PolicyAdvisor Rating

We give Equitable Life 5/5 because it stands out as one of Canada’s strongest whole life providers, particularly for Canadians who value the long-term security of a true mutual company.

The company supports its participating plans, Equimax Estate Builder and Equimax Wealth Accumulator, with a growing $2.73 billion par fund, demonstrating its financial strength and commitment to stable, long-term results. Both plans offer 10-pay, 20-pay, and pay to 100 options.

Equimax Wealth Accumulator is built for earlier cash value access, making it ideal for clients who want flexible liquidity for education, business needs, or retirement planning. Conversely, Equimax Estate Builder emphasizes long-term value and supports estate planning by helping cover taxes and fees at death.

New Equimax participating whole life policies include Equitable’s built-in KIND program. It provides compassionate and snap advances, access to policy cash value in cases of severe disability, and bereavement counselling benefits.

Equitable Life’s key financial strengths:

• $2.73 billion participating fund
• 6.40% dividend scale interest rate
• Dividend rate above 6% for more than 12 years
• 30-year average return of 7.59%
• Exceptionally low 1.25% standard deviation over 30 years, one of the most stable in Canada
• Par fund asset mix: 49% fixed income, 38% non-fixed income, 2% cash, 11% policy loans
• Long-term smoothing approach that reduces market volatility and supports consistent dividend results

Why choose Equitable Life 

• Delivers extremely stable long-term returns and minimizes volatility
• Strengthens long-term growth through a highly diversified par-fund portfolio
• Directs profits back to policyholders through its mutual ownership structure
• Achieves strong investment performance through disciplined, conservative par-fund management

PolicyAdvisor Rating

We give Manulife 5/5 for being the top choice for Canadians seeking whole life insurance backed by exceptional capital strength, global diversification, and advanced risk management

Manulife Par, Manulife Par with Vitality Plus, and Performax Gold plans provide lifetime coverage with 10-pay, 20-pay, and pay to 100 options. A $15.98 billion participating account backs the plans, supporting long-term guarantees, stable dividends, and reliable performance for policyholders.

Manulife Par focuses on stable long-term growth with guaranteed premiums, immediate cash value buildup, and annual dividend payouts. Manulife Par with Vitality Plus offers strong early guaranteed cash values while also providing access to the Manulife Vitality program, which rewards healthy living with perks and member benefits. Program features vary by eligibility and do not reduce premiums for participating whole life. Performax Gold provides additional flexibility for clients seeking a blend of guaranteed protection and dividend-driven long-term value. 

Manulife’s key financial strengths and performance:

• $15.98 billion participating account
• 6.35% dividend scale interest rate
• 138% LICAT ratio, among the highest capital strength levels in Canada
• Diversified global operations across Canada, the U.S., Asia, and global asset management
• Strong balance sheet supported by investment-grade assets
• Disciplined risk-management framework that supports long-term financial stability

Why choose Manulife

• Maintains exceptionally strong capitalization that supports long-term dividend stability
• Reduces performance volatility through global geographic and asset diversification
• Generates consistent profitability through strong core earnings and disciplined risk management
• Enhances sustainability through advanced underwriting analytics and the Vitality program

PolicyAdvisor Rating

We give Empire Life 4.5/5 because its whole life plans offer balanced, steady performance, making it a top choice for Canadians seeking reliable long-term value. The company backs its participating plans, EstateMax and Optimax Wealth, with a disciplined $1.21 billion par fund renowned for stability and long-term results.

EstateMax is built for conservative estate growth, offering steady dividend performance and strong long-term accumulation. In comparison, Optimax Wealth provides smoother, more predictable cash value growth over time, giving policyholders reliable access to liquidity while maintaining long-term security.  EstateMax is available with 20-pay and pay to 100 premium options. Optimax Wealth offers flexible payment structures, including 10-pay, 20-pay, and pay to 100. Empire Life also offers Solution Series, a non-participating plan with a 10-pay option.

Empire Life’s key financial strengths:

• $1.21 billion participating fund with a stability-focused investment approach
• 6.25% dividend rate
• Dividend history above 6% for more than 10 years
• 30-year average return of 6.97%
• Par fund asset mix: 64% bonds, 29% equities, 7% cash/other
• Long-duration bond structure with smoothing to reduce volatility

Why choose Empire Life:

• Delivers stable long-term value growth and reduces volatility
• Maintains reliable dividend performance that supports confident planning
• Builds strong cash value and provides access to liquidity over time
• Supports conservative estate planning and predictable long-term growth needs

PolicyAdvisor Rating

We give Sun Life 4.5/5 for being a leading choice for high-net-worth Canadians who want whole life insurance backed by exceptional global diversification and long-term financial strength. Sun Life backs its Par Protector II, Par Accumulator II, and Par Accelerator with a $21.2 billion par fund. This fund supports more than 400,000 active participating policies, making it one of the strongest par structures in Canada.

