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

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 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.

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What is insurance for visitors to Canada?

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 several 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 visitor insurance cover?

Visitor insurance in Canada can cover medical expenses, non-medical expenses, and meets the requirements for the Super Visa program for parents and grandparents.

Medical expenses
Visitor insurance can cover emergency doctor or hospital visits, emergency dental care, prescription drugs, travel accidents, ambulance transportation, and repatriation.

Non-medical expenses
It also includes coverage for trip cancellations, trip interruptions, flight delays, hotel/accommodation costs, extra meal expenses, and adventure sports.

Super Visa
For those applying under the Super Visa program, visitor insurance is a compulsory requirement for parents and grandparents.

Which are the best visitors insurance companies in Canada?

The best visitor insurance companies in Canada include Manulife, TuGo, GMS, Destination Canada, Travelance, and more.

At PolicyAdvisor.com, we work closely with more than 30 of Canada’s best insurance companies to provide customized travel insurance options for visitors. After careful research, our expert insurance advisors have created a list of the best companies for visitor insurance in Canada.

Top visitors insurance companies in 2025

The best visitor insurance company depends on your unique needs, including coverage limits, pre-existing condition coverage, policy duration, and budget.

Here is a list of our advisors’ recommendations for the best visitors insurance companies in Canada:

Best visitor insurance companies in Canada

Company Best for… Rating (out of 5)
Allianz International students 5
Manulife Comprehensive coverage 5
Tugo Pre-existing medical conditions 5
21st Century Companion discounts 4
Alberta Blue Cross Medical coverage 4
Destination Canada Super visa insurance 4
GMS Convenience 4
MSH International Travel delays 4
RBC Insurance Side trips 4
Travelance Monthly payment plans 4
Secure Travel+ Customizable deductibles 3

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Choosing the right visitor insurance company

Choosing the right visitor insurance company involves more than just comparing prices; it’s about finding a policy that offers the right balance of coverage, reliability, and affordability.

Considering protection for medical emergencies, pre-existing conditions, or trip interruptions, evaluating providers based on their benefits, claim process, and customer reviews can help you make an informed decision.

Understanding policy exclusions and coverage limits also ensures you get the protection you need for a worry-free stay in Canada.

Best visitor insurance companies in Canada

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 their 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!

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

Best for comprehensive coverage: Manulife

Visitors who want a travel insurance plan that covers all their bases can trust that Manulife will be one of their best choices. Or, if you’re not sure exactly what you need and you just want to get general travel insurance coverage that has a little bit of everything, their comprehensive plan is well-rounded enough to do that for you too.

With Manulife, you can get travel medical insurance by itself or as part of a package with trip interruption protection. They’re one of the only Canadian insurance companies that lets visitors do this. You can also use their travel insurance for your Super Visa. Plus, all of their plans cover things like stable pre-existing health conditions, side trips, travel accidents, and more.

There’s a reason why Manulife usually gets high ratings from us. They’re one of Canada’s oldest and biggest insurance companies, and they have really good insurance plans to fit people’s needs!

PolicyAdvisor Rating

Best Travel Insurance for Comprehensive Coverage

AM Best Rating A+

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Product Name: Emergency Medical Plan for Visitors to Canada

Types of Coverage: Emergency medical + Super Visa + optional trip interruption

Maximum Amount of Coverage: $150,000

Age Range: 30 days to 85 years

Pre-existing Conditions Covered: Yes, if stable

Deductible Range: $0 – $5,000

Free Look: Yes, 10-day

Family Plans: Yes

Manulife travel insurance for visitors to Canada: Pros and cons

Pros Cons
Non-medical coverage options available No dedicated coverage for international students
Covers stable pre-existing conditions Adventure sports not included
Can cover side trips
Can cover trip breaks
Travel accident coverage included
Automatic plan extension in emergencies
Refund options
24/7 emergency assistance
Digital e-policy

Best for pre-existing conditions: Tugo

If you’re coming to Canada and you already have a health condition, we strongly suggest that you get an insurance plan with Tugo. Like Manulife, Tugo is another well-known Canadian company that sells travel insurance. And they have the best plans for people who may have health concerns.

A pre-existing medical condition is a health issue that you already had before you got travel insurance. It refers to things like cancer, heart conditions, high blood pressure, obesity, and others.

Some Canadian providers can cover pre-existing conditions as long as they’re stable. This means that it hasn’t gotten worse, needed a new diagnosis, or caused new symptoms in 90-180 days, depending on your insurance company’s rules. Tugo goes the extra mile. They have additional travel plans for visitors that can cover a pre-existing condition even if it’s not stable. This is an extremely rare insurance option for visitors to Canada.

Plus Tugo has some of the best coverage options. They’re one of the few that let visitors get non-medical forms of insurance for things like trip cancellation insurance. And they have a unique MyFlyt service that can compensate you for flight delays.

PolicyAdvisor Rating

Best Travel Insurance for Pre-Existing Conditions

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Product Name: Visitors to Canada Emergency Medical Insurance, Visitors to Canada Trip Cancellation & Trip Interruption Insurance, Visitors to Canada Trip Interruption Insurance

Types of Coverage: Emergency medical + Super Visa + trip cancellation/interruption + trip interruption + optional sports & adventure activities, accidental death & dismemberment, and unstable pre-existing conditions

Maximum Amount of Coverage: $500,000 or $2,000,000 for international students

Age Range: 15 days to 90+ years

Pre-existing Conditions Covered: Yes + optional coverage for unstable conditions

Deductibles: $0 – $10,000

Free Look: Yes, 10-day

Family Plans: Yes

Tugo visitors to Canada emergency medical travel insurance: Pros and cons

Pros Cons
Several non-medical coverage options available Additional cost for travel accident coverage
Covers stable & unstable pre-existing conditions
Can cover side trips
Can cover trip breaks
Automatic plan extension in emergencies
Refund options
Special coverage for international students
Digital account access & e-policy
Unique digital wallet & e-claims
Unique MyFlyt service for flight delays
24/7 emergency assistance

Best for international students: Allianz Global Assistance

Many international students in Canada get their own travel medical insurance policy to cover anything their school’s health plan doesn’t cover. This means things like covering them for winter and summer holidays, or for any side trips they take outside of the province or country too. And Allianz travel insurance is the best choice.

Allianz has the best plans for international students in Canada. They actually have a unique package just for international students. And they have the highest coverage amount for students too — they’ll cover up to $5 million for medical emergencies. Their plans can be a little pricey, but they’re a reputable company and their plans are worth it.

PolicyAdvisor Rating

Best Travel Insurance for International Students

AM Best Rating A+

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Product Name: Visitors to Canada Plan, International Students to Canada Travel Insurance

Types of Coverage: Emergency medical + Super Visa

Maximum Amount of Coverage: $100,000 or $5,000,000 (international students)

Age Range: 15 days to 84 years

Pre-existing Conditions Covered: Limited; up to age 59 only, if stable

Deductibles: $0

Free Look: Yes, 10-day

Family Plans: No

Allianz visitors to Canada travel insurance: Pros and cons

Pros Cons
Can cover side trips Can be expensive
Can cover trip breaks Limited deductible options
Special coverage for international students Partial refunds only
Travel accident coverage included Limited coverage for pre-existing conditions
24/7 emergency assistance Limited non-medical coverage options
High coverage limit for students Adventure sports not included
Digital e-policy No automatic extension in emergencies

Best for Super Visa: Group Medical Services (GMS)

GMS is our top recommendation for people who are travelling to Canada on a Super Visa. (Read our guide to Canadian Super Visa Insurance to learn more about the program.) Its plans meet the requirements of the program, and it has well-rounded coverage options.

Their Immigrants & Visitors to Canada Insurance covers stable pre-existing conditions and has excellent coverage for seniors. It also has a fair range of deductible options and decent coverage amounts if you need something a bit more than the $100,000 limit. And their rates are affordable too!

PolicyAdvisor Rating

Best Travel Insurance for Super Visa Insurance

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Product Name: Immigrants & Visitors to Canada Insurance

Types of Coverage: Emergency medical + Super Visa

Maximum Amount of Coverage: $150,000

Age Range: 0 to 80 years

Pre-existing Conditions Covered: Yes, if stable

Deductibles: $0 – $1,000

Free Look: Yes, 10-day

Family Plans: No

GMS immigrants & visitors to Canada travel insurance: Pros and cons

Pros Cons
Covers stable pre-existing conditions Limited travel accident coverage
Can cover side trips Limited non-medical coverage options
Automatic plan extension in emergencies No dedicated coverage for international students
Refund options Adventure sports not included
24/7 emergency assistance Limited availability in some provinces
Digital e-policy

Best for monthly payment plans: Travelance

Travelance is one of the few Canadian companies that lets you pay for Super Visa insurance monthly instead of paying for everything at once. And, as far as we’re concerned, it’s best if you want a plan specifically to pay monthly.

The reason we recommend Travelance so highly is in the details. It lets you get 3 follow-up doctor visits within a 30-day period, covering up to $3,000 worth of related costs. Most providers don’t cover follow-up visits this much. It also has great coverage for prescription drugs and really high deductible options.

This is fantastic health insurance for visitors to Canada if you do end up needing medical attention during your trip. And you don’t even have to pay for the entire thing upfront!

PolicyAdvisor Rating

Best Travel Insurance for Monthly Payment Plans

AM Best Rating N/A

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Product Name: Visitors to Canada Emergency Medical Insurance (VTC) Essential Plan or Premier Plan, International Student Travel Insurance (ISP) Smart Plan or Smart-Plus Plan

Types of Coverage: Emergency medical + Super Visa

Maximum Amount of Coverage: $150,000 (visitors) or $2,000,000 (international students)

Age Range: 14 days to 86 years

Pre-existing Conditions Covered: Limited; up to age 69 and only with premium plans, if stable

Deductibles: $0 – $10,000

Free Look: Yes, 10-day

Family Plans: Yes

Travelance visitors to Canada emergency medical travel insurance: Pros and cons

Pros Cons
Can cover side trips Limited coverage for pre-existing conditions
Can cover trip breaks Limited non-medical coverage options
Travel accident coverage included Adventure sports not included
Automatic plan extension in emergencies
Refund options
Special coverage for international students
24/7 emergency assistance
Monthly payment options
Extensive emergency medical coverage
Digital e-policy

Best for long stays: 21st Century

If you plan to stay in Canada for long periods of time, we recommend that you get a visitors insurance plan with 21st Century. They have a rare upgrade feature that lets you extend your insurance plan for up to 2 years while keeping the exact same price. This makes it a great deal if you have long-term travel plans.

Their 2-year extension is perfect for people who apply for the 2-year extension for their Super Visa. Plus, 21st Century is another one of the few providers who lets you pay for Super Visa insurance monthly. They offer different levels of insurance to cover your trip, and you can choose higher or lower deductibles.

