What are the best life insurance companies in British Columbia?

Choosing the best life insurance company in British Columbia requires you to compare premiums, coverage flexibility, policy benefits, and features that align with your long-term financial goals. Below, we have shortlisted six leading insurers based on their products, pricing, and suitability for British Columbia homeowners, families, and business owners.

1. Manulife: Best for families and combination protection in British Columbia

Manulife is an ideal choice for BC families and individuals seeking flexible life insurance coverage and protection against different financial risks across various life stages. The insurer offers Family Term, Manulife Par and the Synergy plan, which combines life, critical illness and disability insurance within one comprehensive policy.

According to the 2021 census, 68.1% of Surrey homeowners had a mortgage, making life insurance essential for financial protection. Manulife’s Family Term can be particularly useful for individuals looking to protect their family under a single plan, instead of having to insure each member individually.

Meanwhile, the Synergy plan can be ideal for British Columbia residents in cities like Vancouver and Victoria who want to protect themselves from financial liability in the event of a serious illness, disability, or even death. 

Our advisor’s take:

We gave Manulife 5/5 for its competitive term pricing, family-oriented features, and diverse bundled options. The Family Term plan can cover multiple eligible family members under one policy, making it great for BC residents seeking a hassle-free solution. The Synergy plan also offers a wider range of coverage options for those seeking critical illness and disability insurance alongside life insurance.

2. Equitable Life: Best for affordable term and participating whole life insurance in British Columbia

Equitable Life is a strong choice for British Columbia residents seeking competitive term life insurance premiums while retaining the option to convert to permanent coverage options as their financial priorities change. The insurer offers Term 10, Term 20 and Term 30/65 policies, alongside the Equimax participating whole life insurance plans. Eligible Term 10 and Term 20 policies can be exchanged for longer-term protection without new medical underwriting, making it ideal if financial needs change over time. 

Equitable’s term policies can help BC homeowners in cities like Vancouver, Surrey, and Victoria protect outstanding mortgages and replace income during key working years. Eligible policies can also be converted to a permanent policy, offering flexibility for long-term coverage. In terms of permanent coverage, Equitable Life’s Equimax plans offer lifelong protection with guaranteed cash values and non-guaranteed dividends. This can be ideal for business owners in British Columbia and individuals who wish to use the policy as part of an investment strategy.

Our advisor’s take:

We gave Equitable Life a 4.5/5 rating for the insurer’s competitive term premiums, participating whole life options, and conversion flexibility. Equimax is worth considering for British Columbia residents interested in permanent insurance with cash value accumulation and potential dividends. However, the term choices are less customizable than those of RBC Insurance or Canada Life, limiting its flexibility.

3. Sun Life: Best for comprehensive life insurance options in British Columbia

Sun Life is a strong choice for British Columbia residents seeking flexibility between temporary coverage and lifelong insurance. The insurer offers Evolve Term for term life insurance and participating life insurance through the Sun Par plans, alongside non-participating plans that serve a wider range of applicants.

Sun Life’s Evolve Term offers term lengths ranging from 5 to 40 years and coverage from $50,000 to $25 million, making it ideal for families in Vancouver, Surrey, and Victoria looking to align coverage with outstanding home loans or mortgages. One of the insurer’s key advantages is Evolve Term’s ability to accommodate eligible life events. Policyholders may request to increase coverage after eligible life events such as birth or adoption of a child, a qualifying income increase or a new or larger mortgage.

Meanwhile, the participating whole life policies like Sun Par Protector II and Sun Par Accumulator II may appeal to business owners and established Canadians in Vancouver or Metro Vancouver seeking to complement existing investments or tax-advantaged wealth transfer.

Our advisor’s take:

We gave Sun Life a 4.5/5 rating for its comprehensive selection of term, participating whole life and non-participating permanent insurance plans. The Evolve Term plan is particularly well-suited for BC residents who want a flexible policy with customizable term lengths as well as the ability to convert to permanent coverage if financial needs change. The Sun Par policies are ideal for British Columbia business owners or high-net-worth individuals looking to use whole life insurance as part of their investment strategy or to leave a legacy for future generations.

4. Canada Life: Best for estate planning and wealth preservation in British Columbia

Canada Life is a strong option for British Columbia residents who are looking for flexible term coverage combined with long-term financial and estate planning support. The insurer offers My Term life insurance, while its participating whole life plans include Wealth Achiever, Balanced Achiever and Estate Achiever.

My Term offers term lengths ranging from 5 to 50 years, offering a significantly longer coverage period. Policyholders may also exchange to a longer term up to the seventh policy anniversary without any evidence of insurability, subject to eligibility conditions, making it ideal for BC residents who want to extend their policy. Meanwhile, policyholders can convert from term to permanent up to age 70, making it ideal for long-term planning.

The participating whole life policies by Canada Life are designed for different financial objectives, such as early cash value accumulation, lifelong protection and long-term death benefit growth. This can be particularly well-suited for Vancouver, Surrey, and Burnaby residents who want to transfer their estate, business, or assets in a tax-advantaged manner.

Our advisor’s take:

We gave Canada Life 4.5/5 for its strong participating whole life portfolio and flexible term insurance options. The wide range of permanent plans like Wealth Achiever and Balanced Achiever can complement the financial planning of established business owners or high-net-worth individuals in cities like Vancouver or Victoria. In addition, the Estate Achiever plan can be an ideal choice for individuals in the Metro Vancouver region who want a tax-advantaged wealth and estate transfer.

5. RBC Insurance: Best for mortgage-aligned term life insurance in British Columbia

RBC Insurance is a strong choice for British Columbia homeowners who want life insurance coverage that closely matches the duration of their mortgage or other financial obligations. The YourTerm policy offers term lengths between 10 and 40 years, with one-year increments. For example, a BC resident with 23 years remaining on their mortgage can consider a 23-year YourTerm policy rather than choosing between standard 20- and 30-year terms. 

According to a 2021 Census, Vancouver’s median owned dwelling value was $1.45 million. For BC homeowners with substantial mortgage balances, YourTerm is ideal for flexibility that can align exactly with your outstanding debts, mortgages, or home loans. In addition, the RBC Growth Insurance and RBC Growth Insurance Plus plans offer participating alternatives for BC residents seeking permanent protection and cash value growth.

Our advisor’s take: 

We gave RBC Insurance 4.5/5 for its customizable term lengths and policy flexibility. The insurer’s standout features include customizable term lengths and eligible conversion, which can also appeal to young BC homeowners or families in cities like Vancouver who want to choose lifelong protection in the future and complement their financial planning.

6. BMO Insurance: Best for estate liquidity and guaranteed permanent coverage in British Columbia

BMO Insurance is a strong choice for BC residents seeking lifelong protection with predictable premiums and guaranteed permanent insurance features. The insurer offers term life insurance, Term 100 and non-participating whole life options such as the Estate Protector and Wealth Accelerator. The Term 100 policy offers lifelong protection with level premiums payable until age 100, making it easier for individuals seeking lifelong coverage at a budget.