The Protector II and Accumulator II provide flexible payment options, including 10-pay, 15-pay, 20-pay, and pay-to-age-100, while the Sun Par Accelerator comes with a 8-pay premium option that is fully paid in just eight years. Accumulator II emphasizes early cash-value growth, allowing easier access to funds for investments, business needs, or other financial goals through policy loans or withdrawals. Meanwhile, Protector II focuses on maximizing long-term death benefits for estate and legacy planning. Accelerator builds cash value quickly, giving policyholders faster access to funds. 

For those preferring non-participating plans, SunSpectrum Permanent Life II also offers 10-pay, 20-pay, and pay to 100 payment structures.

Sun Life’s key financial strength

• $21.2 billion participating account
• 6.25% dividend scale interest rate
• 154% LICAT ratio, one of the strongest among major Canadian insurers
• Global earnings diversification across Canada, the U.S., Asia, and asset-management operations
• Consistent profitability supported by strong insurance and wealth-management businesses

Why choose Sun Life

• Strengthens long-term performance through global diversification and multi-market earnings stability
• Supports long-term guarantees with exceptional capital strength and a 154% LICAT ratio
• Offers flexibility through multiple par product designs, including estate, accumulation, and 8-pay options
• Provides scalable planning advantages for affluent and corporate clients seeking tax-efficient wealth transfer and surplus management

PolicyAdvisor Rating

We give Foresters Financial 4/5 for being a top choice for smokers and former smokers, who need more flexible underwriting. The insurer leverages a strong Canadian capital position, including a Life Insurance Capital Adequacy Test (LICAT) ratio of 182% and $2.1 billion in surplus. This robust financial strength enables Foresters to accept higher-risk applicants while actively maintaining dependable long-term guarantees and stable dividends.

Advantage Plus II offers early cash value accessibility, dependable long-term guarantees, and dividend-driven growth, making it an attractive option for Canadians who may face stricter underwriting at larger insurers. Foresters Non-Par Whole Life offers guaranteed cash value.

Foresters’ key financial strengths:

• $2.1 billion in surplus / net assets supporting long-term claims and guarantees
• 182% LICAT ratio, demonstrating excellent capital adequacy
• Member-owned structure where profits support policyholders rather than shareholders

Why choose Foresters:

• Offers flexible underwriting for smokers and former smokers
• Maintains strong financial resilience with a 182% LICAT ratio and $2.1 billion surplus
• Operates a member-first fraternal model that directs value back to policyholders
• Provides additional member benefits including wellness rewards, scholarships, community grants, and family support programs

PolicyAdvisor Rating

We give BMO 4/5 because its non-participating whole life plans make it a reliable choice for Canadians seeking guaranteed values, predictable premiums, and no dividend-related volatility. The company offers two plan options, Estate Protector and Wealth Accelerator, both of which exclude a participating account or dividends. These plans set themselves apart with a Performance Bonus (5.75%), increasing both the death benefit and cash value without relying on traditional dividends. BMO supports its policies with a robust insurance net income of $95 million.

Estate Protector is designed for long-term estate planning, offering strong guaranteed cash value growth and a steadily increasing death benefit to help preserve wealth and offset taxes at death (e.g., deemed disposition and probate fees). Wealth Accelerator provides faster guaranteed cash value accumulation and higher early liquidity, making it an attractive option for business owners and high-income earners who want accessible long-term value. Both plans are available with 10-pay, 20-pay, and pay to 100 premium options.

BMO’s key financial strengths

• $95 million net  insurance  income
• 5.75% Performance Bonus Rate used to enhance non-participating whole life policy values (not a DSIR and not guaranteed)
• Operates within BMO Wealth Management, supported by diversified earnings and enterprise-wide risk management

Why choose BMO 

• Supports long-term financial stability by consistently growing insurance profitability
• Strengthens guaranteed policy values through a competitive 5.75% performance bonus rate
• Enhances stability through diversified revenue sources and favorable business performance
• Benefits from operational scale and strong risk oversight within BMO’s wealth-management platform

PolicyAdvisor Rating

We give Canada Life 4/5 because it is a leading choice for Canadians who want to use whole life insurance to support charitable giving. Its My Par Gift plan is specifically designed for charitable contributions, with a single premium and cash value starting from year 1.

Canada Life’s participating lineup, Estate Select, Wealth Select, and My Par Gift, is backed by one of the largest and most stable participating accounts in the country. It’s anchored by a $61.9 billion par fund, the largest in Canada. The company also has about 1.4 million participating life insurance policies in force.

Estate Select focuses on long-term growth, helping maximize the death benefit for estate planning. Wealth Select, on the hand, is designed for earlier cash value access, allowing for withdrawals or policy loans when needed. Both plans come with flexible payment options, including 10-pay, 20-pay, and pay to 100.

