person’s age, gender, family medical history and smoking status. The following is an illustration of the monthly premiums for different coverage amounts and smoking status.
RBC critical illness insurance monthly premiums
| Age | Coverage amount | Monthly premium ( Male Smokers) | Monthly premium (Male Non-smokers) |
| 20 | $50,000 | $17.91 | $16.75 |
| 30 | $100,000 | $39.87 | $30.33 |
| 35 | $50,000 | $31.23 | $21.42 |
| 40 | $100,000 | $78.66 | $43.92 |
| 45 | $50,000 | $74.16 | $37.80 |
| 55 | $100,000 | $396.45 | $179.82 |
*Sample illustration for male smokers and non-smokers between 20-55 years of age
Why should you choose RBC’s critical illness insurance plan?
RBC Insurance’s Critical Illness Insurance Plan offers an affordable and reliable way to protect your financial well-being in the event of a critical illness. Here’s why you should consider this plan:
- Financial protection for common critical illnesses: This plan provides coverage for three of the most common critical illnesses, offering peace of mind knowing you’re financially supported if the unexpected happens
- Flexible benefit amounts: Choose from four benefit options to select the coverage amount that best suits your needs
- Automatic renewal: The coverage automatically renews every 10 years until age 65 without the need to submit new medical information
- Transparent cost structure: While the cost for each 10-year period may increase, it will be clearly outlined in your policy contract
- Group-based premium adjustments: If premiums increase within a 10-year period, it will only apply to the entire group of policyholders with similar characteristics, not to your individual policy. You will be notified in advance of any changes
- Access to medical assistance: This plan includes valuable support services to assist with your diagnosis and recovery, offering guidance and resources when you need them most
What are the pros and cons of RBC’s critical illness insurance?
RBC’s critical illness insurance plans have several pros in terms of additional services such as Teladoc Medical Experts. The Healing Journey program and more. However, there are certain downsides in terms of a 90-day waiting period for cancer, limited disease coverage in the Basic plan, and varying premium amounts.
| Pros | Cons |
| There are two critical illness insurance options to choose from, based on your budget and needs | There is a 90 day waiting period for cancer diagnosis payouts |
| Teladoc Medical Experts allow you to get expert opinions from renowned medical professionals to confirm your diagnosis, no matter where you live | The critical illness insurance plan only has coverage for cancers, heart attack and stroke, leaving out numerous major diseases |
| RBC’s “Healing Journey Program” can be a useful tool for individuals dealing with anxiety after their diagnosis. | The premium amount may change over time |
| For the Recovery option, individuals can convert their term plans to permanent plans until the age of 71 without having to undergo medical examinations | |
| The offered lump sum benefit is up to $2 million | |
| Policyholders can receive 10% of their benefit (up to $50,000, payable once) without affecting future claims if diagnosed in the early stages of certain cancers or undergo coronary angioplasty, and meet the survival period requirements. |
Is RBC’s critical illness insurance policy right for you?
RBC can be a good option for Canadians who are getting older. If you want to protect yourself against financial loss if you suddenly get a critical illness, but you also want to make sure you have a plan for if you need long-term care in your senior years, RBC could be a great option for you.
Plus, they give you a lot of coverage and a fair bit of leeway with their partial condition coverage.
On the other hand, the company does not offer as many rider options as others, so it might not be the best option if you’re looking to get multiple coverages in one go. With their Guaranteed Renewable plans, they’re also the only company in Canada allowed to increase prices not just for one policyholder but for everyone’s policy that has certain characteristics the company decides.
This is why you should speak with a professional before you decide. As Canada’s best online insurance agents, we have insight that can help when you’re making a decision on which critical illness insurance to buy.
At PolicyAdvisor, we work with more than 30 of the best insurance companies in Canada. Speak to our licensed advisors and we can help you decide if RBC’s products are the best fit for you.
Where to buy RBC critical illness insurance policies?
You can buy RBC Critical Illness insurance on PolicyAdvisor. Use our free quoting tool or click the button below to get personalized quotes instantly. And, you can also compare those quotes with some of the other best critical illness insurance companies in Canada.
If you would prefer to speak with a licensed insurance agent, we can help with that too! Our experienced advisors would be happy to speak with you and give one-on-one advice.
Frequently asked questions
Can I customize the coverage amount in RBC’s critical illness insurance plan?
Yes, RBC allows you to choose from multiple benefit amounts, giving you the flexibility to select a plan that aligns with your financial needs and priorities. This ensures personalized coverage that suits your unique situation.
What happens if I don’t file a claim during my coverage term?
If no claim is filed during a 10-year term, the policy automatically renews until age 65, ensuring uninterrupted coverage without requiring additional medical assessments. RBC’s policy is designed for long-term protection, whether you make a claim or not.
