Best Life Insurance Companies in Canada 2025: Reviews, Ratings & Buyer’s Guide

The best life insurance company in Canada depends on your insurance needs. However, with the number of players offering life insurance products, making the right choice can be hard. Each company has their own benefits and features that can suit different needs.

That’s why our licensed life insurance experts have reviewed and rated the top providers to bring you our list of the 16 Best Rated Life Insurance Companies in Canada.

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Which are the best life insurance companies in Canada?

The best life insurance companies in Canada include Manulife, Canada Life, Desjardins, Empire Life, BMO, RBC, and more.

After careful research, our expert insurance advisors have created a list of the best companies for term life insurance in Canada. We have years of experience profiling and analyzing the best of what the industry has to offer. In this article, our team of experts have provided real insight on different life insurance providers and how they can meet your needs.

The following list of the top life insurance companies in Canada will help you to expertly compare and choose your best term life insurance options.

Top life insurance companies in Canada

The best life insurance company for you depends on your unique needs. But, if you’re looking for term life insurance coverage, our team recommends:

Top 16 life insurance companies in Canada: Ratings
Company Best for… AM best financial strength rating PolicyAdvisor rating
Assumption Life Simplified issue A- 5
Beneva Combo coverage A 4
BMO Affordability A 5
Canada Life Financial strength A+ 4
Canada Protection Plan Non-medical NA 5
Desjardins  Stability NA 4
Empire Life Personalization A 5
Equitable Life Families NA 4
Foresters Giving back NA 4
Humania Quick issue NA 4
Industrial Alliance Flexibility A+ 5
Ivari Layering A+ 3
Manulife Digital innovation A+ 5
RBC Value for money A 5
Sun Life Buying in-person A+ 5
Wawanesa Price A 4

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Speak to our licensed experts and get a free quote from Canada’s top life insurance companies. 

Choosing the right insurance company

While choosing a life insurance company, some of the factors that you should keep in mind are the underwriting, claims process, riders and optimizations, policy costs, and customer service.

Make sure to also look at the ratio of claims settled versus claims received. A high settlement ratio is a good indicator.

Detailed ratings and reviews of the top life insurance companies in Canada

Read our ratings and reviews below to discover the best Canada life insurance companies.

Best for Simplified Issue: Assumption Life

PolicyAdvisor Rating

Best for Simplified Issue

AM Best Rating A-

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Our Assumption Life rating and review:

We’ve given Assumption Life Insurance Company 5 stars and rated them as the best life insurance provider for Simplified Issue policies. These policies do not ask you to do a medical exam, but may have some simple medical questions on the application.

Assumption Life offers 4 different types of non-medical policies, making them a great option for people who may have health issues. You can also get bigger amounts of coverage if you opt for full underwriting.

Assumption Life pros and cons

Pros Cons
Multiple term coverage options Wide range of options can be confusing
Simplified, non-medical issue options available High policy fees and rider fees on non-medical policies
Quick, easy electronic process
Decreasing option available for mortgage coverage
Online access to account
Digital e-policy
Exchange and conversion options to convert to longer term products or permanent coverage

Read our full Assumption Life Insurance review

Best for Combo Coverage: Beneva

PolicyAdvisor Rating

Best for Combo Coverage

AM Best Rating A

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Our Beneva rating and review: 

We’ve given Beneva Life Insurance 4 stars and rated them as the top provider if you want combined coverage. Their insurance products, riders, and features let you get a lot of different types of insurance in one place.

Beneva is rare in that they include an Extreme Disability Benefit for free in all of their life insurance plans. You get double the coverage than usual, and that’s unique!

Beneva pros and cons

PROS CONS
Built-in Extreme Disability Benefit (rare in the market) Longer turnaround times for policy approval
Options to add critical illness and monthly disability indemnity for comprehensive financial protection
Several optional riders: accidental death and dismemberment and children’s term coverage
Preferred rates available starting at $250,000
Online access to account
Digital e-policy
Top 10 largest insurance company based on annual premiums

Read our full Beneva Life Insurance review

Best for Affordability: BMO Insurance

PolicyAdvisor Rating

Best for Affordability

AM Best Rating A

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Our BMO Insurance rating and review:

We’ve given BMO Insurance 5 stars and rated them as the best company if you’re looking for affordable coverage. Most of their policies have good prices and can be used for multiple purposes.

BMO’s term life insurance is a great option for just about anyone individuals, couples, or business owners. On top of their great pricing, their plans cover most of the standard features expected in a life insurance plan in Canada.

BMO Insurance pros and cons

PROS CONS
Great value for cost No online account
Multiple term coverage options Only issues paper policies, no digital option
Can exchange 10-year term into longer term products Longer-term life insurance policy (25 and 30-year) not renewable
Compassionate benefit program death benefit advance in event of terminal illness
Options to convert into permanent coverage
Electronic contract delivery
Multi-policy discount available
Top 10 largest insurance company based on annual premiums

Read our full BMO Life Insurance review

Best for Financial Strength: Canada Life

PolicyAdvisor Rating

Best for Financial Strength

AM Best Rating A+

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Our Canada Life Insurance rating and review:

We’ve given Canada Life Assurance Company 4 stars and rated them as the top choice for financial strength. Which is to be expected considering they’re the biggest insurance companies in Canada.

Canada Life earns billions in annual premiums, with $396 billion in assets and a financial strength rating of A+ from A.M. Best. They’re extremely stable, and they have great life insurance policy options to boot.

Canada Life Insurance pros and cons

PROS CONS
Multiple term coverage options (5-50 years) Minimum $100,000 coverage or $500 annual premium required
Multiple rider options for single and joint policies Limited access to online account features
Options to convert into permanent coverage
Digital e-policy
Top 10 largest insurance company based on annual premiums

Read our full Canada Life Insurance review

Best for Non-Medical Policies: Canada Protection Plan

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Best for Non-Medical

AM Best Rating N/A

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Our Canada Protection Plan rating and review:

We’ve given Canada Protection Plan 5 stars and rated them as the best provider for No-Medical policies. These plans do not ask you for a medical test or have medical questions, but usually cost a bit more.

Like Assumption Life, Canada Protection Plan also gives you great options if you’re looking for life insurance coverage without doing medicals. They have both simplified or guaranteed insurance policies available.

Canada Protection Plan pros and cons

PROS CONS
Multiple products offering simplified, no-medical coverage Premiums can be more expensive than competition
Most products available through an easy online application without any medical tests Max. coverage of $1 million
Multiple term coverage options Coverage ends at age 80 (most other Canadian providers end at 85)
Affordable premiums, including no-medical policies
Available to temporary residents such as those on a student or work visa
Most plans offer life protection
Customers can pay annual premiums by credit card
Options to convert into permanent coverage
Decreasing term option available (ideal for covering mortgage debt)
Digital e-policy

Read our full Canada Protection Plan Life Insurance review

Best for Stability: Desjardins Insurance

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Best for Stability

AM Best Rating N/A

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Our Desjardins Insurance rating and review:

We’ve given Desjardins 4 stars and rated them as the best company for stability. Saying that they’re a well-established company would be putting it too mildly.

Desjardins is one of Canada’s top ranked life insurance companies and financial groups, one of the biggest and oldest providers, and one of the world’s 50 safest banks and financiers. Their term life products can meet a wide range of needs.

Desjardins pros and cons

PROS CONS
Several optional riders and benefits Limited term options
Robust suite of critical illness, disability, and permanent life insurance available Premiums can be more expensive than competition
Allows multiple applicants on the same policy; 1 policy can cover the needs of an entire family
Options to convert to permanent coverage
Multi-policy discount available
Digital e-policy
Top 10 largest insurance company based on annual premiums

Read our full Desjardins Life Insurance review

Best for Personalization: Empire Life

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Best for Personalization

AM Best Rating A

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Our Empire Life rating and review:

We’ve given Empire Life 5 stars and rated them as the best insurer for personalization. They give you a lot of leeway to choose the options that work best for you.  This is flexible and affordable coverage that can suit many Canadians perfectly.

Their Solution series offers 10-year, 20-year-, or 30-year term insurance, or permanent insurance that covers you up to age 100. Or you can get an annual renewable term that lasts for 1-year increments.

Empire Life pros and cons

PROS CONS
Some of the most versatile coverage options in Canada Limited term options
Options to exchange into longer term coverage Max. annual renewable term coverage of $499,999
Instant approval possible
Highly competitive premiums
Comprehensive rider options
Solution 100 term policy has cash value (rare in the market)
Online access to account
Digital e-policy

Read our full Empire Life Insurance review

Best for Families: Equitable Life

PolicyAdvisor Rating

Best for Families

AM Best Rating N/A

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Our Equitable Life rating and review:

We’ve given Equitable Life 4 stars and rated them as the best company for families.  They make it easy for you to add coverage for multiple people on one policy. This helps families save on fees and put some cash back in their wallets.

It’s also great for a strategy called laddering”, where you only pay for coverage as you need it. This is another way Canadians can save a little bit more on their life insurance coverage.

Equitable Life pros and cons

PROS CONS
Options to add critical illness insurance and other term life riders Limited term options
Options to convert into permanent coverage, regardless of health Moderate premium costs
Preferred clients automatically qualify for EquiLiving critical illness insurance Limited term offerings
Can create family plan by adding child term rider
Online access to account
Digital e-policy
Top 10 largest insurance company based on annual premiums

Read our full Equitable Life Insurance review

Best for Giving Back: Foresters Financial

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Best for Giving Back

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Our Foresters Financial rating and review:

We’ve given Foresters Financial 4 stars and rated them as the best company for giving back. Many of their products come with a unique perk: a charitable benefit feature where they will donate to a charity of your choice on your behalf.

Foresters is also a great choice if you have changing needs. Their term insurance is simple and straightforward, but they also have options that give you better coverage if your needs change in the future and you need insurance to match that.

Foresters pros and cons

PROS CONS
Multiple term coverage options Premiums can be more expensive than competition
Simplified and quick fulfillment options available No online access to policy details
Options to convert to permanent coverage, including participating and non-participating
Unique community membership benefits
Digital e-policy

Read our full Foresters Life Insurance review

Best for Quick Issue Options: Humania

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Best for Quick Issue

AM Best Rating N/A

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Our Humania Assurance rating and review:

We’ve given Humania Assurance 4 stars and rated them as the best company for quick issue policies. Their main term life insurance product is designed to make it easy for you to get approved fast.

Humania’s policies usually don’t have many requirements. Most are done online and can be approved on the spot. They also let you choose coverage for multiple terms, up to a maximum of 30 years or until age 80.

Humania pros and cons

PROS CONS
Competitively priced premiums No preferred pricing available clients in better health
Multiple term coverage options Conversion only available until age 65
Options to exchange into longer term products No online access to policy details
Simplified and quick fulfillment options available Term coverage only available until age 80
Digital e-policy
Non-medical coverage options available
Automatic approval for critical illness and debt disability coverage for those with standard health

Read our full Humania Life Insurance review

Best for Flexibility: Industrial Alliance

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Best for Flexibility

AM Best Rating A+

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Our iA Financial Group rating and review:

We’ve given Industrial Alliance (iA) 5 stars and rated them as the best for flexibility. They’re one of the few insurers that lets you customize your term length with their unique Pick-A-Term product.

You can pick anywhere between 10-40 years for term coverage with iA Financial Group, letting you match your term insurance with any specific number of years, like if you’re using life insurance to cover your mortgage.

Industrial Alliance pros and cons

PROS CONS
Flexible plans allow personalized coverage Premiums can be more expensive than competition
Pick-a-term feature (rare in the market)
Both level and decreasing options
Optional disability rider — can be used with decreasing coverage for mortgage protection
Non medical coverage options: simplified and guaranteed
Online access to account
Digital e-policy
Underwriting can be more accommodating than competitors
Top 10 largest insurance company based on annual premiums

Read our full Industrial Alliance Life Insurance review

Best for Layering: ivari

PolicyAdvisor Rating

Best for Layering

AM Best Rating A+

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Our ivari rating and review:

We’ve given ivari 3 stars and rated them as the best provider if you want to do a layering strategy. Laddering is when you buy multiple term life policies that end at different times. You can terms of 10, 20, or 30 years with this company.

ivari makes it easy for you to get multiple policies that overlap, so you can create custom coverage that is just perfect for you. You can get just one term life policy, or you can combine policies with more terms or different types of insurance.

Ivari pros and cons

PROS CONS
Several optional riders, including children’s insurance Premiums can be more expensive than competition
Multiple term coverage options Limited flexibility for term length
30-year term has flexible options upon maturity
Online access to account
Digital e-policy

Read our full ivari Life Insurance review

Best for Digital Innovation: Manulife

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Best for Digital Innovation

AM Best Rating A+

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Our Manulife rating and review:

We’ve given Manulife 5 stars and rated them as the best for digital innovation. This company almost needs no introduction. It’s one of the biggest insurers not just in Canada but in the entire world — an industry leader in every sense.

Manulife was one of the first companies to take more of the life insurance process online in Canada. Their underwriting uses advanced technology to approve up to $2 million in life insurance without needing a medical exam.