Canada Life’s key financial strengths

• $61.9 billion participating account, the largest par fund in Canada
• 5.75% Dividend Scale Interest Rate, supporting long-term dividend stability
• Disciplined investment governance, guided by formal policies that address liability matching, liquidity needs, tax considerations, and interest-rate risk
• Strong asset-liability management (ALM) using cash-flow matching to ensure long-term obligations to policyholders are met
• Diversified asset mix with 60.0% fixed income and 30.7% non-fixed income (real estate, public equity, private equity)

Why choose Canada Life

• Delivers exceptional long-term stability through Canada’s largest par fund ($59.2B) and deep diversification
• Supports resilient investment performance using a balanced asset mix designed to generate stable returns across market cycles
• Reduces volatility through disciplined ALM and cash-flow matching practices that protect DSIR sustainability
• Preserves long-term policyholder value with strict investment parameters and governance oversight

PolicyAdvisor Rating

We give Canada Protection Plan (CPP) 4/5 for being a leading choice for Canadians who want whole life insurance without medical exams, offering fast approvals and guaranteed lifetime coverage. Its non-participating whole life lineup, Express Elite, Simplified Elite, Guaranteed Acceptance Life, and Deferred Life, provides predictable premiums, stable cash values, and simplified underwriting for applicants with various health profiles. As part of Foresters Financial, Canada Protection Plan is backed by a  Life Insurance Capital Adequacy Test (LICAT) ratio of 182% and consolidated surplus of $2.1 billion, giving policyholders confidence in the company’s long-term financial strength and the security of their coverage.

Canada Protection Plan’s key financial strengths:

• Backed by Foresters Financial, benefiting from a 182% LICAT ratio and $2.1 billion in consolidated surplus that supports long-term guarantees
• $630 million in claims paid, demonstrating strong and reliable claims fulfillment
• Member-focused structure, reinvesting surplus into member programs, scholarships, and community support

Why choose Canada Protection Plan

• Delivers leading access to coverage as Canada’s largest provider of no-medical life insurance
• Approves a wide range of health profiles, serving smokers, chronic-condition applicants, and higher-risk clients
• Provides predictable long-term costs through fully guaranteed non-participating plans with no dividend risk
• Supports applicants who were previously declined, offering strong impaired-risk options
• Expands accessibility with higher maximum issue ages and a Quit Smoking incentive
• Simplifies the process with fast approvals, e-signatures, and a digital application system

PolicyAdvisor Rating

We give Desjardins 4/5 because it is a top choice for Canadians who want to pay off their whole life premiums early, combining a rare 5-pay participating option with the more standard 10-pay, 20-pay, pay to 100 structures across its par lines.

The company backs its participating lineup with one of the strongest capital positions in Canada, maintaining a Tier 1A capital ratio of 23.1%.

The flagship 5-Pay PAR plan completes premiums in just five years while still building strong early cash values. Desjardins serves around 5 million insurance policyholders across its life and health portfolio.

Its participating lineup includes three plans: 5-Pay PAR, Estate Enhancer, and Accelerated Growth. Estate Enhancer focuses on long-term estate value and strong future growth, while Accelerated Growth prioritizes earlier cash value access with long-term accumulation potential.

Desjardins’ key financial strengths and performance

• 6.30% Dividend Scale Interest Rate (DSIR)
• $1.115 billion in surplus earnings, demonstrating strong overall performance
• $174 million surplus earnings from Wealth Management and Life & Health Insurance, confirming insurance profitability
• 23.1% Tier 1A capital ratio, significantly above regulatory requirements and one of the strongest in the industry
• Co-operative ownership model, where profits are reinvested into member value rather than shareholder returns

Why choose Desjardins

• Offers one of the only 5-pay participating whole life plans in Canada, delivering fast paid-up coverage and strong early cash values
• Reinvests profits to support members, improving long-term stability through a cooperative structure instead of shareholder pressure
• Strengthens par performance durability with exceptionally strong capital ratios that safeguard dividend stability
• Grows underlying insurance performance, supported by rising surplus earnings and expanding wealth operations
• Provides flexible par product options, including fast-pay and long-term accumulation designs

PolicyAdvisor Rating

We give Industrial Alliance (iA) 4/5 for being a leading choice for Canadians who need whole life insurance with more flexible underwriting, making it especially appealing for clients with health conditions or non-standard risk profiles.

iA offers Canadians whole life solutions for different needs: Child Life and Health Duo provides participating coverage with early protection and gradual long-term growth, while Life and Serenity 65 delivers non-participating coverage with disability and illness benefits, with cash values beginning in later policy years.

Additionally, iA PAR Estate and iA PAR Wealth are backed by a $69.36 million par account and offer flexible premium options, including 10-pay, 20-pay, and pay to 100. iA PAR Estate focuses on long-term growth of total surrender value and death benefit, while iA PAR Wealth prioritizes short-term growth by maximizing total cash surrender value in the early years, alongside long-term estate growth.

iA’s key financial strengths

• $69.36 million par fund
• 6.35% dividend rate
• 13.0% return on equity (16.1% core ROE), demonstrating strong profitability and efficient capital deployment
• 132% solvency ratio, indicating strong capitalization and long-term financial stability
• Diversified business model, generating momentum across Individual Insurance, Group Benefits, Wealth, and U.S. operations