For BC residents in Victoria, Nanaimo or Vancouver who want to provide money for final expenses or estate obligations, the Wealth Accelerator plan can focus on earlier cash value, while the Estate Protector plan can be good for long-term estate preservation by providing immediate cash to heirs and preventing unnecessary asset liquidation.  While both plans are non-participating and do not provide dividends, the insurer may provide a Performance Bonus, which can appeal to individuals who want permanent coverage.

Our advisor’s take:

We gave BMO Insurance 4.5/5 for its competitive term pricing and permanent insurance guarantees. The Term 100 policy is worth considering for BC residents who want lifelong coverage without cash value growth, while the permanent policies may suit buyers prioritizing estate liquidity and guaranteed permanent coverage over participating policy features.

Comparing the top life insurance companies in British Columbia

 Actual premiums vary by age, sex, smoking status, health, coverage amount, product, and underwriting. Minimum coverage varies by product and eligibility. 

How we selected the best life insurance companies in British Columbia

Our 2026 ranking of the best life insurance companies in British Columbia is based on term life insurance quotes and policy factors such as term and permanent options, coverage flexibility, conversion privilege, underwriting requirements, and additional policy benefits. We compared 30+ leading Canadian insurers and shortlisted these six: Sun Life, Manulife, Canada Life, RBC Insurance, BMO Insurance and Equitable Life.

Our methodology gives 40% weight to pricing and 60% to product features and suitability, considering the importance of choosing coverage based on long-term financial needs rather than just the cheapest option. These weightings consider how these features serve BC residents facing different financial responsibilities, such as mortgages, business continuity, or long-term estate planning.

1. Pricing competitiveness (40%)

Our advisors compared sample term life insurance premiums for a 40-year-old male non-smoker seeking $100,000 in coverage for a 10-year term across all six insurers. Using the same applicant profile helped us understand the difference in premiums across different insurance companies. The quoted monthly premiums range from $10.89 for Equitable Life to $13.41 for RBC Insurance. Equitable Life offers the lowest quoted premium, followed by Manulife at $11.13 and BMO Insurance at $11.16.

Term premiums are illustrative monthly costs for a 40-year-old non-smoker male seeking $100,000 of coverage for a 10-year term. Actual premiums vary by age, sex, health, smoking status, product, coverage amount, and underwriting. All premiums listed on Y-azix are in CAD (CA$).

2. Product features and suitability (60%) 

In terms of product features and suitability, we assessed the following important factors for British Columbia residents:

• Product range and coverage options (15%): Availability of term life, participating whole life, non-participating and other plans
• Coverage flexibility (15%): Coverage limits, customizable term lengths, premium payment options and renewability
• Conversion privileges and riders (10%): Term-to-permanent conversion options, exchange privileges, children’s coverage and other additional benefits
• Permanent Policy benefits (10%): Guaranteed cash values, potential participating dividends, estate planning suitability and tax-advantaged accumulation features
• LICAT ratio (5%): We reviewed each insurer’s Life Insurance Capital Adequacy Test (LICAT) ratio as an indicator of regulatory capital adequacy
• AM Best rating (5%): We considered available AM Best financial strength ratings to assess insurers’ ability to meet their ongoing insurance obligations

How we assigned insurer ratings:

The five-point rating system evaluates insurers across pricing, product flexibility, underwriting, permanent insurance benefits and financial strength. 

Manulife scores 5/5 for its combination of competitive term premiums, multiple-insured coverage and multi-risk protection through the Synergy plan. Insurers like Equitable Life, Sun Life, and RBC Insurance received 4.5/5 based on their product’s alignment with the needs of British Columbia residents.

In addition, we consider how these features can address common financial obligations among British Columbia families, homeowners, and business owners. Our recommendations reflect overall product suitability rather than the insurer with the lowest premiums or most favourable underwriting outcome. PolicyAdvisor’s licensed advisors are salaried and do not earn commissions, ensuring that our recommendations focus on your coverage needs, financial goals, and best interests rather than financial incentives.

Disclaimer: The premium comparison represents one applicant profile and one term policy configuration. It does not establish which insurer is cheapest for every age, health category, coverage amount, or policy type.

After shortlisting the six strongest companies, we ranked each insurer individually using the same weighted criteria to show where one company may be stronger than another.

Comparing PolicyAdvisor ratings:

Disclaimer: PolicyAdvisor’s ratings are based on our comparative evaluation of insurer premiums, coverage options, policy flexibility, unique benefits, and financial strength. Individual scores reflect our assessment and may not apply equally to every applicant. Quoted premiums are illustrative and depend on factors such as age, health, smoking status, coverage amount, and policy terms. LICAT ratios and AM Best ratings may change over time and are based on the relevant reporting periods and insurance entities. Final scores are rounded to the nearest 0.5 and do not guarantee an insurer’s performance or suitability for individual coverage needs.

How to choose the best life insurance company in British Columbia

The best life insurance company for British Columbia residents should provide the required coverage at an affordable premium, while offering flexibility and benefits that can suit the unique needs of each individual.

Here are some important factors to keep in mind when choosing the best life insurance company in British Columbia:

• Compare premiums and coverage amounts: A lower premium is useful only if the required coverage and benefits are suitable for BC residents. Additionally, the cost of life insurance varies by insurer, even for applicants with the same profile. Our licensed advisors can help you choose coverage from 30+ leading Canadian insurers to find a plan that suits your needs
• Look for coverage and term flexibility: If you are protecting an outstanding debt or obligation, it is important to find an insurer that offers a term which aligns with your needs. For example, RBC’s one-year increments in term year lengths can be better for a family whose needs do not fit into standard 10-, 20-, or 30-year terms
• Check conversion and exchange privileges: A conversion privilege can allow you to change eligible term coverage into a permanent policy without new evidence of insurability. This is ideal if your priorities change in the future or you want to consider lifelong coverage without going through new underwriting
• Consider estate planning needs: Permanent coverage may be worth considering if your objective is to provide estate liquidity, fund business succession, or leave a long-term financial legacy for your children and grandchildren
• Consider financial strength: For permanent policies, it is essential to compare cash values, premium payment periods, dividend options, and the insurer’s financial strength. This can help you choose a policy with the best financial benefits and strong capital adequacy

Does life insurance cost more in different British Columbia cities? 

Life insurance generally does not cost more simply because you live in Vancouver rather than other cities like Victoria, Surrey, Kelowna or Nanaimo. Unlike home or auto insurance in Canada, life insurance premiums primarily depend on individual factors such as age, health, smoking status, coverage amount, and other underwriting criteria by the insurer.

How to purchase life insurance in British Columbia?

PolicyAdvisor’s licensed life insurance advisors can help British Columbia residents compare term and whole life insurance policies from leading Canadian insurers based on their age, budget, health, coverage needs, and long-term financial goals.

Whether you are protecting a mortgage in Vancouver, securing your family’s income in Surrey, planning for lifelong coverage in Victoria, or exploring business succession options in Kelowna, our licensed advisors can help you compare suitable insurance products from 30+ Canadian insurance companies.

Our team at PolicyAdvisor also assists residents in Burnaby, Richmond, Coquitlam, Langley, Delta, New Westminster, North Vancouver, West Vancouver, Maple Ridge, Abbotsford, Chilliwack, Nanaimo, Kamloops, Penticton, Vernon, Prince George, Campbell River and other BC communities.