PolicyAdvisor Rating

Best Travel Insurance for Long Stays

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Product Name: Visitors to Canada Insurance Basic Plan, Standard Plan, or Enhanced Plan

Types of Coverage: Emergency medical + Super Visa

Maximum Amount of Coverage: $200,000

Age Range: 0 to 111 years

Pre-existing Conditions Covered: Yes, if stable (Enhanced Plan only)

Deductibles: $0 – $10,000

Free Look: No

Family Plans: Yes

21st Century visitors to Canada travel insurance: Pros and cons

Pros Cons
Can cover side trips Partial refunds only
Can cover trip breaks Limited coverage for pre-existing conditions
Travel accident coverage included Limited non-medical coverage options
Automatic plan extension in emergencies No dedicated coverage for international students
24/7 emergency assistance Adventure sports not included
Monthly payment options
Unique two-year upgrade option
Digital e-policy

Best for convenience: Destination Canada

Destination Canada is a nice and simple option for visitors to Canada insurance. It’s the kind of insurance plan you can buy quickly without worrying too much. It will cover the basics for emergency medical — stable pre-existing conditions, Super Visa insurance, etc. And it can give you a lot more coverage than normal. It can even cover travellers who are over 86 years old. So, it’s a good click-and-buy choice.

On the downside, it doesn’t have the most comprehensive travel insurance policies. So, if you’re looking for things like trip cancellation insurance or coverage for extreme sports, this isn’t the best choice for you. It also has fairly low deductible options, only going up to $500 — and that matters because deductibles affect the price of travel insurance.

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Best Travel Insurance for Convenience

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Product Name: Canada Visitors to Canada Plan, International Student Insurance

Types of Coverage: Emergency medical + Super Visa

Maximum Amount of Coverage: $300,000

Age Range: 0 to 86+ years

Pre-existing Conditions Covered: Limited; up to age 79 only, if stable

Deductibles: $0 – $500

Free Look: Yes, 10-day

Family Plans: Yes

Destination Canada visitors to Canada travel insurance: Pros and cons

Pros Cons
Covers stable pre-existing conditions Limited deductible options
Can cover side trips Limited coverage for pre-existing conditions
Can cover trip breaks Limited non-medical coverage options
Travel accident coverage included Adventure sports not included
Automatic plan extension in emergencies
Refund options
Special coverage for international students
24/7 emergency assistance
Digital e-policy

Best for side trips: MSH

An MSH plan is the perfect travel insurance for international frequent flyers. Many Canadian insurance companies cover side trips once most of your time is spent in Canada. But they won’t cover trips outside of Canada more than 30 days at most. MSH doesn’t have this limit.

MSH doesn’t have restrictions on outside trips, so even if you spend an extended period of time in countries outside of Canada, you can still get coverage. Its plan also gives you a LOT of coverage and some of the highest deductible options around.

PolicyAdvisor Rating

Best Travel Insurance for Side Trips

AM Best Rating N/A

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Product Name: Discover Canada Insurance, Patriot Travel Plan

Types of Coverage: Emergency medical + Super Visa

Maximum Amount of Coverage: $1,000,000

Age Range: 15 days to 90 years

Pre-existing Conditions Covered: Limited; up to age 80 only, if stable

Deductibles: $0 – $25,000

Free Look: No

Family Plans: Yes

MSH discover Canada travel insurance: Pros and cons

Pros Cons
Can cover side trips Limited coverage for pre-existing conditions
Can cover trip breaks Limited non-medical coverage options
Travel accident coverage included No dedicated coverage for international students
Automatic plan extension in emergencies Adventure sports not included
Refund options
24/7 emergency assistance
Unique international travel coverage options
High coverage limit
Large deductible options
Digital e-policy

Best for companion discounts: 21st Century

The 21st Century travel insurance is a good choice if you’re not travelling alone. In Canada, many insurance companies have plans for families, which means you can get lower prices if you’re going on a trip with your close family or other dependents. 21st Century does that too, but it also gives discounts if your travel companion might not be in your family. So, if you and a few friends want to visit Canada and save money while making sure you’re protected, this insurance plan would be a smart option.

PolicyAdvisor Rating

Best Travel Insurance for Companion Discounts

AM Best Rating N/A

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Product Name: Visitors to Canada Insurance Basic Plan, Standard Plan, or Enhanced Plan

Types of Coverage: Emergency medical + Super Visa

Maximum Amount of Coverage: $200,000

Age Range: 0 to 111 years

Pre-existing Conditions Covered: Yes, if stable (Enhanced Plan only)

Deductibles: $0 – $10,000

Free Look: No

Family Plans: Yes

21st Century visitors to Canada travel insurance: Pros and cons

Pros Cons
Can cover side trips Partial refunds only
Can cover trip breaks Limited coverage for pre-existing conditions
Travel accident coverage included Limited non-medical coverage options
Automatic plan extension in emergencies No dedicated coverage for international students
24/7 emergency assistance Adventure sports not included
Monthly payment options
Unique two-year upgrade option
Digital e-policy

Best for customizable deductibles: Secure Travel

Visitors to Canada who want more deductible choices should think about getting a travel insurance policy from Secure Travel. A deductible is the amount you pay upfront before insurance pays for the rest. A higher deductible makes your insurance premium cost less, and vice versa. Secure Travel lets you customize a deductible up to $3,000, and that can help if you’re looking to lower the cost of travel insurance.

They also have a high travel medical insurance coverage limit. And has 2 tiers of plans, so you can decide how enhanced or how basic you want your travel insurance to be. You can get all of this plus good standard coverage for things like Super Visa insurance, pre-existing conditions, side trips, travel accident, and more.

PolicyAdvisor Rating

Best Travel Insurance for Customizable Deductibles

AM Best Rating N/A

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Product Name: Visitors to Canada Insurance Standard or Enhanced Plan, Super Visa Insurance, International Student Insurance Standard, Enhanced, or Premium Plan

Types of Coverage: Emergency medical + Super Visa

Maximum Amount of Coverage: $1,000,000 or $2,000,000 for international students

Age Range: 15 days to 89 years

Pre-existing Conditions Covered: Yes, if stable

Deductibles: $0 – $3,000

Free Look: Yes, 10-day

Family Plans: Yes

Secure Travel visitors to Canada travel insurance: Pros and cons

Pros Cons
Covers stable pre-existing conditions Partial refunds only
Can cover side trips Limited non-medical coverage options
Can cover trip breaks Adventure sports not included
Travel accident coverage included
Automatic plan extension in emergencies
Special coverage for international students
24/7 emergency assistance
High coverage limit
Monthly payment options
Digital e-policy

Best for medical coverage: Alberta Blue Cross

Alberta Blue Cross offers one of the best health insurance for visitors to Canada with emergency medical coverage, including hospital stays, physician services, prescription drugs, and emergency dental services. It also covers medical evacuation, trip interruption due to medical reasons, and 24/7 travel assistance.

PolicyAdvisor Rating

Best Travel Insurance for Medical Coverage

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Product Name: Travel Insurance  

Types of Coverage: Emergency medical care, medical expenses if you test positive for COVID-19 during your trip, Accidental death and dismemberment, Baggage loss coverage

Maximum Amount of Coverage: $5,000,000

Age Range: 31 days to 74 years

Pre-existing Conditions Covered: Yes, if stable 90 days before departure

Deductibles: $0 – $1,000 

Free Look: Yes, 10-day

Family Plans: Yes

Alberta Blue Cross visitors to Canada travel insurance: Pros and cons

Pros Cons
Extensive emergency medical care coverage (up to $5 million) May not offer as comprehensive medical evacuation coverage compared to TuGo
Includes coverage for COVID-19 related expenses Baggage loss coverage may have limits
Accidental death and dismemberment coverage
Baggage loss coverage
24/7 travel assistance

Best for travel delays: RBC Insurance

RBC Insurance provides extensive travel delay coverage, reimbursing expenses incurred due to delays, including accommodation, meals, and transportation. 

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Best Travel Insurance for Travel Delays

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Product Name: TravelCare, Travel with Canada 

Types of Coverage: Unlimited emergency medical care, trip cancellation and interruption, baggage loss, damage and delay, flight and travel accidents, hotel/motel burglary insurance, auto rental collision/loss damage waiver insurance

Maximum Amount of Coverage: $5,000,000

Age Range: 31 days to 74 years

Pre-existing Conditions Covered: Yes, if stable  

Deductibles: $0 – $1,000 

Free Look: Yes, 10-day

Family Plans: Yes

RBC Insurance travel insurance: Pros and cons

Pros Cons
Strong coverage for travel delays, including accommodation and meals May not have as high coverage limits for emergency medical expenses compared to other providers
Includes trip cancellation and interruption coverage Focus on travel delays rather than medical emergencies
Comprehensive baggage loss and damage coverage
Hotel/motel burglary insurance
Auto rental collision/loss damage waiver insurance

How to choose the best visitor’s travel insurance policy in Canada?

Choosing the best VTC (Visitor to Canada) insurance involves a detailed review of your travel needs and insurance options. To ensure you’re fully protected during your stay, follow these steps:

1. Assess your needs

  • Determine the length of your stay and select a policy that covers the entire period
  • Consider any pre-existing medical conditions and verify that the policy covers them
  • If you plan to engage in high-risk activities (like skiing or scuba diving), make sure they’re included

2. Compare coverage options

  • Ensure the policy provides ample coverage for emergency medical expenses, hospitalization, and outpatient care
  • Verify medical evacuation coverage to the nearest facility or home if necessary
  • Look for reimbursement for non-refundable expenses if your trip is cancelled or interrupted for covered reasons
  • Ensure coverage for lost, stolen, or delayed baggage.
  • Check for compensation for expenses incurred due to travel delays
  • Opt for policies that offer 24/7 assistance for emergencies and travel issues

3. Check policy limits and exclusions

  • Review the maximum payout limits for various types of coverage
  • Understand exclusions, such as certain medical conditions, activities, or regions not covered

4. Speak to our advisors

  • Compare quotes from multiple insurers to evaluate premiums and coverage details
  • Ensure you’re comparing policies with similar coverage levels and features

5. Read the fine print

  • Carefully read through policy documents to understand all terms and conditions
  • Ask questions about unclear terms to ensure full clarity on your coverage

How much does visitor insurance cost?

Visitors’ health insurance in Canada costs between $70 to $450, depending on your age, health status, coverage amounts, and the duration of the trip. Here is an example of a cost breakdown of different age groups with and without pre-existing health conditions:

Visitor’s Age Premiums without Pre-existing Condition Coverage Premiums with Pre-existing Condition Coverage
25 years $72.30/mo. $92.70/mo.
35 years $90.90/mo. $100.20/mo.
45 years $101.70/mo. $115.50/mo.
55 years $110.70/mo. $129.60/mo.
65 years $133.20/mo. $168.60/mo.
75 years $240.00/mo. $328.80/mo.
85 years $405.00/mo. $453.92/mo.

*Cost of $100,000 in coverage for a visitor travelling to Canada for a 30-day period

What affects travel insurance costs?

Several factors influence travel insurance costs:

  • Age: Older travellers typically pay higher premiums due to increased health risks
  • Destination: Countries with higher healthcare costs or greater travel risks may result in higher premiums
  • Trip duration: Longer trips generally incur higher costs
  • Coverage limits: Policies with higher coverage limits for medical expenses and trip cancellations may cost more
  • Health condition: Pre-existing medical conditions may increase premiums or limit coverage
  • Activities: Engaging in high-risk activities like skiing or scuba diving may raise premiums
  • Policy type: Comprehensive policies covering more aspects of travel tend to be more expensive
Check out our article on the cheapest travel insurance for visitors to Canada

Who should buy Visitors to Canada (VTC) insurance?