Why choose iA

• Delivers strong and growing earnings, contributions broadly across Individual Insurance, Wealth, Group, and U.S. operations
• Supports reduced volatility with a highly diversified business model and multiple profit streams beyond life insurance
• Demonstrates robust financial strength, boasting a 132% solvency ratio and strong organic capital generation that sustains long-term par stability
• Leads market position, ranks number one in segregated fund sales and strong momentum in Individual Insurance
• Consistently generates profitability, reflected in a 16.1% core ROE, demonstrating durable earning power for sustaining long-term guarantees
• Strategically expands through acquisitions, which strengthens distribution and recurring revenue sources

PolicyAdvisor Rating

We give RBC Insurance 4/5 as the top choice in Canada, for families who want whole life insurance designed specifically to protect a child’s long-term future. RBC backs its participating plans, Growth Insurance and Growth Insurance Plus, with a $9.60 million par account. Both plans feature the Juvenile Guaranteed Insurability Benefit, which lets a child buy additional coverage later without a medical exam.

Growth Insurance focuses on tax-deferred accumulation and a steadily increasing death benefit, making it ideal for long-term family legacy planning. Growth Insurance Plus accelerates cash value access, giving families greater flexibility for education, investment opportunities, or liquidity needs through policy loans or collateral. 

RBC’s key financial strengths

• $9.60 million participating fund
• 6.30% dividend rate
• Stable long-term DSIR history, supported by smoothing techniques that reduce short-term volatility
• 50/50 target asset mix between fixed income (bonds, mortgages) and non-fixed income (equities, commercial real estate)
• Prudent investment strategy focused on disciplined risk management and long-term performance stability

Why choose RBC

• Reduces volatility through smoothing techniques that help stabilize returns and support consistent dividends
• Strengthens long-term stability by serving more than 5 million clients across diversified segments
• Supports predictable returns with a balanced 50/50 asset allocation that aligns long-term growth with risk control
• Maximizes policyholder value through disciplined risk oversight and a long-term investment approach

PolicyAdvisor Rating

We give Assumption Life 3.5/5 for offering some of Canada’s strongest fast-approval whole life options, making it an excellent fit for clients who want lifetime coverage without medical exams or long underwriting queues. Backed by a 165% solvency ratio and more than 135 years as a Canadian mutual insurer, Assumption Life provides a highly stable foundation for its quick-issue non-participating whole life lineup, including Golden Protection, Golden Protection Elite, and FlexOptions. 

These plans pair simplified, primarily digital applications with streamlined underwriting and rapid decisions, and are available with flexible payment options such as pay to 100 and select limited-pay structures, giving clients guaranteed premiums, level lifetime coverage, and predictable long-term costs.

Assumption Life’s key financial strengths:

• 5.75% dividend rate
• $12.6 million in net earnings, reflecting strong profitability growth
• $2.3 billion in total assets
• $197 million in policyholder surplus, reinforcing long-term financial strength
• 165% solvency ratio, demonstrating excellent capital adequacy
• Mutual ownership structure, where profits support policyholders instead of external shareholders

Why choose Assumption Life:

• Puts policyholders first, with a mutual-company model that prioritizes long-term value over shareholder returns
• Strengthens long-term guarantees with high surplus levels and a strong solvency position
• Improves accessibility and speed through a fully digital underwriting and application experience
• Balances growth and risk, ensuring steady financial performance and disciplined management
• Delivers reliable profitability, supporting long-term dividend performance and stability
• Ideal for clients seeking simplicity, fast approvals, and dependable guaranteed coverage

PolicyAdvisor Rating

We give Beneva 3.5/5 for being an excellent choice for Canadians who want whole life insurance backed by a strong mutual-company foundation and enhanced by valuable built-in features at no added cost. Supported by a $27.5 billion asset base and a 150% solvency ratio, Beneva’s participating whole life plan offers lifetime protection with complimentary benefits designed to enhance coverage, service, and long-term value. 

Beneva’s key financial strengths:

• $27.5 billion in total assets
• $589 million in consolidated net income, demonstrating strong profitability growth
• 15.2% return on equity
• $4.2 billion in consolidated equity
• 150% solvency ratio, reflecting excellent capital strength

Why choose Beneva

• Reinvests profits into member benefits through a mutual, member-first ownership model
• Strengthens long-term financial stability with large asset scale and rising business volume
• Builds trust and claim-paying credibility, backed by strong ratings and governance oversight
• Enhances value through bundled benefits and competitive pricing without extra rider costs
• Supports long-term performance stability with disciplined financial management and strong capital reserves

PolicyAdvisor Rating

We give UV Insurance 3.5/5 for being an excellent choice for Canadians who want long-term, reliable whole life growth backed by a mutual-style insurer with over 130 years of operations. Supported by a strong 172% solvency ratio, UV delivers the kind of financial stability that long-term whole life policyholders depend on. Its participating whole life plans focus on steady, predictable cash value accumulation with conservative investment management and policyholder-first governance. 

