What happens if I stop paying my disability insurance premiums?

If you stop paying premiums, your disability insurance coverage will lapse, and you won’t receive benefits if you become disabled. Most insurers allow a short grace period for late payments, but if coverage is cancelled you may need to reapply at higher rates or with exclusions.

Which is the biggest life insurance company in Canada?

Canada Life is currently the largest life insurance company in Canada based on total annual premiums, collecting approximately $60 billion across its product lines. However, Manulife holds the highest total assets among Canadian insurers, with $979 billion, making it the largest by asset size.

What are the top 5 life insurance companies in Canada?

Based on total annual premiums, the top five life insurance companies in Canada are: Canada Life – $59.8 billion, Manulife – $55.2 billion, Sun Life – $45.7 billion, Industrial Alliance (iA Financial) – $18.3 billion, Desjardins – $12.8 billion.

Which life insurance is the best to get?

It depends on what you are using life insurance for. A term life insurance policy is best if you want to cover short-term needs like your mortgage or other debts. A whole life insurance policy is best if you want coverage for life.

What is the number one life insurance company in Canada?

If you're looking at size and financial strength alone, Canada Life is the leading life insurance company in Canada. But you should also consider other factors when determining which is the best life insurance company for you.

What's the best amount of life insurance to get?

You should get at least 10-15x your annual income in life insurance as a minimum. But the best way to find out how much life insurance you need is to use an online life insurance calculator.

What is the best whole life insurance company in Canada?

The best company for you depends on your family's needs. We've rated Assumption Life as best for quick issue, Beneva as best for complimentary additional features, BMO as best for non-participating plans, Canada Life as best for charitable giving, Canada Protection Plan as best for non-medical plans, Desjardins as best for paying off premiums early, Empire Life as best for balanced performance, Equitable Life as the best mutual company, Foresters as best for smokers, iA as best for health accommodation, Manulife as best for overall performance, RBC as best for children's plans, Sun Life as best for high net-worth individuals, UV as best for long-term growth, and Wawanesa as best value for guaranteed benefits. Read our full ratings and reviews.

What is cash value life insurance Canada?

Cash value life insurance usually refers to whole life insurance or permanent life insurance in Canada. It's a life insurance policy that earns cash value through an investment or savings component.

Which is better term or whole life insurance?

It depends on you and your needs. Term life insurance is generally better for short-term needs like covering the mortgage or providing for small children. Whole life insurance is generally better for long-term needs like end-of-life expenses or estate planning, and supplemental retirement income.

What is the cost of disability insurance in Canada?

Living with a disability can change a person’s life overnight, and the financial impact can be just as overwhelming. According to a 2022 survey, more than one in four Canadians live with one or several disabilities, highlighting the importance of financial protection. That’s where disability insurance in Canada steps in, offering income replacement when illness or injury prevents you from working.

However, despite the figures, most people in Canada worry about the cost of disability insurance. In this blog, we’ll break down typical premium ranges, factors that affect pricing, and how costs vary across provinces so you can make an informed decision about your coverage.

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

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What is disability insurance in Canada?

Disability insurance in Canada is a type of insurance that replaces part of your income if you’re unable to work due to an illness, injury, or disability. Its purpose is to protect your financial stability by covering everyday expenses, such as rent or mortgage, bills, and groceries, when you are unable to earn your regular salary.

Unlike health insurance (which pays for medical costs), disability insurance pays you a monthly benefit to replace a portion of your lost income, usually between 60–70% of your pre-tax earnings.

There are two main types of disability insurance in Canada:

Short-term disability insurance: Provides coverage for a limited time (typically 17–26 weeks) while you recover
Long-term disability insurance: Offers benefits for an extended period (often up to age 65) if you have a serious or permanent disability that prevents you from working

How much does disability insurance cost in Canada?

Disability insurance premiums in Canada vary depending on your income, age, occupation, health, and the type of coverage you choose. For example, if you earn $50,000 per year, your premiums would typically fall between $500 and $1,500 annually, or about $41 to $125 per month.

However, costs can be higher for more comprehensive coverage or riskier professions. In fact, some estimates suggest that long-term disability insurance can cost as much as 9% of your salary, in case you have a high-risk job. This is especially true if you opt for:

A higher monthly benefit amount,
Longer benefit duration (e.g., coverage up to age 65), or
Riders and add-ons like cost-of-living adjustments or “own-occupation” coverage

To illustrate how disability insurance premiums are calculated, let’s consider the example of a 30-year-old, non-smoker individual looking for disability insurance coverage in Canada:

Benefit amount: $3,000 per month
Occupation class: Accountant (4A, low-risk professional category)
Age: 30
Status: Non-smoker
Waiting period: 90 days

Average monthly premium for disability insurance in Canada

Coverage length	Monthly premium – Male	Monthly premium – Female
2 Years	$29/month	$53/month
Up to Age 65	$51/month	$95/month

* Illustrating the cost of disability insurance for a 30-year-old, non-smoker individual, seeking $3,000 per month in coverage

What factors impact the cost of disability insurance in Canada?

The cost of disability insurance in Canada isn’t one-size-fits-all. Premiums depend on several factors such as the age of an individual, their occupation, income and benefit amount, lifestyle, as well as additional riders included within the plan. Understanding these helps you predict your costs and choose coverage that fits your budget.

Age and gender

Age is one of the strongest predictors of disability insurance cost. Younger applicants usually pay less because they are seen as lower risk, while premiums rise as you get older, particularly after age 40. Gender can also influence pricing, and in some cases, women may pay slightly more than men due to longer claim durations.

Occupation and risk class

Your line of work has a direct impact on your disability insurance premiums. Office-based professionals are usually charged lower rates. However, physically demanding or high-risk jobs, such as trades, healthcare, or manual labour, tend to pay higher premiums because insurers see them as more likely to file a claim.

Income and benefit amount

The amount of income you choose to insure also shapes the cost. Disability insurance typically covers 60 to 70 percent of your pre-tax income. This means higher-income earners, or anyone opting for a larger monthly benefit, will face steeper premiums compared to those insuring a modest amount.

Benefit period

The benefit period refers to how long your policy will pay out if you become disabled. A shorter period, such as two to five years, results in lower premiums. However, a policy that pays until age 65 provides stronger protection but comes at a significantly higher cost.

Elimination period

Also known as the waiting period, this is the time between when you become disabled and when benefits start. Shorter elimination periods, like 30 days, increase premiums, while longer ones, such as 90 or 120 days, reduce them because you are taking on more initial financial risk.