Visitors to Canada insurance is essential for several groups of people to ensure they have adequate coverage for medical emergencies and other unforeseen events while in Canada. Here are the primary groups who should consider purchasing VTC insurance:

  • Tourists and vacationers: To cover medical emergencies, trip cancellations, and other travel-related issues
  • International students: To cover healthcare costs not included in their school’s insurance plan
  • Parents and grandparents: Especially those under the Super Visa program, which requires proof of medical insurance
  • Business travellers: To cover any medical emergencies during their stay
  • New immigrants: To cover the interim period before provincial health coverage takes effect
  • Returning Canadians: If not immediately eligible for provincial health coverage
  • Temporary foreign workers: To cover medical expenses and protect against high healthcare costs
  • Event attendees: To cover medical emergencies while attending conferences, sports tournaments, or cultural festivals

Choosing the best visitor health insurance policy in Canada

When preparing for a visit to Canada, securing medical insurance for visitors is a crucial step to protect yourself from the high costs of healthcare. It not only serves as a financial safety net against inflated medical bills but also guarantees access to necessary medical care when needed, offering peace of mind throughout your trip.

However, choosing the right visitor health insurance for your unique needs can be tricky! This is where PolicyAdvisor and our vast array of experience and grip over the market comes in. Speak with licensed advisors at PolicyAdvisor to explore budget-friendly plans tailored to your needs, so you can enjoy your trip to Canada stress-free and focus on creating memorable experiences.

Need help?

Let our experts help with choosing the best options for your needs.

Frequently asked questions

Is travel insurance essential for visitors to Canada?

Yes, travel insurance is essential for visitors to Canada as it covers potential medical emergencies, trip cancellations, and unforeseen events, ensuring financial protection during your stay.

When does travel medical insurance coverage begin and end?

If you purchase travel insurance before arriving in Canada, coverage begins immediately upon arrival. However, if you buy insurance after arriving, there’s typically a waiting period of 48 hours to 8 days before coverage takes effect. Coverage ends on the return date when you are back in your home country.

Can you extend your Visitors to Canada insurance coverage?

Yes, most insurers allow you to extend coverage if the request is made before the original policy expires, often subject to certain conditions.

What is a waiting period?

A waiting period is the initial time after the policy start date during which certain medical conditions or treatments are not covered.

Can a tourist see a doctor in Canada?

Yes, tourists can see a doctor in Canada. However, without visitor insurance, it can cost them up to $300. An emergency room visit can be significantly more expensive, ranging from $1,000 to $2,000, depending on the treatment required.

How do you submit a travel insurance claim?

To submit a claim, contact your insurer, complete the claim form, and provide all necessary documentation, such as medical reports and receipts.

Can I travel to Canada without travel insurance?

Yes, you can enter Canada without travel insurance but it’s not recommended. Canadian healthcare is expensive for visitors, who are not covered by the public health system, and the cost of any medical emergency, whether it’s a doctor’s visit or a stay in the hospital, can be substantial.

How do you apply for travel insurance to visit Canada?

You can apply online through an insurer’s website or via an insurance broker by providing your personal details, travel information, and payment.

Which company offers the best medical insurance for travel to Canada?

Manulife, TuGo, Destination Canada, and RBC offer comprehensive and affordable medical insurance for travel to Canada. However, we advise speaking with our advisors to choose the best visitor’s travel insurance policy for you.

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

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

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

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

Which are the best life insurance companies in Canada?

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

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

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

Top life insurance companies in Canada

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

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

Protect what matters most!

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

Choosing the right insurance company

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

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

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

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

Best for Simplified Issue: Assumption Life

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Best for Simplified Issue

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Our Assumption Life rating and review:

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

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

Assumption Life pros and cons

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

Read our full Assumption Life Insurance review

Best for Combo Coverage: Beneva

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Best for Combo Coverage

AM Best Rating A

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Our Beneva rating and review: 

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

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

Beneva pros and cons

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

Read our full Beneva Life Insurance review

Best for Affordability: BMO Insurance

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Best for Affordability

AM Best Rating A

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Our BMO Insurance rating and review:

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

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

BMO Insurance pros and cons

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

Read our full BMO Life Insurance review

Best for Financial Strength: Canada Life

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Best for Financial Strength

AM Best Rating A+

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Our Canada Life Insurance rating and review:

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

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

Canada Life Insurance pros and cons

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

Read our full Canada Life Insurance review

Best for Non-Medical Policies: Canada Protection Plan

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Best for Non-Medical

AM Best Rating N/A

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Our Canada Protection Plan rating and review:

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

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

Canada Protection Plan pros and cons

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

Read our full Canada Protection Plan Life Insurance review

Best for Stability: Desjardins Insurance

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Best for Stability

AM Best Rating N/A

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Our Desjardins Insurance rating and review:

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

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

Desjardins pros and cons

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

Read our full Desjardins Life Insurance review

Best for Personalization: Empire Life

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Best for Personalization

AM Best Rating A

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Our Empire Life rating and review:

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

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

Empire Life pros and cons

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

Read our full Empire Life Insurance review

Best for Families: Equitable Life

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Best for Families

AM Best Rating N/A

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Our Equitable Life rating and review:

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

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

Equitable Life pros and cons

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

Read our full Equitable Life Insurance review

Best for Giving Back: Foresters Financial

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Best for Giving Back

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Our Foresters Financial rating and review:

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

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

Foresters pros and cons

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

Read our full Foresters Life Insurance review

Best for Quick Issue Options: Humania

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Best for Quick Issue

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Our Humania Assurance rating and review:

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

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

Humania pros and cons

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

Read our full Humania Life Insurance review

Best for Flexibility: Industrial Alliance

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Best for Flexibility

AM Best Rating A+

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Our iA Financial Group rating and review:

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

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

Industrial Alliance pros and cons

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

Read our full Industrial Alliance Life Insurance review

Best for Layering: ivari

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Best for Layering

AM Best Rating A+

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Our ivari rating and review:

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

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

Ivari pros and cons

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

Read our full ivari Life Insurance review

Best for Digital Innovation: Manulife

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Best for Digital Innovation

AM Best Rating A+

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Our Manulife rating and review:

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

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

Manulife pros and cons

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

Read our full Manulife Life Insurance review

Best for Value For Money: RBC Insurance

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Best Value for Money

AM Best Rating A

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Our RBC Insurance rating and review:

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

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

RBC pros and cons

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

Read our full RBC Life Insurance review

Best for In-Person Purchase: Sun Life Financial

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Best for In-Person Purchase

AM Best Rating A+

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Our Sun Life Insurance review and rating:

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

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

Sun Life pros and cons

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

Read our full Sun Life Insurance review

Best for Price: Wawanesa

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Best for Price

AM Best Rating A

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Our Wawanesa rating and review:

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

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

Wawanesa Life pros and cons

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

Read our full Wawanesa Life Insurance review
Need help choosing an insurer?

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Methodology: How did we rank life insurance companies?

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

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

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

How much does life insurance cost?

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

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

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

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

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

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What’s the best type of life insurance?

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

1. Term life insurance 

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

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

2. Whole life insurance 

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

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

3. Universal life insurance 

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

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

4. No-medical life insurance 

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

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

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

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Learn more about the different types of life insurance in Canada

Market changes and innovations

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

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

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

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

How to get the best term life insurance Canada?

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

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

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

Need help?

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

Frequently asked questions

Which is the top insurance company in Canada?

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

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

What’s the cheapest life insurance in Canada?

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

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

  • Young
  • Healthy
  • Non-smoker
  • Female

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

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

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

How to get the best quotes for term life insurance?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Best Whole Life Insurance Companies in Canada (2025)

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

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

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

What is whole life insurance?

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

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

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

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

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

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

What are whole life insurance living benefits?

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

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

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

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

What are whole life insurance death benefits?

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

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

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

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

Is a life insurance benefit taxable?

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

The best whole life insurance in Canada 2024

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

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

Best whole life insurance in Canada

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

How to choose the right whole life insurance policy?

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

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

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

PolicyAdvisor Rating

Best For Quick Issue

AM Best Rating A-

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1. Assumption Life whole life insurance review

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

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

Key features

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

Assumption Life ParPlus (participating)

Assumption Life ParPlus Junior (participating)

Essential Whole Life (non-participating)

Limited pay:

20 years or until age 100 (participating policies only)

Dividend options:

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

PolicyAdvisor Rating

Best for Complimentary Additional Features

AM Best Rating A

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2. Beneva whole life insurance review

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

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

Key features

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

Whole Life 20

Whole Life 100

T-100

Limited pay:

Life pay, 20-pay

Dividend options:

N/A

PolicyAdvisor Rating

Best for Non-Participating Plans

AM Best Rating A

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3. BMO whole life insurance review

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

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

Key features

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

Estate Protector

Wealth Accelerator

Limited pay:

Life pay, 10-pay, 20-pay

Performance bonus options:

Paid-up additions (automatic), premium offset

PolicyAdvisor Rating

Best for Charitable Giving

AM Best Rating A+

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4. Canada Life Insurance whole life insurance review

Canada’s best whole life insurance for: Charitable giving

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

Key features

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

Wealth Achiever Plus

Estate Achiever Plus

Canada Life My Par Gift

Limited pay:

Life pay, 10-pay, 20-pay

Dividend options:

Cash dividends, premium offset, paid-up additions

PolicyAdvisor Rating

Best For Non-Medical Plans

AM Best Rating N/A

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5. Canada Protection Plan whole life insurance review

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

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

Key features

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

Guaranteed Acceptance Life

Deferred Life

Deferred Elite Life

Simplified Elite Life

Preferred Life

Preferred Elite Life

Limited pay:

20-pay, pay-to-100

Dividend options:

N/A

PolicyAdvisor Rating

Best for Paying Off Premiums Early

AM Best Rating N/A

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6. Desjardins whole life insurance review

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

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

Key features

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

Desjardins Basic Permanent Life Insurance

Estate Enhancer

Accelerate Growth

5 Pay Par

Limited pay:

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

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

Dividend options:

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

PolicyAdvisor Rating

Best for Balanced Performance

AM Best Rating A

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7. Empire Life whole life insurance review

Canada’s best whole life insurance for: Balanced performance

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

Key features

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

Empire EstateMax

Empire Optimax Wealth

Solutions 100 with Cash Values

Limited pay:

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

Dividend options:

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

PolicyAdvisor Rating

Best Mutual Company

AM Best Rating N/A

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8. Equitable Life whole life insurance review

Canada’s best whole life insurance for: Mutual values

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

Key features

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

Equitable Equimax

Estate BuilderEquitable

Equimax Wealth Accumulator

Limited pay:

Life pay, 10-pay, 20-pay

Dividend options:

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

PolicyAdvisor Rating

Best for Smokers

AM Best Rating A

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9. Foresters Financial whole life insurance review

Canada’s best whole life insurance for: Smokers

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

Key features

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

Foresters Non-Par

Advantage Plus

Limited pay:

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

Dividend options:

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

PolicyAdvisor Rating

Best for Health Accommodation

AM Best Rating A+

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10. Industrial Alliance Whole Life Insurance Review

Canada’s best whole life insurance for: Health accommodation

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

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

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

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

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

Whole Life Insurance

iA Par

Child Life & Health Duo

Life and Serenity 65

Limited pay:

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

Dividend options:

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

PolicyAdvisor Rating

Best for Overall Performance

AM Best Rating A+

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11. Manulife Whole Life Insurance Review

Canada’s best whole life insurance for: Overall performance

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

Key features

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

Manulife Par

Manulife Par with Vitality Plus

Performax Gold

Limited pay:

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

Dividend options:

Paid-up additions, cash dividends

PolicyAdvisor Rating

Best for Children's Plans

AM Best Rating A

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12. RBC Whole Life Insurance Review

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

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

Key features

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

RBC Growth Insurance

RBC Growth Insurance Plus

Limited pay:

Life pay, 10-pay, 20-pay

Dividend options:

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

PolicyAdvisor Rating

Best for High Net-Worth Individuals

AM Best Rating A+

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13. Sun Life Insurance whole life insurance review

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

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

Key features

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

Sun Spectrum Permanent Life Insurance II

Sun Permanent Life

Sun Par Accelerator

Sun Par Protector II

Sun Par Accumulator II

Limited pay:

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

Dividend options:

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

PolicyAdvisor Rating

Best for Long-Term Growth

AM Best Rating N/A

GET QUOTES

14. UV whole life insurance review

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

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

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

Key features

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

Whole Life High Values

Whole Life Pay to 100

Adaptable

Limited pay:

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

Dividend options:

N/A

PolicyAdvisor Rating

Best Value for Guaranteed Benefits

AM Best Rating A

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15. Wawanesa whole life insurance review

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

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

Key features

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

Wawanesa Whole Life

Limited pay:

Life pay, 20-pay

Dividend options:

Paid-up additions

Methodology: How did we come up with the rankings?