Does RBC’s critical illness insurance policy provide coverage for early-stage illnesses?
Yes, RBC offers a unique feature where you can receive 10% of your benefit amount (up to $50,000) for certain early-stage illnesses, such as Early Skin Cancer or Early Thyroid Cancer. This partial benefit is paid without impacting the full coverage for future claims.
Are premium rates fixed throughout the policy term?
Premiums are guaranteed for each 10-year coverage term but may adjust at renewal based on factors affecting the group of policyholders with similar characteristics. However, RBC ensures individual policies are not singled out for rate increases.
Assumption Life Insurance Review – Updated 2026
Male: $32.40/month
*Based on standard profile
Many Canadians need life insurance policies that don’t require them to take a medical exam. If you are looking for this type of coverage, getting a policy from Assumption Life may be the right choice for you. Read our full review below to find out more about the company, the features they offer, and what we rate their life insurance products.
Need insurance answers now?
Call 1-888-601-9980 to speak to our licensed advisors right away, or book some time with them below.
Our Assumption Life insurance review
Assumption Mutual Life Insurance Company, also known as Assumption Life, is a leading provider of simplified and flexible term life insurance options. The Company offers separate products for customers who are looking for non-medical life insurance policies. The life insurance policies offered by Assumption Life also offer flexibility to seek coverage for higher amounts after medical and financial underwriting.
Assumption Life pros and cons
Pros
- Multiple term coverage options
- Simplified, non-medical issue options
- Quick, easy electronic process
- Decreasing option available for mortgage coverage
- Online access to account
- Digital e-policy
- Exchange and conversion options let policyholders convert to longer term or permanent coverage
Cons
- The breadth of options can be confusing
- High policy fees and rider fees on non-medical policies
About Assumption Life
Formally known as Assumption Mutual Life Insurance Company, the company is more popular as simply Assumption Life now. They are known for their no-medical term life plans but offer many insurance products for Canadians looking to bolster their financial security. They are one of the very few Canadian insurance companies headquartered in Atlantic Canada, with their main office located in Moncton, New Brunswick, though they started as a fraternal society in Waltham, Mass, before transforming into a mutual insurance company in the late sixties.
Key facts about Assumption Life
- Founded: 1903
- Headquarters: Moncton, New Brunswick
- AM Best Rating: A–
- Better Business Bureau Accreditation and Rating: A+
- Assets:$2.4 billion
- Annual Premiums: $170 million
How much does life insurance from Assumption Life cost?
Representative values, based on non-smokers in good health. $500,000 coverage, 20-year term.
| Age | Male | Female |
| 20 | $31.95 | $22.50 |
| 25 | $32.40 | $22.95 |
| 30 | $32.40 | $23.40 |
| 35 | $34.65 | $26.10 |
| 40 | $49.05 | $36.90 |
| 45 | $77.40 | $55.80 |
| 50 | $131.40 | $91.80 |
| 55 | $242.10 | $166.95 |
| 60 | $433.35 | $308.70 |
| 65 | $718.20 | $498.60 |
What types of term life insurance policies does Assumption Life offer?
Assumption Life offers many term life insurance options, with a large number of products for those looking to qualify without a medical examination.
FlexTerm
Assumption Life’s flagship term life insurance product is ideal for those with increasing insurance needs.
- Choose from 10, 15, 20, 25, 30, and 35 years of coverage, with guaranteed premiums, affordable prices, and coverage ranging from $50,000 to $10,000,000
- Exchange original term into a longer-term insurance product without going through a new medical. This term exchange option is available up to the 5th anniversary of the term life product
- Guaranteed, renewable, and convertible
Golden Protection Elite Term
- A great alternative for those with health conditions preventing them from qualifying for medically underwritten insurance products
- Applicants can choose between 10 or 20 years of coverage, depending on their insurance needs
- The eligibility is established by a simple 18-question medical interview
- Coverage ranges from $25,000 to $150,000
- There is also a living benefit component – 50% of the insured sum – in case of terminal illness
- There is a transportation benefit of up to $2,000 to cover the transportation of the policyholder’s remains if they pass away more than 200km from their home
- The product is not renewable or convertible
Platinum Protection Term
- The eligibility is established by a 19-question medical interview
- Choice of 10- or 20-year terms of coverage, depending on insurance needs
- Can convert Platinum Protection Term into a permanent whole life policy up to age 75 without having to re-qualify for insurance. This plan is also convertible. The features are similar to Golden Protection Elite Term, though premiums are typically lower, and the coverage limit increases to $500,000
Youth Plus
This is specifically meant for children aged between 15 days and 17 years.
