What are the Biggest Life Insurance Companies in Canada 2024?

The top 5 biggest life insurers in Canada are:

1. Canada Life
2. Manulife
3. Sun Life
4. Industrial Alliance (iA)
5. Desjardins

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!

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) overview

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

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The Manufacturers Life Insurance Company (Manulife) overview

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.

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Sun Life Assurance Company of Canada overview

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

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Industrial Alliance Life Insurance Company overview

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.

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Desjardins Financial Security Insurance Company overview

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

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Beneva Inc. Insurance Company overview

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.

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RBC Life Insurance Company overview

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

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Wawanesa Insurance Company overview

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.

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BMO Life Assurance Company overview

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.

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Equitable Life Insurance Company of Canada overview

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.

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The Empire Life Insurance Company overview

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.

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Foresters Financial Insurance Company overview

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.

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Co-operators Insurance Company overview

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

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ivari Insurance Company overview

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.

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Blue Cross Life Insurance Company overview

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

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Securian Canada Insurance Company overview

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

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Primerica Life Insurance Company overview

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

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Chubb Life Insurance Company overview

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

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TruStage Life (Assurant Life) Insurance Company overview

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

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Combined Insurance Company of America Insurance Company overivew

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

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UV Insurance Company overview

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.

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Assumption Mutual Life Insurance Company overview

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

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Knights of Columbus Insurance Company overview

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.

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Humania Assurance Inc. Insurance Company overview

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

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American Income Life Insurance Company overview

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

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Serenia Life Insurance Company overview

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.

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CIBC Life Insurance Company overview

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

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Reliable Life Insurance Company overview

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

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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.

What should you consider when choosing an insurance company?

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

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.

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.

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

Each company has their own benefits and features that can suit different needs.

That’s why we’ve reviewed and rated the top providers to bring you our list of the 16 Best Rated Life Insurance Companies in Canada.

What are the best life insurance companies in Canada?

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.

Ratings and reviews of the top rated life insurance companies in Canada

Best for Simplified Issue: Assumption Life

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.

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Best for Combo Coverage: Beneva

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!

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Best for Affordability: BMO Insurance

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.

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Best for Financial Strength: Canada Life

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.

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Best for Non-Medical Policies: Canada Protection Plan

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.

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Best for Stability: Desjardins Insurance

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.

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Best for Personalization: Empire Life

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.

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Best for Families: Equitable Life

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.

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Best for Giving Back: Foresters Financial

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.

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Best for Quick Issue Options: Humania

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.

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Best for Flexibility: Industrial Alliance

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.

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Best for Layering: ivari

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.

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Best for Digital Innovation: Manulife

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.

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Best for Value For Money: RBC Insurance

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.

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Assumption Life Mortgage Protection Insurance Review

Canada’s best mortgage protection insurance for:
Simplified issue

If you want to quickly get coverage for your mortgage without having to take a medical exam, then you should look at Assumption Life’s Flexterm plan. This is called simplified insurance. You can get approved much faster, although at a higher cost.

Assumption offers terms ranging from 10 to 35 years, as well as a decreasing term option that you can match with your mortgage.

They also have regular plans if you don’t mind doing a health assessment. And, getting a fully underwritten plan gives you far more options for premium rates, riders, and benefits:

• Critical Illness Rider covers 16 illnesses, which is more than many of Assumption’s competitors cover
• Disability Income Rider gives extra coverage on top of regular income replacement in the event of disability
• Extreme Disability Benefit is included at no additional cost — very rare in Canada!

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Beneva Mortgage Protection Insurance Review

Canada’s best mortgage protection insurance for:
Combination coverage

Beneva’s Term Plus is a good choice for homeowners seeking an all-in-one solution for mortgage protection. It’s a multi-purpose plan that you can put to good use for several things. And, the company gives you some pretty tempting options to help maximize your coverage.

You can pick a decreasing term to match your mortgage, and get optional add-on riders at a small extra cost to create a plan with multiple types of coverage at a great price — all in one place.

Plus, Beneva has a rare Extreme Disability Benefit included for free in all of its plans. Most other companies only give you these kinds of insurance coverage if you pay an additional cost.

Add that to their riders for critical illness and disability insurance protection, and you have an easy way to tick all of your insurance boxes in one go!