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

1. Financial strength ratings

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

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

2. Policy details

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

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

3. Key features

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

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

4. Premium costs

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

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

5. Coverage amounts

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

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

6. Cash value growth potential

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

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

7. Dividend options

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

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

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

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

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

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

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

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

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

Difference between participating and non-participating life insurance

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

Why should I get permanent life insurance Canada?

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

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

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

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

Are there any alternatives to whole life insurance?

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

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

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

Get the best whole life insurance quotes in Canada

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

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

Need insurance help?

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

Frequently asked questions

Is whole life insurance payout taxable?

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

Can you borrow money from a whole life policy?

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

What is the best age to buy whole life insurance?

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

How long does a whole life insurance policy last?

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

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Best Mortgage Insurance Companies in Canada: Reviews & Ratings (2025)

There are a lot of different products on the market to insure your new home. One of those options is mortgage protection insurance through an insurance company.

We created a list of the 6 Best Mortgage Insurance Companies in Canada based on our years of expertise and research. These ratings and reviews are based on factors like type of policy, range of products, financial strength, and more.

We also give our reviews of some of the types of mortgage protection we don’t recommend. And, we show you why a traditional life insurance policy is the best coverage for homeowners. (Click here to skip to that part now)

The best mortgage protection insurance in Canada 2025

Our team of experts at PolicyAdvisor.com has picked 6 companies as having the best mortgage protection in Canada. We’ve ranked them based on different categories based on their strengths and weaknesses.

We have worked with the largest insurance companies for years, giving us insight into the best of what Canadian providers have to offer. This lets us review the country’s best insurance for mortgage protection to help you know which one you should pick.

Schedule a call for visitor insurance
Need insurance answers now?

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

What 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.

Mortgage default insurance versus mortgage insurance comparison chart

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.

Who needs mortgage insurance?

Mortgage insurance can be a crucial financial safeguard for certain individuals and families. Here are some key groups that should consider mortgage insurance:

  • First-time homebuyers
  • Young families
  • Single-income households
  • Homeowners with high debt
  • Elderly homeowners

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.

Addtionally, you must remember that private mortgage insurance means the same thing as mortgage protection insurance. It’s a term life insurance product that gives a tax-free payment to your loved ones at the time of death. The payment can be used for anything, and it won’t change even if your mortgage changes.

Term life insurance is the best form of mortgage protection insurance.

Are mortgage life insurance and mortgage default insurance the same?

Mortgage life insurance and mortgage default insurance serve distinct purposes despite their similar-sounding names. Mortgage life insurance is designed to pay off your mortgage in full if you pass away during the mortgage term, ensuring your loved ones are not burdened with mortgage payments. 

On the other hand, mortgage default insurance, often required by lenders for high-ratio mortgages with a down payment of less than 20%, protects the lender in case you default on your mortgage payments. 

For example, think of John, a new homeowner, who decides to purchase his first home with a mortgage. Because John’s down payment is less than 20% of the home’s value, his lender requires him to obtain mortgage default insurance.

This insurance protects the lender in case John defaults on his mortgage payments, ensuring that the lender recovers their investment in the event of financial hardship. 

Additionally, John decides to safeguard his family’s future by also purchasing mortgage life insurance. Unfortunately, John passes away unexpectedly during the mortgage term.

His mortgage life insurance policy pays off the remaining mortgage balance directly to the lender, relieving his loved ones from the burden of mortgage payments and allowing them to remain in their home. 

Mortgage life insurance vs life insurance: What is the difference?

Mortgage life insurance and regular life insurance policies serve different financial purposes. Mortgage life insurance pays off the remaining mortgage balance if the insured passes away during the mortgage term. 

On the other hand, regular life insurance provides broader coverage, offering a lump sum payment (death benefit) to beneficiaries in the event of the insured’s death. This can be used for various financial needs such as income replacement, debt payoff, and education expenses. 

Let’s have a look at the differences between these two:

Mortgage life insurance Life insurance
Purpose Pays off the remaining mortgage balance if the insured dies during the mortgage term Provides a lump sum payment (death benefit) to beneficiaries if the insured dies during the policy term
Coverage amount Generally matches the outstanding mortgage balance Can cover various financial needs, such as income replacement, debt payoff, education expenses, etc
Beneficiary Typically pays the mortgage lender directly The beneficiary can be designated by the insured and can use the funds as needed (e.g., family, estate, trust)
Premiums Generally fixed premiums, often based on the mortgage amount and the insured’s age Premiums can differ based on factors like age, health, coverage amount, and policy type (term, whole life, universal life)
Coverage duration Typically matches the mortgage term (e.g., 15, 20, 30 years) Policy terms can vary from short-term (e.g., 5 years) to lifetime coverage (whole life)
Flexibility Limited flexibility; coverage is tied to the mortgage and decreases as the mortgage balance decreases Offers more flexibility in terms of coverage amount, policy duration, and optional riders (e.g., critical illness, disability)
Underwriting requirements Often simplified underwriting; may not require a medical exam for approval Depending on the policy type and coverage amount may require medical underwriting, including a medical exam and health history review
Use of funds Solely pays off the mortgage balance Beneficiaries can use the funds for various purposes, including mortgage payments, living expenses, education costs, etc

Canada Best Mortgage Protection Insurance Companies

best mortgage protection insurance companies in Canada list

Compare the best mortgage protection insurance companies

Here are Canada’s best mortgage insurance companies that offer diverse features. If you’re looking for the best mortgage protection plan, these are some of the companies to consider:

Insurance Provider Best for What we like Maximum Coverage
Assumption Life Simplified issue FlexTerm that lets you choose your policy term and quick electronic applications in less than 15 minutes $10,000,000 
Beneva Combination coverage Offers term life insurance, disability and critical illness coverage $10,000,000 
Canada Life Financial strength Wide range of policy options, strong financial stability $20,000,000 
Empire Life Personalization Solution 20 rider that adds to your critical illness coverage and protects against 23 covered illnesses $10,000,000 
Industrial Alliance (iA) Flexibility Pick-a-term lets you choose your term between 10 and 40 years  $10,000,000 
UV Insurance Riders MyUniverse portal lets you apply online and choose between different riders $500,000+

Reviews of top mortgage protection insurance companies in Canada

PolicyAdvisor Rating

Best For Simplified Issue

AM Best Rating A-

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Assumption Life Mortgage Protection Insurance – Best 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:

Assumption Life Mortgage Protection Insurance Pros and Cons

Pros Cons
A built-in Extreme Disability Benefit is unique in the industry Can be expensive
Multiple term coverage options Long underwriting process
Simplified, non-medical issue options High policy fees and rider fees
Both level and decreasing options — decreasing term option can be used to match your mortgage Additional insurance options (riders and benefits) not available with simplified option
Online access to account
Digital e-policy
Ability to exchange shorter term policies into longer term policies
Several optional riders, including term life and children’s life
Critical illness rider covers 16 illnesses

Assumption Life Mortgage Protection Details

  • Available term lengths: 10, 15, 20, 25, 30, or 35 years
  • Available term types: Level and decreasing coverages. Single or joint coverage available
  • Maximum amount of coverage: $10,000,000
  • Renewability: Yes. Renewable every 10, 15, 20, 25, 30, or 35 years, up to age 85. No medical exam required up to certain limits. Premium rates are guaranteed
  • Convertibility: Yes. Convertible up to age 75

Read our Assumption Term Life Insurance Review

PolicyAdvisor Rating

Best For Combo Coverage

AM Best Rating A

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Beneva Mortgage Protection Insurance – Best 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!

Beneva Mortgage Protection Insurance Pros and Cons

Pros Cons
A built-in Extreme Disability Benefit is unique in the industry Longer turnaround times for policy approval
Optional critical illness and disability riders make for comprehensive mortgage insurance coverage Critical illness rider only 10 or 20-year term and only covers 3 conditions
Critical illness rider includes psychological assistance and second medical opinion
Several optional riders including accidental death & dismemberment and child rider
Preferred rates available starting at $1,000,000 for those in excellent health condition
Digital e-policy

Beneva Mortgage Protection Details

  • Available term lengths: 10, 15, 20, 25, 30, 35, or 40 years
  • Available term types: Level and decreasing coverages
  • Maximum amount of coverage: $10,000,000
  • Renewability: Yes. Renewable every 5 years after the initial term, up to age 85
  • Convertibility: Yes. Convertible to Beneva permanent life insurance coverage, up to age 70

PolicyAdvisor Rating

Best For Financial Strength

AM Best Rating A+

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Canada Life Mortgage Protection Insurance – Best 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.

Canada Life Mortgage Protection Insurance Pros and Cons

Pros Cons
Unique Business Growth Protection rider Limited additional insurance options: no critical illness or disability riders
Preferred rates available for those in excellent health condition Limited access to online account features
Accidental death and disability waiver of premium benefits
Several optional riders including accidental death and child’s term life
Digital e-policy

Canada Life Insurance Mortgage Protection Details

  • Available term lengths: Flexible terms between 5 and 50 years
  • Available term types: Level coverage. Single and joint coverage available
  • Maximum amount of coverage: $20,000,000
  • Renewability: Yes. Renewable annually until/unless cancelled. Premium rates are guaranteed
  • Convertibility: Yes. Convertible up to age 70

PolicyAdvisor Rating

Best For Personalization

AM Best Rating A

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Empire Life Mortgage Protection Insurance –  Best 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.