Health and lifestyle

Your personal health history and lifestyle habits heavily influence premiums. Smokers, individuals with chronic illnesses, or those engaging in high-risk hobbies such as rock climbing usually pay more. Applicants with a clean medical record and healthy habits are rewarded with lower premiums.

Riders and add-ons

Optional features known as riders can make your policy more robust but also raise costs. Popular add-ons include cost-of-living adjustments, own-occupation coverage, and future purchase options. While these improve protection, they also increase monthly premiums.

Individual vs. group coverage

The type of plan you choose also matters. Employer-provided group coverage is often more affordable and may even be subsidized by your company. In contrast, individual policies give you more flexibility and customization but generally come with higher premiums.

Learn more about the best disability insurance companies in Canada in 2025

How much disability insurance coverage do you need in Canada?

When deciding how much disability insurance coverage you need in Canada, the general rule of thumb is to replace 60 to 70% of your pre-tax income. This level of coverage ensures you can continue paying for essential expenses such as housing, groceries, utilities, and loan payments if you are unable to work due to illness or injury.

Since disability benefits are often tax-free when you pay premiums personally, this percentage is usually enough to maintain your standard of living without over-insuring. The exact amount you need will depend on your lifestyle, financial obligations, and whether you have other sources of income, such as a spouse’s earnings, employer benefits, or savings.

If your expenses are high or you’re self-employed without group coverage, you may want to aim toward the higher end of the range.

How does the cost of disability insurance differ in various Canadian provinces?

While the base cost of disability insurance in Canada stays fairly consistent, actual premiums can vary slightly depending on the insurer and province. On average, Canadians can expect to pay 1% to 3% of their annual income for coverage, though this may rise for higher-risk jobs or more comprehensive plans.

For example, if you earn $50,000 annually as a low-risk, younger applicant:

In Alberta, typical disability insurance premiums range from $40 to $120 per month
In British Columbia, disability insurance costs are similar, averaging $45 to $125 per month
In Manitoba, the cost of disability insurance is slightly higher, usually $50 to $130 per month

Overall, premiums do not differ drastically between provinces, but local market factors and provider pricing can create small variations.

Does age affect disability insurance premiums in Canada?

Yes, age has a direct impact on disability insurance premiums in Canada. Insurers view younger applicants as lower risk because they are generally healthier and less likely to file a claim. As a result, someone in their late 20s or early 30s will usually pay much lower premiums compared to someone in their 40s or 50s for the same coverage.

Premiums typically rise as you get older, especially after age 40, since the chances of developing a disability increase with age. For example, a healthy 30-year-old professional might pay around $50 to $80 per month for a moderate long-term disability plan, while a 45-year-old in the same occupation could pay $120 or more for similar protection.

Applying earlier not only locks in lower premiums but also makes approval easier, since health issues that come with age can further increase costs or limit coverage options.

How can you save on disability insurance premiums in Canada?

Disability insurance can feel expensive, but there are several ways to keep costs manageable without sacrificing essential protection. Here are some proven strategies:

Choosing longer elimination periods: The elimination period is the waiting time before your benefits begin. A policy with a 90-day or 120-day elimination period will cost less than one with a 30-day period. If you have savings or an emergency fund to cover short-term expenses, opting for a longer elimination period can reduce your premiums significantly
Riders and add-ons: Riders like cost-of-living adjustments (COLA), own-occupation coverage, or future purchase options enhance protection but also increase costs. Before adding them, consider whether the extra security justifies the higher premiums
Comparing quotes from different providers: Premiums can vary widely across insurers, even for applicants with similar profiles. Comparing quotes from multiple providers helps you find the most competitive rate. Working with an insurance broker (such as our experts at PolicyAdvisor) can simplify the process and uncover discounts you might miss on your own
Applying at a younger age: Premiums increase with age, so applying in your 20s or 30s can lock in lower rates and ensure coverage before health issues develop
Tailoring benefit amounts: While it’s tempting to ensure the maximum benefit possible, you may not need it. Choosing coverage that replaces 60–70% of your income keeps premiums affordable while still offering strong protection

How to get the best disability insurance quotes in Canada?

If you want the best disability insurance quotes in Canada, the first step is to compare options from different providers to find coverage that fits your financial needs.

PolicyAdvisor makes this simple by partnering with Canada’s leading disability insurance companies, giving you access to a wide selection of competitive plans all in one place.

With just a few quick questions online, you can get personalized disability insurance quotes in Canada. Once you’ve found the right plan, our licensed experts provide proper advice and ongoing support, so you fully understand your policy and remain protected over the long term.

Schedule a call with us today to safeguard your income against life’s uncertainties!

Frequently asked questions

Does disability insurance cover mental health conditions?

Yes, many disability insurance policies in Canada cover mental health conditions such as depression, anxiety, or stress-related disorders, as long as they prevent you from working. However, coverage depends on the policy terms and medical documentation provided.

Some insurers may impose waiting periods, exclusions, or stricter eligibility rules for pre-existing mental health conditions. Since mental health is a leading cause of disability claims in Canada, it’s important to review your policy carefully and ensure you have adequate protection.

What happens if I stop paying premiums?

If you stop paying your disability insurance premiums, your coverage will lapse, and you will no longer be protected. This means you won’t receive benefits if you become disabled in the future. In most cases, insurers allow a short grace period for missed payments, but if you don’t resume payments in time, the policy is cancelled.

Reapplying later may require medical underwriting and could result in higher premiums or exclusions, especially if your health has changed since your original application.

Can I get disability insurance after a health issue diagnosis?

Yes, it’s still possible to get disability insurance after being diagnosed with a health issue, but your options may be limited. Insurers may charge higher premiums, exclude coverage for your specific condition, or offer reduced benefit amounts.

The outcome depends on the type and severity of the diagnosis, your treatment history, and overall health. If traditional policies aren’t available, simplified or guaranteed issue disability insurance may be an option, though they often come with higher costs and limited coverage.

Is disability insurance tax-deductible in Canada?

In most cases, disability insurance premiums are not tax-deductible in Canada if you pay them personally. The benefit is that any income you receive from a personally paid policy is usually tax-free. However, if your employer pays the premiums for group disability insurance, the benefits you receive are considered taxable income.

This makes it important to understand how your policy is funded. Paying your own premiums generally provides better after-tax protection, since you won’t have to share your disability benefits with the CRA.

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Disability Insurance for Remote Workers in Canada: The Complete Guide

Since the pandemic, remote work in Canada has remained significantly above pre-2020 levels. While peak levels approached 40% in April  2020, by November 2023 the proportion of Canadians working most of their hours from home had settled at about 20%, and by May 2024 approximately 13.2% worked exclusively from home with 10.3% in hybrid arrangements.