Manulife pros and cons

PROS CONS
Offers a fully electronic, digital fulfillment Limited term options
Digital e-policy Premiums can be more expensive than competition
Offers cash advance in event of terminal illness
Options to exchange into longer term products
Option to increase coverage up to 5th anniversary of certain term policies (rare in the market)
Top 10 largest insurance company based on annual premiums

Read our full Manulife Life Insurance review

Best for Value For Money: RBC Insurance

PolicyAdvisor Rating

Best Value for Money

AM Best Rating A

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Our RBC Insurance rating and review:

We’ve given RBC Insurance 5 stars and rated them as the best company if you want value for money. They have some of the most competitive premiums in the Canadian life insurance market.

RBC Insurance offers a best-in-class term life insurance product. They already beat the competition on price alone. And you can choose from different term lengths and coverage amounts.

RBC pros and cons

PROS CONS
Affordable premiums among the most competitive in the industry Only available to Canadian citizens and permanent residents
Max. coverage of $25 million
Flexible term lengths and coverage amounts
Pick-a-term feature (rare in the market)
Flexibility allows for insurance laddering
Multiple rider options
Renewable term life policies
Quick, easy application process: just 10 questions for coverage under $1 million
Online access to account
Digital e-policy
Top 10 largest insurance company based on annual premiums

Read our full RBC Life Insurance review

Best for In-Person Purchase: Sun Life Financial

PolicyAdvisor Rating

Best for In-Person Purchase

AM Best Rating A+

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Our Sun Life Insurance review and rating:

We’ve given Sun Life Insurance 3 stars and rated them as the best for buying in-person. Their products are most often sold in-person through a professional like an insurance broker or advisor.

Sun Life’s term policies have standard features and optional benefits that can compete in the market. But their premiums may cost more than some other companies charge.

Sun Life pros and cons

PROS CONS
Multiple rider options Limited term options available (only 4)
Multiple options to convert to permanent coverage up to age 75 (most competitors stop at age 70 or 71) Limited flexibility for term length
Non-medical coverage options available Premiums can be significantly more expensive than competition
Max. coverage of $1 million for anyone legally living in Canada — not just citizens and permanent residents Stricter underwriting process for pre-existing health conditions
Online application process
Digital e-policy
Top 10 largest insurance company based on annual premiums

Read our full Sun Life Insurance review

Best for Price: Wawanesa

PolicyAdvisor Rating

Best for Price

AM Best Rating A

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Our Wawanesa rating and review:

We’ve given Wawanesa 4 stars and rated them as the best for price. Their premiums are often among the lowest in the industry, and you get your pick of either term policies from 10-30 years or up to age 80.

Wawanesa can also be a good option if you want to layer your coverage. You can get a base term plan then add up to four term life insurance riders with different term lengths. You can do this all in one policy.

Wawanesa Life pros and cons

PROS CONS
Multiple term coverage options Longer turnaround times for policy approval
Affordable premiums — among the most competitive in the industry Policies can only be converted into non-participating permanent products
Range of coverage options allows for insurance laddering
Renewable term life policies
No policy or rider fees
Coverage up to $500,000 approved without medical exam for those under age 45
Digital e-policy
Top 10 largest insurance company based on annual premiums

Read our full Wawanesa Life Insurance review
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Methodology: How did we rank life insurance companies?

Our life insurance company rankings were the result of in-depth research into key factors like:

  • Coverage amounts: We evaluated the maximum and minimum coverage offered to ensure a range suitable for various financial needs
  • Term lengths: Term lengths were assessed to give an overview of the variety of different company’s offerings
  • Premium rates: We compared the cost of premiums to identify the most affordable options for consumers
  • Application process: Analyzed the ease and convenience of applying for a policy, including underwriting requirements
  • Online access: Reviewed the availability and functionality of online tools and account management features
  • Rider options: Considered the range and flexibility of additional riders that can customize and enhance the base policy
  • Key features: We have highlighted unique or standout features that add value to the policy.
  • Financial strength rating: Examined the company’s financial stability and ability to meet its long-term obligations
  • And more

Our team of licensed insurance advisors worked together to carefully assess the different policies available in Canada. Using this, we narrowed down a list of the best insurance company for life insurance products that meet diverse needs.

How much does life insurance cost?

The cost of life insurance depends on factors such as your age, smoking status, gender, medical history, coverage amount, and policy type.

Term life policies normally cost a lot less than whole life. This is because it usually doesn’t last as long and doesn’t have extra features like cash value and dividends.

Average term and whole life insurance rates for smokers and non-smokers

Age Group Term Life – Nonsmokers Term Life – Smokers Whole Life – Nonsmokers Whole Life – Smokers
Male / Female Male / Female Male / Female Male / Female
25-34 $15 / $13 $30 / $25 $275 / $250 $350 / $300
35-44 $20 / $18 $45 / $35 $350 / $300 $475 / $400
45-54 $50 / $40 $100 / $80 $500 / $425 $700 / $575
55-64 $100 / $80 $180 / $150 $750 / $625 $1,100 / $900
65+ $200 / $150 $350 / $300 $1,200 / $1,000 $1,800 / $1,500

*Representative values based on average monthly costs of term and whole life premiums for $100,000 in coverage from Canada’s best life insurance companies.

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What’s the best type of life insurance?

The best type of life insurance policy again depends on your own circumstances, needs, and goals. It will be different for everyone. For example:

1. Term life insurance 

This is the best option for you if you are relatively young and have short-term financial needs or obligations, such as paying off a mortgage or supporting young children. 

Many Canadians prefer this type of insurance because it offers substantial coverage for a lower premium over a specified term, typically ranging from 10 to 30 years.

2. Whole life insurance 

This type of insurance is ideal if you are looking for lifelong coverage that not only protects your beneficiaries but also allows you to accumulate savings over time. 

Whole life insurance policies come with an investment component that builds cash value, which you can borrow against or use during your lifetime for various financial needs.

3. Universal life insurance 

Consider this option if you desire the lifelong coverage provided by a whole-life policy but with more flexibility in managing the investment component. 

Universal life insurance allows you to adjust your premiums and death benefits while giving you control over how the investment portion is allocated, potentially maximizing your policy’s value based on your financial strategy.

4. No-medical life insurance 

This type of policy is most suitable if you have existing health issues or prefer not to undergo extensive medical examinations and answer detailed health-related questions. 

No-medical life insurance offers the convenience of quicker approval and can provide peace of mind for those who might otherwise have difficulty qualifying for traditional life insurance policies.

If you’re unsure, book some time with one of our licensed advisors to get expert advice on which type of policy would best fit your needs.

Compare types of life insurance
Learn more about the different types of life insurance in Canada

Market changes and innovations

The Canadian life insurance sector is rapidly evolving, driven by digital innovation and shifting consumer expectations. Insurers are enhancing customer experiences through mobile applications, allowing policyholders to manage policies, access benefits, and use financial tools seamlessly. 

Sun Life, for example, uses predictive analytics to tailor insurance plans to individual needs, improving coverage relevance. Data-driven underwriting is also transforming risk assessment, enabling faster approvals without traditional medical exams. 

New policy types are reshaping the market to meet diverse consumer needs. Philanthropic life insurance programs, such as “J’assure ma cause,” enable policyholders to support charities through their policies. 

Additionally, mental health coverage is also gaining traction, with insurers like Sun Life expanding benefits to include mental health support, reflecting a broader focus on holistic well-being.

How to get the best term life insurance Canada?

You can find the best insurance policies for your needs on PolicyAdvisor.com. Check out our recommendations below then use our platform to compare quotes from Canada best life insurance companies in under a minute.

Our platform lets you shop the best prices from more than 30 of the country’s best providers. Compare policies at a glance, so you can easily make the best choice for your family.

Or, if you prefer to speak to a professional, book a call with one of our licensed insurance agents. We’re happy to help and you have no obligation to buy!

Need help?

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Frequently asked questions

Which is the top insurance company in Canada?

The top 5 life insurance companies in Canada are Canada Life. Manulife, Sun Life, Industrial Alliance (iA), and Desjardins if you’re looking at size and financial strength alone.

In our ratings, we looked at more than just financial strength, though. Other policy details matter when you’re figuring out which ones are the best Canadian life insurance companies.

What’s the cheapest life insurance in Canada?

Term life insurance is the cheapest type of insurance policy in Canada. Premiums are lower because coverage is temporary, and the policies don’t have extra options like a savings & investment component — the way whole life insurance does.

Life insurance premiums depend on your personal details as well as your policy details. In general, you’ll get the lowest life insurance rates if you are:

  • Young
  • Healthy
  • Non-smoker
  • Female

What’s the best amount of life insurance to buy?

You should get enough life insurance to cover your family’s needs. The general rule of thumb is to get 10-12 times your annual income. But you may need more.

The best way to find out how much life insurance you should buy is to use our life insurance calculator. It will ask you some questions and then tell you the best amount for your needs.

How to get the best quotes for term life insurance?

You can find the best quotes for term life insurance on PolicyAdvisor.com. Our online platform lets you easily customize your plan and compare quotes from leading providers in under a minute.

Save time and money when you shop and compare online. Click the button below to get started now.

What are the best life insurance options for Canadians with pre-existing conditions?

Canadians with pre-existing conditions have several life insurance options, depending on their health status and coverage needs. Simplified issue life insurance requires no medical exam but may include a short health questionnaire. Guaranteed issue life insurance is available without medical questions but often comes with higher premiums and lower coverage amounts. Some insurers also offer rated traditional policies, where coverage is granted with adjusted premiums based on medical history.

Can non-residents buy life insurance in Canada, and what are the requirements?

Yes, non-residents can buy life insurance in Canada, but eligibility depends on factors like residency status, country of citizenship, and medical history. Most insurers require applicants to be in Canada during the application process and undergo medical underwriting.

Some policies may have additional restrictions for applicants from high-risk countries. Proof of ties to Canada, such as property ownership or financial interests, may also be necessary.

What should parents know about buying life insurance for their children?

Parents can purchase life insurance for their children as a way to secure future insurability and provide financial protection. Child life insurance policies typically offer lifelong coverage with fixed premiums and the option to build cash value over time.

Some policies allow children to convert coverage into larger amounts without medical exams when they become adults. Riders on a parent’s policy can also provide affordable coverage for children.

What are the tax implications of life insurance payouts in Canada?

In Canada, life insurance death benefits are tax-free for beneficiaries. However, if the policy has a cash value component, any withdrawals or loans taken against it may be taxable. For business-owned policies, taxation depends on how the proceeds are distributed. Additionally, life insurance can play a role in estate planning, helping to offset potential taxes on assets passed to heirs.

Can life insurance policies be bundled with other types of insurance for better rates?

Yes, some insurers offer bundling discounts when life insurance is purchased alongside other policies such as home, auto, or critical illness insurance. Bundling can simplify policy management, reduce premiums, and provide enhanced benefits. 

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Best Whole Life Insurance Companies in Canada (2025)

Looking for a reliable whole life insurance provider in Canada? With so many options available, finding the right one can feel overwhelming. Whether you’re seeking the best coverage for your family, added perks, or policies tailored for children, we’ve got you covered.  

Our expert advisors have carefully ranked the top 15 whole life insurance providers in Canada, including industry leaders like Manulife, BMO Insurance, Sun Life, and more. From performance to unique features, we break it all down to help you choose the perfect fit.  

Keep reading for our comprehensive ratings and reviews of the best whole life insurance companies in Canada!

What is whole life insurance?

Whole life insurance is a type of insurance policy that lasts for your entire life.

Whole life policies provide your beneficiaries with a tax-free death benefit, plus they have a built-in investment component that generates cash value you can use in your lifetime. Some policies also pay dividends.

Most people get whole life insurance to cover long-term needs like paying final expenses or managing future estate taxes.

Want to do more research first? Learn the whole life insurance basics.
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How does whole life insurance work?

Whole life insurance works by providing lifetime coverage, cash value component, access to funds, dividends, and more. Check out the details about how life insurance works:

  • Lifetime coverage: Whole life insurance provides coverage for your entire life, as long as premiums are paid, ensuring your beneficiaries receive a guaranteed death benefit when you pass away.
  • Cash value component: A portion of each premium payment goes into a cash value account that grows over time on a tax-deferred basis, offering a savings component alongside the insurance coverage
  • Access to funds: The accumulated cash value can be accessed through policy loans or withdrawals, providing financial flexibility for emergencies, education expenses, or retirement income
  • Dividends: Some whole life insurance policies pay dividends, which can be used to purchase additional coverage, reduce premiums, or be taken as cash, enhancing the policy’s value
  • Financial security: The death benefit is generally paid out tax-free to beneficiaries, covering funeral costs, and debts, and providing ongoing financial support, ensuring peace of mind and financial stability for your loved ones

What are whole life insurance living benefits?

Whole Life Insurance living benefits include cash value accumulation, policy loans, dividends, and accelerated death benefits. As you pay premiums, a portion of the money builds cash value, which grows over time and can be accessed through loans or withdrawals.

This cash value can fund a child’s education, cover emergency expenses, or supplement retirement income. Additionally, policy loans offer a flexible source of funds with typically lower interest rates and no credit check requirements, though unpaid loans reduce the death benefit.