- Simplified issue, no medical policy
- Provides coverage up to age 25
- Provides children with guaranteed insurability, so they can maintain their coverage even if they develop certain health problems later in life
- Allows children, once they reach 25, to convert Youth Plus into permanent or term life insurance, regardless of their health, and without proof of insurability
Assumption Life term life insurance coverage details
- Available term lengths<: 10, 15, 20, 25, 30, or 35 years
- Available term types: Level premiums
- Maximum amount of coverage<: $10,000,000
- Renewability: The policy can renew every 10, 15, 20, 25, 30 or 35 years in accordance with the initial term selected for the policy until the policy or rider anniversary nearest the insured’s 85th birthday. No medical exam required up to certain limits. Premiums are guaranteed.
- Convertibility: Policies may be converted to a permanent life insurance policy offered by Assumption Life without need for a medical exam.
What other insurance policies does Assumption Life offer?
In addition to Term Life insurance, Assumption Life Insurance also offers:
Permanent insurance
A permanent life insurance policy provides you with coverage from the day the policy is issued until the day you die. Premiums are level and guaranteed, and as long as you keep paying the premiums, the coverage never expires.
Assumption Life Insurance offers both participating and non-participating permanent insurance policies.
Non-Participating Life Insurance
Platinum Protection Whole Life
- No-medical whole life insurance permanent policy
- For ages 18-85 years
- Guaranteed premiums
- Minimum coverage: $10,000
- Maximum coverage: $500,000 (18-70 years old), $125,000 (71-85 years old)
- Cash value available
- Multiple payment options: life pay (18-85 years old), 20-year pay (18-80 years old)
Golden Protection Elite Whole Life
- No-medical whole life insurance permanent policy
- For ages 18-85 years
- Guaranteed premiums
- Minimum coverage: $10,000 (18-70 years old), $5,000 (71-85 years old)
- Maximum coverage: $150,000 (18-70 years old), $50,000 (71-80 years old), $25,000 (81-85 years old)
- Cash value available
- Multiple payment options: life pay (18-85 years old), 20-year pay (18-80 years old)
Golden Protection
- No-medical whole life insurance permanent policy
- For ages 40-85 years
- Guaranteed premiums
- Minimum coverage: $5,000 (40-70 years old), $2,500 (71-85 years old)
- Maximum coverage: $100,000 (40-70 years old), $50,000 (71-80 years old), $25,000 (81-85 years old)
- Cash value available
- Multiple payment options: life pay (40-85 years old), 20-year pay (40-80 years old)
Silver Protection
- No-medical whole life insurance permanent policy
- For ages 40-85 years
- Guaranteed premiums
- Minimum coverage: $5,000 (40-70 years old), $2,500 (71-85 years old)
- Maximum coverage: $50,000 (40-70 years old), $25,000 (71-85 years old)
- Cash value available
- Multiple payment options: life pay (40-85 years old), 20-year pay (40-80 years old)
Bronze Protection
- Guaranteed issue whole life insurance permanent policy
- For ages 18-80 years
- Guaranteed premiums
- Minimum coverage: $5,000 (18-70 years old), $2,500 (71-80 years old)
- Maximum coverage: $50,000 (18-70 years old), $25,000 (71-80 years old)
- Cash value available
- Life pay to age 100
Essential Whole Life
- For ages 18-75 years
- Minimum coverage: $10,000
- Maximum coverage: $4,000,000
- Disability rider available up to $3,500 monthly benefit
- Guaranteed level premiums
- Available as a joint policy
- Optional riders for critical illness coverage and child insurance
- Cash value available
- Life pay to age 100
Participating Life Insurance
ParPlus
- For ages 18-75 years
- Guaranteed premiums
- Minimum coverage: $5,000
- Maximum coverage: $4,000,000
- Disability rider available up to $3,500 monthly benefit
- Wide range of dividend options available: Cash Dividends, Cash Accumulation, Enhanced Coverage, Premium Reduction, Paid-up Additions
- Multiple pay options available: life pay (18-75 years old) or 20-year pay (18-70 years old)
ParPlus Junior
- Participating whole life insurance for children
- For ages 15 days–17 years
- Guaranteed premiums
- 20-year pay
- Minimum coverage: $5,000
- Maximum coverage: $4,000,000
- Several dividend options available: Cash Dividends, Cash Accumulation, Enhanced Coverage, Premium Reduction, Paid-up Additions
Critical illness insurance
Critical illness insurance is a living benefits insurance policy that pays out a tax-free lump sum if you develop a specified illness, health event, or undergo treatment while under its coverage, after a minimum of 30 days from when you are first diagnosed (90 days for cancer). This coverage is available for a period of time also known as term length, and you determine it when purchasing the policy.
Assumption Life Insurance offers one critical illness insurance policy called Critical Protection.