With such a high share of Canadians now working remotely at least part‑time, and remote-capable jobs accounting for nearly 23.5% of all Canadian jobs, disability insurance for remote workers in Canada has become more critical than ever.

Home‑based workers often lack traditional employer-based coverage, making individual policies essential. This guide offers a comprehensive look at coverage options, costs, and benefits tailored to remote workers in Canada.

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

SCHEDULE CALL

What is disability insurance for remote workers in Canada?

Disability insurance in Canada replaces income if you become unable to work due to illness or injury. For remote workers, especially freelancers, contractors or hybrid employees, it fills coverage gaps left by employer‑sponsored plans. Typical income replacement ranges from 60% to 85%.

The remote work boom post‑2020 saw home‑based work rise from just 7% in 2016 to nearly 40% during the pandemic, before settling around 23.5% in late 2023. Despite the decline, remote-capable jobs remain widespread, especially in sectors like finance, insurance and professional services (with up to 85% of roles eligible for remote work).

Why remote workers need disability insurance more than ever in Canada

Remote work has become a permanent part of Canada’s labour market. While it offers flexibility, it also leaves many workers without the financial safety nets that traditional employees often take for granted.

Remote workers, including freelancers and self-employed Canadians, are typically not covered by employer-sponsored group disability plans and may not qualify for Workers’ Compensation.

Government programs like CPP Disability have strict eligibility rules and pay modest benefits that often fall short of covering basic living expenses. Without private disability insurance, remote workers face significant income loss if they become ill or injured.

Unique disability risks in remote work

Remote work hasn’t eliminated disability risks, it has simply changed them. Home office setups frequently lack proper ergonomic design, increasing the risk of repetitive strain injuries and musculoskeletal disorders. These conditions often develop gradually, making them harder to detect and treat early.

Mental health challenges are also more prevalent among remote employees. The blurred line between home and work, social isolation, and constant digital connectivity contribute to higher rates of anxiety, depression, and burnout. Mental health conditions now account for more than 30% of disability claims in Canada, with a higher incidence among remote workers.

Freelancers, gig workers, and independent contractors make up a growing share of the remote workforce, yet they often lack access to group disability benefits, leaving them financially vulnerable.

In addition, digital eye strain and overuse injuries are on the rise. Remote employees typically log an extra 2.5 hours of screen time per day compared to office counterparts, often without proper equipment or support, which increases the risk of long-term health problems.

Remote workers vs. traditional employees

Factor	Remote workers	Traditional employees
Group disability coverage	Rare	Common
Workers’ Comp access	Often ineligible	Usually covered
Income stability	Highly vulnerable	More protected

Gaps in traditional coverage

Most group disability insurance plans were designed for office-based roles. Some still limit coverage to incidents “at the workplace,” potentially excluding remote claims. Others require costly riders to extend protection to remote settings.

Public disability programs like CPP Disability offer limited support, averaging around $1,538/month (2024), with a 2025 maximum of $1,638. These programs require a strict definition of disability that may not reflect the realities of remote work. Self-employed workers often face additional eligibility hurdles.

Workplace-linked protections like workers’ comp, extended health benefits, and return-to-work supports may not apply to contractors or home-based employees, leaving a major coverage gap.

Types of disability insurance for Canadian remote workers

With more Canadians working remotely, protecting your income has become more important than ever. If you work from home, whether as an employee, freelancer, or contractor, here’s what you need to know about your options.

Short-term disability insurance in Canada

Short-term disability covers temporary illnesses or injuries that prevent you from working. It typically lasts between 15 and 26 weeks.

Waiting periods: Typically 0 to 120 days
Premiums: Range from $20 to $60 per month, depending on your age, occupation, and waiting period
Best for: Covering brief recovery periods without relying on personal savings

Long-term disability insurance in Canada

Long-term disability insurance provides income if you can’t work for an extended period, often until age 65.

Coverage types: “Own-occupation” protects your current role while “Any-occupation” requires total inability to work in any job
Waiting periods: Range from 30 to 730 days, with coordination options for EI or short-term disability
Tax treatment: Benefits from personal policies are usually tax-free if you pay the premiums yourself

How much disability insurance do remote workers need?

Determining the right amount of disability insurance is one of the most important steps in protecting your income. As a remote worker, you may not have access to employer-sponsored coverage, so it’s essential to calculate your needs carefully.

Most remote workers should aim to replace 60-85% of their net income. This ensures that you can cover essential expenses without depleting your savings. Keep in mind:

Tax implications: If you pay premiums personally for an individual policy, your benefits are usually tax-free. Group plans or employer-paid premiums may result in taxable benefits
Cost-of-living adjustments: Consider adding inflation protection to ensure your benefit keeps pace with rising expenses
Offsets: Some policies reduce your benefit if you receive payments from CPP Disability or provincial programs, which usually offer limited support

Best disability insurance companies for remote workers in Canada

Not all insurance providers understand the unique needs of Canada’s growing remote workforce. However, top insurers, such as Manulife, Canada Life, RBC, and Desjardins, offer true own-occupation coverage, flexible underwriting for self-employed and contract workers, and policy features that support long-term income protection.

Top disability insurance providers for remote workers

Canada Life

Canada Life offers the Lifestyle Protection Plan, StartRight, and Upgrader Plus. These plans include non-cancellable contracts, true own-occupation coverage, and optional riders that allow policyholders to customize their protection. Canada Life is best for young professionals, new graduates, and business owners who are starting their careers.

RBC Insurance

RBC Insurance provides the Professional Series and Foundation Series. These plans feature own-occupation protection, partial disability benefits, and guaranteed renewability to ensure coverage remains secure over time. RBC Insurance is best for professionals and high-income earners who want strong and reliable long-term protection.

Desjardins

Desjardins offers the Solo Disability Income plan, which includes 24/7 medical assistance, family access, and flexible definitions of disability. These features make the plan adaptable to different work situations, including remote and self-employed roles. Desjardins is best for self-employed individuals and remote workers who need comprehensive coverage and additional support services.

Manulife

Manulife provides the Proguard and Venture Series. These plans offer own-occupation coverage, return-to-work assistance, and business overhead protection options for incorporated professionals and entrepreneurs.

Manulife is best for entrepreneurs and incorporated professionals who want both personal income protection and support for their business operations.