Frequently Asked Questions

What is the best life insurance company in British Columbia?

The best life insurance company in British Columbia depends on factors such as your coverage needs, financial priorities, and your health. Based on our experience assisting residents of BC, Sun Life, Manulife, Canada Life, RBC Insurance, BMO Insurance and Equitable Life are six companies worth considering in 2026.

Is life insurance more expensive in British Columbia than in other provinces?

Life insurance is not necessarily more expensive in British Columbia than in other provinces in Canada. Premiums primarily depend on personal underwriting factors such as health, age, occupation, and the selected policy.

What is the best life insurance for first-time homebuyers in British Columbia?

Term life insurance is often suitable for first-time homebuyers since it can provide financial protection during mortgage repayment years. RBC YourTerm and Canada Life My Term are worth comparing for customizable term lengths to match the repayment schedule, while Sun Life Evolve Term can offer additional flexibility based on qualifying life events.

Can I get life insurance in British Columbia without a medical exam?

Yes, some insurers offer no-medical-exam or simplified issue life insurance to eligible British Columbia residents. However, these policies typically have lower coverage amounts and more restrictions than traditionally underwritten life insurance policies in Canada.

Is my life insurance death benefit taxable in British Columbia?

Life insurance death benefits are typically not taxable in British Columbia. However, if the proceeds are payable to an estate rather than a named beneficiary, they may be included in the estate’s probate-fee calculation and become available to creditors. BC residents should carefully review their beneficiary designations and consult a qualified tax advisor to determine whether they are taxable.

How can I compare life insurance quotes in Vancouver or Victoria?

PolicyAdvisor’s licensed advisors can help Vancouver and Victoria residents compare term and permanent life insurance quotes from 30+ Canadian insurers through easy-to-use online tools, helping you find coverage that fits your needs.

What are the best life insurance companies in Alberta?

Choosing the best life insurance company in Alberta requires you to compare premiums, coverage flexibility, policy benefits, and features that align with your long-term financial goals. Below, we have shortlisted six leading insurers based on their products, pricing, and suitability for Alberta homeowners, families, and business owners.

1. Manulife: Best for families seeking comprehensive protection in Alberta

Manulife stands out for Albertan families seeking flexible coverage for multiple household members and protection against different financial risks. The insurer offers Family Term, Manulife Par and its flagship product Synergy, which combines life, critical illness and disability insurance into one comprehensive policy.

For example, 65.4% of Edmonton homeowner households had a mortgage based on a 2021 census. Manulife’s Family Term can be particularly useful for Albertan families with a mortgage and children who depend on them. Rather than purchase separate policies for each partner, eligible members can be seamlessly insured under one policy.

Manulife’s Synergy can also be an ideal choice for self-employed individuals and business owners in cities like Calgary and Edmonton who want to protect themselves from financial liability in case of a serious illness, disability, or even death. 

Our advisor’s take:

We gave Manulife 5/5 for its combination of competitive term pricing, family-oriented coverage and diverse permanent insurance options. The Family Term plan can cover multiple eligible family members under one policy, making it great for Albertans seeking a hassle-free solution. The Synergy plan also offers a wider range of coverage options for individuals who want critical illness insurance and disability insurance as well.

2. Empire Life: Best for flexible term and permanent coverage in Alberta

Empire Life is a strong choice for Alberta residents who want to start off with term life insurance while having the option to convert to permanent life insurance in the future. The insurer’s Solution series includes renewable and convertible term products, with six term lengths that let policyholders align coverage with outstanding obligations like mortgages or replacing income through key working years.

Meanwhile, the EstateMax and OptiMax policies can be used to complement long-term estate protection and cash value, respectively. This combination of term and whole life policies can appeal to Alberta families looking to initially protect temporary coverage and later switch to a permanent policy for lifelong coverage.

Our advisor’s take:

We gave Empire Life 5/5 for its competitive term insurance pricing, flexible conversion options and participating whole life plans. The Solution series is ideal for Albertans looking to start out with life insurance through term policies and eventually convert to a permanent option without additional medical underwriting. The EstateMax and Optimax Wealth are also well-suited for residents who want to make the policy a part of their financial planning or retirement strategy.

3. Sun Life: Best for comprehensive life insurance options in Alberta

Sun Life is a strong choice for Alberta residents who want the flexibility to choose between temporary protection and lifelong insurance. The insurer offers term life insurance, participating whole life insurance, and non-participating permanent life policies, making it suitable for different stages of financial planning.

According to the 2021 census, 65.2% of Calgary homeowner households had a mortgage, highlighting the importance of protecting debts. Sun Life’s Evolve Term can help these homeowners protect their mortgages and replace income during key working years, while the SunSpectrum Permanent Life II policy may suit the financial strategy of established professionals and business owners in Calgary or Lethbridge.

Our advisor’s take:

We give Sun Life a strong 4.5/5 rating for its comprehensive selection of term, participating whole life and non-participating permanent insurance plans. We particularly like the Evolve Term plan for its customizable term lengths and conversion privileges, which may appeal to Calgary or Edmonton homeowners who are looking to protect their mortgage. The Sun Par and SunSpectrum plans also offer strong options for established business owners and individuals.

4. Canada Life: Best for estate planning and wealth preservation in Alberta

Canada Life is a strong option for Albertans who want to combine flexible term coverage with long-term financial and estate planning. The insurer offers the My Term term life policy, while the whole life portfolio includes Wealth Achiever, Balanced Achiever and Estate Achiever.

The participating whole life policies by Canada Life are designed for different financial priorities that can align well with Albertans seeking lifelong protection or planning to leave a legacy. According to a recent statistic, Alberta had 137,182 small employer businesses, accounting for 98.3% of employer businesses in the province. 

Our advisor’s take:

We gave Canada Life 4.5/5 due to its strong participating whole life portfolio and flexible term insurance options. The wide range of plans, such as Wealth Achiever, Balanced Achiever and Estate Achiever, offers different benefits catering to various financial needs of Albertans. For an established business or high-net-worth individual in Calgary or Wood Buffalo, the Long-term estate protection and wealth transfer features of Estate Achiever can be a particularly good fit.

5. RBC Insurance: Best for flexible term life insurance in Alberta

RBC Insurance is a particularly strong option for Alberta residents who are seeking term life insurance that aligns with financial obligations such as mortgages, debts, or car loans. The insurer’s YourTerm plan allows eligible individuals to select term lengths between 10 and 40 years, making it easier to match required coverage duration.

This can be particularly useful for Edmonton residents or Calgary homeowners who want their life insurance policy to closely cover the years remaining on their mortgage or home loan. Additionally, the participating RBC Growth Insurance and RBC Growth Insurance Plus can be ideal for St. Albert or Sherwood Park residents looking for a whole life insurance policy to complement their investment strategy.

Our advisor’s take:

We gave RBC Insurance 4.5/5 for its flexible term insurance options and permanent coverage alternatives. The insurer’s standout features are the conversion and exchange privileges, which may appeal to young Albertans still figuring out their financial goals. While premiums are the highest among the other insurers, it can be well-suited for those seeking a policy that grows with their needs.