Critical Protection
- For ages 18-60 years
- Available in terms of 15, 20, and 25 years or to age 75
- Minimum coverage: $10,000
- Maximum coverage: $100,000
For more information and an in-depth look at their critical illness coverage, read our Assumption Life Critical Illness Insurance Review.
Other Financial Services from Assumption Life Insurance
Besides insurance, Assumption Life provides Canadians with several other financial products.
Mortgages
Assumption Life offers mortgage loans in the provinces of New Brunswick, Nova Scotia, and Prince Edward Island. The features of their mortgages are competitive with most major Canadian banks and have options for early repayment. If they meet the criteria, they are also insured by the Canada Mortgage and Housing Corporation (CMHC).
Retirement Investments
Assumption Life offers investment portfolios, mutual funds, guaranteed investment accounts, Registered Retirement Income Funds, annuities, and life income funds for the purposes of investment and retirement planning.
How can I get Assumption Life Insurance quotes?
Assumption Life offers unique life insurance coverage products that are a great fit for many Canadian consumers that value the convenience offered by non-medical products. As insurance advisors for Assumption Life’s insurance products, we can help you decide if their products are the best fit.
As Canada’s best online life insurance advisor, we will assist you in comparing and choosing products across all our partner companies. Speak to our licensed advisors and we will be able to assist you in finding you the best coverage for your needs.
Frequently asked questions
Where is Assumption Life headquartered?
Assumption Life, founded in 1903, is headquartered in Atlantic Canada. Although its main office is located in Moncton, New Brunswick.
What are the features of the Assumption Life FlexTerm plan?
Assumption Life FlexTerm plan has the option to choose coverage from varied term lengths, including 10, 15, 20, 25, 30, and 35 years. The coverage limit, on the other hand, can be chosen between $50,000 to $10,000,000.
What are the dividend options available with Athe ssumption whole life policy?
With Assumption par policies, you can use the dividends for dividend payout, cash accumulation, enhanced coverage, premium reduction, or paid-up additions.
BMO Critical Illness Insurance Review – Updated 2025
BMO Insurance Critical Illness Insurance rating and review
As one of Canada’s largest financial institutions, BMO can take advantage of its heft and economies of scale to offer clients comprehensive, customizable critical illness coverage at the best prices through its Living Benefit suite of products.
Pros and cons
Pros
- Comprehensive: 25 conditions covered
- High coverage amounts available
- Multiple terms available, including whole life cover
- Limited pay and Return of premium options available
Cons
- No online access
- No digital/e-policy, only a paper policy will be issued
- No children’s coverage available
- No second option available
Need insurance answers now?
Call 1-888-601-9980 to speak to our licensed advisors right away, or book some time with them below.
Who is BMO?
The Bank of Montreal, known these days as BMO Financial Group, is Canada’s oldest bank and one of the 10 largest financial institutions in North America. During its 200-year history, BMO has expanded internationally, helping customers manage their money and protect their assets and loved ones. They are the only financial institution in Canada named to Ethisphere’s 2019 list of the World’s Most Ethical Companies.
BMO are known mainly for their financial services like everyday banking, long term savings, lending, and mortgages. Through BMO Insurance they offer various life insurance and related products in Canada and operate as one of the country’s largest insurers.
Types of critical illness insurance policies BMO Insurance offers
Yes. BMO’s critical illness insurance product is named Living Benefit. It offers Enhanced Coverage (covering 25 life-threatening medical conditions).
| Product Name | Living Benefit |
|---|---|
| Critical Illness coverage | Enhanced coverage (25 life threatening medical conditions covered) |
| Available Terms | 10 years, 20 years, and to age 75 and age 100 |
| Limited Pay option | Yes. 15-pay option available on some plans |
| Maximum coverage | Up to $2 million |
| Conditions covered | Enhanced – 25 conditions |
| Loss of Independent Existence coverage | Yes |
| Partial payout conditions | 7 eligible conditions |
| Partial payment or early detection payment | Yes, 15% up to $50,000 |
| Childhood illnesses coverage | Not available |
| Survival period | 30 days |
| Return of Premium on death | Yes |
| Return of Premium on expiry/cancellation | Yes available, on certain term lengths |
| Second option | None |
| Electronic application | Yes |
| Online account access | None |
Coverage and policy details
BMO’s maximum coverage for critical illness insurance is $2 million.
BMO’s living benefit critical illness product offers coverage for loss of independent existence. It also offers partial payouts for 7 different conditions with payment of up to 15% of the policy coverage up to a maximum of $50,000.
The survival period (how long you must survive with the illness before you can collect your benefit) is 30 days.
BMO offers critical illness insurance for 10- and 20-year terms or coverage up to 75 or 100 years of age.
There is a 15-pay option available on some BMO critical illness insurance plans.
Does BMO critical illness insurance offer a return of premiums?