Empire Life Mortgage Protection Insurance Pros and Cons

Pros Cons
Provides some of the most innovative insurance solutions in Canada Critical Illness Protect Insurance only 10 or 20-year term
Several optional riders including accidental death & dismemberment, children’s life, and children’s critical illness rider Disability Credit Protection maximum payment period only 1 or 2 years
Ability to exchange shorter term policies into longer Empire Life term policies (20, 25, and 30-year coverage options)
Instant approval possible
Electronic contract delivery possible
Highly competitive annual or monthly premiums
Comprehensive offering of insurance riders
Online account access
Digital e-policy

Empire Life Insurance Mortgage Protection Details

  • Available Term Lengths: 10, 20, 25, 30-year term
  • Available Term Types: Level coverage. Single and joint first-to-die coverages available
  • Maximum Amount of Coverage: $10,000,000
  • Renewability: Yes
  • Convertibility: Yes, up to age 75

PolicyAdvisor Rating

Best For Flexibility Of Term Length

AM Best Rating A+

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 iA Mortgage Protection Insurance – Best 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.

iA Mortgage Protection Insurance Pros and Cons

Pros Cons
High degree of flexibility to design personalized coverage There may be less expensive alternatives available for term coverage
Pick-a-term feature has few industry parallels
Both level and decreasing options — decreasing term option can be used to match your mortgage
Optional disability rider and critical illness riders make for strong overall mortgage protection
Non-medical simplified and guaranteed product options available through Access Life product
Online access to account
Digital e-policy
iA’s underwriting can be more accommodating than other providers

iA Mortgage Protection Details

  • Available Term Lengths: Flexible terms between 10 and 40 years
  • Available Coverage Types: Level and decreasing coverages. Single and joint first-to-die coverages available
  • Maximum Amount of Coverage: $10,000,000
  • Renewability: Yes, before age 71
  • Convertibility: Yes, convertible to permanent insurance before age 71

PolicyAdvisor Rating

Best For Flexible Riders

AM Best Rating N/A

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UV Mortgage Protection Insurance – Best 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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For Example

You could buy UV’s T-25 Superior term life insurance plan to cover your mortgage, and then buy a T-10 rider to cover your student debt. You could also get a rider for disability or critical illness coverage.

UV Mortgage Protection Insurance Pros and Cons

Pros Cons
Built-in Severe Loss of Autonomy benefit, at no extra charge Critical illness rider benefit period only 2 years and only covers 3 conditions
Several optional riders including credit insurance and critical illness
Preferred rates available starting at $500,000
Term 10, 20, 25, and 30 riders can be used for effective life insurance laddering strategy
Digital e-policy

UV Mortgage Protection Details

  • Available Term Lengths: 10, 20, 25, or 30 years
  • Available Term Types: Level coverage
  • Maximum Amount of Coverage: $500,000+
  • Convertibility: Yes. Convertible to up to age 70
  • Renewability: Yes. Renewable as 10-year term until death

You can say no to mortgage insurance from banks/lenders and get term life insurance instead.

Reviews of banks and lenders that offer mortgage insurance

Although we strongly recommend that you get term life insurance for your mortgage, we did some research into what lenders are offering. This will help you to understand and compare the choices.

Keep reading to see some of the biggest banks and lenders for mortgage insurance, and how we’ve ranked them.

PolicyAdvisor Rating

AM Best Rating N/A

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CIBC Insurance Mortgage Insurance Review

CIBC Insurance offers four types of coverage for mortgage insurance:

  • Life insurance (unexpected death)
  • Critical illness insurance
  • Basic disability insurance
  • Disability insurance plus (extended plan)

The first two types will make lump sum payments of either $750,000 or $500,000 (respectfully) of your outstanding mortgage balance. The two tiers of disability insurance offer different levels of coverage, and you can only apply for one.

Product details:

  • Available Term Lengths: Up to age 70
  • Available Term Types: Decreasing coverage
  • Maximum Amount of Coverage: $750,000

Pros: 

  • Additional options to cover mortgage costs: critical illness insurance, disability insurance, disability insurance plus
  • Discounts on mortgage critical illness, disability and disability plus for two approved applicants
  • 30-day free look period

Cons:

  • Only covers your mortgage, nothing else
  • Only issued between ages 18 and 64, unless the client has an existing insured mortgage
  • Only covers two people per mortgage
  • Individuals cannot be covered for both disability and disability plus/job loss on the same mortgage
  • Critical illness coverage only available up to age 55
  • Limited number of critical illnesses covered (life-threatening cancer, acute heart attack, or stroke)
  • Restrictions on coverage for disability and disability plus insurance

PolicyAdvisor Rating

AM Best Rating N/A

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Manulife Mortgage Insurance Review

Manulife offers two options for mortgage protection: mortgage disability insurance and mortgage life insurance coverage. Their mortgage life insurance policy is the default option. The mortgage disability insurance is an extra option you can pay a little more to add on.

But, there’s a reason why we rated Manulife higher than the rest although we don’t recommend lender’s mortgage insurance. They cover a high amount of your outstanding mortgage.

Manulife’s mortgage insurance plan also includes two benefits at no additional cost:

  • Waiver of premium due to job loss
  • Terminal illness benefits

The company will waive monthly premiums for up to 3 months if you lose your job, or up to 24 months if you are diagnosed with a severe illness. But you can’t access either of these until you’ve had the plan for 6 months.

Product details:

  • Available Term Lengths: Up to age 70
  • Available Term Types: Decreasing coverage
  • Maximum Amount of Coverage: $1,000,000

Pros:

  • Additional options to cover mortgage costs: life insurance and disability insurance policies
  • Added complimentary benefits: waiver of premium due to job loss and terminal illness
  • 60-day free look period
  • Competitive long-term rates compared to other lenders
  • Coverage is portable and can be changed to different lender

Cons:

  • Only covers your mortgage, nothing else
  • Only issued between ages 18 and 64, unless client has existing insured mortgage
  • No discounts for combined coverage

PolicyAdvisor Rating

AM Best Rating N/A

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RBC Royal Bank Mortgage Insurance Review

RBC Insurance offers three options to cover mortgage payments:

  • Mortgage life insurance – will pay out up to $750K in the event of death
  • Mortgage critical illness insurance – will pay out up to $300K if you are diagnosed with a covered severe illness
  • Mortgage disability insurance – will pay up to $3,000/month if you become disabled and cannot work

The mortgage life insurance policy is their default. Between the other two, you have to choose carefully — RBC Insurance only lets you get covered for one.

But one benefit is that RBC Royal Bank lets you use the payments for costs other than just your outstanding mortgage balance. You can use it to help pay off interest, overdrawn balances, prepayment charges, and other costs associated with ending your mortgage early (such as discharge fees, etc.)

Product details:

  • Available Term Lengths: Up to age 70
  • Available Term Types: Decreasing coverage
  • Maximum Amount of Coverage: $750,000

Pros:

  • Additional options to cover mortgage costs: critical illness insurance, disability insurance policies
  • Payouts can be used for fees as well as actual mortgage balance
  • 30-day free look period

Cons:

  • Only covers your mortgage, nothing else
  • No discounts for combined coverage
  • Only covers two people per mortgage
  • Individuals cannot have both critical illness and disability insurance protection under one mortgage
  • Only issued between ages 18 and 64, unless client has existing insured mortgage
  • Critical illness coverage only available up to age 55
  • Limited number of critical illnesses covered (life-threatening cancer, heart attack, or stroke)

PolicyAdvisor Rating

AM Best Rating N/A

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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.

Product details:

  • Available Term Lengths: Up to age 70
  • Available Term Types: Decreasing coverage
  • Maximum Amount of Coverage: $1,000,000

Pros:

  • Additional options to cover mortgage costs: life insurance, critical illness insurance, disability insurance, and job loss insurance
  • Discounts for purchasing two or more insurance types and for mortgages over $350,000
  • 30-day free look period

Cons:

  • Only covers your mortgage, nothing else
  • Only issued between ages 18 and 64, unless client has existing insured mortgage
  • Job loss insurance only available with purchase of disability insurance policy
  • Limited number of critical illnesses covered (life-threatening cancer, acute heart attack, or stroke)
  • Restrictions on coverage for disability, critical illness, and job loss

To learn more about how mortgage default insurance works and how much it costs, head to our CMHC Mortgage Default Insurance Calculator.

Is mortgage protection insurance better than lender’s mortgage insurance?

Yes. Private mortgage insurance from an insurance company is often far better than what banks and lenders offer, for many reasons:

  • Use — It can be used for debt repayment or anything, not just the monthly payments for your mortgage
  • Lower cost — It’s usually a lot cheaper than lender mortgage insurance from a bank or creditor
  • Flexibility — It can be changed into a permanent life insurance plan to cover you for the rest of your life
  • Portability — It’s not tied to your home, so it will still protect you even if your mortgage changes
  • Guaranteed death benefit — Your life insurance benefit amount doesn’t decrease as your mortgage is paid off
  • More coverage — Easily combine life insurance with riders to protect your mortgage in the event of disability, illness, or more

PMI does a better job at covering your family. On the other hand, lender’s mortgage insurance only goes toward your mortgage. It’s for protecting the bank or lender, not you or your family.

Mortgage insurance may sometimes have its own benefits that may make the highest cost worthwhile to you. But, in general, we do not recommend that you buy this type of coverage.

Connect with an advisor

If you want to speak with a professional to go over your options, talk to us! Unlike the banks, our interest is in helping you protect the biggest financial risk you’ll take in your life. Let us help you find the right mortgage insurance policy to form an iron-clad financial plan. Book a call with one of our insurance experts today!

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Call us at 1-888-601-9980 or book time with our licensed experts.
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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.

Read more about mortgage insurance vs life insurance

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!

Does mortgage insurance go away after 20 percent in Canada?

No, the mortgage default insurance does not “go away” automatically after reaching 20 percent of the payment. The insurance premium is paid upfront initially because your down payment was less than 20 percent. The coverage lasts for the entire duration of the loan. 

However, you can cancel the coverage once your loan balance reaches 80 percent or less of the borrowed amount. 

Does mortgage insurance cover job loss?

Whether mortgage insurance covers a job loss depends on the type of insurance you get. Mortgage default insurance primarily protects the lenders and does not cover job loss. Mortgage protection insurance is designed to protect buyers and covers mortgage payments in the event of a job loss. 

At what age does mortgage insurance stop?

Most Canadian providers require mortgage insurance applicants to be no older than 64 years at the time of application.

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The Best Disability Insurance in Canada – Updated Feb. 2025

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.

What is disability insurance?
Disability insurance replaces a portion of your income if you’re unable to work due to health issues. It can cover 50 to 100 percent of your pay check and is offered in short (weeks or months) and long terms (months or years).

This ‘benefit’ payment is made to you until you return to good health (i.e. resume working) or until the end of your disability coverage period – whichever comes, earlier.

List of Canada’s best disability insurance companies – February 2025

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?

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

Canada Life Disability Insurance Review

PolicyAdvisor Rating

Best Disability Insurance For Comprehensive Riders

AM Best Rating A+

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Our Canada Life rating:

Do you like build-your-own products? Canada Life gets our top rating for disability insurance. Through the numerous available riders, you can customize your policy so that it’s on par or better than RBC’s offerings, depending on your needs. Additionally, they offer competitive pricing for those with less specialized occupations (like office workers with desk jobs or some minor manual task).

Read the full review of Canada Life term life insurance and other products.