UV Insurance’s key financial strengths

• 130+ years as a mutual-style insurer, operating under a policyholder-owned structure
• $6.6 million in net income
• 172% solvency ratio, indicating a strong capital buffer
• $256.4 million in mutual members’ equity, reinforcing a solid policyholder-backed capital base
• Conservative investment and disciplined long-term risk management
• Fully digital platform using the web-based My Universe system to streamline underwriting and client experience

Why choose UV Insurance

• Supports policyholder value directly, reinvesting profits and surplus into members rather than external shareholders
• Protects long-term guarantees with a very high solvency ratio and disciplined capital management
• Improves application speed and convenience with a fully digital underwriting experience
• Strengthens community impact, allocating more than 10% of profits to health, education, and social initiatives
• Delivers operational stability, backed by over a century of mutual-model stewardship and financial discipline

PolicyAdvisor Rating

We give Wawanesa 3.5 for being a leading choice for Canadians who want whole life insurance with dependable guarantees, conservative investment management, and long-term affordability. The Wawanesa Life Par offers both 20-pay and pay to 100 premium options. Wawanesa backs this participating plan with a strong financial foundation, including $311 million in life division equity. The plan delivers predictable, steady cash value growth and consistent dividend performance, supported by a disciplined bond-focused investment strategy.

Wawanesa’s key financial strengths

• 6.00% dividend scale interest rate
• $1.9 billion life insurance asset base
• $4.7 billion group equity / surplus supporting strong capitalization across the mutual group
• $311 million life division equity supporting long-term participating guarantees
• Conservative investment strategy anchored by a high-quality, low-volatility bond portfolio

Why choose Wawanesa:

• Supports dependable dividend performance through conservative asset management and a bond-focused mix
• Stabilizes long-term returns with a high-quality, low-volatility bond portfolio
• Reinforces policyholder security using strong surplus reserves from a leading Canadian mutual insurer
• Directs profits to policyholders rather than shareholders under its mutual ownership model
• Provides competitive, affordable pricing with reliable guarantees and steady cash-value growth

PolicyAdvisor Rating

We give Canada Life a 5/5 because its LifeAdvance critical illness insurance offers one of the most comprehensive and customizable CI product suites in Canada. LifeAdvance covers 25 full payout CI, with partial payouts available for 8 additional conditions. Coverage amounts go up to $3 million, among the highest in the market.

Policyholders can choose flexible payment options, including 10-year term, 20-year term, term to age 75, or permanent coverage with 15-pay, 20-pay, or pay-to-100 structures. Optional riders may include children’s coverage and limited second-event benefits, subject to policy terms and availability at issue. This plan works well for Canadians who want flexible, long‑term protection.

Why choose Canada Life

• High maximum coverage supports estate planning and business protection
• Broad rider availability allows highly customized policy design
• Children’s coverage adds family-focused flexibility

PolicyAdvisor Rating

We give Desjardins a 5/5 because its Health Priorities Critical Illness Insurance offers one of the broadest ranges of covered conditions in the Canadian market. The plan covers 26 life-threatening illnesses with full payouts and provides partial payouts for 16 additional conditions, more than most Canadian insurers. Survival periods apply and vary by condition, with longer waiting periods for certain neurological illnesses.

Coverage amounts go up to $3 million. Payment options include 10‑year term, 20‑year term, term to age 65, and term to age 75. The plan also includes children’s coverage. Partial payouts count against the total benefit. This plan is ideal for Canadians who want the broadest condition coverage.

Why choose Desjardins

• Widest range of covered conditions in Canada
• Digital delivery simplifies claims setup
• Ideal for clients seeking maximum illness coverage breadth

PolicyAdvisor Rating

We give iA (Industrial Alliance) a 5/5 because its Transition plan provides broad coverage with unmatched flexibility. The plan covers 25 major critical illnesses and 5 childhood illnesses. It also offers partial payouts for 7 conditions. Coverage amounts go up to $2.5 million. Payment options include 10‑year term, 12‑year term, 25‑year term, term to age 75, and term to age 100. Optional riders include guaranteed insurability and mortgage‑reducing benefits. The reducing option gradually decreases the benefit payment in the early years (down to 50%), by design, making it suitable for mortgage or short-term protection needs. This plan fits clients who want flexible and tailored coverage.

Why choose iA

• Mortgage-reducing and guaranteed insurability riders enhance practical value
• Multiple lives can be covered under one policy
• Online management provides fast, convenient access

PolicyAdvisor Rating

We give Sun Life a 4/5 because it offers some of the most comprehensive critical illness coverage in Canada, backed by a long-established insurer with strong claims-paying ability. 

The plan covers 26 full payout conditions and partial payouts for 8 conditions. Coverage amounts go up to $2.5 million. Payment options include 10‑year term, term to age 75, and permanent coverage. The plan allows up to four partial claims, one per eligible condition, subject to policy definitions. The application process remains largely paper-based and advisor-assisted, which may be slower than fully digital competitors.