6. BMO Insurance: Best for guaranteed permanent protection in Alberta

BMO Insurance is a strong choice for Alberta residents looking for permanent protection with a relatively straightforward policy structure. The insurer offers term life insurance, Term 100, and non-participating whole life insurance. The Term 100 policy offers lifelong protection with level premiums payable until age 100, making it great for individuals who want long-term protection without any cash value benefit.

For Albertans looking to complement their portfolio with cash value growth, the whole life Estate Protector and Wealth Accelerator can provide tax-advantaged estate planning and wealth transfer. BMO’s permanent insurance policies may also appeal to established business owners in Lethbridge, where small businesses accounted for 95.4% of businesses in 2025.

Our advisor’s take:

We gave BMO Insurance 4.5/5 thanks to the insurer’s competitive term pricing and strong non-participating options. The Term 100 policy is worth considering for Albertans who want lifelong coverage without cash value growth, while the non-participating policies are ideal for long-term protection for homeowners and business owners.

Comparing the top life insurance companies in Alberta

 Actual premiums vary by age, sex, smoking status, health, coverage amount, product, and underwriting. Minimum coverage varies by product and eligibility. 

How we selected the best life insurance companies in Alberta

Our 2026 ranking of the best life insurance companies in Alberta is based on illustrative term life insurance quotes and factors such as term and permanent options, coverage flexibility, conversion privilege, underwriting requirements, and additional policy benefits. We compared 30+ leading Canadian insurers and shortlisted these six: Sun Life, Manulife, Canada Life, RBC Insurance, BMO Insurance and Empire Life.

Our methodology gives 40% weight to pricing and 60% to product features and suitability, considering the importance of choosing coverage based on long-term financial needs rather than just the cheapest option.

1. Pricing competitiveness (40%)

Our advisors compared sample term life insurance premiums for a 40-year-old male non-smoker seeking $100,000 in coverage for a 10-year term across all six insurers. Using the same applicant profile helped us understand the difference in premiums across different insurance companies. The quoted monthly premiums range from $10.89 for Empire Life to $13.41 for RBC Insurance.

Term premiums are illustrative monthly costs for a 40-year-old non-smoker male seeking $100,000 of coverage for a 10-year term. Actual premiums vary by age, sex, health, smoking status, product, coverage amount, and underwriting. All premiums listed on Y-azix are in CAD (CA$).

2. Product features and suitability (60%)

In terms of product features and suitability, we assessed the following important factors:

• Product range and coverage options (15%): We compared the availability of term life, participating whole life, non-participating and other plans
• Coverage flexibility (15%): Coverage limits, customizable term lengths, premium payment options and renewability
• Underwriting and accessibility (10%): Underwriting requirements, eligibility criteria and options for a wide range of health or occupational profiles
• Conversion privileges and riders (5%): Term-to-permanent conversion options, exchange privileges, children’s coverage and other additional benefits
• Permanent Policy benefits (5%): We assessed important features such as guaranteed cash value, participating dividends, as well as benefits for estate planning and tax-advantaged wealth transfer
• LICAT ratio (5%): We reviewed each insurer’s Life Insurance Capital Adequacy Test (LICAT) ratio as an indicator of regulatory capital adequacy
• AM Best rating (5%): We considered available AM Best financial strength ratings to assess insurers’ ability to meet their ongoing insurance obligations

How we assigned insurer ratings:

The five-point rating system considered each insurer’s strengths and weaknesses in different areas. For example, Manulife and Empire Life received a 5/5 rating thanks to their combination of competitive premiums, coverage flexibility, and range of permanent life insurance policies. Meanwhile, insurers like Sun Life and RBC received 4.5/5 based on their product’s alignment with the needs of Albertans.

In addition, we consider how these features can address common financial obligations among Alberta homeowners, families and business owners. Our recommendations reflect overall product suitability rather than the insurer with the lowest premiums or most favourable underwriting outcome. PolicyAdvisor’s licensed advisors are salaried and do not earn commissions, ensuring that our recommendations focus on your coverage needs, financial goals, and best interests rather than financial incentives.

Disclaimer: The premium comparison represents one applicant profile and one term policy configuration. It does not establish which insurer is cheapest for every age, health category, coverage amount, or policy type. Empire Life’s AM Best rating was withdrawn at its request in 2021; being unrated does not indicate poor financial strength. The final rating excludes the unavailable AM Best component and is calculated using the remaining weighted criteria.

After shortlisting the six strongest companies, we ranked each insurer individually using the same weighted criteria to show where one company may be stronger than another.

Comparing PolicyAdvisor ratings:

Disclaimer:  PolicyAdvisor’s ratings are based on our comparative evaluation of insurer premiums, coverage options, policy flexibility, unique benefits, and financial strength. Individual scores reflect our assessment and may not apply equally to every applicant. Quoted premiums are illustrative and depend on factors such as age, health, smoking status, coverage amount, and policy terms. LICAT ratios and AM Best ratings may change over time and are based on the relevant reporting periods and insurance entities. Final scores are rounded to the nearest 0.5 and do not guarantee an insurer’s performance or suitability for individual coverage needs.

How to choose the best life insurance company in Alberta

The best life insurance company should provide the required coverage at an affordable premium, while offering flexibility and benefits that can suit your financial requirements. 

Here are some important factors to keep in mind when choosing the best life insurance company in Alberta:

• Compare premiums across insurers: The cost of life insurance varies by insurer, even for applicants with the same profile. Our advisors can help you choose coverage from leading Canadian insurers to find a plan that suits your needs
• Look for coverage and term flexibility: If you are protecting an outstanding debt or obligation, it is important to find an insurer that offers a term which aligns with your needs. For example, RBC’s 10- to 40-year durations with one-year increments can be better for a family with 13 years left on their mortgage
• Check conversion and exchange privileges: A conversion privilege can allow you to change eligible term coverage into a permanent policy without new evidence of insurability. This is ideal if your priorities change in the future or you wish to have lifelong coverage
• Consider financial strength: For permanent policies, it is essential to compare cash values, premium payment periods, dividend options, and the insurer’s financial strength. This can help you choose a policy with the best financial benefits.

Does life insurance cost more in different Alberta cities?

Life insurance premiums in Alberta generally do not differ simply because you live in Calgary, Edmonton, Red Deer, Lethbridge, or another city. Unlike home or auto insurance in Canada, life insurance premiums primarily depend on individual factors such as age, health, smoking status, coverage amount, and other underwriting criteria.

How to purchase life insurance in Alberta?

PolicyAdvisor’s licensed life insurance advisors can help Alberta residents compare term and whole life insurance policies from 30+ Canadian insurers based on their age, budget, health, coverage needs, and long-term financial goals.

Whether you are protecting a mortgage in Calgary, securing your family’s future in Edmonton, or planning for long-term wealth transfer in Red Deer, Lethbridge, Fort McMurray, Medicine Hat, or Grande Prairie, our advisors can help you find suitable coverage. 

Our team at PolicyAdvisor also assists residents in Airdrie, Cochrane, Okotoks, Chestermere, St. Albert, Sherwood Park, Spruce Grove, Leduc, Beaumont, Camrose, Lloydminster, Canmore, Banff, Brooks, Wetaskiwin, and other Alberta communities in comparing insurers, premiums, and policy options to find the right life insurance for their needs.