Another key living benefit is the potential to receive dividends from the insurance company, which can be used to increase the policy’s cash value, reduce premiums, or be taken as cash.

Furthermore, accelerated death benefits allow access to a portion of the death benefit if diagnosed with a terminal illness, providing financial support for medical expenses or other needs during a critical time.

What are whole life insurance death benefits?

Whole life insurance death benefits guarantee a payout to beneficiaries upon the policyholder’s death, offering financial security and peace of mind.

The death benefit is paid out tax-free, ensuring that the full amount can be used for necessary expenses such as funeral costs, outstanding debts, or ongoing living expenses. This benefit provides a crucial safety net for your loved ones, ensuring they are not burdened with financial stress during a difficult time.

Additionally, whole life insurance can play a vital role in estate planning by covering estate taxes and providing liquidity to the estate, preventing the need to quickly sell valuable assets. The death benefit can be used to pay off debts like mortgages or car loans, relieving your family of these financial obligations.

It also serves as an income replacement, maintaining your family’s standard of living by covering everyday expenses, education costs, and other financial needs.

Is a life insurance benefit taxable?

No, life insurance benefits (death benefits) paid to beneficiaries are typically not taxable income. This applies whether the policy is term life insurance or whole life insurance.

The best whole life insurance in Canada 2024

The best whole life insurance companies include Assumption Life, Beneva, BMO, Canada Life, Desjardins and more. Our team at PolicyAdvisor has spent years studying the industry to bring you a list of top companies with the best offerings in different categories.

The following reviews are a must-read for anyone thinking about purchasing whole life insurance. They will help you decide the best options for you and your family.

Best whole life insurance in Canada

Company Best for AM best financial strength rating PolicyAdvisor rating
Assumption Life Quick issue A- 3.5/5
Beneva Complimentary additional features A 3.5/5
BMO Non-participating plans A 4/5
Canada Life Charitable giving A+ 4/5
Canada Protection Plan Non-medical NA 4/5
Desjardins Paying off premiums early NA 4/5
Empire Life Balanced performance A 5/5
Equitable Life Mutual company NA 5/5
Foresters Smokers A 4.5/5
iA Health accommodation A+ 4/5
Manulife Overall performance A+ 5/5
RBC Children’s plans A 3.5/5
Sun Life High net-worth individuals A+ 4.5/5
UV Long-term growth NA 3.5/5
Wawanesa Guaranteed benefits A 4.5/5

How to choose the right whole life insurance policy?

Selecting the right whole life insurance company is a significant decision and involves several considerations such as premiums and charges, customer support, claims handling, policy flexibility, and more. Here are some important things for you to check out: 

  • Premiums and charges: Compare plans to find affordable options and check for additional fees, such as administrative costs 
  • Customer support: Assess the efficiency of claims processing, service availability, and overall client feedback 
  • Claims handling: Choose insurers known for a fast and hassle-free claims process during critical times
  • Policy flexibility: Prioritize providers offering add-ons and customization to tailor coverage to your needs
  • Underwriting requirements: Review medical exam or health questionnaire requirements and explore no-exam policies, keeping in mind potential higher premiums 
  • Company standing: Research the company’s claims settlement ratio and ethical track record to ensure reliability
The Best Whole Life Insurance Companies in Canada
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Reviews: Our top-rated whole life insurance companies

Find the top Canadian life insurance companies for whole life coverage using our ratings and reviews. Read them below.

PolicyAdvisor Rating

Best For Quick Issue

AM Best Rating A-

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1. Assumption Life whole life insurance review

Canada’s best whole life insurance for: Quick-issue policies

Assumption Life is a top choice in Canada for quick-issue policies, offering fast coverage without the need for medical exams or tests. Whether you’re looking for a simple plan or one with dividend options, Assumption Life provides flexibility and convenience to suit various needs.

Key features

  • Quick-issue policies: No medical exam is required for ages 18-45, up to $999,999 in coverage; up to $50,000 for ages 46-69
  • Participating and non-participating policies: Choose between dividend-earning options or simpler plans
  • Dividend flexibility: Five payout options with annual adjustment capability
  • Optional riders: Add extra coverage for more comprehensive protection
  • Non-medical plans: Available for those who prefer no medical questions
Read our Assumption Life Term Life Insurance review
Assumption Life Whole Life Insurance Product Details
Product name:

Assumption Life ParPlus (participating)

Assumption Life ParPlus Junior (participating)

Essential Whole Life (non-participating)

Limited pay:

20 years or until age 100 (participating policies only)

Dividend options:

Cash dividends, cash accumulation, enhanced coverage, premium reduction, paid-up additions

PolicyAdvisor Rating

Best for Complimentary Additional Features

AM Best Rating A

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2. Beneva whole life insurance review

Canada’s best whole life insurance for: Complimentary additional features

Beneva stands out for its complimentary additional features, making it a great choice for those seeking extra benefits beyond standard whole life insurance coverage. With flexible payment options, coverage for multiple lives, and added protection at no extra cost, Beneva offers well-rounded solutions for long-term financial security.

Key features

  • Multi-life coverage: Cover up to 5 lives under one plan
  • Complimentary benefits: Includes Extreme Disability, Disability Waiver of Premium, Accidental Death & Dismemberment, and Accidental Fracture benefits
  • Optional riders: Add Critical Illness Insurance or Child Rider for extra coverage.
  • Flexible payment options: Pay off premiums early if desired
  • Simplified or guaranteed plans: No medical exam is required for qualifying policies
  • Universal life option: Permanent coverage with dividends, though higher risk compared to standard plans
Read our Beneva Term Life Insurance review
Beneva Whole Life Insurance Product Details
Product name:

Whole Life 20

Whole Life 100

T-100

Limited pay:

Life pay, 20-pay

Dividend options:

N/A

PolicyAdvisor Rating

Best for Non-Participating Plans

AM Best Rating A

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3. BMO whole life insurance review

Canada’s best whole life insurance for: Non-participating plans

BMO is ideal for those seeking whole life insurance with cash value but without the need for dividends. Their non-participating plans offer a unique feature—a yearly Performance Bonus—providing flexibility and financial growth opportunities similar to dividends.

Key features

  • Non-participating policies: No dividends but include cash value and a yearly Performance Bonus
  • Premium flexibility:
    • Premium switching: Adjust your payment period as needed
    • Premium offset: Stop paying premiums by using the policy’s paid-up cash value
  • Additional payments: Boost your death benefit and cash value by paying extra premiums
  • Policy loans: Borrow against your cash value for financial flexibility
Read our BMO Term Life Insurance review
BMO Whole Life Insurance Product Details
Product name:

Estate Protector

Wealth Accelerator

Limited pay:

Life pay, 10-pay, 20-pay

Performance bonus options:

Paid-up additions (automatic), premium offset

PolicyAdvisor Rating

Best for Charitable Giving

AM Best Rating A+

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4. Canada Life Insurance whole life insurance review

Canada’s best whole life insurance for: Charitable giving

Canada Life’s My Par Gift is designed for those passionate about charitable giving. This unique whole-life policy allows you to make a lasting impact through a one-time, tax-advantaged premium, ensuring the charity benefits during your lifetime and beyond.

Key features

  • Charity-focused plan: Specifically designed to support charitable donations
  • Single premium payment: Pay a one-time lump sum of $10,000 for lifetime coverage
  • Cash value and dividends for charity: The charity can access the policy’s cash value and dividends during your lifetime
  • Full death benefit: Upon your passing, the charity receives the entire death benefit, extending your legacy
Read our Canada Life Term Life Insurance review
Canada Life Whole Life Insurance Product Details
Product name:

Wealth Achiever Plus

Estate Achiever Plus

Canada Life My Par Gift

Limited pay:

Life pay, 10-pay, 20-pay

Dividend options:

Cash dividends, premium offset, paid-up additions

PolicyAdvisor Rating

Best For Non-Medical Plans

AM Best Rating N/A

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5. Canada Protection Plan whole life insurance review

Canada’s best whole life insurance for: Non-medical coverage

Canada Protection Plan (CPP) is the top choice for those seeking non-medical whole life coverage. These straightforward, affordable policies offer a minimum of $10,000 in coverage and are ideal for individuals with health issues or those looking for funeral insurance.

Key features

  • Non-medical coverage: No medical tests are required, making it accessible to a wide range of applicants
  • Non-participating policies: Simple plans without dividends
  • Funeral insurance option: Covers end-of-life expenses like funeral costs and debts
  • Flexible for health issues: Broad range of coverage options for individuals with medical conditions
  • Quick approval for healthy applicants: Streamlined process for those in good health
Read our Canada Protection Plan Term Life Insurance review
CPP Whole Life Insurance Product Details
Product name:

Guaranteed Acceptance Life

Deferred Life

Deferred Elite Life

Simplified Elite Life

Preferred Life

Preferred Elite Life

Limited pay:

20-pay, pay-to-100

Dividend options:

N/A

PolicyAdvisor Rating

Best for Paying Off Premiums Early

AM Best Rating N/A

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6. Desjardins whole life insurance review

Canada’s best whole life insurance for: Paying off premiums early

Desjardins stands out for its flexible limited pay options, allowing you to pay off your whole life insurance policy early while still enjoying lifetime protection. With plans offering cash value growth, annual dividends, and various additional benefit options, Desjardins provides both convenience and comprehensive coverage.

Key features

  • Limited pay options:
    • Pay off your policy in 5, 10, 15, or 20 years, or until age 100
    • Lifetime protection with no further payments after the chosen period
  • Cash value and dividends: Enjoy growth in cash value and annual dividend payouts
  • Flexible plans: Choose from basic non-dividend plans or dividend-earning options
  • Senior-friendly policies: Special permanent life plans for  senior individuals aged 50+ with no medical exam required
  • Add-on benefits: Enhance coverage with optional riders for added protection
Read our Desjardins Term Life Insurance review
Desjardins Whole Life Insurance Product Details
Product name:

Desjardins Basic Permanent Life Insurance

Estate Enhancer

Accelerate Growth

5 Pay Par

Limited pay:

Life pay, 5-pay, 10-pay, 20-pay (par plans)

Life pay, 10-pay, 15-pay, 20-pay, pay-to-65 (non-par plans)

Dividend options:

Paid-up additions, deposit with interest, cash dividends, premium reductions, enhanced coverage

PolicyAdvisor Rating

Best for Balanced Performance

AM Best Rating A

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7. Empire Life whole life insurance review

Canada’s best whole life insurance for: Balanced performance

Empire Life offers balanced performance through its EstateMax and Optimax plans, making it an excellent choice for long-term wealth building and secure growth. While not the highest in cash values, their policies provide steady, reliable benefits that appeal to individuals seeking financial stability and flexibility.

Key features

  • EstateMax plan: Ideal for long-term wealth growth and increasing life insurance payouts
  • Optimax plan: Designed for near-retirees, offering access to cash value within the first 20 years
  • Steady growth: Provides secure, consistent growth over time
  • Affordable premiums: Compared to some term-to-100 policies, they offer great value
  • Popular and trusted: A top choice for Canadians seeking whole life coverage
Read our Empire Life Term Life Insurance review
Empire Life Whole Life Insurance Product Details
Product name:

Empire EstateMax

Empire Optimax Wealth

Solutions 100 with Cash Values

Limited pay:

Life pay, 8-pay, 10-pay, 20-pay

Dividend options:

Annual premium reduction, cash accumulation, cash dividends, enhanced coverage, paid-up additions

PolicyAdvisor Rating

Best Mutual Company

AM Best Rating N/A

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8. Equitable Life whole life insurance review

Canada’s best whole life insurance for: Mutual values

Equitable Life is Canada’s best choice for those seeking mutual values in their insurance provider. As a mutual company, it’s owned by policyholders rather than shareholders, allowing for a customer-focused approach and potentially more competitive rates.

Key features

  • Mutual company: Policyholders share in ownership, avoiding market-driven pressures
  • Dividend-earning policies: All whole life policies offer dividends for long-term cash value growth
  • Competitive rates: Often provides better rates due to the mutual business model
  • Strong cash value growth: Ideal for building wealth over time
  • Top mutual insurer: Outshines other mutual companies like Beneva and Wawanesa in this category
Read our Equitable Life Term Life Insurance review
Equitable Life Whole Life Insurance Product Details
Product name:

Equitable Equimax

Estate BuilderEquitable

Equimax Wealth Accumulator

Limited pay:

Life pay, 10-pay, 20-pay

Dividend options:

Annual premium reduction, cash accumulation, cash dividends, enhanced coverage, paid-up addition

PolicyAdvisor Rating

Best for Smokers

AM Best Rating A

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9. Foresters Financial whole life insurance review

Canada’s best whole life insurance for: Smokers

Foresters Financial is the best choice for smokers looking for life insurance. Their Quit Smoking Incentive Plan rewards your commitment to quit with lower rates, offering a unique way to save on premiums. Additionally, Foresters’ plans provide cash value growth and the potential for dividends, making them a solid option for those seeking long-term financial security.