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Canada Life Mortgage Protection Insurance Review

Canada’s best mortgage protection insurance for:
Financial strength

Canada Life is an excellent choice if you want to be insured with a company that has financial stability. According to our records, they’re one of the largest life insurance companies in all of Canada. You can feel secure getting coverage with them and knowing they’re probably not going anywhere anytime soon.

They also have a Business Growth Protection rider that’s particularly useful for business owners. It lets them buy more insurance coverage when their share of the business grows. So, you can get easier access to more insurance while protecting your mortgage at the same time.

You can choose any term length from 5 to 50 years with Canada Life. And, they have optional add-on riders like child’s term life insurance to let you create comprehensive mortgage insurance coverage.

One downside is that they don’t have a rider that can cover you for disability. They only have a full disability insurance policy. But, it is an amazing plan for helping to protect your mortgage in the event of disability.

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Empire Life Mortgage Protection Insurance Review

Canada’s best mortgage protection insurance for:
Personalization

Empire Life has some of the most versatile mortgage protection insurance in Canada. They give you 6 different, customizable policies and a ton of rider options that can cover a wide range of needs. You can create exactly the kind of policy you want to get coverage for almost anything!

Their Solution 25 policy is great if you need insurance for loans. You can also apply for longer or shorter term lengths, or buy optional critical illness and/or disability riders at an extra cost to cover all of your mortgage needs.

Empire gives you two options for critical illness riders: CI Protect for basic coverage or CI Protect Plus for more comprehensive mortgage insurance coverage. And, the basic plan includes a small death benefit for free. Add their disability rider on top of that and you have a great mortgage protection strategy.

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iA Mortgage Protection Insurance Review

Canada’s best mortgage protection insurance for:
Flexibility

Industrial Alliance (iA) is a great choice if you want mortgage protection that’s flexible and gives you a lot of different options. Most mortgage protection plans are used to cover expenses. But this one is specifically meant to help you cover outstanding debts and loans, including your mortgage.

iA lets you choose from many different options, like coverage type and length. They also give you options for more coverage with a disability credit rider and critical illness transition. Both of these add-ons give you even more options so you can get exactly the type of coverage you want.

💡 Tip: If you pick these rider options and decreasing coverage, you end up with a very strong mortgage protection plan.

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UV Mortgage Protection Insurance Review

Canada’s best mortgage protection insurance for:
Riders

Many of the mortgage protection insurance products we’ve listed as the best in Canada give you options for riders — small add-ons you can buy for more coverage. But mutual Insurance company UV takes it a step further.

Their plan, Term Superior, is also offered as an optional rider. This is on top of their wide range of rider options for credit insurance, disability, and critical illness. And, you don’t need to do a medical exam or answer extra questions for their critical illness rider. It’s easy to see why we rated them the best for rider options!

UV’s plans also cover you for severe loss of autonomy for free. So, if you cannot perform at least 4 of the 6 activities of daily living before age 60, you will get up to 50% of the amount you were originally covered for.

UV’s Term Superior is also a great choice if you have multiple financial responsibilities. It helps if you want to use a strategy called laddering to get additional coverage for a low cost.

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What is mortgage insurance?

Mortgage insurance is a type of life insurance plan mostly sold by banks. It will pay the outstanding balance on your mortgage in case you suddenly pass away.

Mortgage insurance is not the same as Mortgage Loan Insurance or Mortgage Protection Insurance. This is one of the reasons why people get roped into buying it — there are so many different names out there that it can be confusing.

Private mortgage insurance or mortgage protection insurance is a term life insurance plan. It gives a payout called a death benefit to your beneficiaries at the time of death. They can then use that money for anything — the mortgage and/or something else too.

You do need some of these insurance products to secure your mortgage, but others you do not. The chart below will help you be able to tell the difference.

How does mortgage insurance work?

Mortgage insurance is primarily sold by banks. When you sit down with your mortgage broker or lender, they’ll likely offer you insurance on your mortgage. This insurance will pay off your mortgage in the event of death.

This is mortgage insurance. It only goes toward the insured balance of your mortgage. As you pay your mortgage off, the amount this type of insurance pays also decreases.

Mortgage insurance premiums are conveniently tacked onto your monthly mortgage payments. So, it sounds like a great protection plan for the biggest purchase of your life. But there are better options out there beyond what your broker or lender has to offer.

Do I need to buy mortgage insurance from my bank? 

No, you do not need to buy mortgage insurance from your bank or lender.