BMO offers return of premiums on death and on early cancellation or expiry for some of their term lengths.
How do I apply for BMO’s critical illness insurance?
BMO lets you apply for critical illness insurance electronically through the best online life insurance broker. You can enter your information and look up quotes with the Apply Now button below or schedule a call with one of our licensed brokers to apply for BMO’s critical illness insurance.
Assumption Life Critical Illness Insurance Review – Updated 2025
This Assumption Life Critical Illness Insurance review includes our ratings as well as details about their terms and coverage.
For more company reviews, head here to read about the best critical illness insurance companies in Canada.
Need insurance answers now?
Call 1-888-601-9980 to speak to our licensed advisors right away, or book some time with them below.
Our Assumption Life critical illness insurance review and rating
Assumption Life is usually known for its vast range of simplified or non-medical life insurance products. When it comes to critical illness insurance, they do not offer a non-medical option. However, a redeeming feature is that they do not automatically require a medical exam for all levels of coverage.
With Assumption Life’s CI, the maximum amount of coverage (aka sum insured) offered is lower than its rivals. However, their fully underwritten critical illness product does offer enhanced products, including a Return of Premium Upon Death rider as well as a Flexible Return of Premiums rider.
With 16 illnesses covered, this is a great, simple option for someone looking to cover the basics, with a few optional bells and whistles too.
Pros and cons
Pros
- Quick, easy electronic process
- Medical exam not automatically required for all coverage amounts
- Online access to account
- Digital e-policy
- Shorter-term coverage options available
- Limited pay and return of premium options available
Cons
- Limited number of covered conditions (16 conditions) and coverage amounts (max of $100,000)
- No partial payment for non-life threatening illnesses
- No children’s coverage
- No whole life coverage
| Product Name | Critical Protection |
|---|---|
| Critical Illness coverage | Enhanced coverage |
| Available Terms | 15 years, 20 years, 25 years, and to age 75 |
| Limited Pay option | Yes. 20-pay option available |
| Maximum coverage | $100,000 |
| Conditions covered | Enhanced – 16 conditions |
| Loss of Independent Existence coverage | No |
| Partial payout conditions | No |
| Partial payment or early detection payment | No |
| Childhood illnesses coverage | No |
| Survival period | 30 days |
| Return of Premium on death | Yes |
| Return of Premium on expiry/cancellation | Yes, from age 65 |
| Second option | No |
| Electronic application | Yes |
| Online account access | Yes |
Who is Assumption Life?
Now headquartered in Moncton, New Brunswick, Assumption Life was originally founded in 1903 by Acadians in Massachusetts as a fraternal society. The company keeps that tradition of social well-being alive as they recently obtained B-Corp certification, which is awarded only to corporations that strive to “improve the economic and social well-being of their communities, and foster the promotion of shared and sustainable prosperity.”
They offer various life insurance, living benefit, and investment products to Canadians, as well as residential mortgage lending services.
Read our full Assumption Life Insurance Review.
Critical illness insurance policies offered by Assumption Life
Assumption Life’s critical illness insurance product is named Critical Protection. It offers Enhanced Coverage (covering 16 illnesses) and is only offered as fully underwritten (with medical) coverage.
Coverage and terms
Assumption Life’s maximum coverage for critical illness insurance is $100,000.
There is no coverage for loss of independent existence. There are no options for partial payouts for certain illnesses, and no coverage for childhood illnesses.
The survival period (how long you must survive with the illness before you can claim) is 30 days.
Assumption Life offers critical illness insurance for 15-, 20-, and 25-year terms or coverage up to 75 years of age.
There is a limited-pay critical illness product option, which allows you to pay for premiums for 20 years while having your coverage continue up to the age of 75.
Return of premium
Assumption Life offers a return of premiums on death, and a flexible return of premiums on early cancellation or expiry of your policy once you turn 65. Under the flexible return of premiums, a pre-specified percentage of premiums are returned, depending on the age at which the policy is surrendered.
Can you apply for Assumption Life’s critical illness insurance online?
Assumption Life lets you apply for critical illness insurance electronically using the best online life insurance broker in Ontario. You can access and administer your policy online once it is approved.
How do I apply for Assumption Life’s critical illness insurance?
You can enter your information and look up quotes using the Apply Now button or schedule a call with one of our licensed brokers to apply for critical illness insurance with Assumption Life. The process will be simple, quick, and fully online with PolicyAdvisor’s licensed brokers.
Wawanesa Insurance Life Insurance Review – Updated 2025
You can get some of the best-priced term life insurance policies from Wawanesa. It may not be a household name in the Canadian insurance industry just yet, but there are lots of reasons why we gave it high ratings.
Read our full review below to find out more about the company, which features they offer, and what we rate their life insurance products.