Key features

  • Quit smoking incentive: Lower rates if you stop smoking within 2 years
  • Cash value and dividends: Most plans offer cash value growth, with some also paying dividends
  • Health-friendly options: Offers a wide range of life insurance plans for individuals with health issues
  • Affordable for smokers: Competitive rates compared to traditional policies for smokers
  • Long-term protection: Lifelong coverage for you and your family
Read our Foresters Term Life Insurance review
Foresters Whole Life Insurance Product Details
Product name:

Foresters Non-Par

Advantage Plus

Limited pay:

10-pay (Advantage Plus only), 20-pay, pay-to-100

Dividend options:

Paid-up additions, cash, deposit, premium reduction, enhanced coverage

PolicyAdvisor Rating

Best for Health Accommodation

AM Best Rating A+

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10. Industrial Alliance Whole Life Insurance Review

Canada’s best whole life insurance for: Health accommodation

If you have health issues, you should seriously consider Industrial Alliance (iA) for your insurance needs. They have something called a Superior Risk Tolerance Program, where you’re more likely to get approved even if your health isn’t in peak condition.

You can get a participating or non-participating plan, and they give you a lot of flexibility. You have options like:

  • Limited pay options to pay off your premiums early
  • Cover up to 9 people under the same policy
  • Optional life insurance riders and benefits to add to your coverage
  • Pay premiums semi-annually, instead of monthly or yearly like most providers

Of course, many Canadian companies also offer no-medical insurance — which we rated Canada Protection Plan as the best in. But if you want standard coverage despite health concerns, iA is a great choice too.

Read our iA Term Life Insurance review
iA Whole Life Insurance Product Details
Product name:

Whole Life Insurance

iA Par

Child Life & Health Duo

Life and Serenity 65

Limited pay:

Life pay, 10-pay, 20-pay, pay-to-65

Dividend options:

Paid-up additions, cash dividends, deposit with interest, annual premium reduction

PolicyAdvisor Rating

Best for Overall Performance

AM Best Rating A+

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11. Manulife Whole Life Insurance Review

Canada’s best whole life insurance for: Overall performance

Manulife is a top choice for those seeking overall performance in their whole life insurance. As one of North America’s largest and most successful life insurance providers, their plans offer reliability, flexibility, and a robust range of benefits, making them an excellent all-around option.

Key features

  • Participating and non-participating plans: Choose between dividend-earning or non-dividend plans
  • No medical exam options: Available for those seeking quick and easy approval
  • Standard whole life benefits: Includes cash value growth, lifelong coverage, and more
  • Flexible payment options: Change your payment method if needed
  • Affordable: Competitive pricing for comprehensive coverage
  • Reliable coverage: A trusted provider with strong financial backing
  • Robust investment options: Offers solid investment potential for your policy
  • Good coverage amounts: Adequate coverage for your needs with growth potential
Read our Manulife Term Life Insurance review
Manulife Whole Life Insurance Product Details
Product name:

Manulife Par

Manulife Par with Vitality Plus

Performax Gold

Limited pay:

Life pay, 10-pay, 15-pay, 20-pay, pay-to-90

Dividend options:

Paid-up additions, cash dividends

PolicyAdvisor Rating

Best for Children's Plans

AM Best Rating A

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12. RBC Whole Life Insurance Review

Canada’s best whole life insurance for: Children’s plans

RBC Insurance stands out as the best choice for children’s plans with their unique Juvenile Guaranteed Insurability Benefit. This feature ensures that your child or grandchild can expand their coverage later in life without needing to pass medical exams or face approval hurdles. This benefit is included for free, making RBC a top pick for securing your child’s financial future.

Key features

  • Juvenile Guaranteed Insurability benefit: Allows children to buy additional coverage or a new policy later without medical tests
  • Free benefit: Unlike many competitors, RBC includes this benefit at no extra cost
  • Ideal for estate and long-term financial planning: Great for securing a child’s future and managing family wealth
  • Reliable coverage: Offers comprehensive life insurance options for other needs, including estate planning
  • Strong provider: RBC is one of Canada’s leading financial institutions, ensuring trust and stability
Read our RBC Term Life Insurance review
RBC Whole Life Insurance Product Details
Product name:

RBC Growth Insurance

RBC Growth Insurance Plus

Limited pay:

Life pay, 10-pay, 20-pay

Dividend options:

Paid-up additions, cash dividends, premium reductions, dividends on deposit, enhanced coverage

PolicyAdvisor Rating

Best for High Net-Worth Individuals

AM Best Rating A+

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13. Sun Life Insurance whole life insurance review

Canada’s best whole life insurance for: High net-worth individuals

Sun Life Insurance is the best choice for high net-worth individuals, offering large coverage amounts and flexible policy options. With a minimum coverage of $250K, they cater to those who need substantial life insurance. Their plans provide both non-participating options (with cash value) and participating options (with cash value and dividends). They also offer no-medical exam plans for those with health concerns.

Key features

  • High coverage limits: Minimum coverage starts at $250K, ideal for high-net-worth individuals
  • Participating and non-participating plans: Choose from plans with or without dividends
  • No-medical exam options: Available for those with health issues or who prefer a simplified application process
  • Reliable provider: Sun Life is one of Canada’s largest and most trusted life insurance providers
  • Cash value growth: Plans come with the potential for long-term financial growth
Read our Sun Life Term Insurance review
Sun Life Whole Life Insurance Product Details
Product name:

Sun Spectrum Permanent Life Insurance II

Sun Permanent Life

Sun Par Accelerator

Sun Par Protector II

Sun Par Accumulator II

Limited pay:

Life pay, 8-pay, 10-pay, 15-pay (Sun Permanent Life only), 20-pay

Dividend options:

Cash dividends, cash accumulation, enhanced coverage, premium reduction, paid-up additions

PolicyAdvisor Rating

Best for Long-Term Growth

AM Best Rating N/A

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14. UV whole life insurance review

Canada’s best whole life insurance for: Long-term growth

If you want an insurance policy that can give you a LOT of growth over years, UV just might be the right pick for you. They just came out with a new Whole Life High Values plan in 2022 (fairly recent for insurance!) that promises your patience will pay off.

If you keep the plan until you’re 65, your cash value growth could be as much as 50% of what your original coverage amount was with this high-performance plan. That’s no small figure!

Key features

  • High cash value growth: The Whole Life High Values plan offers up to 50% growth on your coverage amount by age 65
  • Non-participating plans: No dividend payments, but strong cash value accumulation
  • Life insurance for health issues: This insurance is available even to those with health concerns
  • Recent plan launch: New options will be introduced in 2022 for enhanced long-term performance
Read our UV Term Life Insurance review
UV Whole Life Insurance Product Details
Product name:

Whole Life High Values

Whole Life Pay to 100

Adaptable

Limited pay:

Life pay, 20-pay, pay to age 25, 35, 45, 55, 65, 75, or 85 (non-par only)

Dividend options:

N/A

PolicyAdvisor Rating

Best Value for Guaranteed Benefits

AM Best Rating A

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15. Wawanesa whole life insurance review

Canada’s best whole life insurance for: Value for guaranteed benefits

Wawanesa is an excellent choice for those seeking value for guaranteed benefits. Their whole life insurance policies offer high cash values with the potential to break even or even exceed the amount paid in premiums within 20 years. They also offer affordable premiums, making them one of Canada’s most cost-effective whole life insurance options.

Key features

  • High cash value: Opportunity to exceed premiums paid in as little as 20 years
  • Affordable options: One of the most competitively priced whole life insurance plans in Canada
  • Participating and non-participating policies: Choose the option that suits your needs
  • No medical exam options: Available for those who prefer a simplified application process
  • Guaranteed benefits: Provides guaranteed value and coverage
Read our Wawanesa Term Life Insurance review
Wawanesa Whole Life Insurance Product Details
Product name:

Wawanesa Whole Life

Limited pay:

Life pay, 20-pay

Dividend options:

Paid-up additions

Methodology: How did we come up with the rankings?

We determined the top-ranking whole life companies in Canada based on industry knowledge, the hands-on expertise of our advisors, and factors such as policy details, coverage amounts, cash value growth potential and more:

1. Financial strength ratings

We prioritize stability and reliability by looking at financial strength ratings to ensure the insurer can consistently pay claims and dividends

We review ratings from multiple agencies and only recommend insurers with strong and stable ratings, ensuring your investment is secure

2. Policy details

Each whole life insurance policy has unique terms and conditions that must match your specific needs and goals

We analyze the fine print, including premium payment periods, cash value accumulation, and riders, to present policies offering tailored flexibility and benefits

3. Key features

Additional features and riders can significantly enhance a policy’s value and relevance to your circumstances

We compare features like accelerated death benefits, waiver of premium riders, and guaranteed insurability options, ensuring policies include valuable extras for security and flexibility

4. Premium costs

Affordability is crucial, so premiums must fit within your budget while providing the necessary coverage and benefits

We gather and compare premium quotes from various insurers to find policies offering the best value for your money, balancing cost with comprehensive benefits

5. Coverage amounts

The coverage amount should protect your loved ones and meet your financial goals, aligning with your long-term objectives

We help determine the appropriate coverage amount based on your needs and compare policies to ensure sufficient coverage at competitive rates

6. Cash value growth potential

The cash value component can grow over time, providing financial flexibility through loans or withdrawals

We analyze the cash value growth potential, considering interest rates and dividend performance, ensuring strong growth prospects for your investment

7. Dividend options

Dividends can enhance a policy’s value by providing additional cash value, reducing premiums, or being taken as cash

We assess the dividend history and options of different insurers, preferring companies with a strong track record of paying reliable dividends for added benefits

We’re all about helping Canadians get the coverage they need. Use this list as a guide to which whole life insurance is best for you and your family, based on your specific needs.

You can find Canada’s best whole life insurance quotes on our website in minutes. Or, contact us and let our experts help you out one-on-one.

How do whole life insurance policies compare to term life insurance in Canada?

Whole life insurance provides lifelong coverage with a cash value component that grows over time, making it ideal for long-term financial planning. Unlike term life insurance, which only provides coverage for a specific period, whole life policies offer permanent protection and can accumulate cash value that can be borrowed against. 

While whole life insurance is typically more expensive than term life, it offers more stability, which is why companies like BMO and Empire Life are popular choices.

What is the difference between a participating and non-participating life insurance policy?

Participating policies allow policyholders to share in the insurer’s profits through dividends, which help to reduce premiums or can be taken as cash. Non-participating policies do not provide dividends.

Difference between participating and non-participating life insurance

Feature Participating life insurance Non-participating life insurance
Definition Offers policyholders a share in the insurer’s profits through dividends Does not provide dividends; only offers guaranteed death benefits
Premiums Higher due to the potential for dividends and additional benefits Lower as it only includes guaranteed benefits and no profit-sharing
Dividends Policyholders may receive dividends No dividends are paid to policyholders
Cash value growth Cash value grows faster Cash value grows at a fixed rate
Suitability Suitable for individuals seeking long-term growth  Ideal for those wanting a straightforward, cost-effective policy

Why should I get permanent life insurance Canada?

There are three very good reasons why you should get permanent life insurance, including covering your final expenses, cash value growth and planning your estate:

  1. To cover your final expenses: You can use permanent life insurance to make sure your family doesn’t have to go into their pockets to pay for your final expenses in life. If you happen to pass away before paying any bills, your family can use your whole life policy to take care of it.
  2. To access cash value now/during retirement: Cash value grows over time, and you can use it in many ways — as supplemental income in retirement, as collateral for a loan to buy a home, or any number of other ways. Cash value is one of the key differences between term vs whole life insurance.
  3. To plan your estate: The best permanent life insurance policies can also be used to pass on your planned inheritance to your loved ones without them having to pay taxes. The death benefit or insurance payout is tax-free, so the final amount they get won’t be lower.

Of course, you don’t need to fit into just these categories to get permanent life insurance quotes. Most people can benefit from whole life insurance in Canada one way or another!

If you’re unsure, speak with an advisor or insurance broker to find out if a permanent plan can work for you.

Are there any alternatives to whole life insurance?

here are several alternatives to whole life insurance that cater to different financial needs and preferences:

  1. Term life insurance:
    • Overview: Provides coverage for a specific period (e.g., 10, 20, or 30 years).
    • Benefits: Typically more affordable than whole life insurance for the same coverage amount.
    • Considerations: Coverage ends at the end of the term, and it does not accumulate cash value.
  2. Universal life insurance:
    • Overview: Offers flexible premiums and death benefits, with a savings component linked to interest rates.
    • Benefits: Allows adjustments in coverage and premium payments over time.
    • Considerations: Premiums can vary based on market conditions, and policy performance affects cash value growth.
  3. Variable life insurance:
    • Overview: Combines death benefits with investment options in stocks, bonds, or mutual funds.
    • Benefits: Potential for higher returns on cash value compared to traditional whole life insurance.
    • Considerations: Investment risk is borne by the policyholder, and cash value can fluctuate with market performance.
  4. Indexed universal life insurance:
    • Overview: Offers flexible premiums and death benefits, with cash value growth tied to a stock market index.
    • Benefits: Potential for higher cash value growth than traditional universal life insurance, with downside protection.
    • Considerations: Returns are capped, and policy performance depends on index performance.
  5. Guaranteed universal life insurance:
    • Overview: Provides lifetime coverage with fixed premiums and a guaranteed death benefit.
    • Benefits: Offers permanent coverage without the investment risks associated with other types of permanent insurance.
    • Considerations: Limited or no cash value accumulation, and premiums are typically higher than term life insurance.