Canada Life disability insurance pros and cons

Pros Cons
Own occupation available for 3A and 4A category job class Slightly more expensive for professional job categories (4A)
Multiple rider options are available (including Accidental Death & Dismemberment and catch up rider option) Limited future income option amount and COLA rider benefit amount
Discounts for healthcare workers

Desjardins Disability Insurance Review

You know the saying “you get what you pay for”? This is the case with Desjardins. It’s cheap off the hop and has some unique built-in features, but in the long run, it may not be the most comprehensive coverage compared to other offers on the market. You pay a low premium for coverage, but what you’ll actually get for your benefit payment is determined at the time of your claim.

Read the full review of Desjardins term life insurance and other products.

PolicyAdvisor Rating

Best Disability Insurance For Top Up Coverage

AM Best Rating N/A

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Desjardins disability insurance pros and cons

Pros Cons
The initial premium is lower than the market share Many limitations and exclusions in contract compared to other insurance companies
No waiting period built-in to policy pricing Offers a guaranteed renewable product, meaning premiums may change over time
Death benefit related to disability payout 5x monthly amount built into policy pricing Coordination of benefits clause after 36 months or over $1200 may decrease your payout from Desjardins
Guarantees the first $1,200 for the first 36 months to be non-integrated/coordinated

Edge Benefits Disability Illness Insurance Review

While not the most comprehensive coverage, Edge Benefits gets the edge for simplified underwriting—they can skip a few of your personal details in the application process in exchange for the “extras” that other companies provide.

Read the full review of Edge Benefits life insurance and other products. 

PolicyAdvisor Rating

Best Disability Insurance For Simplified Underwriting

AM Best Rating N/A

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Edge Benefits disability insurance pros and cons

Pros Cons
Can purchase their product as short term disability due to 0-day waiting period option Coverage may be denied for illness history (but injury coverage is guaranteed)
Accident medical treatment benefit ($10,000) Coverage limited to $5000 for 2A and 3A, $6000 for 4A
Simple underwriting process No options for comprehensive coverage
Coverage up to age 70

Humania Disability Insurance Insurance Review

When we think of benefits packages, it’s usually reserved for those who have full-time, 9-5, working-for-the-man-in-a-suit-and-tie kind of job. With Humania, they’re defying that expectation. They offer coverage, albeit minimal, for seasonal, part-time, self-employed, and other income earners. But we like them best because they offer the best no-medical plans for those who don’t fit the traditional underwriting guidelines of disability insurance.

Read the full review of Humania term life Insurance and other products.

PolicyAdvisor Rating

Best Disability Insurance For No-Medical Plans

AM Best Rating N/A

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Humania disability insurance pros and cons

Pros Cons
Guaranteed products with no medical options Guaranteed products only offer Term 10 or 20 plan only (no options up to 65)
Options to combine with life insurance and critical illness coverage for guaranteed products Benefits capped at $6000 per month
While limited (capped at $1000) there is coverage for seasonal and part-time workers which is not offered by other insurance companies Guaranteed premium for the first 5 years only

Manulife Disability Insurance Review

Imagine: you’ve been in an accident. You can’t work until you heal and even if you do, you may need continual care and won’t be able to work your job. With options to convert their disability products to long-term care, Manulife has your back. They offer coverage tailored for professionals, executives, new student grads and have add-on options to cover you when you can’t work in your specialized field, but all the extras will cost you.

Read the full review of Manulife term life insurance and other products. 

PolicyAdvisor Rating

Best Disability Insurance for Long-Term Care

AM Best Rating A+

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Manulife disability insurance pros and cons

Pros Cons
Discounts for recent grads for a variety of studies Expensive compared to other products on the market
Premium refund rider available (every 8 years if you make few or no claims) Usually long application processing times
Future income option (FIO) riders are available

RBC Disability Insurance Insurance Review

As Canada’s biggest bank, RBC is the big dog with the best coverage. They offer a variety of packages depending on the applicant’s occupation including those who run small businesses, who are self-employed, farmers, and those operating under a fee-per-service business. When we talk about disability, we’ll likely name RBC first because they have our top rating. 

Read the full review of RBC term life insurance and other products. 

PolicyAdvisor Rating

Best Disability Insurance For Professionals

AM Best Rating A

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RBC disability insurance pros and cons

Pros Cons
Offers a bundle of basic disability insurance riders at base price Own occupation rider only available to limited occupations
Superior benefit amount for cost of living (COLA) benefit rider Can be more expensive for lower occupation classes
Future income option (FIO) rider has high benefit limits Does not have premium refund rider
Family compassionate care

Methodology: How did we rank disability insurance companies?

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

  • Term lengths (short term offerings versus long term offerings)
  • Waiting periods
  • Premium rates
  • Application process
  • Online access
  • Financial strength rating
  • And more

Our team of licensed insurance advisors worked together to carefully assess the different policies available in Canada. Using this, we narrowed down a list of which disability insurance company is best in which area.

Things to look out for when applying for disability insurance

Beyond the price, there are technical aspects of a disability insurance policy that you should look out for when selecting your policy. When you’re weighing your options, you should look at the following factors.

1 The policy's definition of ``disability``

Disability insurance providers classify disability in three categories: own, regular, and any.

  • Own occupation says you will get paid out if you can’t work your specific or specialized occupation (like a lawyer or surgeon).
  • Regular occupation says you will get paid out if you can’t work in any jobs in a similar status/field as your current job, however, if you choose to work in another occupation you will lose your benefits.
  • Any occupation is the most stringent. It says that if you can work any job, you won’t get benefits. For example, if your disability prevents you from working in the warehouse, but you still have the ability to work as a grocery store greeter, you won’t get coverage. Policies with “any” occupation will be cheap in premium, but won’t provide you much coverage.

2 The waiting period

Each policy will determine a waiting period before you will receive your benefits. The longer the waiting period, the cheaper the policy, because usually injuries and illnesses can resolve themselves during that period. However, you will have to cover all your expenses during that waiting period—rendering the policy useless if you recover within the waiting period time.

3 The amount of coverage

While most employer benefits come with short-term disability insurance that covers most of your income (usually 70-100% of your income), you may be shocked to find that the offered long-term coverage only covers 50-70%. If you can afford to supplement that 50-70% of your income for the long term with your savings accounts, no worries. But the reality is, most cannot. You may consider an individual policy with one of the providers mentioned above that may be able to offer a higher portion of your income coverage long term.
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How to apply for disability insurance

To get a quote and the application process started for a disability insurance policy that’s perfect for your needs, set up a call with one of our expert advisors today! We can go over your existing short-term policy and find you great individual long-term disability coverage!

Frequently asked questions

Is disability insurance worth it in Canada?

Yes. For most Canadians, disability insurance is valuable as it can cover living expenses, debts, and other financial obligations during periods of short- or long-term disability, effectively replacing a portion of their income.

How much do most people pay for disability insurance?

If your short-term disability insurance is part of your employer benefits, you pay little to no premiums. However, if you opt for a private policy, your premium is determined by your salary and occupation (among other factors), with basic injury-only coverage starting at $10/month.

Long-term disability insurance typically costs between 1% and 3% of your annual income. For example, if you earn $40,000 (before taxes), you can get a policy offering $2,500 in monthly benefits for around $24/month (with a 2-year benefit period) or $43/month (with coverage to age 65).

What percentage of my income is covered by disability insurance?

Short-term disability insurance typically covers 70-100% of your income, while long-term disability insurance covers 50-70% of your gross income. The exact percentage for both depends on your specific policy and insurer.

Can you work on long-term disability in Canada?

Yes, some policies allow you to work while receiving long-term disability benefits. However, they usually limit the income you can earn and the work you can do. Violating these terms could result in the termination of your benefits.

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Compare the best critical illness insurance companies in Canada – 2025

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.

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WHAT IS
CRITICAL ILLNESS INSURANCE?
Critical illness insurance is a living benefit insurance policy that pays out a tax-free lump sum if you develop a specified illness, experience a major health event, or undergo treatment while under its coverage.

Coverage includes conditions like heart attack, cancer, stroke, dementia, Alzheimer’s disease, Parkinson’s, kidney failure, organ transplant, blindness, coma, deafness, HIV, and other less-critical conditions.

Read about all the conditions critical illness insurance may cover.

Question mark

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 2025.

The 14 best critical illness insurance companies in 2025 are:

Our Top-Rated Canadian Critical Illness Insurance Companies

Discover the best Canadian critical illness insurance companies with our ratings and reviews below.

Assumption Life Critical Illness Insurance Review

PolicyAdvisor Rating

Best Critical Illness for Simple Coverage

AM Best Rating A-

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Our Assumption critical illness insurance rating

We’ve given Assumption a 4 star for their critical illness insurance plans. With 16 illnesses covered, this is a great, simple option for someone looking to cover the basics, with a few optional bells and whistles too.

Read our full Assumption Critical Illness Insurance review

Assumption critical illness insurance plan overview

The maximum amount of coverage (aka sum insured) offered by Assumption Life’s Critical Protection insurance policy is lower than its rivals. However, it does offer enhanced products, including a Return of Premium Upon Death rider as well as a Flexible Return of Premiums rider. Also, although this product is fully underwritten, Assumption Life does not automatically require a medical exam for all levels of coverage.

Assumption Life critical illness insurance pros and cons

Pros Cons
Quick, easy electronic process – instant approval possible Limited number of covered conditions (16 conditions) and coverage amounts (max of $100,000)
Medical exam not automatically required for all coverage amounts No partial payment for non-life-threatening illnesses
Online access to account No children’s coverage
Digital e-policy No whole life coverage
Shorter-term coverage options available
Limited pay and return of premium options available

Beneva Critical Illness Insurance Review

PolicyAdvisor Rating

Best Critical Illness Insurance For Those Looking for A Mutual Company

AM Best Rating A

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Our Beneva critical illness insurance rating

We’ve given Beneva a 4 star review because of their comprehensive coverage and mutual organization offerings. If community involvement and corporate responsibility are important to you, Beneva might be your first choice. The company is run as a mutualist democracy, which you enter into once you purchase the policy, and thus have a small say in how they are run.

Read our full Beneva Critical Illness Insurance review.

Beneva critical illness insurance plan overview

Beneva’s maximum coverage for critical illness insurance is $2 million. They offer coverage for up to 25 critical conditions, but only offer partial payouts for 4 non-life-threatening conditions (less than other companies). The payout for partial conditions is typically 10% of the policy, up to $50,000. Beneva also offers coverage for 3 additional childhood illnesses.

Beneva critical illness insurance pros and cons

Pros Cons
Variety of terms available Only 4 partial conditions covered, payable once
Large coverage amounts and conditions covered: 25 conditions No long-term care conversion option
Lifetime coverage and limited pay options available Return of premium riders are expensive
Return of premium options available
Children’s coverage available
Digital e-policy

BMO Critical Illness Insurance Review

PolicyAdvisor Rating

Most Affordable Enhanced Coverage

AM Best Rating A

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Our BMO critical illness insurance rating

We give BMO a 5 star because it’s the best coverage on the market for an affordable price. As one of Canada’s largest financial institutions, BMO can take advantage of its heft and economies of scale to offer clients comprehensive, customizable critical illness coverage at the best prices through its Living Benefit suite of products.

Read our full BMO review.

BMO critical illness insurance plan overview

BMO offers coverage for 25 life-threatening medical conditions for up to $2 million, as well as 7 partial payout conditions for up to $50,000. Available terms include 10 years, 20 years, or up to age 75 or 100.