Frequently Asked Questions

What is the best life insurance company in Alberta?

The best life insurance company in Alberta depends on factors such as your coverage needs, financial priorities, and your health. Based on our experience assisting residents of Alberta, Sun Life, Manulife, Canada Life, RBC Insurance, BMO Insurance and Empire Life are six companies worth considering in 2026.

Is life insurance more expensive in Alberta than in other provinces?

No, life insurance is not necessarily more expensive in Alberta than in other provinces. However, your premiums can change based on personal factors such as occupation, lifestyle and other underwriting information.

What is the best life insurance for first-time homebuyers in Alberta?

Term life insurance is often a suitable option for first-time homebuyers since it can provide substantial coverage during the years when mortgage obligations are highest. As a new homeowner in Calgary, Lethbridge, or Edmonton, RBC YourTerm, Canada Life My Term and Sun Life Evolve Term are worth comparing due to their flexible term options.

Can I get life insurance in Alberta without a medical exam?

Yes, some insurers offer no-medical-exam or simplified issue life insurance to eligible Alberta residents. These policies typically have lower coverage amounts and higher restrictions than traditionally underwritten life insurance policies in Canada.

Is my life insurance death benefit taxable in Alberta?

Life insurance death benefits are typically not taxable in Alberta. However, the payout may be taxable if it is paid to an estate instead of the beneficiary or is part of a related investment income. Alberta residents should carefully review their beneficiary designations and consult a qualified tax advisor to determine their taxability.

How can I compare life insurance quotes in Calgary or Edmonton?

Our licensed advisors at PolicyAdvisor can help Calgary and Edmonton residents compare quotes from leading Canadian life insurance companies through easy-to-use online tools that can help them find the right life insurance coverage.

Top 6 best life insurance companies for young adults in Canada

While many insurers offer great benefits, companies such as Empire Life, Canada Life, and RBC Insurance offer greater flexibility, built-in benefits, and features that make them particularly suitable for individuals in their 20s and 30s embarking on their financial planning.

Here’s an overview of the six best life insurance companies for young adults in Canada:

1. Empire Life

Empire Life offers a lot of flexibility for young adults whose insurance needs can change as they take on responsibilities like buying a home, starting a family, or building their careers. If you are unsure of what your financial responsibilities will look like in five or ten years, the policy’s flexibility can come in handy. The Solution Series offers terms from 10 to 30 years, and eligible 10,15, 20, and ART policies can be exchanged for longer terms (within the first seven policy years) in case you undertake responsibilities like a mortgage or a loan.

The insurer also offers a carry-over term feature when eligible term coverage is converted to permanent insurance, allowing temporary coverage to continue alongside the new permanent policy. In terms of permanent coverage, EstateMax and OptiMax Wealth can offer long-term estate benefits and better cash-value growth, respectively, making these options suitable for those seeking lifelong protection. These features can make Empire Life one of the best term life insurance policies for young adults in Canada

2. Equitable Life

Equitable Life also offers plans tailored to young adults in their 20s and 30s embarking on their financial journey. Its term life offers Term 10, Term 20, and Term 30/65, with guaranteed renewability and conversion to permanent insurance that can help policyholders retain coverage if their needs or health change later.

The optional child rider in the Equimax plans can cover eligible existing and future children, and they may later purchase coverage for an individual policy between ages 21 and 25 for up to five times the rider amount without new medical underwriting. This makes it a strong fit if you are looking to start a family and protect your children’s interests down the road.

Equitable’s Equimax also lets eligible policyholders combine permanent insurance with substantial term riders, helping policyholders avoid purchasing permanent coverage to protect temporary needs. This hybridity makes it easier to have a comprehensive coverage strategy. For those seeking whole life coverage, the Equimax Wealth Accumulator and Equimax Estate Builder can help with earlier cash value accumulation within 20 years and long-term estate planning, respectively.

3. RBC Insurance

RBC Insurance works well for young adults in their 20s and 30s who want a large amount of term coverage with enough customization options. The YourTerm plan lets applicants choose coverage of up to $25 million for 10 to 40 years in one-year increments, making it easier to match coverage with a mortgage, income-replacement period, or other long-term financial obligation.

Eligible Term 10 policies can also be exchanged for longer coverage without new medical underwriting, making it ideal for young Canadians who have undertaken new responsibilities like starting a family or buying a new house. The ability to convert part of the term policy into permanent also makes it suitable for lifelong protection if you wish to protect your dependents. The optional child rider also strengthens the policy’s value if you are about to start a new family or have a child.

If you are looking for lifelong protection for you and your loved ones, the RBC whole life insurance Growth Insurance plan is designed for long-term cash accumulation, while the Growth Insurance Plus is aimed at earlier cash value growth.

4. Manulife

Manulife is a strong option for young adults in Canada who expect their life insurance needs to grow as their income and family responsibilities grow. The Family Term lineup includes multiple term options, including Term 10, Term 20, and Term to Age 65. Eligible policies can be converted to permanent coverage without new proof of insurability, making it ideal for long-term planning. The optional Guaranteed Insurability Option makes it easier for you to purchase additional coverage to meet new financial demands without requiring new underwriting.

In addition, Manulife’s Vitality Plus plan is well-suited for young adults and their dynamic lifestyle. Eligible family term policies can receive up to 15% in savings through health and wellness activities, promoting good health and offering savings on multiple partner brands.

In terms of permanent coverage, Manulife Par offers limited-pay options, allowing you to finish paying premiums early and enjoy lifelong coverage. These policies can also be paired with a term rider to protect temporary needs and debts, instead of purchasing a separate policy. The child protection and guaranteed insurability options make it a solid choice for new families looking for comprehensive long-term coverage.

5. Desjardins

Desjardins is another strong contender for young adults in Canada who want to build broader protection rather than just purchasing a life insurance policy. The term life lineup offers 10- to 30-year terms, alongside a Term to 65 option, which can make it easy for young homeowners to match coverage with their mortgage or align with a loan. 

These plans have fixed premiums and a conversion privilege to permanent insurance before age 70, allowing applicants to switch to whole life if their financial goals change down the line. Meanwhile, the permanent lineup includes 5-Pay PAR, Estate Enhancer, and Accelerated Growth, offering benefits ranging from earlier cash-value access to long-term estate priorities. 

Young adults in Canada can also pair their Desjardins life insurance plan with Health Priorities critical illness coverage, which covers 26 illnesses and health conditions, offering a more comprehensive protection solution.

6. Canada life

Canada Life is an ideal choice for young adults in Canada seeking coverage which evolves with their financial responsibilities. My Term offers customizable terms from 5 to 50 years, allowing applicants to align protection with outstanding debts or mortgages. The optional Guaranteed Insurability Rider can allow eligible policyholders to purchase a new permanent policy without any proof of insurability, making it great for future-proofing your protection.

Depending on eligibility, each option amount is subject to a $25,000 minimum and a maximum equal to the lesser of twice the base coverage or $300,000, making it valuable for young adults as their financial responsibilities and priorities change down the line. For individuals seeking lifelong coverage and cash value growth, the Wealth Achiever provides early cash values, while Estate Achiever and Balanced Achiever can aid in long-term estate planning.