Choosing the right insurance type depends on your financial goals, risk tolerance, and budget. Each alternative offers distinct features that may better suit your specific needs compared to traditional whole life insurance.

Get the best whole life insurance quotes in Canada

We hope our ratings and reviews of the Best Permanent Life Insurance Canada were helpful to you. If you have any questions or need any help, don’t hesitate to contact us!

Book some time with our licensed advisors to make sure you’re getting the right plan for you and your family’s financial security.

Need insurance help?

Give us a call at 1-888-601-9980 or book some time with our licensed experts.

Frequently asked questions

Is whole life insurance payout taxable?

The death benefit paid to beneficiaries is typically not taxable, and the cash value growth accumulates tax-deferred. Policy loans are generally not taxable as they are considered loans, not income.

Can you borrow money from a whole life policy?

Yes, you can borrow money from a whole life insurance policy through policy loans. These loans typically have lower interest rates compared to traditional loans. However, unpaid loans may reduce the death benefit and cash value available to beneficiaries.

What is the best age to buy whole life insurance?

The best age to buy whole life insurance is typically younger. Purchasing at a younger age locks in lower premiums and ensures longer-term coverage. It also allows more time for the policy’s cash value to accumulate and grow.

How long does a whole life insurance policy last?

A whole life insurance policy lasts for your entire life as long as you continue to pay premiums. It provides lifelong coverage, unlike term life insurance which covers a specific period (e.g., 10, 20, or 30 years). This permanence ensures the policy remains in effect and the death benefit is paid out to beneficiaries whenever the insured passes away, regardless of age.

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What are the biggest life insurance companies in Canada? (2025)

The 5 biggest life insurance companies in Canada are Canada Life, Manulife, Sun Life, Industrial Alliance, and Desjardins, if you only look at their annual premiums.

Keep reading to see a full list of 28 of the big insurance companies Canada has to offer and a brief overview of each one. This information can help when you’re thinking about which insurer you should choose.

But keep in mind that you may want to look at other factors aside from size too.

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Call 1-888-601-9980 to speak to our licensed advisors right away, or book some time with them below.

Largest insurance companies in Canada

The top 5 biggest life insurers in Canada are:

  1. Canada Life
  2. Manulife
  3. Sun Life
  4. Industrial Alliance (iA)
  5. Desjardins
This chart shows the top five biggest life insurance companies in Canada based on annual premiums.

Canada Life is Canada’s largest insurance company overall. They collect almost $60 billion in premiums every year.

Manulife is the biggest life insurance company in Canada based on total assets, with almost $850 billion in assets.

Many of the insurance companies that are connected to banks are among the smallest life insurers in the industry. They often do not have large amounts of annual premiums or total assets.

According to the Canadian Life and Health Insurance Association (CLHIA), there are more than 150 life and health insurance providers in Canada, which means you have many options to choose from!

Protect your future, today!

Get a personalized and free insurance quote from Canada’s top insurers.

28 Biggest Life Insurance Companies in Canada by Annual Premiums

Below is a full list of the top 28 largest life insurers operating in Canada, based on premiums and assets.

Company Founded/HQ Rating Annual Premiums Total Assets
Canada Life 1846

Toronto, ON

A+ $58 B $568 B
Manulife 1887

Toronto, ON

A+ $44 B $849 B
Sun Life 1865

Toronto, ON

A+ $29 B $331 B
Industrial Alliance 1892

Quebec City, QC

A+ $14 B $87 B
Desjardins 1948

Levis, QC

$12 B $407 B
Beneva 1941

Quebec, QC

A $7 B $25 B
RBC Insurance 1864

Toronto, ON

A $5 B $23 B
Wawanesa 1896

Wawanesa, MB

A $4 B $12 B
BMO Life 1817

Toronto, ON

A $2 B $13 B
Equitable Life 1920

Waterloo, ON

A $2 B $7 B
Empire Life 1923

Kingston, ON

A $1 B $17 B
Foresters 1874

Toronto, ON

A $1 B $17 B
The Co-operators 1945

Guelph, ON

A $1 B $19 B
ivari 1927

Toronto, ON

A+ $989 M $12 B
Blue Cross Canada 1939

Independent

A- $743 M $2 B
Securian Canada 1955

Toronto, ON

A $364 M $0.3 B
Primerica 1977

Duluth, GA

A+ $362 M $4 B
Chubb Life 1882

Toronto, ON

A+ $308 M $ 0.2 B
TruStage Life 1902

Toronto, ON

A- $290 M $2 B
Combined of America 1922

Chicago, IL

A+ $269 M $1 B
UV Insurance 1889

Drummondville, QC

$217 M $2 B
Assumption 1903

Moncton, NB

A- $206 M $2 B
Knights of Columbus 1882

New Haven, CT

A+ $201 M $4 B
Humania 1874

Saint-Hyacinthe, QC

A+ $197 M $0.7 B
American Income 1951

Waco, TX

A+ $173 M $0.6 B
TD Life** 1855

Toronto, ON

$155 M $0.2 B
Serenia Life 1972

Waterloo, ON

$38 M $0.4 B
CIBC Life** 1961

Toronto, ON

$34 M $0.1 B
Reliable Life 1887

Hamilton, ON

$5 M $0.01 B

Source: Company annual reports, OSFI financial data, A.M. Best Company

** Financial metrics displayed for life insurance businesses of the respective companies. Founding dates of respective parent companies.

Related: Expert reviews - The Best Life Insurance Companies In Canada

Compare the largest insurance companies in Canada: company profiles

Our list shows much more than the most prominent large insurance companies in Canada. Some of these brands are amongst the largest insurers in the entire world.

You may recognize many of the companies that top the list, but others may not be so familiar. For example, an insurance company like Beneva — which was formed when SSQ Insurance and La Capitale merged together. Or a company like Wawanesa.

Not a lot of people in Ontario may know them, but they are some of the top Canadian life insurance companies. Both of these providers and others collect billions of dollars in premiums every year.

Read on for an overview of each company that made the list.

The Canada Life Assurance Company (Canada Life, Great West Life, London Life)

Canada Life is one of the oldest and most stable life insurers in the country. Up until recently, it came second to Manulife in number of annual premiums — which was no surprise given that Manulife is one of the largest companies in the world.

But, in 2020, Great West Life merged with its sister companies London Life and Canada Life into the single Canada Life Assurance Company brand. That merger pushed Canada Life to the top of the charts.

Canada Life Insurance product offerings:

Canada Life offers a wide range of insurance products and other financial solutions, including:

  • Term life insurance
  • Permanent life insurance
  • Critical illness insurance
  • Disability insurance
  • Health & dental insurance
  • Creditor insurance
  • Business insurance & workplace benefits
  • Investments and savings: segregated funds, annuities, retirement planning, etc.
  • Mortgages

What sets Canada Life apart

  • Canada Life possesses $568 million in assets, making it one of the largest life insurance companies in Canada
  • The company aims to provide accessible healthcare and affordable medication through its mobile application called DrugHub
  • Canada Life is known for its CSR initiatives, such as the Health and Homelessness Fund, where it raised $500,000 in a donation drive for the homeless in London, Ontario
Read our full Canada Life Term Life Insurance Review

The Manufacturers Life Insurance Company (Manulife)

Manulife started in 1887 as the Manufacturers Life Insurance Company. They were the largest insurance company in Canada until just a few years ago. But they still have the most assets out of any other Canadian insurer.

Manulife Canada is a subsidiary of Manulife Financial Corporation, a Canada-based multinational insurance company and financial services provider.

They do a lot of business in South East Asia and also in the United States, where they operate through a brand called John Hancock.

Manulife product offerings:

The Manulife insurance company offers several types of policies and investment plans, including:

  • Term life insurance
  • Permanent life insurance
  • Mortgage protection insurance
  • Critical illness insurance
  • Disability insurance
  • Travel insurance

Manulife also operates Manulife Bank, which offers chequing and savings accounts, credit cards, and mortgages.

What sets Manulife apart

  • Manulife was the first Canadian life insurer to utilize artificial intelligence in its underwriting process. This allows the company to approve up to $2 million in coverage without requiring medical exams
  • Manulife boasts over $1 trillion in assets under management, making it one of the largest life insurance companies in Canada 
  • Manulife was the first company to provide insurance to people with diabetes and also offered rates to non-smokers. Even recently, Manulife has become a pioneering company in offering life insurance to patients suffering from HIV
  • Manulife Vitality lets users accrue points and rewards, such as premium discounts, gift cards, and even an Apple Watch, by participating in healthy activities like exercise, visiting the doctor frequently, and eating a balanced diet
Read our full Manulife Term Life Insurance Review

Sun Life Assurance Company of Canada

Sun Life Financial, Inc. is one of the largest life insurers in the world, and also one of the oldest, with a history spanning back to 1865.

Apart from Canada, they have a presence in the US and in seven Asian markets, including China and India.

Sun Life Insurance product offerings:

The Sun Life Assurance Company of Canada offers a wide variety of products, including:

  • Term life insurance
  • Permanent life insurance
  • Mortgage protection insurance
  • Critical illness insurance
  • Disability insurance
  • Health & dental insurance
  • Travel insurance
  • Long-term care insurance
  • Investments and savings: retirement income plans, asset management, etc.
  • Financial advice

What sets Sun Life apart

  • Sun Life has introduced a large number of digital projects. One such project is Prospr by Sun Life which assists Canadians with their financial goals. With Prospr, clients can connect with a licensed advisor, assess their financial needs, and track their financial goals
  • Sun Life’s Lumino Health Virtual Care platform gives users round-the-clock access to medical and mental health professionals
  • Sun Life actively engages in community initiatives and partnerships, focusing on building healthier communities
Read our full Sun Life Insurance Review

Industrial Alliance Life Insurance

iA Financial Group is one of the largest insurance and wealth management groups in Canada. They also have operations in the United States. It was founded in 1892 and offers both individual and group benefits products.

iA is more than an insurance company — they also work in property management and real estate. They rent out many office spaces in major cities across Canada.

iA Financial Group product offerings:

Industrial Alliance offers a wide variety of products, including:

  • Term life insurance
  • Permanent life insurance
  • Mortgage protection insurance
  • Critical illness insurance
  • Disability insurance
  • Travel insurance
  • Car & RV insurance
  • Home insurance
  • Investments and savings: registered savings plans, annuities, loans, etc.

What sets Industrial Alliance apart

  • Industrial Alliance has a strong financial foundation, serving over 4 million clients with the help of over 25,000 representatives
  • Dialogue, a wellness application by iA, provides direct access to a team of healthcare professionals 24/7, along with telemedicine and stress and wellness management programs
Read our full iA Term Life Insurance Review

Desjardins Financial Security

Desjardins is well known across Canada, offering a wide variety of financial services and insurance products.

The company mainly focuses on life, health, and home insurance, and wealth management services. But they also offer business services like point-of-sale payments and cash management.

Desjardins product offerings:

Desjardins offers a full suite of insurance and finance products and services, including:

  • Term life insurance
  • Permanent life insurance
  • Critical illness insurance
  • Disability insurance
  • Health & dental insurance
  • Travel insurance
  • Auto & RV insurance
  • Home insurance
  • Pet insurance
  • Group insurance
  • Creditor insurance
  • Business insurance
  • Investments and savings: guaranteed investment accounts, wealth management, loans, etc.
  • Mortgages

What sets Desjardins apart

  • Desjardins is a cooperative financial institution, meaning it is owned and governed by its members rather than a corporate setup. Its Melodia portfolio helps users invest in diversified assets such as stocks and bonds
  • Desjardins has invented the “caissassurance” model, enabling customers to obtain insurance products through their neighborhood caisse populaire ( member-owned financial institution that provides insurance services) directly
Read our full Desjardins Insurance Review
Tip

Tip: Size isn't everything

Canada Life, Manulife, Sun Life, Industrial Alliance, and Desjardins are Canada’s biggest life insurers, but you should look at more than just size when deciding which provider would be best for your coverage needs.

Beneva Inc.

Beneva became the 6th largest insurance company in Canada in 2023 after a major merger between Quebec-based companies SSQ Insurance and La Capitale.

SSQ Insurance was founded in 1944 while La Capitale was founded just a few years earlier, in 1940. Both companies were founded and operated on mutualist values, which have carried on with their merger into Beneva. This makes it one of the biggest mutual insurance companies in the country.

Beneva Insurance product offerings:

Beneva offers the same high-quality products and services as its parent companies, including:

  • Term life insurance
  • Permanent life insurance
  • Critical illness insurance
  • Disability insurance
  • Auto & RV insurance
  • Home insurance
  • Group insurance
  • Creditor insurance
  • Business insurance
  • Investments and savings: segregated funds, annuities, registered savings, etc.