Need insurance answers now?
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Wawanesa Life Insurance rating and review
Wawanesa Life is the life insurance arm of Wawanesa Insurance, a Canadian insurance conglomerate with products across the individual, home, farm and commercial business sectors. They offer term life insurance plans with terms ranging from 10 to 30 years and include a special term-to-age-80 option. When one chooses Wawanesa Insurance, they can potentially layer term plans if they enact a base plan and add up to four term-riders of various initial term lengths within a single policy.
Preferred underwriting is available, with 3 nonsmoker and 2 smoker classes. Wawanesa insurance products are frequently the most affordable in Canada, depending on the applicant’s age and other individual factors.
Apart from pure term life insurance, Wawanesa Insurance has options for Permanent Life Insurance and Quick Issue Critical Illness Insurance products through Wawanesa Life.
While Wawanesa does business in the United States, this review focuses on Wawanesa Canada.
Pros and cons
Wawanesa Life Insurance Pros
- Multiple term life options are available with Wawanesa insurance products
- Premiums are frequently among the most affordable available in the industry
- Ability to create layered or ‘laddered’ structures with Wawanesa insurance products, given the availability of multiple coverage options
- Most products are lifelong renewable, albeit at higher prices
- The company does not charge any policy or rider fees, which helps keep the premiums very affordable
- Ability to get coverage without medicals for up to $500,000, if you are below the age of 45
- Digital e-policy
Wawanesa Life Insurance Cons
- Underwriting process can take relatively longer than other companies
- Policies can only be converted into non-participating permanent products
Who is Wawanesa Insurance?
Wawanesa Mutual, founded in 1896 with executive offices in Winnipeg, is the parent company of Wawanesa Insurance, which distributes life insurance products and services throughout Canada and the United States. Wawanesa Insurance also offers automobile, farm, home and commercial business coverage. The parent company is a mutual insurance company, owned by its policyholders, allowing Wawanesa Insurance to align its business objective with the financial security and well being of its clients.
While Wawanesa Mutual is one of the largest property and casualty insurers in the country, Wawanesa Canada has a relatively smaller life insurance business. Wawanesa Insurance’s life insurance business has been in operation since 1960. In 2017, Wawanesa Insurance acquired the Western Life Insurance business from Desjardins and combined it with Wawanesa Life.
Key facts about Wawanesa Insurance
- When was Wawanesa Insurance founded? 1896
- Where is Wawanesa Insurance headquarters? Winnipeg, Manitoba
- AM Best Rating: A
- Better Business Bureau Accreditation and Rating: No / A+
- Assets: $1.5-billion
- Annual Premiums: $280-million
How much does life insurance from Wawanesa cost?
Representative values, based on non-smokers in good health. $500,000 coverage, 20-year term.
| Age | Male | Female |
|---|---|---|
| 20 | $30.15 | $20.70 |
| 25 | $30.60 | $22.05 |
| 30 | $30.60 | $22.95 |
| 35 | $36.00 | $28.80 |
| 40 | $50.85 | $38.25 |
| 45 | $79.20 | $58.50 |
| 50 | $133.20 | $94.50 |
| 55 | $238.05 | $166.05 |
| 60 | $429.75 | $299.25 |
What types of term life insurance policies does Wawanesa offer?
Wawanesa Insurance offers competitively priced term life insurance throughout Canada.
Coverage and policy details
- Available Term Lengths: 10, 15, 20, 25, and 30 years terms, and term to age 80
- Available Term Types: Level coverage. Single and joint life options are available
- Maximum Amount of Coverage: $10,000,000
- Renewability: Yes, lifetime renewable at the end of the initial term, with the last renewal at age 80
- Convertibility: Yes, convertible until age 70
What other insurance policies does Wawanesa Insurance offer?
Wawanesa Insurance offers a wide range of products to customers, apart from term life and other living benefits mentioned above, such as:
Permanent Life Insurance
Permanent life insurance provides you with coverage from the day the policy is settled until the day you die. Premiums are level and guaranteed, and as long as you keep paying the premiums the coverage never expires.
Wawanesa Life offers 2 different permanent life insurance policies.
Wawanesa Whole Life Insurance
Wawanesa Life’s participating whole life insurance offers higher coverage amounts at a lower premium cost than many of their competitors and is therefore one of the most affordable whole life insurance choices in Canada.
Wawanesa Life’s whole life policy is offered with 2 pay options: Whole Life – Pay to Age 100, (you pay premiums until age 100) and 20 Pay Whole Life (you pay premiums for only 20 years).
You can also build additional coverage with dividends; Wawanesa Life lets policyholders purchase paid-up additional insurance with the value from their dividends.