Why choose Sun Life

• Allows multiple partial claims for increased usability
• Long-term care conversion adds future planning flexibility
• Children’s illnesses included for family protection

PolicyAdvisor Rating

We give Assumption Life a 4/5 because its Critical Protection plan focuses on straightforward, essential critical illness coverage. With 16 covered conditions, it is designed for Canadians who want basic protection without the complexity or cost of more feature-rich plans.

The plan offers value through simplified underwriting, optional return-of-premium riders, and a fully digital application experience. Medical exams are not automatically required for all coverage amounts, making approval faster and more accessible for many applicants.

Why choose Assumption Life

• Simple, straightforward coverage with fast electronic approval
• Optional return-of-premium riders add flexibility
• Minimal medical exam requirements for easier access

PolicyAdvisor Rating

We give Beneva a 4/5 because it combines comprehensive critical illness coverage with a mutual company structure. Policyholders become members of a mutualist organization, giving them a voice in how the company is run; an appealing feature for Canadians who value community involvement and corporate responsibility.

Beneva offers coverage for up to 25 critical conditions with maximum benefits of $2 million. Partial payouts are available for 4 non-life-threatening conditions, typically paid at 10% of the policy amount up to $50,000, generally payable once per policy. While partial coverage is more limited than some competitors, the plan includes children’s coverage and permanent policy options.

Why choose Beneva

• Mutual company structure gives policyholders a voice
• Children’s coverage is included for family protection
• Digital delivery improves accessibility

PolicyAdvisor Rating

We give BMO a 4/5 because its Living Benefit Critical Illness Insurance covers 25 life-threatening illnesses plus partial payouts for 7 early-stage conditions. Coverage ranges from $25,000 to $2 million, with flexible terms of 10 years, 20 years, or to age 75 or 100.

Unlike standard critical illness plans, BMO’s Early Discovery Benefit provides a portion of the benefit for early-stage diagnoses. This helps clients manage treatment costs right away, rather than waiting for a major claim. It’s ideal for families with mortgages, young children, or business owners who can’t afford income interruptions.

Why choose BMO

• Early-stage payouts reduce financial stress and improve usability
• Flexible terms accommodate different life stages
• Affordable enhanced coverage backed by a major Canadian insurer

PolicyAdvisor Rating

We give Empire Life a 4/5 because it offers a well-rounded critical illness insurance plan with strong coverage and a unique multi-life option. Coverage amounts go up to $2 million, with full payouts for 25 critical illnesses and partial payouts for 6 additional conditions, each up to $50,000.

Empire Life stands out for couples by allowing two lives to be insured under a single policy at a discounted rate. While children’s coverage and limited-pay options are not available, the plan remains a solid choice for adults seeking comprehensive protection with cost savings for partners.

Why choose Empire Life

• Multi-life option provides discounted coverage for couples
• Partial payouts enhance usability for less severe conditions
• Digital policy delivery improves convenience

PolicyAdvisor Rating

We give Equitable Life a 4/5 because its critical illness insurance offers solid coverage paired with valuable multi-product discounts. When bundled with other Equitable policies, such as life insurance, policyholders can reduce overall premiums while maintaining comprehensive protection.

The plan covers 26 critical illnesses, includes protection for 5 childhood illnesses, and offers coverage for loss of independent existence. Coverage amounts go up to $2 million, with flexible term options including Term-to-100 and a limited-pay structure. While partial benefits are limited to a single payout, and second event coverage is not available, the discount potential makes this plan attractive for bundled insurance buyers.

Why choose Equitable Life

• Multi-product discounts reduce overall insurance costs
• Built-in children’s coverage adds family protection
• Term-to-100 and limited-pay options allow flexible planning

PolicyAdvisor Rating

We give Foresters a 4/5 because its refreshed Live Well and Live Well Plus critical illness plans include several built-in features that add value without requiring extra riders. Return-of-premium is included as standard, and policyholders also gain access to Foresters’ community benefits.

Coverage amounts go up to $2 million for enhanced plans, with partial payouts available for 8 conditions. Partial claims typically pay 15% of the policy amount, up to $50,000, and can be claimed twice, though they reduce the final benefit. The plan also offers a unique Term-to-80 option, which is uncommon in the Canadian market.

Why choose Foresters

• Built-in return-of-premium feature adds value without extra riders
• Unique term-to-80 option extends coverage into later life
• Community and member benefits included

PolicyAdvisor Rating

We give Humania a 4/5 because it offers the most comprehensive critical illness coverage for children in Canada. Its Children360 plan covers 37 conditions, including several illnesses that are specific to childhood, and includes a compassionate allowance for parents in the event of a child’s death.

For adults, Humania offers separate critical illness plans covering 25 conditions, with limited partial payouts for select non-life-threatening illnesses. While partial benefits are more restricted than many competitors, the wide range of term options and child-focused design make Humania a strong choice for families prioritizing children’s coverage.

Why choose Humania

• Market-leading coverage for childhood conditions
• Compassionate allowance supports parents during difficult events
• Wide range of term options allows tailored family planning

PolicyAdvisor Rating

We give ivari a 4/5 because its critical illness insurance is designed to reward bundling. Policyholders can add up to $2 million in critical illness coverage as a rider to an existing ivari life insurance policy and save up to 15% on premiums.