When you apply for a mortgage with a lender, it’s the mortgage broker or bank agent’s job to cross-sell their products to you. They may make it seem like you have to say yes to their insurance, but that’s not the case. You can opt for mortgage protection through life insurance instead.

Scotiabank Mortgage Insurance Review

Scotiabank’s mortgage insurance will cover you in 4 different scenarios:

• If you suddenly die (life insurance)
• If you are diagnosed with a covered critical illness
• If you become disabled and cannot work
• If you lose your job/monthly income

They each will cover a decent amount of your outstanding mortgage debt. But the devil’s in the details. Only a certain amount of your outstanding debt will be covered. And only certain illnesses, disabilities, or circumstances will be covered.

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Frequently asked questions

Do I have to have mortgage insurance?

Not necessarily. You may need to have Mortgage Default Insurance or CMHC Insurance in some circumstances. But you are not obligated to buy the mortgage insurance your bank is offering.

Instead, you should think about getting private mortgage insurance or mortgage protection insurance. They’re two terms that mean the same thing.

Mortgage protection insurance is sold by a third party, such as an insurance company or insurance broker like PolicyAdvisor.com. It is usually cheaper, gives you better coverage, and is more flexible — you can use it for anything you need, not just the mortgage.

Is private mortgage insurance worth it?

Yes, private mortgage insurance is worth it. It gives you more bang for your buck than creditor mortgage insurance from a bank or lender does. That flexibility, the lower cost, and the better peace of mind make PMI worth it.

Plus, you can use our online platform to get personalized quotes for mortgage protection in minutes — much easier than it takes to go through getting mortgage insurance from a bank or lender!

The best companies for whole life insurance in Canada include Manulife, BMO Insurance, Sun Life, Empire Life, Desjardins, and more. The one you should choose depends on your needs.

Our expert advisors have ranked the top 15 Canadian whole life insurance providers to help you find the perfect match. We’ve ranked them based on the best for performance, the best for added features, the best for children’s policies, and more.

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

The best whole life insurance in Canada 2024

Our team at PolicyAdvisor.com 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.

Full list: 15 Best Whole Life Insurance Companies in Canada – March 2024

• Assumption Life: Best for quick issue
• Beneva: Best for complimentary additional features
• BMO: Best for non-participating plans
• Canada Life: Best for charitable giving
• Canada Protection Plan: Best for non-medical
• Desjardins: Best for paying off premiums early
• Empire Life: Best for balanced performance
• Equitable Life: Best mutual company
• Foresters: Best for smokers
• iA: Best for health accommodation
• Manulife: Best for overall performance
• RBC: Best for children’s plans
• Sun Life: Best for high net-worth individuals
• UV: Best for long-term growth
• Wawanesa: Best value for guaranteed benefits

Assumption Life Whole Life Insurance Review

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

Assumption Life Insurance wins the award for its potential for a fast-issue policy with no doctors or blood tests. They don’t ask you to do a medical test if you’re 18-45 and if you want whole life insurance coverage up to $999,999. This is sometimes called accelerated issue policies.

As you get older, they may not give you accelerated issue for as much coverage. But you can still get up to $50,000 without a medical exam up to age 69.

But that’s not the only reason Assumption came out on top in our rankings. They offer two types of coverage: one that pays dividends (participating) and one that doesn’t (non-participating). If you choose the participating policy, you have 5 options for how you get dividends, and you can change your options every year.

They also offer extra options called life insurance riders to help you add more coverage. And, if you want a plan without answering any medical questions at all, they also offer non-medical plans.

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Beneva Whole Life Insurance Review

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

Beneva whole life insurance products are a good choice if you want a whole life policy that includes additional benefits. Their plans have all the usual benefits included in a whole life insurance plan. But their plans can also:

• Cover multiple lives — up to 5, depending on the plan
• Include 4 benefits free of charge to give you additional coverage: Extreme Disability Benefit, Disability Waiver of Premium Benefit, Accidental Death & Dismemberment (AD&D) Benefit, and Accidental Fracture Benefit
• Have 2 rider options, which can give you extra coverage at a low price: Critical Illness Insurance Rider and Child Rider

They give you several payment options if you want to finish paying your life insurance premiums early. And you can get policies without a medical exam with their simplified or guaranteed plans.

Most of Beneva’s plans are life insurance with cash value but not dividends. But they do offer Universal Life Insurance, which is a permanent life insurance plan that pays out dividends but comes with a higher risk.