Comparison of the six best life insurance companies for young adults in Canada

Sample premiums reflect the 2026 young-adult quote for $100,000 in term coverage for a 10-year term. Actual premiums vary by age, sex, smoking status, health, coverage amount, product, and underwriting. Minimum coverage varies by product and eligibility. 

How we chose the best life insurance companies for young adults in Canada

At PolicyAdvisor, our advisors reviewed more than 30 Canadian life insurance companies and shortlisted the six that stood out most for young adults. We looked at whether each insurer offered competitive pricing and accessible entry-level coverage, since many young adults in their 20s and 30s are still building their careers, managing new expenses, or purchasing their first life insurance policy.

Next, we considered whether the plans offered features that can remain useful and support long-term planning for young adults in Canada as their financial responsibilities and income grow. This included flexible term lengths, term exchange and conversion options, guaranteed insurability, child and family benefits, coverage increases, and permanent insurance options.

After shortlisting the six strongest companies, we ranked each insurer individually using the same weighted criteria to show where one company may be stronger than another.

After selecting the six insurers, we scored each company out of 5, using the same weighted factors. A 5/5 insurer performs especially well across both pricing and policy flexibility, while a 4.5/5 insurer remains a strong option but may have higher sample premiums, fewer term choices, or fewer standout features. The underlying weighted result was then rounded to the nearest 0.5 for the displayed overall rating.

PolicyAdvisor ratings for the six best life insurance companies for young adults in Canada

Ratings are based on PolicyAdvisor’s weighted methodology and illustrative 2026 pricing. Actual premiums, eligibility, and product features vary by applicant and policy. Rankings are for comparison purposes and do not indicate the best or cheapest insurer for every individual. Pricing scores consider the illustrative term and permanent premiums together with minimum available coverage amounts. The score is not based on term premiums alone.

Why do young adults need life insurance in Canada?

Young adults in Canada may need life insurance if they have significant financial obligations or if they want to protect their beneficiaries from outstanding debts like mortgages or home loans. Major life events like marriage, buying a home, having children, or starting a business can prompt you to purchase coverage in your 20s or 30s.

Here are situations where life insurance may make sense for a young adult:

• Your spouse or partner relies on your income
• You have children or are starting a family
• You have a mortgage with a spouse or partner
• You financially support parents or other family members
• You own a business
• You want protection for a financial commitment that will last several years
• You want to secure coverage earlier while your age and health are more favourable

Which is the best life insurance company in Ontario?

Ontario accounts for roughly 41% of the Canadian life insurance market. With so many options available, choosing the right provider requires balancing your coverage needs, budget, and long-term financial goals. In the section below, we have listed some of the popular choices for those buying life insurance in Ontario.

1. Equitable Life

Equitable Life is a Canadian mutual company offering participating whole life insurance with lifelong coverage, cash-value growth, and potential annual dividends. Its 6.40% dividend scale interest rate (DSIR) for 2026 is the highest in the whole life insurance market. Its KIND program adds support through benefits such as compassionate advances of up to $100,000 for terminal illness and bereavement counselling reimbursements of up to $1,000. 

Equitable Life is particularly a good choice for homeowners in the Greater Toronto Area managing large mortgages. Its affordable term policies offer excellent temporary protection, while its participating whole life policies suit established professionals looking for tax-advantaged growth.

Our advisor’s take:

We rate Equitable Life 5/5 and recommend it for clients who want participating whole life insurance with strong long-term cash value potential. Its Equimax or participating policies have credited dividends every year since 1936. It offers five dividend options, including paid-up additions that can increase both cash value and the death benefit. Moreover, we also recommend its term life insurance plans for those who want to bundle their coverage through a laddering strategy.

2. Manulife

Manulife is a strong option for Ontario residents looking for a range of life insurance products, including term and permanent coverage. It offers term life insurance plans including Manulife Family Term and Manulife Family Term with Vitality Plus coverage starting at $100,000 for single-life, joint first-to-die, and joint last-to-die policies. For families focused on an active lifestyle in urban centers like Ottawa or Mississauga, Manulife’s Vitality program offers tangible rewards for healthy living alongside robust coverage. 

For lifelong protection, Manulife also offers participating whole life insurance, backed by a participating account with $15.98 billion in assets. These policies can build cash value and may receive dividends, although dividend payments are not guaranteed.

Our advisor’s take:

We give Manulife 5/5 because it offers a wide range of life insurance products under one roof. It is also one of the first companies in Canada that took the life insurance application online. Along with its term and permanent product lineup, Manulife also offers Synergy, which combines life, critical illness, and disability insurance in one policy. Manulife’s Vitality program is another differentiator. It rewards eligible policyholders for participating in health and wellness activities, with benefits depending on the product and program terms.

3. Canada Life

Canada Life is a strong option for Ontario residents seeking permanent life insurance for family protection, wealth transfer, and mainly estate planning. It also offers a My Term plan that provides flexible coverage periods from 5 to 50 years, with guaranteed renewal and the option to convert to permanent insurance before age 70. 

For lifelong protection, Canada Life offers three participating whole life plans, which is also amongst the highest in the industry: Wealth Achiever, designed for earlier cash value growth; Balanced Achiever, which balances cash value and long-term death benefit growth; and Estate Achiever, which focuses on maximizing long-term estate value. These options make Canada Life worth considering for established professionals and families planning for long-term wealth transfer and estate preservation in Toronto and other cities in Ontario. 

Our advisor’s take:

We give Canada Life 4.5/5 because it offers multiple participating whole life policies suited for estate planning and other financial goals. We recommend Estate Achiever for estate planning benefits and those who want to leave a larger long-term death benefit to beneficiaries. We also recommend Canada Life for its financial stability, as it has consistently paid dividends to its eligible policyholders since 1848. It also has the largest participating account fund size in Canada, which is approximately around $62.8 billion.

4. BMO

BMO offers two non-participating whole life plans: Estate Protector, designed for long-term estate planning, and Wealth Accelerator, which focuses on higher early cash values. Both provide guaranteed cash values, level premiums, and an annual Performance Bonus (6.00% as of 2026) that can increase cash value and the death benefit without relying on traditional dividends. 

BMO also offers term life insurance with 10- to 30-year terms, offering guaranteed renewability, conversion, and exchange features. Its combination of guaranteed permanent coverage and flexible term protection can suit homeowners in Ottawa, Brampton, and Hamilton,  looking to protect their families while planning for future financial obligations.

Our advisor’s take:

We give BMO Insurance a strong 4.5/5 rating for its guaranteed non-participating whole life and term life insurance options. Like the other insurers listed above, we do not give it a full score because it does not offer participating whole life plans, which limits options for those seeking potential policy dividends. However, BMO is an excellent choice for those who prioritize predictable premiums, guaranteed cash values, and a guaranteed death benefit. We also like its conversion and exchange features offered with the term life insurance plans, along with its compassionate bereavement support benefits.