What to look for in a disability policy for remote workers

When evaluating disability insurance, Canadian remote workers should look for policy features that reflect their unique income sources, work environment, and long-term financial needs. The following features are the most important:

True own-occupation means the policy pays full benefits if the insured cannot perform the main duties of their original occupation, even if they are able to work in another job. For remote workers, this ensures they do not lose benefits simply because they switch to a less demanding role
Benefit period to age 65 provides long-term income replacement in the event of a permanent disability. This feature ensures that benefits continue until retirement age, protecting the insured’s financial stability throughout their working years
Cost-of-living adjustment (COLA) increases disability benefits over time to keep pace with inflation. This prevents the insured from losing purchasing power during a long-term disability claim
Partial or residual disability benefits provide income support when the insured can still work but has reduced capacity or earnings due to illness or injury. This is particularly valuable for remote workers who may return on a part-time or limited basis
Waiver of premium means the insured does not have to pay policy premiums while they are receiving disability benefits. This ensures that coverage remains in force without creating extra financial pressure during a disability
Rehabilitation and return-to-work support includes services such as vocational training, therapy, or workplace reintegration programs. These features help claimants gradually transition back into employment when possible
Home-based work accommodation ensures that disability definitions and benefits recognize the realities of remote work. Policies with this feature account for flexible job settings and protect income even if the insured works primarily from home

What is the cost of disability insurance for remote workers?

Disability insurance should cost you between 1 to 3% of your annual income. So, if you make a salary of $50,000, you can expect to pay a premium of $500 to $1,500 each year. Remote work can lower premiums if classified as low-risk, but coverage features and income level significantly impact the final cost.

Disability insurance comparison for remote workers in Canada

Factor	Low-Risk Remote (4A)	Moderate-Risk Remote (2A)
Annual income	$80,000	$80,000
Monthly benefit	$4,000	$4,000
Estimated monthly premium	$80–$120	$140–$200
Return of premium rider	Adds 20–30%	Adds 20–30%
Own occupation definition	Typically included	Often optional, adds cost

Factors affecting premium costs for remote workers

Several key factors influence premium calculations, and remote workers often benefit from favourable rating:

Occupation class: Most remote knowledge workers fall into preferred occupation classes (Class 1 or 2), receiving the lowest premium rates due to lower physical risk exposure. A remote software developer pays significantly less than an on-site construction manager with similar income
Age and gender: Premiums increase with age, with significant jumps typically occurring at ages 40, 50, and 60. Women generally pay higher premiums due to higher claim frequency for certain conditions, though the gap has narrowed in recent years
Health status: Medical underwriting can significantly impact premiums. Remote workers with good health profiles benefit from standard rates, while pre-existing conditions may result in exclusions or rated premiums
Coverage features: True own-occupation coverage adds approximately 15-25% to base premiums but provides crucial protection for specialized remote workers. Cost-of-living adjustments add another 10-15%, while partial/residual benefits typically increase premiums by 5-10%

Strategies to lower disability insurance premiums

Remote workers can employ several strategies to manage premium costs without sacrificing essential coverage:

Annual vs. monthly premiums: Paying annually typically saves 8-12% compared to monthly payments
Longer elimination periods: Extending the waiting period from 90 to 180 days can reduce premiums by 15-20%, suitable for remote workers with emergency funds
Graded benefit periods: Some insurers offer policies with benefits that increase over time, reducing initial premiums while maintaining long-term protection

How to apply for disability insurance as a remote worker

Remote workers in Canada face a few unique steps when applying for disability insurance. Insurers require proof of stable income, medical history, and confirmation of remote work arrangements. Preparing the right documents in advance can help streamline the process.

Steps to apply for disability insurance as a remote professional

Provide documentation of remote work: Applicants should submit contracts, invoices, or employer letters to confirm their remote employment status. Freelancers and contractors may also need to outline the nature of their work and client relationships
Undergo medical underwriting: Most insurers require a health questionnaire. For higher coverage amounts, a medical exam or lab tests may also be necessary
Verify income: For self-employed and contract workers, insurers typically request recent tax returns, T4A slips, or financial statements. Some may average income over the past 2–3 years to account for fluctuations
Wait for underwriting approval: The full underwriting process usually takes several weeks. Applications involving variable income or complex medical histories may take longer

Frequently asked questions

Does an employer’s group disability plan cover remote work?

Not always. Many group plans were designed before remote work became widespread. Some include exclusions or limitations for injuries or illnesses that occur outside of a traditional workplace. Remote employees should review their plan documents carefully and confirm with their HR department whether coverage applies when working from home. In some cases, coverage may require an additional rider or approval.

Can a remote worker get coverage as an international worker?

It depends on the insurer. Most Canadian disability insurance providers require the policyholder to reside in Canada for a set number of months per year—often at least six. Coverage may be denied or limited for individuals who work primarily abroad or live outside of Canada long-term. Remote workers who travel frequently or work internationally should confirm residency requirements before applying.

What happens if someone switches between remote and in-office work?

Switching work locations does not automatically void coverage, but it’s important to choose a policy with an own-occupation definition and individual portability. These policies continue to protect the insured regardless of location or employer, as long as the occupation remains the same. This flexibility is key for hybrid employees or contractors who may work in multiple environments.

How much does individual disability insurance cost?

Premiums for long-term disability insurance typically range from 1% to 3% of annual income. The exact cost depends on factors such as age, occupation, health status, waiting period, benefit amount, and benefit duration. Policies with additional features, such as cost-of-living adjustments, will cost more but offer stronger long-term protection.

Can someone get coverage with pre-existing conditions?

Yes, insurers may accept applicants with pre-existing medical conditions but often apply exclusions related to those conditions or charge higher premiums. For example, someone with a history of back pain may be covered for most disabilities but excluded from claims related to spinal or musculoskeletal issues. Full disclosure during underwriting is essential to avoid denied claims later.

How long does the disability insurance underwriting process take?

Underwriting typically takes three to six weeks. More complex cases, such as self-employed applicants, those with variable income, or individuals with medical histories may require additional documentation and time. The process includes a medical questionnaire, possible exams or lab tests, and financial verification.

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The complete guide to Canada’s biggest life insurance companies in 2025

Choosing the right life insurance provider is one of the most important financial decisions you’ll make, and understanding Canada’s insurance landscape is crucial for making an informed choice.

The insurance industry in Canada is dominated by several major players, each offering unique strengths in coverage options, financial stability, and customer service.

In this article, we’ll take you through 40 of the biggest life insurance companies Canada has to offer, along with their key offerings. Whether you’re looking for term life insurance or permanent coverage, understanding which companies lead the market can help you make the best decision for your family’s financial security.

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

SCHEDULE A CALL

Top 5 biggest life insurance companies in Canada

Canada’s life insurance industry is dominated by several major players that have established themselves as the biggest insurance companies in Canada. Here are the top 5 insurance companies in Canada based on total assets and market presence:

Manulife
Sun Life
Canada Life
Industrial Alliance (iA)
Desjardins

Complete list: Top 40 life insurance companies in Canada

The top 40 biggest life insurance companies in Canada represent the most comprehensive coverage options available to Canadian consumers.