The plan covers 25 critical illnesses with partial payouts for 4 non-life-threatening conditions (up to $50,000). Optional children’s coverage can be added for an additional cost. While coverage options are limited to term policies and lack permanent or limited-pay structures, ivari offers meaningful savings for clients consolidating insurance with one provider.

Why choose ivari

• Bundling with life insurance reduces overall premiums
• Optional children’s coverage for added family protection
• Simple, streamlined policy structure with digital access

PolicyAdvisor Rating

We give Manulife a 4/5 rating for its well-rounded critical illness insurance offering backed by one of Canada’s most trusted insurers. Lifecheque provides coverage up to $2 million, with 10- and 20-year terms, term-to-age options, and permanent coverage, making it suitable for both short- and long-term financial planning.

While the plan includes partial payouts for six non-life-threatening conditions and optional riders, return-of-premium features are expensive and second event coverage is not available. Still, Manulife remains a strong choice for Canadians prioritizing stability, flexibility, and comprehensive protection.

Why choose Manulife

• Trusted, long-established Canadian insurer
• Flexible term and permanent options for short- and long-term planning
• Optional riders provide coverage for children and loss of independence

PolicyAdvisor Rating

We give RBC a 4/5 because it is the only major Canadian insurer offering a long-term care conversion option with its critical illness insurance. Policyholders can convert their critical illness coverage into long-term care benefits later in life without additional proof of insurability, making it a strong option for long-term planning.

RBC provides coverage for 25 critical illnesses, with partial payouts for 7 non-life-threatening conditions, typically paid once during the policy’s lifetime. While children’s critical illness coverage is limited and may require riders, RBC does not offer permanent CI policies or return-of-premium options.

Why choose RBC

• Long-term care conversion without underwriting
• Partial payouts provide early financial support
• Backed by a large, established Canadian insurer

Why choose Allianz

• Emergency medical and travel accident protection included
• High coverage limits for medical emergencies
• Reliable claims coordination and support for students

PolicyAdvisor rating

We rate Manulife 5/5 because it provides broad medical and travel protection for visitors to Canada. The plan covers stable pre-existing conditions, travel accidents, and side trips, and allows automatic plan extensions in emergencies. Its strong financial backing and flexible trip coverage make it ideal for families or visitors seeking a reliable, comprehensive policy.

Why choose Manulife

• Covers emergency medical expenses, including stable pre-existing conditions
• Travel accident protection with benefits up to $50,000 for accidental death or serious injury
• Supports side trips up to 30 days and allows trip breaks with coverage suspension outside Canada
• Automatic plan extension for emergencies beyond the scheduled return date
• 24/7 emergency assistance provided by the insurer

PolicyAdvisor rating

We rate TuGo 5/5 because it offers one of the most flexible and comprehensive visitor insurance plans for Canadians with pre-existing conditions. The plan covers stable and unstable conditions, and side trips. Features like automatic plan extensions, MyFlyt service, and digital wallet access make TuGo a convenient choice for travellers needing extra protection.

Why choose TuGo

• Covers stable and unstable pre-existing conditions
• Automatic plan extension in case of emergencies or travel delays
• Optional sports and adventure activity coverage
• Digital wallet and e-claims for easy policy access and claims management
• MyFlyt service provides instant lounge access or cash payout for flight delays

PolicyAdvisor rating

We rate Secure Travel 4.5/5 because it offers flexible deductible options that help visitors lower premium costs while maintaining solid emergency medical coverage. The plan also includes coverage for stable pre-existing conditions, side trips, and emergency dental care, making it suitable for cost-conscious travellers who want control over upfront expenses.

Why choose Secure Travel

• Wide range of deductible options to adjust premium costs
• Covers stable pre-existing conditions
• Includes side trips and trip breaks
• Emergency dental coverage included
• 24/7 emergency claims support

PolicyAdvisor rating

We rate 21st Century 4/5 because it offers flexible options for visitors staying in Canada long-term. The plan covers stable pre-existing conditions (Enhanced Plan), side trips, travel accidents, and trip breaks. Unique features such as two-year plan upgrades and monthly payment options make it ideal for super visa holders or long-term visitors seeking predictable costs.

Why choose 21st Century

• Covers stable pre-existing conditions (Enhanced Plan)
• Side trips and trip breaks included
• Travel accident coverage provided
• Round-the-clock emergency assistance
• Monthly payment options available
• Two-year upgrade option keeps premiums consistent

PolicyAdvisor rating

We rate Destination Canada 4/5 because it provides easy-to-use coverage for visitors seeking essential protection. The plan covers emergency medical care, stable pre-existing conditions, super visa insurance, and offers automatic extensions in emergencies. Its simple application process and support for side trips make it convenient for travellers who want straightforward coverage without complex forms.