5. Canada Protection Plan

Canada Protection Plan (CPP), part of Foresters Financial, specializes in simplified-issue life insurance for those who want to avoid medical exams or have health conditions that make traditional coverage harder to obtain. Its term insurance lineup includes Deferred Elite Term, Simplified Elite Term, Preferred Term Life, Express Elite Term, and Preferred Elite Term Insurance, with select term plans offering up to $1 million in coverage.  

Our advisor’s take:

We give Canada Protection Plan a strong 4/5 rating for its wide range of no-medical life insurance options. What sets CPP apart is its ability to serve applicants with different health profiles, from Deferred Elite for those with less serious health concerns to Preferred Elite for healthier applicants seeking competitive rates without a medical exam. We recommend this insurer to clients with health issues because it does not ask whether they have previously been declined or postponed by another insurer. Since it requires almost no medical tests, its premium is on the higher side.

6. Beneva

Beneva stands out for its Term Plus policy, which offers coverage from $25,000 to $10 million across terms of 10 to 40 years. Its standout feature is the built-in Extreme Disability Benefit that can advance up to $250,000 of the death benefit if you experience a qualifying disability. In addition, it also offers flexible term lengths, multiple coverage options, a guaranteed insurability benefit, and a few more. For working professionals and growing families in Mississauga and other Ontario cities, this combination of life insurance and additional disability-related protection can help address both long-term family security and unexpected changes in earning capacity.

Our advisor’s take:

We rate Beneva 4/5 because Term Plus offers useful flexibility, but its main strength is term life insurance rather than a broad selection of permanent coverage options. We particularly recommend considering it if you want to secure coverage for an extended period or combine life insurance with optional protection against critical illness and disability. However, those seeking participating whole life insurance and the potential for policy dividends may find Equitable Life or Manulife more suitable.

Comparing the top life insurance companies in Ontario

 Actual premiums vary by age, sex, smoking status, health, coverage amount, product, and underwriting. Minimum coverage varies by product and eligibility. 

Our methodology for ranking the best life insurance in Ontario

Our 2026 rankings of the best life insurance companies in Ontario are based on illustrative term and whole life insurance quotes and an assessment of each insurer’s product features, coverage flexibility, and suitability for different customer needs. We evaluated 30+ insurers and shortlisted the following six providers: Equitable Life, Manulife, Canada Life, BMO Insurance, Canada Protection Plan, and Beneva. We divided our methodology into two main areas: pricing (40%) and product features and suitability (60%).

1. Pricing (40%)

We compared term life insurance premiums using a consistent applicant profile: a 40-year-old male non-smoker purchasing $100,000 in coverage for a 10-year term. We assessed relative pricing across the six insurers under the same assumed circumstances. The quoted monthly premiums ranged from $10.89 for Equitable Life to $20.16 for Canada Protection Plan.

Term premiums are illustrative monthly costs for a 40-year-old non-smoker male seeking $100,000 of coverage for a 10-year term. Actual premiums vary by age, sex, health, smoking status, product, coverage amount, and underwriting. All premiums listed on Y-azix are in CAD (CA$).

2. Product features, suitability, and financial strength (60%)

We assessed each insurer based on the following criteria, using the following weights:

After shortlisting the six strongest companies, we ranked each insurer individually using the same weighted criteria to show where one company may be stronger than another.

How we further assigned insurer ratings:

We used the pricing comparison and product-feature assessment to identify each insurer’s strengths, limitations, and best-fit customer profiles. Our final ratings reflect the relative value of each provider’s offerings rather than price alone.

For example, Equitable Life and Manulife received 5/5 ratings for their broad product options and permanent insurance features. BMO and Canada Life received 4.5/5 ratings for their strengths in guaranteed non-participating coverage and whole life insurance plans, respectively. Canada Protection Plan and Beneva received 4/5 for their no-medical and term-focused offering and disability-related benefits, respectively, with a more limited range of permanent insurance options.

Comparing PolicyAdvisor ratings:

Disclaimer: The ratings reflect PolicyAdvisor’s assessment of each insurer’s pricing, product options, policy flexibility, standout features, and financial strength. Component scores are comparative assessments and may not represent every applicant’s experience. Premiums are illustrative and vary by age, health, smoking status, coverage amount, and policy terms. LICAT ratios and AM Best ratings are subject to change and reflect the applicable reporting dates and rated entities. Final ratings are rounded assessments and should not be interpreted as guarantees of policy performance or suitability.

Can I get life insurance in major Ontario cities?

Yes, you can easily get life insurance in major Ontario cities such as Toronto, Ottawa, Mississauga, Brampton, Hamilton, Windsor, and others. Your city or province does not directly affect life insurance coverage or costs. The overall cost depends on age, health, smoking status, coverage amount, and policy type, rather than your city alone.

How to buy life insurance in Ontario?

Here are the steps you need to follow to get life insurance in Ontario:

• Speak with a licensed advisor: Schedule a free call to discuss your financial goals, family responsibilities, budget, and coverage needs with one of our expert advisors
• Calculate your coverage needs: Our advisors will help you determine how much insurance you need to cover debts, mortgage payments, income replacement, and future expenses
• Compare insurance plans: Review quotes, premiums, policy features, and eligibility requirements across multiple insurers
• Complete your application: Apply for your chosen policy and answer the insurer’s health questions. A medical exam may be required, depending on the policy and your profile
• Review and activate your coverage: Confirm your coverage amount, premiums, exclusions, and policy terms before accepting the policy and maintaining your payments

Schedule a call now to get started with your life insurance application process in Ontario!

Frequently asked questions

Can I get life insurance in Ontario without a medical exam?

Yes, you can get life insurance in Ontario without undergoing a medical exam. There are a few insurers that offer simplified-issue or no-medical life insurance, including Canada Protection Plan. Through these kinds of life insurance policies, you can qualify for life insurance coverage without a medical exam. 

Is life insurance tax-free in Ontario?

Life insurance death benefits paid to a named beneficiary are generally tax-free in Ontario. However, withdrawals or surrenders of permanent life insurance policies may trigger taxes, depending on the policy’s adjusted cost basis and the transaction.

How much life insurance coverage do I need in Ontario?

Your coverage needs depend on your income, outstanding debts, mortgage, dependants, and future expenses. A useful starting point is to estimate your debts, add several years of income replacement and anticipated family expenses, and subtract existing savings and life insurance coverage or simply use our life insurance calculator. 

Can I have more than one life insurance policy in Ontario?

Yes, you can own multiple life insurance policies in Ontario, such as a term policy for mortgage protection and a permanent policy for lifelong coverage. Insurers may assess your total coverage and financial needs when reviewing new applications.

What happens if I miss a life insurance premium payment?

If you miss a premium payment, your policy may enter a grace period during which you can pay the overdue amount and maintain coverage. If you do not pay within the applicable period, the policy may lapse; however, the rules are defined in the policy contract. Some permanent policies may have options to help keep coverage in force, depending on their terms.

Is life insurance through work enough in Ontario?

Employer-provided life insurance may be sufficient for some people, but coverage is often limited to a multiple of your salary or a fixed amount. It may also end when you leave your job and may not be portable. An individual policy can provide additional coverage and greater control over how long your protection lasts.