What sets Beneva Inc. apart

  • Benevas’s online platform, called Client Centre, lets customers monitor and manage their investment portfolio without any hassle. This platform allows for 24/7 access to policies, claims submissions, and tracking to ensure complete transparency and enhanced user experience
  • Beneva’s Assistance Benefit service can help individuals during an emergency as it connects users to the top three doctors in the area whose expertise matches the ailment
  • Beneva actively supports student-athletes and has funded over 200 young sports enthusiasts
Read our full Beneva Life Insurance Review

RBC

The Royal Bank of Canada (RBC) is one of the most well-known financial companies in North America. RBC Insurance is the part of RBC that sells insurance to people and businesses.

They offer an enormous range of products and financial services, and even reinsurance. They also have an added option of RBC Private Insurance, which is a thorough and customizable package designed to give you the most protection against risks.

RBC Insurance product offerings:

RBC Insurance’s extensive list of offerings includes:

  • Term life insurance
  • Permanent life insurance
  • Critical illness insurance
  • Disability insurance
  • Health insurance
  • Travel insurance
  • Auto insurance
  • Home insurance
  • Group insurance
  • Creditor insurance
  • Business insurance & reinsurance
  • Investments and savings: wealth management services, annuities, loans, etc.
  • RBC Private Insurance — a comprehensive risk protection package

What sets RBC apart

  • RBC insures the risks of other insurance and reinsurance companies through its innovative Reinsurance Business solutions, which cover life, longevity, disability, and accident. 
  • The company provides business clients with specific insurance options, such as business loan insurance and group benefits programs
  • RBC Insurance enjoys robust financial stability as a part of the Royal Bank of Canada, one of the biggest banks globally
Read our full RBC Term Life Insurance Review

Wawanesa

Wawanesa Mutual is the parent company of Wawanesa Insurance, which sells life insurance and other products. It was founded in 1896 and is based in Winnipeg, Manitoba.

They also operate as Wawanesa General in the US. They mostly sell P&C insurance in California and Oregon.

Wawanesa product offerings:

Wawanesa Insurance offers a good selection of products, including:

  • Term life insurance
  • Permanent life insurance
  • Critical illness insurance
  • Disability insurance
  • Auto insurance
  • Home & renters insurance
  • Pet insurance
  • Group insurance
  • Commercial/business insurance
  • Farm insurance
  • Investments and savings: registered savings plans, guaranteed investment accounts, annuities, etc.

What sets Wawanesa apart

  • Wawanesa is a mutual insurance company, meaning that policyholders own the company instead of stockholders. This structure enables Wawanesa to match its objectives with its customers’ demands, giving priority to their interests and offering more individualized service
  • Customers looking for value without sacrificing coverage quality will find the company appealing because of its reputation for offering competitive rates on insurance products
Read our full Wawanesa Term Life Insurance Review

BMO Insurance

BMO Financial Group is one of the largest financial institutions in Canada, if not the world. It was founded in 1817 as Bank of Montreal.

BMO Insurance is the part of BMO that sells insurance policies and similar services.

BMO Insurance product offerings:

BMO offers a few different types of insurance policies and financial services, including:

  • Term life insurance
  • Permanent life insurance
  • Critical illness insurance
  • Travel insurance
  • Investments and savings: income annuities, guaranteed investment funds, etc.

What sets BMO Insurance apart

  • As of late 2023, BMO Life Insurance was one of Canada’s top ETF insurers, managing more than $95.53 in ETFs nationwide
  • BMO Life Insurance has made investments in digital tools, such as online policy management and claims submission, to improve the customer experience
Read our full BMO Term Life Insurance Review

Equitable Life

Equitable Life Insurance Canada is the largest life insurance company in Canada that is federally regulated, meaning it follows rules set by the federal government.

Like Beneva and Wawanesa, Equitable is also a mutual company that is partly owned by some of its clients.

Equitable Life product offerings:

Equitable Life Insurance Company offers insurance products such as:

  • Term life insurance
  • Permanent life insurance
  • Critical illness insurance
  • Disability insurance
  • Health & dental insurance
  • Group insurance
  • Investments and savings: retirement income protection, segregated funds, etc.

What sets Equitable Life apart

  • Customers of Equitable Life Insurance can handle their policies online, completing tasks like requesting policy loans, transferring investments, and altering beneficiaries. Policyholders benefit from the ease and flexibility of this digital access
  • With the recently introduced First Home Savings Solution (FSHA) from Equitable Life, first-time homeowners will be able to get maximum coverage amounts and attractive home insurance benefits at a reduced premium cost
  • The organization places a strong emphasis on providing individualized service, and committed insurance advisors are on hand to offer direction and assistance throughout the insurance process
Read our full Equitable Life Insurance Review

The Empire Life

Empire Life was founded in Kingston, Ontario, in 1936. They have services, sales, and marketing centres throughout Canada.

They sell a wide range of financial products and services. But they are most well known for their permanent participating life insurance policies.

Empire Life Insurance Company product offerings:

Empire Life offers a wide variety of products and services for personal finance needs, including:

  • Term life insurance
  • Permanent life insurance
  • Critical illness insurance
  • Disability insurance
  • Health & dental insurance
  • Group insurance
  • Investments and savings: RRSPs, annuities, etc.

What sets Empire Life apart

  • Empire Life has a strong financial position, evidenced by its Life Insurance Capital Adequacy Test (LICAT) ratio, which is significantly above the minimum requirements
  • Their Retirement and Savings Tool helps users check if they are on track to meet their savings goals and plan for retirement
Read our full Empire Life Insurance Review

Foresters Financial

Foresters Financial is a company that offers financial services in Canada, the US, and the UK. It was founded over 140 years ago, in 1870.

Many of Foresters’ life insurance products help charities. When you buy these products, the company donates to a charity you choose.

Foresters underwrites the insurance policies offered by Canada Protection Plan.

Foresters Life Insurance product offerings:

Foresters offers a limited range but strong quality of products and services, including:

  • Term life insurance
  • Permanent life insurance
  • Mortgage protection insurance
  • Critical illness insurance
  • Investments and savings: retirement income plans, annuities, etc.

What sets Foresters Financial apart

  • As a fraternal benefit society, Foresters Financial offers unique member benefits to policyholders, such as competitive academic scholarships, grants for volunteer activities, and discounts on everyday expenses
  • Foresters also offers many complimentary fun events for their insured members and families, such as baseball games and amusement park outings
Read our full Foresters Term Life Insurance Review

Co-operators Insurance

The Co-operators Group Limited is a leading Canadian co-operative company that sells multiple lines of insurance. They have more than $41.7 billion in assets and many subsidiary companies.

They mostly offer life insurance, home insurance, asset management, and brokerage services. Most of their products are sold through a network of financial advisors and insurance brokers.

Co-Operators product offerings:

The Co-operators Insurance Group offers a wide range of financial services and insurance products, including:

  • Term life insurance
  • Permanent life insurance
  • Mortgage protection insurance
  • Critical illness insurance
  • Travel insurance
  • Auto & RV insurance
  • Home insurance
  • Property & casualty insurance (P&C)
  • Group insurance
  • Business insurance
  • Farm insurance
  • Investments and savings: asset management services, segregated funds, etc.
  • Brokerage services

What sets Co-operators Insurance apart

  • Co-operators Insurance collaborates with all tiers of government as well as with research organizations, municipalities, non-profits, and investors to create climate-resilient communities
  • Co-operators Insurance has set net-zero targets for their operations and investments in order to contribute to a healthier future
Read our full Co-Operators Life Insurance Review

ivari

Ivari used to be called Transamerica Life Canada. It is now owned and operated by the Canada Pension Plan Investment Board (CCPIB).

They have been operating for more than 80 years, offering a variety of insurance policies and investment products.

ivari Insurance Company product offerings:

ivari offers insurance and investment solutions such as:

  • Term life insurance
  • Permanent life insurance
  • Critical illness insurance
  • Investments and savings: annuities, segregated funds, guaranteed interest accounts, etc.

What sets Ivari apart

  • ivari actively engages in community support through charitable giving and partnerships, such as its collaboration with United Way Centraide Canada
  • ivari’s My Insurance View is an easy-to-use interactive tool that provides clients with a personalized insurance solution based on their budget and premium-paying capacity
  • ivari provides its users with excellent virtual healthcare through its mobile application called Maple, which has access to the best online practitioners in each province
Read our full ivari Term Life Insurance Review

Blue Cross

There are many different Blue Cross member plans in Canada. The Canadian Association of Blue Cross Plans is the group that represents all of them independently.

Blue Cross is best known for group insurance and travel insurance. Canadians who are Blue Cross members can save money on insurance for things like vision, medical, and more through their Blue Advantage program.

Blue Cross product offerings:

The Blue Cross insurance company offers insurance products such as:

  • Term life insurance
  • Permanent life insurance
  • Critical illness insurance
  • Disability insurance
  • Health & dental insurance
  • Travel insurance
  • Group insurance

What sets Blue Cross apart

  • Blue Cross has a unique “Young Adults Benefits Package” that helps young working individuals get health and dental coverage at a minimal coverage
  • Blue Cross actively engages in programs that promote wellness and preventive care, reflecting their dedication to creating healthier communities and addressing public health challenges
Author Photo
The best type of life insurance company and policy depends on your own circumstances, needs, and goals. It will be different for everyone. If you’re unsure, book some time with us to get expert advice on the best options for you and your family.
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Carly Griffin
Senior Insurance Advisor, LLQP

Securian Canada

Most people know Securian Canada by its old name, Canadian Premier Life. It is a company that offers financial management services and several insurance products.

Securian Canada product offerings:

Securian offers several insurance products for individuals and businesses, including:

  • Term life insurance
  • Permanent life insurance
  • Mortgage protection insurance
  • Critical illness insurance
  • Group insurance
  • Creditor insurance
  • Business insurance
  • Asset management services
  • Customized products for financial institutions

What sets Securian Canada apart

  • Securian Canada focuses on providing insurance solutions specifically tailored for financial institutions and affinity groups, allowing them to create products that meet the unique needs of these markets
  • CPA makes an effort to add value to memberships in order to increase their value. This includes offering “group” pricing through the CPA insurance program, which assists people in taking care of their families and finances

Primerica

The Primerica Canada Insurance Company was started in 1986. It’s a subsidiary of Primerica Life Insurance Company, offering insurance and other financial services.

Primerica Canada Insurance Company product offerings:

Primerica offers products and services such as:

  • Term life insurance
  • Disability insurance
  • Auto insurance
  • Investment management services
  • Pre-paid legal services
  • Financial Needs Analysis (FNA) services

What sets Primerica apart

  • Primerica helps families make financial security by offering easily accessible financial products that are tailored to their needs and specifically target those making between $30,000 and $100,000 annually
  • Primerica also offers Primerica Representative, a unique application that allows individuals to gain a better understanding of where they stand with their personal finances and design an improved financial goal within 30 minutes

Chubb Life

Chubb Life Insurance Company was founded in 1882. Now, they’re a trusted and reliable provider of insurance in Canada. They have offices in Ontario, Quebec, Alberta, and British Columbia.

Chubb Insurance Co. of Canada product offerings:

Chubb Life offers many standard insurance products, including:

  • Term life insurance
  • Permanent life insurance
  • Critical illness insurance
  • Travel insurance
  • Auto insurance
  • Home insurance
  • Property & casualty insurance
  • Group insurance
  • Business insurance

What sets Chubb Life apart

  • Through Chubb Life’s unique platform, Chubb Studio, insurance products can be seamlessly integrated into a variety of ecosystems, making it simple and effective for customers to obtain coverage via digital channels
  • Chubb Life offers a special client benefits program that gives policyholders access to extra help, such as career, legal, financial, and mental health counseling

TruStage Life (Assurant Life)

The insurance company known as Assurant Life rebranded into TruStage in 2022 after it was bought by CUNA Mutual Group.

Assurant first began in 1902 as a family-owned funeral business. As an insurance company, they specialized in selling insurance for end-of-life planning, like funeral insurance and executor protection insurance. They also offer services like assessing and handling final documents — wills, trusts, etc.

Now, TruStage sells its products through a network of more than 300 insurance brokers across Canada.

TruStage product offerings:

TruStage Life sells insurance policies and offers financial services including:

  • Term life insurance
  • Permanent life insurance
  • Cancer, heart attack, and stroke insurance coverage
  • Auto insurance
  • Home insurance
  • Business insurance
  • Investments and savings: annuities, wealth management services, etc.
  • Funeral pre-planning services

What sets TruStage Life apart

  • With TruStage, coverage limits for term life insurance range from $5,000 to $300,000, and for whole life insurance, they range from $5,000 to $100,000
  • Credit unions and TruStage collaborate to provide life insurance options to their members. By taking advantage of these alliances, the business can offer clients who already do business with their credit union

Combined Insurance Company of America

Combined Insurance Company of America is owned by Chubb Insurance Company in the US. It was founded in 1922 and sells insurance to people and businesses.