40 largest life insurance companies in Canada

Company	Founded / HQ	Insurance Revenue	Total Assets	LICAT Ratio	AM Best Rating
Manulife	1887, Toronto, ON	$26.6B	$978.8B	137%	A+
Sun Life	1865, Toronto, ON	$22.6B	$370.7B	152%	A+
Canada Life	1846, Toronto, ON	$21.0B	$461.2B	130%	A+
Industrial Alliance	1892, Quebec City, QC	$6.8B	$109.9B	139%	A+
Beneva	1941, Quebec, QC	$4.8B	$27.5B	150%	A
Desjardins	1948, Levis, QC	$4.3B	$470.9B	146%	—
RBC Insurance	1864, Toronto, ON	$2.3B	$28.6B	135%	A
Empire Life	1923, Kingston, ON	$1.4B	$19.7B	151%	A
BMO Life	1817, Toronto, ON	$1.3B	$20.1B	130%	A
The Co-operators	1945, Guelph, ON	$1.0B	$10.5B	168%	A
Securian Canada	1955, Toronto, ON	$990M	$1.2B	153%	A
Equitable Life	1920, Waterloo, ON	$920M	$10.2B	169%	A
ivari	1927, Toronto, ON	$822M	$14.6B	131%	A+
Blue Cross Canada	1939, Independent (Various)	$686M	$2.3B	135%	A-
Brookfield/Blumont Annuity Co.	Toronto, ON	$383M	$7.5B	147%	—
Primerica	1977, Duluth, GA	$359M	$4.1B	191%	A+
Chubb Life	1882, Toronto, ON	$342M	$345M	163%	A+
Metropolitan Tower	New York, NY, USA	$331M	$2.3B	171%	A+
Wawanesa	1896, Wawanesa, MB	$300M	$11.5B	165%	A
Foresters	1874, Toronto, ON	$0.2B	$1.8B	200%	A
Combined of America	1922, Chicago, IL	$230M	$1.1B	176%	A+
UV Insurance	1889, Drummondville, QC	$225M	$2.4B	172%	—
Humania	1874, Saint-Hyacinthe, QC	$200M	$678M	185%	A+
TD Life	1855, Toronto, ON	$155M	$344M	200%	—
Assumption	1903, Moncton, NB	$147M	$2.3B	165%	A-
TruStage Life	1902, Toronto, ON	$120M	$2.4B	165%	A-
CIGNA Life	1982, Bloomfield, CT, USA	$111M	$136M	245%	A
British Insurance Co. (Cayman)	Cayman Islands	$77M	$471M	176%	—
Knights of Columbus	1882, New Haven, CT	$76M	$30.3B	274%	A+
American Income	1951, Waco, TX	$71M	$64M	169%	A+
New York Life	1845, New York, NY, USA	$42M	$696M	353%	A++
CIBC Life	1961, Toronto, ON	$29M	$164M	494%	—
Aetna Life	1939, Toronto, ON	$28M	$98M	496%	A
Teachers Life	1972, Waterloo, ON	$25M	—	234%	—
Serenia Life	1972, Waterloo, ON	$20M	$371M	177%	—
American Health & Life	1954, Fort Worth, TX, USA	$17M	$64M	576%	A-
AWP Health & Life SA	Paris, France	$15M	$38M	271%	—
Connecticut General	1957, Bloomfield, CT, USA	$4M	$195M	223%	A
Reliable Life	1887, Hamilton, ON	$3M	$14M	310%	—
Jackson National Life	1961, Lansing, MI, USA	$254K	$11M	458%	A

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.

Read our detailed review of the best life insurance companies in Canada

What’s new in our 2025 insurance company rankings?

For 2025, we’ve updated how we compare the biggest and best insurance companies in Canada to give a more complete and accurate picture.

Our updated approach looks beyond size and reputation. We now focus on financial strength, product quality, and customer satisfaction.

We measure financial strength by looking at each insurer’s total assets, LICAT ratio (a key solvency indicator), and credit ratings from AM Best, S&P, and Moody’s. This helps us understand how stable and reliable each company is when it comes to paying claims.
We also evaluate the range and flexibility of insurance products available, including life, health, and supplemental coverage. Insurers offering more customization, modern features, and digital tools score higher in this area.
Lastly, we consider the customer experience—from how quickly claims are paid to how easy it is to manage your policy online. We review third-party ratings, client feedback, and the overall quality of digital services.

This new ranking system makes it easier for you to compare insurance companies in Canada and find the one that fits your needs best.

Choosing the best insurance company for you

When comparing the top life insurance companies in Canada, it’s important to go beyond size and brand recognition. Choosing the right provider means assessing financial strength, coverage options, premium affordability, and regional relevance.

Whether you’re a young family, business owner, retiree, or high-net-worth individual, matching your needs with the right insurer can lead to better protection and long-term value.

Key selection criteria for top Canadian life insurance companies

Category	What to look for
Financial strength	– AM Best rating of A- or higher – LICAT ratio above 120% – Over 100 years in business – Strong capital reserves
Coverage needs	– Term life (10, 20, or 30 years) – Whole or universal life – Critical illness and disability options
Premium affordability	– Competitive quotes from multiple providers – Annual vs. monthly premium choice – Stable premiums over time – Dividend potential for permanent life
Digital & human support	– Online comparison tools – Access to licensed advisors – Transparent educational resources

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

Impact of IFRS 17 on Canada’s largest life insurance companies

Starting January 1, 2023, IFRS 17 changed how major Canadian insurers like Manulife, Sun Life, and Canada Life report their financial results. This new global standard replaced IFRS 4 and shifts the focus from cash inflows to the actual value of insurance services provided.

Key changes under IFRS 17:

Revenue now reflects services, not premiums collected: Insurers report “insurance service revenue” based on the coverage they deliver.
- Manulife reported $26.6 billion in 2025, down from ~$44 billion
- Sun Life reported $22.6 billion, down from ~$29 billion
- Canada Life reported $21 billion, down from ~$58 billion
Profits are recognized gradually: The Contractual Service Margin (CSM) captures unearned profit and spreads it over the coverage period. This approach reduces sharp swings in reported earnings.
Reported premiums exclude investment or savings components: Insurers no longer count deposits or investment-linked amounts in their revenue figures. This explains the lower reported totals.
New valuation models now apply: Companies must use risk-adjusted, discounted cash flow models. Short-term policies may follow a simplified method called the Premium Allocation Approach (PAA).
Disclosure requirements have increased: IFRS 17 introduces more detailed reporting, making it easier to compare Canadian insurers with global competitors.