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BMO Whole Life Insurance Review

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

Bank of Montreal (BMO) is a great choice for people who want whole life insurance with cash value and aren’t too concerned about getting dividends.

Their policies are all non-participating, so you don’t get dividend payments. But you get cash value and a yearly Performance Bonus that you can use similarly to how you would use dividends.

BMO Insurance also gives you A LOT of choices for how to handle your life insurance costs:

• Premium switching, which lets you change your premium payment period
• Premium offset, where you can stop paying premiums and have them deducted from your paid-up cash value instead
• Additional payments, where you can pay extra premiums to increase the death benefit and cash value
• Policy loans, where you can borrow against your cash value

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Canada Life Insurance Whole Life Insurance Review

Canada’s best whole life insurance for:
Charitable giving

Canada Life’s My Par Gift is the perfect plan for people who want to leave a lasting impact by donating to charity. This whole life policy was created just to help you do that.

You just pay one tax-advantaged lump sum premium of $10,000 and the policy is locked in. The charity receives the policy’s cash value and dividends, which they can then use however they need to.

Once you pass away, the charity receives the full death benefit. This means you can help the charity and its work for more than a lifetime.

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Canada Protection Plan Whole Life Insurance Review

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

Canada Protection Plan is a great option if you want whole life coverage without taking a medical test. The plans are non-participating, so you will not get dividends. But they’re still straightforward, affordable life insurance policies that can give you at least $10,000 in coverage.

Their plans are also good for funeral insurance. This type of insurance covers expenses related to the end of life, such as funeral costs or any remaining debts.

CPP gives you a wide range of coverage options if you have health isssues, so your chances of finding a plan that fits your needs are very high.

They also have regular policies for people who are healthy and who want quick approval.

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Desjardins Whole Life Insurance Review

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

Desjardins gives you some of the best options to pay off your policy early so you only have to pay it for a certain number of years. This is called limited pay, and Desjardins is one of the only Canadian companies that lets you pay it off in as little as 5 years.

You pay higher yearly or monthly premiums for those 5 years only and then you don’t have to pay anything else for the rest of your life. Or you can choose to pay in 10, 20, 15 years, or until age 100.

When you choose limited pay, you can rest easy knowing you have lifetime protection, cash value growth, annual dividends, and no more bills!

Desjardins’ plans also come with a lot of benefit options you can add on for even more coverage. They offer basic plans without dividends, and a special permanent life policy for seniors 50+ who don’t want to take a medical exam.

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Empire Life Whole Life Insurance Review

Canada’s best whole life insurance for:
Balanced performance

Empire Life’s whole life product, EstateMax, is a great option for people who want to build wealth in the long term and increase their life insurance payout. They don’t give the highest cash values in the Canadian market, but they’re far from being the lowest.

This is a good choice if you want steady, secure growth — especially the longer you have your policy.

Their Optimax plan is also designed specifically for people who plan to retire soon and want to access their plan’s cash value in the policy’s first 20 years.

Empire’s policies can be just as affordable as some Term-to-100 policies. It’s no wonder they’re one of the most popular choices for whole life coverage in Canada.

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Equitable Life Whole Life Insurance Review

Canada’s best whole life insurance for:
Mutual values

If you specifically want to work with an insurance company that is partially owned by the people who have insurance with them, Equitable Life may be the right choice for you.

This is called a mutual company. This kind of business doesn’t have to answer to stakeholders or market pressures like other carriers do. They can sometimes offer more competitive rates on insurance as a result.

There are other insurance mutuals, like Beneva and Wawanesa. But we feel their strongest points are in other areas, so Equitable takes the cake in this category.

Equitable only offers whole life policies that earn dividends, and their cash values can grow quite well in the long run.

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Foresters Financial Whole Life Insurance Review

Canada’s best whole life insurance for:
Smokers

If you’re planning to quit smoking, wouldn’t it be better if someone was paying you to do it? Foresters Life Insurance doesn’t exactly give you money, but their Quit Smoking Incentive Plan is a great motivator.

Smokers usually get charged more for life coverage, or they can be denied completely. Foresters Financial offers the opposite. They give you lower rates if you commit to stop smoking within 2 years.

That’s more air in your lungs, more money in your wallet, and lifelong coverage that your family can rely on!