Wawanesa Instant Issue Life Insurance
Wawanesa Life’s Instant Issue Life Insurance policy is non-medical whole life insurance with a maximum of $50,000 in coverage. It requires a simplified life insurance application, which means you’ll have to answer some questions about your health and medical history, but it does not require blood work or a medical exam. It is available between the ages of 45 and 75 and the death benefit is reduced if the insured passes away within the first 2 years of the policy. There are also many options for surrender values and return of premium.
Critical Illness Insurance
Critical illness insurance is a living benefit insurance policy that pays out a tax-free lump sum if you develop a specified illness, health event, or undergo treatment while under its coverage, after a minimum of 30 days from when you are first diagnosed (90 days for cancer). This coverage is available for a period of time also known as term length, and you determine it when purchasing the policy.
Wawanesa Life offers enhanced critical illness insurance with coverage for 14 different illnesses including:
- Heart Attack
- Stroke
- Cancer (Life-Threatening)
- Coronary Artery Blockage
- Kidney Failure
- Major Organ Transplant
- Major Organ Failure on Waiting List
- Paralysis
- Occupational HIV Infection
- Blindness
- Deafness
- Loss of Speech
- Loss of Limbs
- Severe Burns
The application for Wawanesa Life’s critical illness coverage is simplified; applicants only need to answer a health questionnaire and there is no requirement for blood work or medical tests.
The policy can be issued between the ages of 18-60 and maximum coverage is $100,000.
There are three plan types available which all offer a return of premiums on death:
- 10 Year Term that is renewable to Age 75
- Level Term to Age 75
- Level Term to Age 75 with a flexible return of premium (after 10 years or age 65, the insured person can surrender the policy for 50% of the premiums paid to that point).
Wawanesa Car Insurance
Wawanesa Insurance offers auto coverage across all provinces and territories except for Northwest Territories, Nunavut, and Newfoundland & Labrador.
Wawanesa Home Insurance
Wawanesa offers coverage for your home in all provinces and territories. Their policies include Basic, Broad, and Special categories with increasing levels of coverage, and options for coverage on sheds, garages, cottages, cabins, and more, as well as extended coverage for contents and if you are operating a business from your home. These options extend to their condo insurance offerings.
Wawanesa Insurance also offers tenant insurance for those looking to insure the contents of their home in the event of a fire, flood, or theft.
Wawanesa Business Insurance
Wawanesa Insurance offers coverage for several types of businesses, including commercial business coverage, and farm coverage.
Is Wawanesa Life Insurance right for you?
Wawanesa Insurance offers unique life insurance coverage products that are a great fit for many Canadian consumers – for those looking for a great price on insurance Wawanesa offers some of the country’s most competitively priced premiums. As insurance advisors for Wawanesa insurance products, we can help you decide if Wawanesa Insurance Canada is the best fit.
Speak to our licensed advisors and we can help you find the best coverage for your needs – whether that be with Wawanesa Canada or another great Canadian insurance provider.
Co-operators Life Insurance Review – Updated 2026
Our Co-operators life insurance plan review
Co-operators is a full-service insurance co-operative, owned by 46 members, including co-ops, credit unions, and representative farm organizations. They offer home, auto, travel, life insurance, investment products, as well as group health and dental benefits.
This insurance company has a strong AM Best rating and is financially stable with over $64 billion in assets. While they are a major player in the insurance industry, their term life insurance products are not competitively priced compared to offerings from our insurance partners at PolicyAdvisor. Use PolicyAdvisor’s quoting tool to find the right coverage through several competitive quotes from Canada’s best life insurance companies.
Co-operators life insurance pros and cons
Pros
- Option for a one-year term life policy for short-term coverage
- Offers a full suite of insurance products
- Financially stable organization
Cons
- One-year term life insurance only offers low coverage amounts
- High premiums for other term insurance products
- No online application process on the website
Need insurance answers now?
Call 1-888-601-9980 to speak to our licensed advisors right away, or book some time with them below.
About Co-operators Insurance
The Co-operative Life Insurance Company was founded in 1945 by a group of farmers in Saskatchewan who lost most of their belongings, savings, and life insurance during the Great Depression. They found that traditional insurers did not meet their unique needs as farmers, so in 1945 with the financial support of the Saskatchewan Wheat Pool, they founded their own insurance co-operative.
A similar story was unfolding for farmers in Ontario, and by 1959, the Co-operators Life Insurance Association was incorporated for business. In 1978, the Saskatchewan and Ontario branches amalgamated to operate under the name The Co-operators. Since then, The Co-operators has expanded its operations Canada-wide.
Co-operators: Quick facts
- Founded: 1945
- Headquarters: Guelph, ON
- AM Best Rating: A (excellent)
- Better Business Bureau Accreditation and Rating: A+
- Assets: $20.6 billion
- Annual Premiums: $5.05 billion
What type of life insurance does Co-operators offer?