What it means for policyholders:

IFRS 17 does not change your premiums or coverage. You still receive the same benefits. However, it gives you a clearer view of how insurers manage risk and earn profits.

For investors, this standard improves transparency, reduces earnings volatility, and provides better insight into long-term financial performance.

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.

Manulife

Founded in 1887, Manulife stands as Canada’s largest life insurer by total assets, managing over $979 billion globally.

This Toronto-based insurer operates as part of Manulife Financial Corporation, with significant operations across Asia and the United States through John Hancock.

For Canadian consumers, this global scale translates into financial stability and innovative product development.

Manulife’s insurance offerings:

Individual life insurance:

Term life (10, 20, 30-year options with conversion privileges)
Whole life and universal life policies
Mortgage protection coverage
Critical illness and disability insurance
Travel insurance

Group benefits:

Employer-sponsored life, health, and dental plans
Long-term disability coverage
Flexible benefits administration

Manulife also operates Manulife Bank, offering integrated banking services including mortgages, credit cards, and high-interest savings accounts.

What makes Manulife a market leader

AI-Powered underwriting pioneer: Manulife was the first Canadian insurer to implement artificial intelligence in underwriting, allowing coverage up to $2 million without medical exams. This innovation has reduced application processing from weeks to days.

Inclusive coverage history: The company pioneered coverage for individuals with diabetes and was the first to offer non-smoker discounts. Recently expanded to include HIV-positive applicants, demonstrating an ongoing commitment to accessible insurance.

Manulife Vitality: This wellness-based program rewards healthy behaviours with premium discounts, gift cards, and device rewards like Apple Watches. It’s one of the most comprehensive wellness programs in Canadian insurance.

Financial strength: With A+ ratings from A.M. Best and over $979 billion in global assets under management, Manulife offers exceptional financial security for policyholders.

Why choose Manulife

Manulife is ideal for technology-focused consumers seeking streamlined applications, health-conscious individuals who want wellness rewards, and those needing higher coverage amounts without extensive medical underwriting.

Read our full Manulife Term Life Insurance Review

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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

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The Canada Life Assurance Company

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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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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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.

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! Schedule 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.

Frequently asked questions

How often do rankings of life insurance companies change?

Rankings can change annually or even more frequently, depending on factors like financial performance, customer service ratings, innovation, and regulatory changes. A company’s solvency, claims handling, and market share can all influence its position in industry reports or consumer rankings.

What factors affect the financial stability of life insurance companies?

Financial stability is typically measured by solvency ratios, capital reserves, investment performance, and underwriting profits. Companies with diverse investment portfolios, strong risk management practices, and consistent profitability are generally more stable and reliable over the long term.

Can I buy life insurance from a company not based in Canada?

You can only purchase life insurance from international companies that are licensed to operate in Canada. These insurers must comply with Canadian regulations and are monitored by federal or provincial insurance regulators. Buying from an unlicensed foreign insurer could leave you unprotected or unable to enforce your policy.

What are the benefits of choosing a large life insurance company over a smaller one?

Large insurers often offer a wider range of products, stronger digital platforms, and greater financial stability. They may also have more streamlined claims processes and better access to additional services, such as financial planning tools or wellness programs. However, smaller insurers may provide more personalized service or competitive pricing.

How do consumer ratings affect life insurance companies?

Consumer ratings influence a company’s reputation and can guide potential customers during their decision-making process. Positive reviews can enhance trust, while repeated complaints may raise concerns. While not the sole factor, consumer feedback is a helpful indicator of service quality and client satisfaction.

What should I do if I am not satisfied with my life insurance provider?

You should begin by reviewing your policy and identifying specific concerns and contacting your insurer’s customer service to discuss your issue. If the problem persists, you can file a complaint with your provincial insurance regulator. If you’re considering switching providers, ensure your new policy is active before cancelling the old one to avoid any coverage gaps.

Which are the best insurance companies in Canada for 2025?

The best insurance companies in Canada for 2025 are determined by their financial strength, customer satisfaction, product innovation, and digital capabilities. Leading providers include:

Sun Life, for strong client satisfaction and wellness-focused products
Manulife, for innovation and global reach
Canada Life, for scale and comprehensive coverage options
Industrial Alliance, for regional expertise and competitive pricing
Desjardins, for cooperative structure and personalized service

How do I choose between the largest insurance companies in Canada?

Choosing the right insurer involves assessing several factors such as financial strength (AM Best ratings and LICAT ratios), product suitability based on your needs, pricing competitiveness, quality of service and claims experience, and access to digital tools for convenience and support.

Are bigger insurance companies always better?

Larger insurance companies offer advantages such as financial stability, broad product availability, and extensive support networks. However, they may not always be the best fit. Smaller or regional insurers can provide more competitive pricing, personalized service, and flexible options tailored to specific needs.

What is the difference between the top 10 and top 20 insurance companies in Canada?

The top 10 insurers are typically national leaders with large-scale operations and diversified offerings. The top 20 includes regional and specialized insurers that may excel in niche markets or offer unique advantages in pricing, service, or policy design.

How often do rankings of the biggest insurance companies change?

Rankings among Canada’s top five life insurers tend to remain consistent year over year. However, changes can occur due to mergers, premium growth, or shifts in market strategy. Notably, Canada Life’s position strengthened following its merger with Great-West Life and London Life.

Can I trust the financial ratings of Canada’s largest insurance companies?

Yes. Canada’s major insurers are rated by independent global agencies such as AM Best, Moody’s, S&P Global, and DBRS Morningstar. These ratings reflect a company’s financial strength, claims-paying ability, and long-term stability, and are reviewed regularly.

Do the top Canadian life insurance companies operate nationwide?

Yes, all top life insurance companies in Canada are licensed to operate nationwide. While some have stronger regional footprints such as Desjardins and Industrial Alliance in Quebec or Wawanesa in the West. They serve clients across the country either directly or through licensed advisors.

What makes the best insurance companies in Canada in 2025 different from previous years?

Top insurers in 2025 are distinguished by their investment in digital transformation, faster underwriting through AI, integrated wellness and health features, ESG investment practices, and personalized insurance solutions using data and analytics. These enhancements improve both accessibility and client experience.

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Best disability insurance options in Canada (Updated Sep 2025)

A sudden illness or injury can derail your income in an instant, and without a financial backup, the consequences can be long-lasting. Disability insurance in Canada provides essential income protection when you’re unable to work due to medical reasons.

The need for disability insurance coverage is more urgent than ever. According to Statistics Canada, as of 2022, over 8 million Canadians aged 15 and older were living with at least one disability. This staggering figure shows how common and unpredictable disability can be.