All of Foresters’ plans give you cash value, and some also pay dividends. Plus, they have a wide variety of life insurance options for people who have health issues.

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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.

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Manulife Whole Life Insurance Review

Canada’s best whole life insurance for:
Overall performance

There’s a reason why Manulife is one of North America’s largest life insurance companies. They’re quite successful and most of their products are high-quality. In Canada, their whole life plans are no different.

If you want all-around good performance that you can rely on, Manulife is a great choice. They offer both participating and non-participating plans, and plans that don’t make you take a medical exam.

You get all the standard benefits of a whole life policy with Manulife. And, they even give you the option to change your mind and choose a different payment option if you like.

Choose Manulife if you’re not really looking for anything specific but need a policy that checks all the boxes:

• Affordable
• Flexible
• Reliable
• Robust investment options
• Good amount of coverage
• And more!

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RBC Whole Life Insurance Review

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

If you’re looking to buy the best whole life insurance for children, Royal Bank of Canada (RBC) Insurance could be a great option.

They have a special feature called the Juvenile Guaranteed Insurability Benefit that will give children a financial leg-up once they grow up. This benefit acts like a Hall Pass for your child or grandchild. When they reach adulthood, they can buy a new policy or add more insurance to their plan without having to take a medical test or go through any hassle to get approved.

Many other companies will give you the option to buy this kind of benefit — but RBC includes theirs for free! This is why we have to recommend them for whole life insurance policies for children in Canada.

Their plans are great for other uses too, like estate planning or just long-term financial planning in general.

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Sun Life Insurance Whole Life Insurance Review

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

The more you earn, the more insurance you’ll likely need. You’ll want to choose a provider who you know can provide those high amounts of coverage, and Sun Life Insurance is exactly that choice.

Sun Life is another one of Canada’s largest life insurance providers. They offer a minimum coverage amount of $250K, which is way higher than the $10,000 or less some other providers start with.

They offer plans with just cash value (non-participating) and plans with both cash value and dividends (participating). Plus, even if you have health issues you can apply for their plans that don’t ask you to take a medical exam.

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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!

UV also gives you life insurance options if you have health issues. But UV’s plans are all non-participating, so you won’t get any dividend payments from them.

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Wawanesa Whole Life Insurance Review

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

Most investments involve some level of risk. Not so with Wawanesa! They offer high cash values that you can access early on if you need to, especially if you pay the policy off in 20 years.

With Wawanesa, there’s a very good chance you will “break even” — have a higher cash value than the entire amount of premiums you paid to the company in those 20 years or less!

They give you more insurance coverage and have some of the lowest whole life insurance quotes in Canada. It’s no surprise that they’re one of the most affordable options people choose.

You get to choose between a participating or non-participating policy, or one that doesn’t make you take a medical exam.

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Why should I get permanent life insurance Canada?

There are 3 very good reasons why you should get permanent life insurance:

1. To cover your final expenses
2. To access cash value now/during retirement
3. To plan your estate

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.

The best disability insurance companies in Canada include Manulife, Canada Life, and RBC.

Crowning the “best” disability insurer depends on your needs, your existing coverage availability, your budget, and the optional benefits available under the plan. This review provides Canadians with an informed checklist of what to look for when choosing their disability illness insurance provider, especially in regard to their long-term options and who does it best. PolicyAdvisor.com lets you shop around and stringently compare insurance rates to make sure your income is protected!

Head straight to the reviews.

List of Canada’s best disability insurance companies – February 2024

While in most cases, your group benefits make the cut for short-term disability, but there are better options out there for long-term disability. We work with the best disability insurance providers in Canada and can find a plan that works for you! But, not all companies are the same. Some are great on price and others offer an array of extra benefits. Our expert advisors at PolicyAdvisor have ranked the insurance companies we work with and reviewed their offerings to make sure you get the best disability coverage!

Which are the best disability insurance companies in Canada?

• Canada Life: Best for comprehensive riders
• Desjardins: Best for top-up coverage
• Edge Benefits: Best for simplified underwriting
• Humania: Best for non-medical plans
• Manulife: Best for long-term care conversion
• RBC: Best for professionals

Each insurance company offers distinct features for their critical illness plans that may suit your needs best, depending on the type of protection you require. This is why we’ve evaluated the top providers across various categories to present our compilation of the Top 14 Best Critical Insurance Companies in this article.

Head straight to the reviews.

What are the best critical illness insurance companies in Canada?