Why choose Destination Canada

• Covers stable pre-existing conditions
• Side trip and trip coverage included
• Travel accident protection for injuries during travel
• Automatic emergency plan extensions
• Simple application process with no medical questionnaire

PolicyAdvisor rating

We rate GMS 4/5 because it provides reliable super visa insurance for visitors to Canada, especially seniors. The plan covers stable pre-existing conditions, side trips up to 30 days, and automatically extends coverage in emergencies. With no medical questions for visitors under 55 and round-the-clock multilingual support, it’s a convenient choice for families seeking Immigration, Refugees and Citizenship Canada (IRCC)-compliant coverage.

Why choose GMS

• Covers stable pre-existing conditions
• Side-trip coverage outside Canada for up to 30 days
• Automatic coverage extension up to 48 hours
• No medical questions for visitors under 55
• 24/7 multilingual support

PolicyAdvisor rating

We rate MSH 4/5 because it offers unmatched flexibility for side trips outside Canada. Unlike most insurers that limit coverage to short trips abroad, MSH allows extended worldwide travel without strict time caps. This makes it ideal for frequent flyers and visitors who plan to spend significant time outside Canada during their stay.

Why choose MSH

• Covers worldwide side trips without strict duration limits
• Includes coverage for trip breaks
• Emergency transportation with economy airfare included
• Flexible deductible options
• Suitable for frequent international travellers

PolicyAdvisor rating

We rate Travelance 4/5 because it provides flexibility with monthly payment options while still offering strong emergency medical coverage. The plan also covers side trips, automatic plan extensions during travel delays, and special coverage for international students, making it a convenient choice for visitors who want manageable premiums over longer trips.

Why choose Travelance

• Coverage includes side trips outside Canada
• Option to pay premiums monthly
• Automatic plan extension in case of travel delays
• Special coverage for international students
• Extensive emergency medical protection

PolicyAdvisor rating

We give Canada Life a 5/5 because its disability insurance offers one of the most customizable options in Canada. Policyholders can choose from a wide range of riders and add-ons, including accidental death & dismemberment, return of premium, and catch-up rider. This flexibility allows coverage to be tailored to unique financial and lifestyle needs. Canada Life is ideal for white-collar and light manual workers seeking competitive pricing. Healthcare workers also benefit from exclusive discounts.

Why choose Canada Life

• Flexible structure supports personalized disability coverage
• Competitive pricing for desk-based or light manual occupations
• Optional riders enhance protection for specific needs
• Strong reputation for long-term financial protection

PolicyAdvisor rating

We give RBC Insurance a 5/5 because it offers flexible disability coverage tailored to working professionals and self-employed Canadians. The plan includes essential riders at the base price, the family compassionate care benefit, and COLA (Cost of Living Adjustment) / FIO (Future Income Option) riders for enhanced protection. It is backed by Canada’s largest bank, ensuring long-term reliability.

Why choose RBC Insurance

• Flexible coverage tailored to occupation and income type
• Robust built-in riders for comprehensive protection
• Family compassionate care benefit for support during family illness
• Backed by Canada’s largest bank for long-term policy reliability

PolicyAdvisor rating

We give Manulife a 4/5 because its Synergy policy combines disability, life, and critical illness insurance in one bundled plan. This all-in-one solution is ideal for self-employed Canadians or those without group benefits. Optional term life riders and early benefit access provide additional flexibility and protection.

Why choose Manulife

• Combines three types of insurance in a single plan for simplicity
• Ideal for self-employed Canadians and small business owners
• Streamlined application and policy structure
• Multi-risk protection through one policy

PolicyAdvisor rating

We give Desjardins a 4/5 because it offers flexible top-up disability coverage for Canadians who already have partial coverage. The plan provides non-integrated benefits up to $1,200 per month for 36 months, includes a death benefit, and guarantees renewability as long as premiums are paid. It is cost-effective and ideal for those needing additional security without a full standalone policy.

Why choose Desjardins

• Works perfectly as a supplement to employer or group plans
• Reduces the need for add-ons with built-in benefits
• Supports newcomers and work-permit holders who meet eligibility requirements

PolicyAdvisor rating

We rate Edge Benefits 3/5 for its fast, simplified application, guaranteed injury coverage, optional zero-day waiting periods, and monthly benefits of up to $5,000–$6,000 depending on occupation class. Applicants with minor health concerns can often qualify without full medical underwriting. It works well for self-employed and blue-collar Canadians who need quick, accessible disability coverage.

Why choose Edge Benefits

• Quick and simplified application process
• Reliable injury-only coverage
• Optional zero-day waiting period for short-term use
• Coverage available up to age 70

PolicyAdvisor rating

We give Humania a 3/5 because it provides Insurance Without Medical Exam (IWME) coverage, offering essential protection for those unable to work due to illness or injury. The plan includes partial disability coverage up to $1,000/month for part-time and seasonal workers and a monthly benefit cap of $6,000, depending on eligibility. It allows bundling with life and critical illness insurance and guarantees premiums for the first five years.

Why choose Humania

• Accessible coverage without a medical exam
• Partial disability protection for non-traditional workers
• Fast approval and simplified application
• Can bundle with life and critical illness insurance