Top 5 best life insurance companies for couples in Canada

Choosing the right life insurance company for couples in Canada is just as important as choosing the right type of policy. While many insurers offer great benefits, the following companies offer greater flexibility, built-in benefits, and features that make them particularly suitable for partners with shared financial goals.

Here’s an overview of the five best life insurance companies for couples in Canada:

BMO Insurance

BMO Insurance is an excellent choice for couples who want their coverage to remain stable even after a life-changing event. Even if one insured person in a joint policy passes away, the surviving insured member can continue coverage at the same premium, provided the coverage amount remains unchanged.

This feature is great for couples seeking hassle-free coverage, especially at older ages when premiums are higher. In addition, BMO also offers the Empathy service, which provides emotional and logistical support to the policyholder’s beneficiaries.

Beneva

Beneva is well suited for couples who want more than just a death benefit. The policies include valuable built-in features such as the Extreme Disability Benefit and Guaranteed Insurability Option, ensuring policyholders can increase coverage later on without additional medical underwriting (under qualifying circumstances).

Additionally, eligible policies also have the option to add valuable riders such as child coverage and accidental death benefits, allowing couples to customize their protection and help ensure the financial safety of their beneficiaries.

Empire Life

Empire Life has one of the most seamless application processes, combining a streamlined online application process with competitive policy features. Couples can benefit from policy fee savings, strong term conversion options, and the ability to choose from a wide selection of term and permanent life insurance plans.

Policyholders can also add critical illness insurance under the same policy, making it easier for them to build a comprehensive financial protection plan. Additionally, the joint first-death plan offers temporary insurance to the surviving partner for an additional 90 days. This gives the spouse time to figure out their next steps without suddenly being unprotected.

RBC Insurance

RBC Insurance stands out for its Pick-a-Term feature, which lets partners choose a customized term length rather than selecting only standard options such as 10 or 20 years. This flexibility allows them to match coverage with major financial obligations like mortgages, education, or even retirement planning.

Many eligible policies also feature a seamless conversion option, allowing couples to transition from term to whole life without additional medical underwriting. Couples can also benefit from policy fee savings when purchasing joint coverage.

Manulife

Manulife is an excellent option for couples who want to combine life insurance with wellness incentives. Through the Manulife Vitality program, policyholders can earn points and receive rewards for maintaining healthy lifestyle habits, such as exercising, participating in activities, and completing health assessments.

Additionally, Manulife life insurance offers a Waiver of Premium option for couples. If either partner becomes totally disabled due to injury or illness, the premiums for the entire joint policy are waived, ensuring coverage remains active while household income is impacted.

Quick overview of the five best insurance companies for couples in Canada:

What is the best life insurance for couples in Canada?

The best life insurance for couples in Canada depends on a couple’s financial goals, family situation, and long-term plans. Leading insurers such as BMO, Empire Life, RBC Insurance, and Manulife offer unique features that suit couples seeking financial protection.

While many assume a joint policy is best, separate life insurance policies can offer greater flexibility, personalized coverage, and better long-term value. Joint first-to-die insurance covers two people but generally pays one benefit when the first insured dies. Meanwhile, joint last-to-die insurance generally pays the benefit after the second insured dies. This can make it useful for estate expenses and wealth transfer.

Here’s a quick overview of life insurance for couples in Canada:

Types of life insurance available for couples in Canada

In Canada, couples can choose between joint life insurance policies that cover both partners under a single plan or individual policies that provide separate coverage for each person. Based on the type you choose, the following options are available:

• Joint first-to-die life insurance
• Joint last-to-die (survivorship) life insurance
• Two separate life insurance policies
• Combined or multi-life insurance policy

Here’s a quick overview of the different policy types:

Joint first-to-die life insurance

A joint first-to-die life insurance policy covers two people under a single contract and pays the death benefit after the first insured person passes away. Once the benefit is paid, the policy ends, and the surviving partner no longer has coverage.

Couples commonly choose this option to ensure the surviving spouse has financial protection for living expenses, debts, child care, or mortgage payments. While it is comparatively less expensive than two separate policies, note that joint first-to-die life insurance only provides one death benefit.

Joint last-to-die (survivorship) life insurance

A joint last-to-die policy insures two people under one contract but pays the death benefit only after both insured individuals have passed away. Since the insurer does not pay until the death of both partners, premiums are often lower than buying two separate policies.

This option is great for parents or partners who wish to protect their children and other beneficiaries from debts and to support estate planning and wealth transfer.

Two separate or single life policies for couples

In this case, each spouse owns an individual policy with their own coverage amount, beneficiaries, and policy features. Each policy pays its own death benefit when the insured passes away, offering beneficiaries two separate payouts over time.

This is the most flexible option, working well for couples with different incomes, debts, health conditions, or long-term financial goals. Additionally, separate policies are easier to maintain in the event of a divorce or separation. Since they are not under a joint policy, the individuals continue to be insured without any complications or reassessment. 

Combined or multi-life insurance policy

A combined or multi-life insurance policy allows two people to have two coverages within a single insurance contract. It combines features of joint policies while offering personalized and individual solutions under one policy. 

Each insured person has their own benefit, but the policy is offered under one application and one premium payment schedule. Beneficiaries receive two death benefits, one for each policyholder. Despite being combined, the death benefits are separate for each individual. Since there are two policies under one contract, couples can save on policy or administration fees, reducing the overall costs.

Frequently asked questions

How long does it take to get an insured mortgage?

It generally takes anywhere from a few days to a couple of weeks to get an insured mortgage in Canada. However, the duration can vary depending on several factors, such as the lender, the complexity of your financial situation, and the completeness of your application. 

Why is mortgage insurance often considered expensive?

Mortgage insurance is often considered expensive because it adds a significant cost to your mortgage payments. The premiums for mortgage loan insurance are typically added to your mortgage balance, which means you pay interest on them over the life of the loan. Additionally, if you choose to pay the premiums upfront, it can be a substantial amount that makes homeownership more expensive.

Can I cancel my mortgage insurance?

In most cases, you can cancel your mortgage loan insurance once you have paid down your mortgage to less than 80% of the home’s value, meaning your loan-to-value ratio is less than 80%. However, if you have opted for optional mortgage protection insurance, you can typically cancel it at any time, but this will depend on the terms of your policy.

How are mortgage insurance premiums calculated?

Mortgage insurance premiums are typically calculated as a percentage of your loan amount. For mortgage loan insurance, the premium rate varies based on the size of your down payment and the loan-to-value ratio. 

For example, the premium might be higher for a smaller down payment. Optional mortgage protection insurance premiums are based on factors such as your age, health, and the amount of coverage you choose.

Is mortgage insurance a one-time payment?

No, mortgage insurance, typically offered by your lender, is not a one-time payment. It is generally included in your monthly mortgage payment and can only be canceled once you reach 20% equity in your home.

Do you have to pay mortgage insurance up front?

Yes, you can pay your entire mortgage insurance premium upfront, especially if you have sufficient funds to cover the downpayment, premium expenses, and other initial costs. Paying your mortgage insurance premium upfront can help lower your monthly mortgage payments.

What age does mortgage insurance end?

In Canada, mortgage insurance, also known as mortgage life insurance or private mortgage insurance (PMI), automatically ends when you reach the age of 70.