BMO critical illness insurance pros and cons

Pros Cons
Comprehensive: 25 critical illnesses covered No online access
Great price for coverage
High coverage amounts available No children’s coverage available
Multiple terms available, including whole life coverage No second event coverage
Limited pay and return of premium options available

Canada Life Critical Illness Insurance Review

PolicyAdvisor Rating

The Rolls Royce of Critical Illness Coverage

AM Best Rating A+

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Our Canada Life critical illness insurance rating

If you are sparing no expense, Canada Life’s plans offer something for everyone. Most coverage terms, riders, child policies, and all the other bells and whistles of a CI insurance policy can be had through Canada Life’s LifeAdvance – at a price, of course. It’s the Uber Black of the category.

Read our full Canada Life review.

Canada Life Critical Illness Insurance plan overview

Canada Life’s maximum coverage for critical conditions is $3 million (one of the highest coverage amounts offered in Canada). It covers 25 critical illnesses, plus the option to add one more. The plan also offers partial payout for 8 conditions up to $50,000. Term options include 10- and 20-year terms or coverage up to age 75, or permanent options with 15 or 20 Pay, or Pay to 100.

Canada Life critical illness insurance pros and cons

Pros Cons
Large coverage amounts and multiple terms including whole life options No online access
Comprehensive: 26 covered conditions Loss of independent existence is a separate rider with additional cost
Digital e-policy Return of premium riders are expensive
Generous partial benefit payouts Survival period for most conditions
Limited pay and return of premium options available
Children’s coverage available
Second event coverage available

Desjardins Critical Illness Insurance Review

PolicyAdvisor Rating

Best For Extensive Coverage

AM Best Rating N/A

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Our Desjardins critical illness insurance rating

We give Desjarins a 5 star rating because they offer the most number of conditions covered on the market. Desjardins’ Health Priorities product offers prospective clients a lot of choice in coverage and term. It covers more illnesses for partial payment than most other companies in Canada. However, partial payments count as an advance against your overall payout.

Read our full Desjardins review.

Desjardins critical illness insurance plan overview

Desjardins critical illness insurance plans include up to $3,000,000 for 26 conditions and generous partial payout for 16 conditions for 10, 20-year terms, or up to 65/75 years of age. Children’s illnesses are included in their plans as well.

Desjardins critical illness insurance pros and cons

Pros Cons
The highest number of conditions covered (26 full payout illnesses) No online access
Digital e-policy Partial payment is an advance and reduces overall coverage
Generous partial benefit payouts (highest number of covered partial conditions) No second event coverage: Policy terminates after first claim payout
Multiple coverage amounts and multiple terms possible
No survival period on most conditions (except cardiovascular)
Permanent coverage and limited pay options available
Children’s coverage available

Empire Life Critical Illness Insurance Review

PolicyAdvisor Rating

Best Critical Illness for Couples

AM Best Rating A

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Our Empire Life critical illness insurance rating

We’ve given Empire Life a 4 star for their critical illness insurance coverage. With a well-rounded mix of terms and features included in their critical illness insurance plans, Empire Life provides a great, comprehensive product. They also offer what is called a multi-life policy. Couples can apply together for critical illness insurance coverage and get a discount.

Read our full Empire Life review.

Empire Life critical illness insurance plan overview

Empire Life’s maximum coverage for critical illness insurance is $2 million with an addition offer of partial payouts for 6 non-life-threatening conditions at the standard $50,000 per partial payout. While they don’t offer coverage for childhood illnesses, their plans offer standard term offerings of 10 years, 20 years, and up to age 75 or 100 and combo discounts when you apply as a couple.

Empire Life critical illness insurance pros and cons

Pros Cons
High coverage amounts available No limited pay options
Comprehensive: 25 conditions covered No coverage for children
Multi-life coverage available
Online access
Digital e-policy
Generous partial benefit payouts

Equitable Life Critical Illness Insurance Review

PolicyAdvisor Rating

Best Critical Illness For Multi-Product Discount

AM Best Rating N/A

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Our Equitable Life critical illness insurance rating

We’ve given Equitable Life of Canada a rating of 4 stars for their coverage options that include childhood illnesses. This product is great for parents looking to match their coverage to how long they’ll have dependents in their care.

Read our full Equitable Life review.

Equitable Life critical illness insurance plan overview

Equitable Life’s maximum coverage for critical illness insurance is $2 million. They cover 26 different illnesses and conditions and they also offer additional coverage for 5 childhood illnesses and coverage for loss of independent existence. Coverage term lengths include 10 years and to age 75 or 100.

Equitable Life critical illness insurance pros and cons

Pros Cons
Comprehensive: 26 full payout illnesses No second event coverage
Online access Partial benefit only pays out once
Digital e-policy
Multiple terms available including Term to 100
Return of premium options
Children’s coverage available
Limited pay option available: 20-Pay

Foresters’ Critical Illness Insurance Review

PolicyAdvisor Rating

Best For Built-In Features

AM Best Rating A

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Our Foresters’ critical illness insurance rating

We’ve given Foresters a 4 star review because of their built-in features! Foresters has refreshed their critical illness insurance offering and made a strong move up the charts. They now offer both basic (Live Well) and enhanced (Live Well Plus) critical illness insurance that covers 4 and 25 illnesses respectively. They include return-of-premium rider as standard; however, the time for return-of-premium on cancellation is very long (starts at Year 20). This means you get your money back if you don’t claim after the 20 year term.

Read our full Foresters review.

Foresters’ critical illness insurance plan overview

Foresters offers up to $2 million in coverage for up to 25 conditions. They offer partial payouts for 8 different conditions, and they can be claimed twice. The payout is typically 15% of the policy up to $50,000, and partial payments can be claimed once during the coverage period (which reduces the final benefit). They offer terms of 10 years, 20 years, and uniquely up to age 80.

Foresters Financial critical illness insurance pros and cons

Pros Cons
Partial payment for 8 conditions (15% up to $50,000) Partial payout reduces final coverage
Access to Foresters’ community benefits No limited pay options available
Digital e-policy No permanent coverage
Return of premium options available
Unique Term-to-80 option available
Children’s coverage available (with 5 additional conditions)

Humania Critical Illness Insurance Review

PolicyAdvisor Rating

Best Critical Illness Insurance for Children

AM Best Rating N/A

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Our Humania critical illness insurance rating

We’ve given Humania a 4-star review because they offer policies that offers the most comprehensive coverage for children. Humania’s Children360 critical illness covers 37 conditions, including several that are specific to children. Humania also offers a compassionate allowance for grieving parents if that unfortunate situation does occur.

Read our full Humania review.

Read our full Humania review.

Humania critical illness insurance plan overview

Humania offers the most number of conditions covered if you include the childhood illnesses. They offer 25 critical conditions, 7 childhood illnesses, but only partial payouts for 3 non-life-threatening conditions. However, they have many term options such as 10, 15, 20, 25, 30 years and up to age 75.

Humania critical illness insurance pros and cons

Pros Cons
Comprehensive conditions covered: 25 full payout illnesses Limited partial payment benefit (only 3 covered conditions)
Multiple coverage terms available
Children’s product (Children360) with 37 covered conditions
Digital e-policy
Parental compassionate allowance
Return of premium options

Industrial Alliance (iA) Critical Illness Insurance Review

PolicyAdvisor Rating

Best Critical Illness Insurance for Flexibility

AM Best Rating A+

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Our iA critical illness insurance rating

We’ve given iA a perfect score for their critical illness insurance plans. Industrial Alliance’s Transition plan is a great all-around critical illness insurance policy with one key differentiating factor: flexibility. With so many add-on and rider options that match or beat other companies’ offerings, Canadians can tailor-fit a critical illness policy suited to their exact needs. Policyholders also have a “reducing” option that gradually decreases the overall amount of the benefit payment over its early years until it reaches 50% of the original benefit amount. Industrial Alliance is a perfect fit for those looking to use critical illness insurance to cover mortgage payments.

Read our full Industrial Alliance review.

iA critical illness insurance plan overview

Industrial Alliance’s has critical illness insurance plans with up to 25 critical conditions and well as 5 childhood illnesses and 7 partial payments for non-life-threatening conditions. The maximum coverage payout is $2.5 million and the standard $50,000 for partial payouts. Terms offered include, 10, 12, and 25 year terms or coverage up to 75 or 100 years of age.

iA critical illness insurance pros and cons

Pros Cons
Comprehensive conditions covered: 25 full payout illnesses No second event coverage
Multiple terms available No long-term care conversion option
Lifetime coverage and limited-pay options available
Children’s coverage available
Guaranteed insurability rider (increase coverage when needed)
Decreasing option for mortgage coverage
Generous partial benefit payouts
Instant approval possible
Online access
Digital e-policy
Multiple lives under one coverage

ivari Critical Illness Insurance Review

PolicyAdvisor Rating

Best Critical Illness Insurance for Bundling

AM Best Rating A+

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Our ivari critical illness insurance rating

We give ivari 4 stars because you can bundle and save! If you’re the type to keep all your services with one company, ivari’s critical illness insurance is for you. You can add $2 million in critical illness coverage as a rider to an existing life insurance plan and save up to 15% on your premiums. Brand loyalty pays off with ivari insurance!

Read our full ivari review.

ivari critical illness insurance plan overview

ivari’s maximum coverage for critical illness insurance is $2-million for up to 25 conditions as well as $50,000 for 4 partial conditions. There are options to add childhood illnesses onto the policy coverage for an extra fee. Term options include 10, 20 years or up to age 65.

ivari critical illness insurance pros and cons

Pros Cons
Discounts for bundling services No limited pay options
Comprehensive conditions covered: 25 full payout illnesses No second option
Children’s coverage available No permanent coverage
Online access
Digital e-policy

Manulife Critical Illness Insurance Review

PolicyAdvisor Rating

Best for Brand Recognition

AM Best Rating A+

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Our Manulife critical illness insurance rating

We give Manulife a 4-star rating for their critical illness insurance. The Big Mac, Coke, and fries of critical illness insurance — Manulife’s Lifecheque is the combo to beat. With a good mix of coverage and term lengths backed by one of the most trusted names in insurance, no wonder Manulife is synonymous with financial protection.

Read our full Manulife review.

Manulife critical illness insurance plan overview

Manulife’s critical illness insurance provides coverage up to $2 million and offers partial payouts for six different conditions. The payout is typically capped at $50,000 and is payable once during the lifetime of the policy. They offer coverage for 10- and 20-year terms, with options for individuals up to 65 or 75 years of age, as well as permanent coverage.

Manulife critical illness insurance pros and cons

Pros Cons
Large coverage amounts available (up to $2 million) Return of premium options are expensive
Multiple coverage terms available (including permanent coverage) Only offer monthly payments for loss of independent existence
Comprehensive coverage: 25 full payout illnesses No second event coverage available
Generous partial benefit payouts
Return of premium and limited pay options available
Payment for temporary loss of independent existence
Children’s Lifecheque rider available
Online access
Digital e-policy

RBC Critical Illness Insurance Review

PolicyAdvisor Rating

Best Critical Illness Insurance/Long-Term Care Combo Product

AM Best Rating A

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Our RBC critical illness insurance rating

We’ve given RBC a 4-star rating because of their long term care combo plan. With Canadians living longer than ever, those shopping for critical illness insurance may also have long-term care on their minds. Fortunately, RBC Insurance has the market cornered on those keeping their eye on Father Time. Policyholders can convert their coverage into payments for long-term care when they are older without additional proof of insurability.