Combined of America Company product offerings:

Combined Insurance, a Chubb company, offers mostly supplemental insurance products, including:

  • Supplemental life insurance
  • Critical illness insurance
  • Disability insurance
  • Supplemental health insurance
  • Combined Insurance Worksite Solutions, comprehensive insurance coverage to complement group insurance

What sets Combined Insurance apart

  • Combined Insurance Company places a high priority on providing accessible and easily understood supplemental insurance. They offer a wealth of information and assistance to clients in weighing their options
  • For numerous years, Combined Insurance Company has been acknowledged as one of the best military-friendly employers, demonstrating its dedication to hiring veterans and assisting military families

UV Insurance

UV Insurance, formerly known as UL Mutual, was founded in 1889 in Quebec. They are the 5th oldest insurance company in Canada.

UV Insurance product offerings:

UV’s product offerings include:

  • Term life insurance
  • Permanent life insurance
  • Critical illness insurance
  • Group insurance
  • Investments and savings: retirement products, guaranteed investments, etc.

What sets UV Insurance apart

  • In 2020, UV Insurance contributed more than $620,000 to the community through sponsorships and donations
  • UV Insurance has added a century-worth of great accomplishments, which resulted in them earning the distinction of being the second most sustainable SME in Quebec
  • The company aims to collaborate with other ventures that closely share their value on the sustainability and innovation front
Read our full UV Life Insurance Review

Assumption Mutual Life

Assumption Life is best known for its no-medical term life plans. They were founded in 1903 in New Brunswick, Canada. But they were originally a fraternal society in Massachusetts, USA, before they decided to start selling insurance.

Assumption Mutual Life Insurance product offerings:

Assumption Life offers the following products:

  • Term life insurance
  • Permanent life insurance
  • Critical illness insurance
  • Group insurance
  • Commercial mortgage insurance
  • Investments and savings: retirement products

What sets Assumption Mutual Life apart

  • Assumption Life provides a Registered Investment Account (RIA) that features low management fees and high-performing funds. This product is designed for fee-conscious clients, offering competitive returns while minimizing costs
  • Assumption Mutual Life provides high-performing, pre-packaged funds that are professionally managed and tailored to each client’s risk tolerance and time horizon
Read our full Assumption Life Insurance Review

Knights of Columbus

Knights of Columbus is a Catholic fraternal organization. It started in 1882 as a mutual benefit society for Catholic people who moved to the US. The company sells insurance and financial services, but also does a lot of charity work.

Knights of Columbus Insurance product offerings:

Knights of Columbus offers several insurance and personal finance products, including:

  • Term life insurance
  • Permanent life insurance
  • Disability insurance
  • Long-term care insurance
  • Investments and savings: investment management, annuities, etc.

What sets Knights of Columbus apart

  • The Knights of Columbus is deeply rooted in charitable work, having donated over $185 million and contributed 49 million volunteer hours in 2022 alone

Humania Assurance Inc.

Humania Assurance was founded in Quebec in 1874 as a mutual society. They offer a lot of no-medical life insurance options and are best known for how quickly they issue policies.

Humania Assurance product offerings:

Humania Life Insurance offers insurance products including:

  • Term life insurance
  • Mortgage insurance
  • Critical illness insurance
  • Disability insurance
  • Health insurance
  • Travel insurance

What sets Humania Assurance Inc. apart

  • Prioritizing a human-centric strategy, Humania Assurance Inc. makes sure that customer interactions are marked by empathy and understanding, which improves the customer experience as a whole
  • Humania Assurance recently completed 150 years of serving clients and building a network of policyholders, advisors, and trusted clients in Canada, which is a huge achievement
Read our full Humania Term Life Insurance Review

American Income

American Income Life was founded in 1951. The company now sells insurance in Canada, the US, and New Zealand. They focus on helping working families and members of credit unions, labour unions, and other associations get insured.

American Income Life Insurance product offerings:

American Income offers the following insurance products:

  • Term life insurance
  • Permanent life insurance
  • Supplemental health insurance

What sets American Income apart

  • American Income Life’s no-cost Legacy Will Kit helps users decide who will take care of their family, leaving all they’ve  worked for to those they love, and secure their future wishes
  • The company believes in upfront and honest pricing, with no hidden fees or commission
  • America Income is dedicated to empowering clients through financial education, offering seminars, workshops, and resources to help them make informed decisions

Serenia Life

Serenia Life is a US fraternal benefit society that sells insurance in Canada. It was founded in 1972 and used to be called Faithlife Financial up until 2008. Their company is inspired by Christian values.

Serenia Life Insurance Company product offerings:

Serenia Life offers the following insurance products and financial services:

  • Term life insurance
  • Permanent life insurance
  • Investments and savings: investment management, annuities, etc.

What sets Serenia apart

  • Serenia Life emphasizes one-on-one financial guidance, ensuring that each member receives tailored advice suited to their needs
  • The company operates on the belief that prosperity and generosity go hand in hand, encouraging members to engage in charitable activities and community support

CIBC

CIBC Insurance is a part of CIBC (the Canadian Imperial Bank of Commerce), one of Canada’s biggest banks. The bank itself was formed in 1961 after two older Canadian banks merged into one. They later started selling insurance products too.

CIBC Life Insurance product offerings:

CIBC offers insurance products such as:

  • Term life insurance
  • Critical illness insurance
  • Travel insurance
  • Auto insurance
  • Home insurance
  • Creditor insurance

What sets CIBC apart

  • CIBC prioritizes environmental, social, and governance (ESG) principles, actively supporting sustainable financing initiatives and investments in renewable energy
  • CIBC is committed to enhancing customer experience through advanced technology, such as mobile banking apps and digital tools, making insurance less complicated for users

Reliable Life

Reliable Life has been helping Canadians with insurance since 1887. They’re also part of a company called the Old Republic International Corporation, which is listed on the New York Stock Exchange. Reliable Life mostly sells travel insurance and accident insurance for students.

Reliable Life Insurance Company product offerings:

Reliable Life offers insurance products such as:

  • Travel insurance
  • Accident insurance

What sets Reliable Life apart

  • Reliable Life offers annuity products that provide a steady stream of income for life
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Methodology: How did we rank the major life insurance companies?

We ranked each of the largest life insurance companies in Canada based on:

  • Premiums – how much they collect from their clients annually
  • Longevity – how long they’ve been in business
  • Financial strength – grades given to them by rating agencies like AM Best, S&P, Moody’s, etc.
  • And other factors

Is it better to choose a bigger insurance company? 

Buying a policy from one of the biggest insurance companies in Canada may not always be the best choice. Just because a company is the biggest, it doesn’t mean that it’s the right company for your needs. Sometimes, going with a smaller company may be to your advantage.

This is why it’s best to speak with our licensed advisors. They have intimate knowledge of the Canadian insurance market and can recommend the best provider for your specific needs.

largest life insurers in Canada

How to choose a life insurance company in 2024?

There are 5 main factors you should look at when you’re choosing the right insurance provider:

  1. Size
  2. Ratings and reviews
  3. Product availability
  4. Coverage options
  5. Price

1 Size

The size of an insurance company matters because it affects the customer service you receive, the types of products they can offer, and how much or how little they will charge you.

Large life insurance companies may have more staff and more resources to offer a bigger variety of products and services.

2 Ratings and reviews

There is no end to online insurance reviews you can check out. Whether it be ratings from AM Best or other providers of financial strength ratings, online reviews (Google, TrustPilot, Reviews.io and others), or word of mouth from friends and family who have already purchased coverage and can recommend insurance brokers.

3 Product availability

You’ll want to make sure the company has the type of insurance products that you want, and the right features for your needs. For example, someone who has health problems should choose a provider who offers a special type of insurance policy called no-medical, which won’t ask you to do a medical exam.

Innovative, Canadian, online life insurance brokers like PolicyAdvisor can help you check out what different companies have to offer, so you can find the best fit for your needs.

4 Coverage options

It’s also important to think about what kind of coverage you can get: how much or how little, whether you can change the type of coverage, and more. Depending on your needs, you may want to pick a policy provider that can:

  • Give you a high coverage amount
  • Let you add more coverage later on if you need it
  • Let you convert your term life policy into a whole life policy

These options can help you narrow down which provider you should choose.

5 Price

How much your policy will cost is a major deciding factor for most people. Some insurance companies can charge higher premiums than others, depending on what kind of plans and features they offer.

Some companies give people who live healthier lifestyles lower life insurance premiums so they don’t pay so much. This is often called a preferred rating, but different companies can sometimes come up with their own unique name for it.

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

Choosing a bigger versus a smaller insurance company

Whether you would be best served by choosing a large or a small insurance company as your provider comes down to what matters most to you and your family. There are advantages and disadvantages for each one, so the right choice will depend on you.

Below, we’ve provided some tips to help you choose. But you can also book a call with us if you need one-on-one help with deciding.

Why choose a bigger insurance company?

There are many reasons to choose a large company for your financial security needs, such as knowing you’ll be working with experienced professionals who have been in the field for a long time. Here are some of the major benefits.

Scalability

Most of Canada’s largest insurance companies have been in business for decades — some from as long ago as the mid-1840s ′s. When a company has been around for that long, you can trust that they know how to do business in the industry very well.

Big providers like this know the ins and outs of Canadian insurance, and their history of meeting long-term financial obligations means it’s not risky to do business with them. There’s a good chance they know how to manage your policy well and that they’ll be around for years to come.

Flexibility

The largest life insurance providers can offer you the most choice for the type of product you buy and how much you’ll be covered for.

For example, you can get more than just term insurance and will probably have options to convert your policy into a permanent plan. It can be convenient to get all of your different insurance policies in one place.

And, you can get higher coverage amounts for life insurance. While a smaller insurer may only be able to cover you for up to $500,000, a bigger provider can probably offer you millions — if you need that much.

Operating hours

Bigger insurance providers are usually open later and longer and are available on the weekends too. Because they’re so large, they usually have offices all over Canada, employ a lot more people, and have brokers selling their products on their behalf. 

This means you, the customer, can speak to an agent faster, whether over the phone, online, or in person.

Technology

Another huge advantage of choosing a bigger insurance company is that they have more money to spend on upgrading their technology. 

They can improve the way their customers do business and make it easier to do things like get quotes, buy a policy, change your plan, submit a claim, get help, or anything else you need.

Why choose a smaller insurance company?

Working with a smaller insurance company can be a good thing, too. A lot of them are just as stable as the bigger providers, and they can give you more specific products and personalized service. Here are some of the major benefits.

Price

Smaller insurance companies may not charge you as much for some insurance products as the bigger ones in Canada do.

This can be for a lot of different reasons. For example, bigger companies may have to meet certain government requirements or they may need more funds to upgrade their technology like we talked about earlier in this article.

But just be aware that although you can save some money if you choose to work with a smaller insurance company, the cost of term life insurance policies is about the same for all the top insurance providers in Canada. So, you may not want to choose on price alone.

Features

Canada’s largest life insurance companies can be slow to decide what products or services to introduce. However a smaller insurance company can be quicker and more easily offer tailored solutions.

Many Canadian insurers of all sizes offer extra options called life insurance riders that can help you make a custom plan. However smaller companies may have unique features that fit your needs better.

Customer service

Life insurance is a long-term agreement, so you’ll want to choose a company that knows how to value its customers. A small or medium-sized company can often give you personalized service that a bigger company may not be able to.

They may not have as many clients or hundreds of spread-out employees and representatives, so their service may have more of a personal touch.

And, they can quickly make changes to their products or services based on what customers want. For example, if you want an e-policy or if you don’t want to answer too many health questions, a smaller company may be able to give you those options.

Personal preference or ethics

Some Canadians choose to work with smaller companies just because of their own principles. Some want to support a smaller, local company as much as they can. 

Others may choose a mutual insurance company. Some may also want to work with a company that shares their ethical beliefs, like Christian-based companies.

Still looking for the top insurance companies in Canada?

If you’re still not sure whether one of the largest Canadian insurance companies is right for you, our advisors are happy to help you out! Book a call and let our experts answer your questions about what is offered by Canadian insurance companies — big and small.

Online insurance brokers like PolicyAdvisor.com let you compare insurance quotes from 30 of the country’s best insurance companies. Schedule a call or try out our instant insurance quoting tools to see how much you can save by comparing quotes online.

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Manulife Vitality Term Life Insurance Review – Updated 2025

Manulife Vitality Term Life Insurance Review

Manulife Vitality life insurance is a participatory wellness program that gives you rewards for making healthier lifestyle choices. If you are already a fan of tracking your steps, this policy might be a great option for you. By engaging in daily physical health and wellness activities, you earn Vitality points that can be used toward gift cards and discounts on your life insurance premiums. The more you participate, the better Vitality status you will achieve, which gets you a better discount. The Vitality program is available for term life insurance, universal life insurance, some Manulife CoverMe policies, as well as for health and dental insurance products from Manulife.

PolicyAdvisor Rating

Recommended for the already health-conscious

AM Best Rating A+

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Pros and cons

Pros

  • 10% discount on the cost of insurance 
  • Annual premium discounts when you participate
  • Free Apple Watch or another fitness tracker (older models) when you achieve 500 points each month
  • Chances to win gift cards and rewards every week 
  • Competitive pricing for term life insurance

Cons

  • Minimum $500,000 in coverage 
  • No couples or multipolicy options (no couples discount)
  • Premium discounts between Bronze and Platinum status are a few dollars, not a few hundred dollars 
  • Have to wait a whole year before you will see additional premium discounts
  • Opportunity for your premiums to go up if you don’t participate 
  • Newer models of fitness trackers will have an initial fee
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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 Manulife Insurance?