Our top choices for Canada’s best critical illness insurance policies are from BMO, Canada Life, iA Financial, and Desjardins.

PolicyAdvisor.com has painstakingly researched the insurance companies that offer the best critical illness insurance plans in Canada. Years of profiling and analyzing the industry’s top offerings gives us the unique opportunity to review the country’s best critical illness insurance companies and present you with a list of the top insurance offerings available in the category. The following reviews are a must-read for anyone thinking about purchasing critical illness insurance in 2024.

The 14 best critical illness insurance companies in 2024 are:

• Assumption Life: Best for simple coverage
• Beneva: Best for a mutual company
• BMO Insurance: Most affordable enhanced coverage
• Canada Life: Rolls Royce of coverage
• Desjardins: Best for extensive coverage
• Empire Life: Best for couples
• Equitable Life: Best for multi-product discount
• Foresters Financial: Best for built-in benefits
• Humania: Best for children
• iA Financial: Best for flexibility
• ivari: Best for bundling
• Manulife: Best for brand recognition
• RBC Insurance: Best for combination long-term care
• Sun Life: Best for comprehensive features

Travel insurance is an important part of staying protected on any trip, and people visiting Canada have a lot of choice! When deciding what kind of travel plan you need, it can be tricky to know where to start. Which Canadian provider is reliable? Who has the best rates? Who has the most choice? How’s someone who’s never been to Canada supposed to know?

Worry not! Your trusty friends at PolicyAdvisor.com are experts in travel insurance and we put together a list of the 10 Best Travel Insurance For Visitors to Canada just for you! We rank the top choices, list the pros and cons of each, and provide some useful product information to help you choose the plan that would best cover you and your family.

Read on for more information or click here to skip straight to our travel insurance for visitors to Canada ratings!

What is visitors to Canada insurance?

Visitors to Canada insurance refers to travel insurance you can get for a trip to Canada. It helps to pay for unexpected costs that you might have before or during your trip. There are lots of different types of travel insurance, but most people get visitors health insurance or travel medical insurance to pay for health care costs if they need medical care while they’re in Canada.

What does visitors insurance cover?

Depending on what type of policy you choose, Canadian visitors insurance can cover:

✅ Medical expenses

• Emergency doctor or hospital visits
• Emergency dental care
• Prescription drugs
• Travel accident
• Ambulance transportation
• Repatriation
• And more

✅ Non-medical expenses

• Trip cancellation
• Trip interruption (ending a trip early)
• Flight delays
• Hotel/accommodation costs
• Extra meal costs
• Adventure sports
• And more

✅ Super visa

• Meets the requirements of the Canadian super visa program for parents and grandparents

Why do visitors to Canada need travel insurance? 

Visitors to Canada should get travel insurance to avoid having to pay a lot of money if something unexpected happens on your trip. It helps you travel with peace of mind and enjoy your time up north without worrying about what would happen in an emergency.

Think of it this way: a flight delay could cost you hundreds in hotel fees and meal expenses that you didn’t expect to pay. One trip to the doctor in Canada could cost you thousands — Canada’s government health insurance plan won’t cover any bills for visitors, and insurance from your home country won’t cover you either. But visitors insurance doesn’t cost a lot, and can help make sure you don’t get stuck with any unexpected bills.

Most visitors to Canada aren’t required to get travel insurance to come to Canada, except for super visa holders. But we strongly recommend that you get visitors insurance for your trip — it’s well worth the peace of mind!

The best visitors insurance in Canada

At PolicyAdvisor.com, we work closely with more than 30 of Canada’s best insurance companies to provide tailored travel insurance options for visitors. In this article, we did the work of searching the market for you to find out who has the best deals. Based on our in-house research, we put together this list of the Canadian providers who have the absolute best visitors insurance to offer.

The 10 best travel insurance companies for visitors to Canada in 2024 are: 

1. Best travel insurance for comprehensive coverage: Manulife
2. Best travel insurance for pre-existing conditions: Tugo
3. Best travel insurance for international students: Allianz
4. Best travel insurance for super visa: GMS
5. Best travel insurance for monthly payment plans: Travelance
6. Best travel insurance for long stays: 21st Century
7. Best travel insurance for convenience: Destination Canada
8. Best travel insurance for side trips: MSH
9. Best travel insurance for companion discounts: 21st Century
10. Best for customizable deductibles: Secure Travel