Read our full RBC review.

RBC critical illness insurance plan overview

RBC’s critical illness insurance offers a maximum coverage of $2 million and includes coverage for loss of independent existence as an additional rider. They provide partial payouts for seven different conditions, typically amounting to 10% of the policy up to $50,000, payable once during the policy’s lifetime. However, RBC does not offer coverage for childhood illnesses. RBC offers critical illness insurance for 10-year terms or coverage up to 65 or 75 years of age.

RBC critical illness insurance pros and cons

Pros Cons
Large coverage amounts – up to $2 million Limited term options
Comprehensive covered conditions: 25 No return of premium on expiry or cancellation
Long-term care conversion without proof of insurability No coverage for children
Generous partial benefit payouts No lifetime coverage or limited pay options
Online access
Digital e-policy

Sun Life Critical Illness Insurance Review

PolicyAdvisor Rating

Best for Comprehensive Features

AM Best Rating A+

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Our Sun Life critical illness insurance rating

We give Sun Life a 4/5 star review due to their large brand recognition in the insurance industry. Sun Life is another well-established name in critical illness insurance. Their size and history mean they offer some of the best, most comprehensive coverage for CI except for one key factor: you must submit your application by paper and fully hand-written. For that reason alone, we can’t award Sun Life full marks.

Read our full Sun Life review.

Sun Life critical illness insurance plan overview

Sun Life offers critical illness insurance with enhanced coverage for 26 conditions and standard coverage for 1, 3, or 7 conditions, including dependent children. Their maximum coverage is $2.5 million, with partial payouts for eight different conditions and the option for four partial claims during the coverage period, limited to one claim per condition. Sun Life also covers five additional childhood illnesses and provides insurance for 10-year terms, coverage up to age 75, and permanent coverage.

Sun Life critical illness insurance pros and cons

Pros Cons
The highest number of conditions covered: 26 full-payout illnesses Limited options for shorter-term coverage
Generous partial benefit payouts
No survival period for most conditions
Long-term care conversion option
Permanent coverage and limited pay options available
Children’s coverage available
Online application process
Digital e-policy

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Methodology: How did we rank critical illness insurance companies?

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

  • Conditions covered
  • Partial conditions covered
  • Waiting periods
  • Premium rates
  • Application process
  • Online access
  • Financial strength rating
  • And more

Our team of licensed insurance advisors worked together to carefully assess the different policies available in Canada. Using this, we narrowed down a list of which critical illness insurance company is best in which area.

What to consider when buying critical illness insurance in Canada? 

When buying critical illness insurance in Canada, consider:

  • Types of illnesses covered: Review the list of illnesses (and their definitions) covered by a policy. While most policies cover major conditions like heart attack, stroke, and cancer, some also include early-stage skin, blood, thyroid, breast, and prostate cancer
  • Amount of coverage: Determine how much coverage you need based on your lifestyle, financial obligations, existing savings, and family needs. While the maximum amount available with most providers is $3 million, most Canadians choose $50,000-$100,000 in critical illness coverage
  • Payment terms: Find out if you can pay off your policy in 10 or 20 years or spread payments over your lifetime
  • Additional benefits or riders: Evaluate optional add-ons like return-of-premium riders, which can recover some or all of your premiums if you don’t make a claim or pass away while your policy is active

Get a quote from Canada’s best critical illness insurance companies

If any of these options seem like a good fit for you, if you would like to explore more options, or if you’re unsure and just want some clarity, reach out to PolicyAdvisor today. Our licensed insurance advisors can help you review your needs and sort out which company and what policy would work best for you.

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Frequently asked questions

Is critical illness insurance worth it in Canada?

That depends on various factors, including your lifestyle, existing coverage, financial obligations, and savings needed to replace lost income during illness. However, for many Canadians, critical illness insurance can be valuable because it provides a tax-free lump sum payment to cover expenses not included in provincial healthcare. 

Which three illnesses are covered under most critical illness policies?

Cancer, heart attack, and stroke are covered under most critical illness policies in Canada.

What is a good amount for critical illness insurance?

The right amount of critical illness insurance in Canada depends on your lifestyle, family needs, savings, medical expenses not covered by provincial healthcare, and the income required to support you and your family during your illness. That said, many Canadians opt for $50,000 – $100,000 in critical illness coverage. 

What is the difference between critical illness insurance and normal health insurance?

Critical illness insurance provides a one-time, tax-free lump sum payment upon diagnosis of specific conditions, such as cancer, heart attack, and stroke. Regular health insurance, in contrast, covers a broad range of conditions and reimburses you for the actual treatment costs after you submit bills and related documentation.

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

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

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

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

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Largest insurance companies in Canada

The top 5 biggest life insurers in Canada are:

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

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

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

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

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

Protect your future, today!

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

28 Biggest Life Insurance Companies in Canada by Annual Premiums

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

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

Toronto, ON

A+ $58 B $568 B
Manulife 1887

Toronto, ON

A+ $44 B $849 B
Sun Life 1865

Toronto, ON

A+ $29 B $331 B
Industrial Alliance 1892

Quebec City, QC

A+ $14 B $87 B
Desjardins 1948

Levis, QC

$12 B $407 B
Beneva 1941

Quebec, QC

A $7 B $25 B
RBC Insurance 1864

Toronto, ON

A $5 B $23 B
Wawanesa 1896

Wawanesa, MB

A $4 B $12 B
BMO Life 1817

Toronto, ON

A $2 B $13 B
Equitable Life 1920

Waterloo, ON

A $2 B $7 B
Empire Life 1923

Kingston, ON

A $1 B $17 B
Foresters 1874

Toronto, ON

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

Guelph, ON

A $1 B $19 B
ivari 1927

Toronto, ON

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

Independent

A- $743 M $2 B
Securian Canada 1955

Toronto, ON

A $364 M $0.3 B
Primerica 1977

Duluth, GA

A+ $362 M $4 B
Chubb Life 1882

Toronto, ON

A+ $308 M $ 0.2 B
TruStage Life 1902

Toronto, ON

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

Chicago, IL

A+ $269 M $1 B
UV Insurance 1889

Drummondville, QC

$217 M $2 B
Assumption 1903

Moncton, NB

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

New Haven, CT

A+ $201 M $4 B
Humania 1874

Saint-Hyacinthe, QC

A+ $197 M $0.7 B
American Income 1951

Waco, TX

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

Toronto, ON

$155 M $0.2 B
Serenia Life 1972

Waterloo, ON

$38 M $0.4 B
CIBC Life** 1961

Toronto, ON

$34 M $0.1 B
Reliable Life 1887

Hamilton, ON

$5 M $0.01 B

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

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

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

Compare the largest insurance companies in Canada: company profiles

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

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

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

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

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

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

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

Canada Life Insurance product offerings:

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

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

What sets Canada Life apart

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

The Manufacturers Life Insurance Company (Manulife)

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

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

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

Manulife product offerings:

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

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

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

What sets Manulife apart

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

Sun Life Assurance Company of Canada

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

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

Sun Life Insurance product offerings:

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

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

What sets Sun Life apart

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

Industrial Alliance Life Insurance

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

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

iA Financial Group product offerings:

Industrial Alliance offers a wide variety of products, including:

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

What sets Industrial Alliance apart

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

Desjardins Financial Security

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

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

Desjardins product offerings:

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

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

What sets Desjardins apart

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

Tip: Size isn't everything

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

Beneva Inc.

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

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

Beneva Insurance product offerings:

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

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

What sets Beneva Inc. apart

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

RBC

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

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

RBC Insurance product offerings:

RBC Insurance’s extensive list of offerings includes:

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

What sets RBC apart

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

Wawanesa

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

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

Wawanesa product offerings:

Wawanesa Insurance offers a good selection of products, including:

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

What sets Wawanesa apart

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

BMO Insurance

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

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

BMO Insurance product offerings:

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

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

What sets BMO Insurance apart

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

Equitable Life

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

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

Equitable Life product offerings:

Equitable Life Insurance Company offers insurance products such as:

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

What sets Equitable Life apart

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

The Empire Life

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

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

Empire Life Insurance Company product offerings:

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

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

What sets Empire Life apart

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

Foresters Financial

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

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

Foresters underwrites the insurance policies offered by Canada Protection Plan.

Foresters Life Insurance product offerings:

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

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

What sets Foresters Financial apart

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

Co-operators Insurance

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

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

Co-Operators product offerings:

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

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

What sets Co-operators Insurance apart

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

ivari

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

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

ivari Insurance Company product offerings:

ivari offers insurance and investment solutions such as:

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

What sets Ivari apart

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

Blue Cross

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

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

Blue Cross product offerings:

The Blue Cross insurance company offers insurance products such as:

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

What sets Blue Cross apart

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

Securian Canada

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

Securian Canada product offerings:

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

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

What sets Securian Canada apart

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

Primerica

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

Primerica Canada Insurance Company product offerings:

Primerica offers products and services such as:

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

What sets Primerica apart

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

Chubb Life

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

Chubb Insurance Co. of Canada product offerings:

Chubb Life offers many standard insurance products, including:

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

What sets Chubb Life apart

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

TruStage Life (Assurant Life)

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

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

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

TruStage product offerings:

TruStage Life sells insurance policies and offers financial services including:

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

What sets TruStage Life apart

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

Combined Insurance Company of America

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

Combined of America Company product offerings:

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

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

What sets Combined Insurance apart

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

UV Insurance

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

UV Insurance product offerings:

UV’s product offerings include:

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

What sets UV Insurance apart

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

Assumption Mutual Life

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

Assumption Mutual Life Insurance product offerings:

Assumption Life offers the following products:

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

What sets Assumption Mutual Life apart

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

Knights of Columbus

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

Knights of Columbus Insurance product offerings:

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

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

What sets Knights of Columbus apart

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

Humania Assurance Inc.

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

Humania Assurance product offerings:

Humania Life Insurance offers insurance products including:

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

What sets Humania Assurance Inc. apart

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

American Income

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

American Income Life Insurance product offerings:

American Income offers the following insurance products:

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

What sets American Income apart

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

Serenia Life

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

Serenia Life Insurance Company product offerings:

Serenia Life offers the following insurance products and financial services:

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

What sets Serenia apart

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

CIBC

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

CIBC Life Insurance product offerings:

CIBC offers insurance products such as:

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

What sets CIBC apart

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

Reliable Life

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

Reliable Life Insurance Company product offerings:

Reliable Life offers insurance products such as:

  • Travel insurance
  • Accident insurance

What sets Reliable Life apart

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

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

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

Is it better to choose a bigger insurance company? 

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

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

largest life insurers in Canada

How to choose a life insurance company in 2024?

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

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

1 Size

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

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

2 Ratings and reviews

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

3 Product availability

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

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

4 Coverage options

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

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

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

5 Price

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

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

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

Choosing a bigger versus a smaller insurance company

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

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

Why choose a bigger insurance company?

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

Scalability

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

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

Flexibility

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

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

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

Operating hours

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

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

Technology

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

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

Why choose a smaller insurance company?

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

Price

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

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

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

Features

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

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

Customer service

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

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

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

Personal preference or ethics

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

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

Still looking for the top insurance companies in Canada?

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

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

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