Manulife is one of Canada’s largest and oldest insurance companies and most trusted brands. Known originally as Manufacturers Life Insurance Company, Manulife Financial corporation holds over a trillion dollars in assets and offers a wide array of insurance and other financial products in Canada and the United States (through their John Hancock brand). Besides life insurance plans, Manulife offers travel insurance, health and dental plans, and other insurance products for individuals and groups.

Read our full Manulife Life Insurance Review

Key facts about Manulife

  • When was Manulife founded? Manufacturers Life Insurance Company was founded in 1867
  • Where is Manufacturers Life Insurance Company headquarters? Toronto, Ontario
  • AM Best Rating: A+
  • Better Business Bureau Accreditation and Rating: N/A
  • Assets: $200-billion
  • Annual Premiums: $39.2-billion

What is the Manulife Vitality Program?

The Manulife Vitality program is a new way to engage with your life insurance policy. When you sign up for one of Manulife’s eligible insurance policies (term, universal, health, or dental) and participate in health and wellness activities, you earn Vitality points that can be used toward gift cards and discounts on your monthly premium.

It’s a way for the insurance company to encourage healthy choices and track health data for their clients to better determine premiums. This is a win-win for those that already track their steps and make daily and weekly efforts toward a healthy lifestyle. The more points you collect, the better the rewards. 

The vitality program is split up into two levels: Vitality Go, which is the basic vitality program for all eligible plans; and Vitality Plus, which is exclusively available for select policies only.

Vitality Go

This feature is automatically available FOR FREE for all eligible plans — namely, term life insurance plans that have at least $250,000 in coverage and universal life insurance plans that have at least $100,000 in coverage. But policyholders are not obligated to make use of its features if they’d prefer not to.

If they do participate, policyholders can earn sweet rewards including gift cards and other exclusive deals, plus the obvious benefit of a healthier lifestyle. There’s no skin off your back if you don’t take advantage of it, though. 

Vitality Go also applies to Manulife CoverMe, Manulife FlexCare health & dental coverage, and Manulife FollowMe health & dental coverage.

Vitality Plus

This feature also rewards policyholders who participate in health activities, but to a greater extent than Vitality Go. Vitality Plus participants can look forward to exclusive perks like discounted insurance premiums, Fitbit and Apple Watch discounts, Amazon Prime membership, exclusive Expedia.ca deals, and more. But at the same time, Vitality Plus also introduces penalties when policyholders fall short of their healthy lifestyle goals.

Only select Manulife insurance products are eligible for Vitality Plus. And, it costs policyholders an additional $6 per month, on top of their usual premiums and policy fees, just for the privilege of having the potential to benefit based on their achieved tier. (We’ll get to that in the next paragraph below)

Coverage and policy details: Manulife Family Term with Vitality Plus

  • Available Term Lengths: 10 years, 20 years, to age 65, to age 100
  • Available Term Types: Guaranteed minimum & maximum level premiums
  • Maximum Amount of Coverage: $25,000,000
  • Renewability: Yes, up to age 80
  • Convertibility: Yes

Vitality Points System

The program works on a tiered status system, depending on how many points you collect annually. 

Vitality Status Points Required Per Year
Bronze Status 0 points
Silver Status 3,500 points
Gold Status 7,000 points
Platinum Status 10,000 points 

Your status will renew at the end of the program year, so you have to keep participating if you want to reap the rewards. Additionally, 10% of your points will roll over from the previous year into the next year to encourage you to keep participating. 

The program further incentivizes users by offering an Apple Watch or another wearable device. With the program, you pay an initial fee for the watch for newer models (free for older models) plus any taxes. Then the more you participate in the Vitality program, the more of the bill they will cover each month.

 

Apple Watch Type Initial Payment Monthly Payment
    0 points 240 points 360 points  500 points
Apple Watch Series 3 (GPS) 38 mm $0 $10.35 $8 $5 $0
Apple Watch Series 7 (GPS) 40 mm $97 $18 $14.50 $9 $0

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How to earn Vitality points

Manulife Vitality Go is now automatically added to all eligible insurance products. Once you set up your policy with your life insurance advisor, you will receive an email link to the program. If you would prefer Manulife Vitality Plus, then it’s just a matter of registering for that plan instead. Anyone who has Vitality Go can upgrade to Vitality Plus if they so choose.

  • Step One: Find out your Vitality Age 

The program begins by determining your Vitality Age. This is the baseline used to determine your progress. Just for signing up you and doing your health review, you will receive 2,000 points. 

  • Step Two: Get your fitness tracker 

With this program, you can use the Apple Watch on offer, a Garmin, Fitbit, or wearable devices that tracks your fitness progress and physical activity. You must download the Vitality Mobile App on the device in order to participate. While it’s not necessary to have and use a fitness tracker to participate, it will certainly help you track your progress and earn points doing simple activities like walking and workouts. 

  • Step Three: Track your activity 

Participate in the goal-oriented program that includes everyday activities like walking the dog, going to the gym, or completing online nutrition courses. When you start the program, you are at Bronze status and the app will suggest your weekly goal. The more you participate, the more points you earn. 

NOTE: Vitality Go users are not required to use the app if they don’t want to. But it does provide a great resource for comparing the kinds of rewards you would have gotten if you were on the Vitality Plus program. For instance, it may show you the difference in pricing between your current premiums and the discount you would have had if you were a Vitality Plus member at your tier. But Vitality Plus members should make sure to download the app and log their health achievements to avoid penalties.

You can earn Vitality points, by participating in the following activities:

Goal Type Activity
Movement Goals
  • 10,000 daily steps (20 points) 
  • 15,000 daily steps (30 points) 
  • 30-minute workout (20 points)
  • Additional points for advanced workouts
Nutrition Goals 
  • Track active calories through Apple Watch (20 points) 
Mindfulness & Mental Health Goals 
  • Record 10 or more total meditation minutes per day with one of the four supported meditation apps (10 points)
Health Goals 
  • Do your yearly Vitality health review (500 points) 
  • Do your annual health check through ExamOne (4500 points)
    (Blood pressure check, cholesterol check, and other health risks)
  • Declare yourself as a non-smoker (1,000 points)

This is not an exhaustive list of how to earn points. Visit Manulife Vitality’s website to learn more about how to earn Vitality points.

The perks of Manulife Vitality

As mentioned, when you participate in the program, you are eligible for weekly rewards, such as gift cards for Vitality Go and annual premium discounts for Vitality Plus. Some of the other alluring rewards for Vitality Plus include: 

  • A one-year Amazon Prime® membership when you reach Platinum Status and complete your Vitality Health Review three years in a row
  • Exclusive member prices and up to 50% off two hotel bookings on travel when booked through Expedia.ca
  • Special rates on GoodLife Fitness memberships
  • A free annual health assessment from ExamOne® to get an understanding of how healthy you are today, and what areas you can improve
  • Get Apple Watch from just $0 and fund the balance by tracking daily activity and earning Vitality Points
  • Receive a free Garmin vívofit® 4 when you sign up for Manulife Vitality or take advantage of exclusive member upgrade prices on the latest wearable technology

You can read the full list of rewards and benefits on Manulife Vitality’s website.

How much does Manulife Vitality life insurance cost?

Vitality Go is a free program that’s automatically available for any of Manulife’s eligible insurance products. It also does not provide a discount on insurance premiums, so your monthly or annual bill would remain the same. 

Vitality Plus, on the other hand, costs $6/month. In terms of premiums, depending on the tier you achieve, you can get a discount of up to 15% off every year.

But keep in mind that the actual discount you see on your statement may end up less than you expected after adjusting for policy fees and the $6 Vitality Plus fee. The final discount may be in the range of 5-8%.

You should also consider that a Bronze tier Vitality Plus policy with a discounted premium may not be much cheaper than a standard Vitality Go policy. Of course, the calculations will vary. But because Vitality Plus charges $6 and Vitality Go doesn’t, in some cases, the premiums for these two may work out to be around the same. For this reason, Vitality Plus really works best for those who have higher premiums so can benefit more from a percentage discount.

Here’s how the Vitality program stacks up to Manulife’s regular family term policy.

 

Coverage: $500,000
Term: 20-year term
Gender: male
Health Status: Healthy; non-smoker

 

Age Regular Manulife Policy Manulife Vitality Policy
35 $32.79 $32.02
40 $47.60 $45.35
45 $75.41 $70.38
50 $127.43 $117.20
55 $234.44 $213.51

As you can see, participating in the program not only benefits your health but your wallet as well—especially over time. With opportunities for further discounts as you participate, the Vitality program can offer more affordable life insurance rates as you age. 

However, one thing to note is that the Vitality program does not offer couples or multi-policy discounts. Couples or multipolicy life insurance policies allow you to save on life insurance fees and have other benefits when you’re applying with your significant other. If you are looking for life insurance for couples, there may be better options for you.

What other insurance coverage does Manulife Vitality offer?

You can participate in the Vitality program when you sign up for Manulife term life insurance, universal life insurance, health, or dental.

Manulife UL with Vitality Plus combines the benefits of flexible investment potential with the Vitality program’s rewards for a healthy lifestyle.

Coverage and policy details: Manulife UL with Vitality Plus

  • Minimum Amount of Coverage: $100,000
  • Optional Riders: Term life rider and children’s insurance rider
  • Guaranteed Minimum Interest: 1%
  • Investment Flexibility: Wide range of options

Outside of the Vitality program, Manulife Canada also offers a huge range of insurance products including:

Vitality FAQ

When does my life insurance premium change?

You will see your premium discounts on the policy’s anniversary date; the premiums do not fluctuate month-to-month. After your first year of participating in the program, your policy will be reviewed and you will receive a discount according to your Vitality status, which you will keep for that year. 

Will the Vitality program pay for an Apple Watch with a Data plan?

The Vitality program points are used towards paying down the Apple Watch itself, not the cellular or data plan associated with it. To receive the Apple Watch, you may be subject to an initial fee depending on which model you choose and whether you are subscribed to Vitality Plus. You will be responsible for covering any applicable taxes or extra fees associated with Data plans or upgrades. 

Will my premium ever go higher than when I started?

This program is subject to minimum and maximum policy premiums. If you do not participate in the program and lose your Vitality status, your premiums may be changed to the maximum policy premiums and you will lose your previous discount. 

What if I want to stop participating?

If you stop participating in the daily and weekly healthy choices that the program encourages, you will not gain any further Vitality points and you may lose your policy’s discount.

What happens if I don’t maintain my status?

If you lose your status in a certain year, you will have a two-year grace period to earn it back.

How do I apply for the Manulife Vitality program?

Ready to start making healthy choices and save on your life insurance premiums? The first step to sign up for this program is applying for term life insurance with Manulife Insurance. If you are interested in a customized life insurance program that encourages a healthier lifestyle, the expert advisors at PolicyAdvisor can help! We can walk you through the application process and answer any questions you have about how your premium will be impacted by this program. We work with Manulife as well as 20+ other insurance providers and set you up with a policy that works for best for your financial needs! Speak to an advisor today!

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Manulife CoverMe Life Insurance Review – Updated 2025

Manulife CoverMe Life Insurance rating and review

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

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

PolicyAdvisor Rating

Not Recommended

AM Best Rating A+

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Manulife CoverMe Life Insurance pros and cons

Pros

Cons

  • CoverMe life insurance plans are more expensive than alternatives on the market, including Manulife’s own term life insurance
  • Limited options available in terms of amount of coverage
  • Limited options for benefits and riders
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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 Manulife CoverMe?

Manulife is one of Canada’s largest and oldest insurance companies and most trusted brands. Known originally as Manufacturers Life Insurance Company, Manulife Financial corporation holds over a trillion dollars in assets and offers a wide array of insurance and other financial products in Canada and the United States (through their John Hancock brand). Besides life insurance plans, Manulife offers travel insurance, health and dental insurance, and more protection plans to individuals and groups across the country.

CoverMe is Manulife’s direct-to-consumer, term life insurance purchasing platform. Customers can browse plans across the Life, Travel, and Health categories on CoverMe’s website and view term life insurance quotes online. From there, they can also start the online purchase process for their insurance plans. 

Read our full review of Manulife’s Vitality Life Insurance.

Key facts about Manulife CoverMe

  • When was Manulife CoverMe founded? Manufacturers Life Insurance Company was founded in 1867
  • Where is Manufacturers Life Insurance Company headquarters? Toronto, Ontario
  • AM Best Rating: A+
  • Better Business Bureau Accreditation and Rating: N/A
  • Assets: $200-billion
  • Annual Premiums: $39.2-billion

Types of term life insurance Manulife CoverMe offers

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

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

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

CoverMe Easy Issue Life Insurance

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

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

CoverMe Guaranteed Issue Life Insurance

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

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

FollowMe Life Insurance

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

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

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

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

Coverage and policy details

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

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

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

Is Manulife’s CoverMe Insurance right for you?

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

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

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