In this blog, we will break down how to get the best disability insurance in Canada, highlight the most affordable providers, and share expert tips on how to buy the best plans with comprehensive coverage.

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

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What is disability insurance?

Disability insurance provides income protection when a physical or mental health condition prevents you from working. If you become unable to perform your job due to illness or injury, this coverage allows you to replace a portion of your after-tax income, helping you manage essential expenses like rent, groceries, medical bills, and loan payments.

To file a disability claim, your physician must provide ongoing medical documentation confirming that your condition continues to prevent you from performing regular job duties. This applies to both physical disabilities and mental health conditions, such as anxiety, depression, or other psychiatric disorders.

In Canada, short-term disability (STD) provides immediate income support, often covering up to 100% of your income for a few weeks to six months. Long-term disability (LTD), on the other hand, offers extended support by replacing 60% to 80% of your income, sometimes up to age 65 if your condition persists.

What factors affect the cost of disability insurance in Canada?

Several factors, such as an applicant’s age, health status, occupation, coverage amount, and policy type, may influence the cost of the best disability insurance in Canada, and knowing how they work can help you choose affordable yet effective coverage.

Age: Younger applicants typically pay lower premiums, as they pose a lower risk of developing a disability
Health status: Your medical history, lifestyle, and any pre-existing conditions directly affect your rates
Occupation: High-risk jobs, such as construction or manual labor, tend to have higher premiums than office-based roles
Waiting period: A longer waiting period before benefits begin can lower your monthly premium
Benefit period: Shorter coverage durations cost less, while policies that pay until age 65 are more expensive
Coverage amount: If you are looking for a higher coverage amount that can replace a bigger portion of your income, you may have to pay a higher premium
Policy type: Short-term disability (STD) policies are generally cheaper than Long-term disability (LTD) plans

Learn more about disability insurance in Canada

Which are the best disability insurance companies in Canada?

Canada Life: Best for comprehensive riders
RBC Insurance: Best for working professionals
Manulife: Best for combo plans
Desjardins: Best for top-up coverage
Edge Benefits: Best for simplified underwriting
Humania: Best for non-medical plans

Canada Life – Best disability insurance for comprehensive riders

Canada Life offers one of the best disability insurance options in Canada for those seeking a highly customizable policy. With a wide range of riders and add-ons, policyholders can tailor their coverage to match their unique financial and lifestyle needs.

Its flexible structure, competitive pricing for desk-based or light manual occupations, and optional benefits make it ideal for those who prefer customised plans.

PolicyAdvisor Rating

AM Best Rating: A+

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PolicyAdvisor Rating

AM Best Rating: A+

Best for

comprehensive riders

Canada Life offers ``own occupation`` coverage for job class categories 3A and 4A

Healthcare worker discounts are available for Canada Life disability plans

Some of the available disability benefit periods include 2 years, 5 years, or up to age 65

Key features of Canada Life

Canada Life offers “own occupation” coverage for job class categories 3A and 4A
It offers a wide range of riders, including Accidental Death & Dismemberment, Return of Premium, and Catch-Up Rider
It is ideal for white-collar and light manual workers seeking competitive disability insurance pricing
Healthcare worker discounts are available for Canada Life disability plans
It has a strong reputation in the Canadian insurance market for long-term financial protection
Some of the available disability benefit periods include 2 years, 5 years, or up to age 65

Why PolicyAdvisor recommends Canada Life

Canada Life lets you build a personalized disability insurance plan with flexible rider options such as Return of Premium, Regular Occupation, Own Occupation, etc
It is one of the best disability insurance providers in Canada for customization and rider availability
It is often more affordable than competitors like RBC for less specialized job roles
It offers excellent coverage value for desk job employees and healthcare professionals

Things to consider

Premiums may be slightly higher for professionals in higher-rated job classes (4A)
COLA (Cost of Living Adjustment) and Future Income Option benefits are more limited compared to some competitors
Riders can add flexibility, but they can also increase the total cost of your policy

RBC Insurance – Best disability insurance for working professionals

RBC Insurance offers one of the best disability insurance options in Canada, especially for professionals, self-employed individuals, and small business owners. With tailored coverage packages based on occupation type, RBC delivers flexible, high-value policies.

It is ideal for those in fee-for-service professions like doctors, consultants, and lawyers. RBC Insurance is also quite popular among working professionals due to its 20% premium reduction feature, which helps them secure comprehensive coverage at a cheaper price.

PolicyAdvisor Rating

AM Best Rating: A

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PolicyAdvisor Rating

AM Best Rating: A

Best for

Working professionals

This plan offers a 20% premium reduction for working professionals

It includes a bundle of essential disability insurance riders at the base price

It offers Family Compassionate Care Benefit for added support during family illness

Key features of RBC Insurance

This policy offers customized plans for professionals, self-employed workers, farmers, and small business owners
This plan offers a 20% premium reduction for software professionals, accountants, architects, medical specialists, lawyers, judges, engineers, computer experts, and dental specialists
It includes a bundle of essential disability insurance riders at the base price
The Cost of Living Adjustment (COLA) rider offers superior benefit value
It offers Family Compassionate Care Benefit for added support during family illness
Future Income Option (FIO) rider allows for high benefit limit increases

Why PolicyAdvisor recommends RBC Insurance

It is one of the best disability insurance providers in Canada for established professionals
This plan provides flexible coverage tailored to various occupations and income types
It combines value and customization with robust built-in riders
It is backed by Canada’s largest bank, ensuring long-term policy reliability

Things to consider

The own occupation rider is available only to specific high-income occupations
Premiums may be higher for lower job classes or manual occupations
No premium refund rider is available with this policy
It may be less cost-effective for those needing basic or short-term disability insurance

Manulife Synergy: Best disability insurance for combo plans

Manulife Synergy® stands out as one of the best disability insurance options in Canada for individuals seeking an all-in-one solution that includes long-term care conversion. This unique 3-in-1 policy combines life, disability, and critical illness insurance, offering comprehensive financial protection through a single, simplified plan.

The disability coverage for this plan is about 0.5% of the total policy coverage, which ranges from $100,000 to $500,000. Manulife ensures flexibility and stability for those without access to group benefits, especially self-employed Canadians and small business owners.