Co-operators offers a full suite of term, whole, universal, and no-medical life insurance products.
Co-Operators term life insurance
The Co-Operators provide a one-year, renewable policy as well as longer term life insurance options with terms of 10, 15, 20, 25, or 30 years. Its one-year term coverage has a maximum coverage amount of $475,000, while other terms offer up to $5 million.
Co-Operators whole life insurance
The Co-Operators have two participating whole life insurance products—Protector™ and Ascend™. The two products both offer guaranteed cash value after three years, dividends, and coverage for children. However, Ascend offers more choices for limited payment plans and the option to purchase paid-up additions with your dividends. Available coverage amounts for their whole life policies are not listed online.
Co-Operators universal life
Co-Operator’s universal life insurance policies have similar benefits to their participating whole life series, with the added bonus of flexibility in choosing your coverage options and investment accounts.
Co-Operators infinity term insurance
This policy is the Co-operators’ answer to a term to 100 life insurance policy. It is a permanent policy without the cash value savings component. It’s for those who like the stability of coverage for a lifetime, but want to pay less in monthly premium than they would for a regular whole or universal life policy.
What term life insurance amounts and coverage does the Co-operators offer?
The Co-operators has both a yearly renewable term insurance product and a separate product for longer terms.
Term Life 1
- Available Term Lengths: 1 year
- Maximum Amount of Coverage: $475,000
- Renewability: Yes
- Convertibility: Yes, before your 70th birthday.
Versatile Term™
- Available Term Lengths: 10, 15, 20, 25, or 30 years
- Maximum Amount of Coverage: $5 million
- Renewability: Yes
- Convertibility: Yes, before your 70th birthday.
Cost of term life insurance with Co-operators
As mentioned, the Co-operators is a single insurance provider that does not have the most competitive prices for their term insurance products. PolicyAdvisor allows you to instantly shop for insurance with over 30 insurance providers to ensure you get the best coverage for the best price.
Here’s how Co-operators stacks up to one of our insurance partners, Desjardins, for a 30-year-old, non-smoking female looking for $1 million in coverage for a 20-year term.
What other insurance products do the Co-Operators offer?
While Co-Operators got their start in life insurance back in 1945, they have since expanded to offer a full line of insurance products.
Critical Illness
Critical Illness insurance offers a lump-sum payment in the event you are diagnosed with a critical illness or injury such as heart attack, cancer, or stroke. Co-Operators offers four critical illness products—term 10, term 20, up to age 75, and up to age 75 with a 20 pay plan—that cover up to 25 conditions.
Mortgage Insurance
If you’ve recently purchased a home, mortgage insurance will pay off your mortgage in the event you pass away. Usually, this coverage is offered by the mortgage lender itself and will only cover the mortgage, and no other outstanding debts. However, Co-Operators offers a separate, portable mortgage protection plan that mirrors the benefits of term life insurance.
Home Insurance
As a property and casualty company, Co-Operator’s home insurance products are a big part of their business. Home insurance covers your property in the event your property is damaged or destroyed in an event such as a fire, flood, or windstorm.
Farm Insurance
Going back to their roots, Co-Operators offers farm-specific property insurance that is tailored to the unique needs of farmers, from hobby farms to large production. Their insurance products include coverage for livestock, machinery, poultry, farm structures, and pollution.
Business Life
Similar to their farm insurance product, Co-Operators has standard business property insurance that covers business stock, liability, equipment breakdown, and loss of income coverage.
Auto Insurance
Co-Operators offers competitive auto insurance for your car, motorcycle, and other recreational vehicles in provinces that do not already have public auto insurance programs.
Travel Insurance
Co-Operators offers different options for travelling Canadians, visitors to Canada, international students, and expatriates, administered by Allianz Global Assistance. You can choose from single and multi-trip coverage, trip cancellation and interruption, and also emergency medical top-up.
How can I find the best term life insurance?
As Canada’s best online life insurance advisor, we will assist you in comparing and choosing products across all our partner companies. Speak to our licensed advisors and we will be able to assist you in finding you the best coverage for your needs.
Frequently asked questions
Is Co-operators life insurance convertible?
Yes, both Term Life 1 and Versatile Term™ are convertible to permanent options, including whole life and universal life. This does not require medical evidence before age 70 and is ideal for young buyers planning for long-term needs.
What are the different types of life insurance options available with Co-operators?
Co-operators has life insurance options, including Co-operators term life insurance, Co-operators whole life insurance, Co-operators universal life, and Co-operators infinity term insurance.
Can I get other insurance products from Co-operators apart from life insurance?
Yes, you can get different insurance products from Co-operators, including critical illness insurance, mortgage insurance, home insurance, auto insurance, and business insurance.