PolicyAdvisor Rating

AM Best Rating: A+

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PolicyAdvisor Rating

AM Best Rating: A+

Best for

Combo plans

This policy combines disability, life, and critical illness insurance in one bundled plan

It offers coverage between $100,000 and $500,000 under a unified policy

This policy allows conversion to permanent insurance up to age 65

Key features of Manulife

This policy combines disability, life, and critical illness insurance in one bundled plan
It offers coverage between $100,000 and $500,000 under a unified policy
This policy allows conversion to permanent insurance up to age 65
It also contains optional term life riders (10-year renewable or to age 65) and child coverage up to age 25
This policy offers early benefit access, meaning some payouts are available before the waiting period ends

Why PolicyAdvisor recommends Manulife

One of the best disability insurance choices in Canada for those seeking a one-stop solution without spending on three different types of insurance policies
It is ideal for the self-employed or anyone lacking employer-sponsored insurance
It reduces complexity with a streamlined application and policy structure
This plan provides multi-risk protection for Canadians looking to secure their financial future

Things to consider

The disability claim payout is only 0.5% of the entire Synergy protection amount, meaning you may not receive enough to cover your monthly requirements
Fixed coverage amounts limit flexibility for customizing individual components
There is a waiting period of 90 days during which you cannot make a disability claim
It is not suited for those who want standalone disability insurance with higher limits

Desjardins SOLO – Best disability insurance for top-up coverage

Desjardins SOLO disability insurance offers one of the most affordable and flexible top-up options for Canadians who already have partial coverage through their employer or a group plan. It works best as a supplemental plan, providing crucial benefits that fill coverage gaps.

One of its standout features is the guaranteed non-integrated monthly benefit of up to $1,200 for the first 36 months, regardless of other disability income sources. This ensures policyholders receive a reliable monthly payment even if they also claim benefits from another policy.

Desjardins also includes valuable built-in features like a death benefit and no-cost waiting periods, making it a cost-effective option for those seeking additional protection.

PolicyAdvisor Rating

AM Best Rating: N/A

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PolicyAdvisor Rating

AM Best Rating: N/A

Best for

Top-up coverage

This plan pays non-integrated benefits up to $1,200/month for 36 months

It excludes waiting period charges, keeping initial premiums more affordable

It offers guaranteed renewability, so coverage continues as long as you pay

Key features of Desjardins SOLO disability insurance

This plan pays non-integrated benefits up to $1,200/month for 36 months, even if you receive other disability income
It has lower premiums as compared to many competing insurers in Canada
It excludes waiting period charges, keeping initial premiums more affordable
This plan includes a death benefit that equals five times the monthly disability payment
It offers guaranteed renewability, so coverage continues as long as you pay your premiums

Why PolicyAdvisor recommends Desjardins SOLO

It works perfectly as a supplement to group or employer-sponsored disability coverage
It delivers fixed, non-integrated payouts during the critical early phase of a disability
This plan reduces the need for add-ons with strong built-in benefits
It appeals to budget-conscious Canadians who want added security without paying for comprehensive standalone plans
This disability insurance supports newcomers and work-permit holders who’ve lived in Canada for at least one year or applied for permanent residency (PR)

Things to consider

Desjardins uses non-guaranteed premiums for its Term 10 (T10) and Term 65 (T65) plans. This means the company can raise or lower premiums across the entire policyholder group based on its overall performance.
The policy has more exclusions and limitations compared to other disability insurance providers
The coordination of benefits clause may reduce your monthly payout after 36 months or if your total disability income exceeds $1,200
It may not offer enough protection if you need primary, comprehensive disability insurance

Edge Benefits – Best disability insurance for simplified underwriting

Edge Benefits offers one of the best disability insurance options in Canada for individuals who want a quick and hassle-free application process. With simplified underwriting, applicants can qualify with fewer medical questions and minimal documentation, making it an ideal choice for those with minor health concerns or limited time.

While this disability insurance coverage may not be as extensive as traditional plans, Edge Benefits delivers strong value with guaranteed injury coverage, optional zero-day waiting periods, and flexible short-term protection up to age 70.

PolicyAdvisor Rating

AM Best Rating: N/A

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PolicyAdvisor Rating

AM Best Rating: N/A

Best for

Simplified underwriting

This policy offers simplified underwriting with limited medical questions

It contains an optional 0-day waiting period

This plan includes a $10,000 accident medical treatment benefit

Key features of Edge Benefits

This policy offers simplified underwriting with limited medical questions
Injury coverage is guaranteed within this policy, even if illness coverage is declined
It contains an optional 0-day waiting period, allowing for short-term disability insurance use
This plan includes a $10,000 accident medical treatment benefit
This policy offers a maximum monthly benefit of $5,000 for 2A/3A, and $6,000 for 4A occupations
It provides coverage up to age 70, longer than many competitors

Why PolicyAdvisor recommends Edge Benefits

It is best for those who want easy access to disability insurance in Canada
It is a great option if you prefer simplified underwriting over traditional medical exams
This plan offers reliable injury-only coverage with fast approval
It is ideal for self-employed or blue-collar workers who need short-term protection

Things to consider

Edge Benefits may deny illness coverage based on your health history
No comprehensive long-term disability coverage options are available within this policy
This plan offers lower benefit maximums compared to major insurers
It is not suitable as a standalone long-term protection plan

Humania – Best disability insurance for non-medical plans

Humania offers one of the best disability insurance solutions in Canada for individuals who may not qualify for traditional policies. Through its Insurance Without Medical Exam (IWME) disability income plan, Humania provides essential financial protection for those unable to work due to illness or injury, without requiring a medical exam.

Humania is also known for providing partial disability coverage. This plan serves as a lifeline for seasonal workers, part-time employees, gig workers, and self-employed individuals, who often face challenges securing standard disability coverage.

PolicyAdvisor Rating

AM Best Rating: N/A

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PolicyAdvisor Rating

AM Best Rating: N/A

Best for

Non-medical plans

This policy offers Insurance Without Medical Exam (IWME) disability insurance that requires no medical exam

The monthly disability benefit for this plan is capped at $6,000

It also offers the ability to bundle disability with life and critical illness insurance

Key features of Humania

This policy offers Insurance Without Medical Exam (IWME) disability insurance that requires no medical exam
It is available for Term 10 or Term 20, which is ideal for short-to-mid-term coverage needs
The monthly disability benefit for this plan is capped at $6,000, depending on eligibility
This plan contains a unique offering of up to $1,000/month coverage for part-time and seasonal workers
It also offers the ability to bundle disability with life and critical illness insurance
Premiums for this policy remain guaranteed for the first 5 years of the term

Why PolicyAdvisor recommends Humania

Humania is one of the best disability insurance options in Canada for applicants with health conditions or non-traditional income sources
It provides accessible coverage for self-employed, freelance, and part-time workers
The no-medical application ensures faster approval and a simplified process for policyholders
Only a few Canadian insurers offer guaranteed issue disability products like Humania

Things to consider

The overage amounts are limited, especially for part-time and seasonal workers
There is no option for coverage up to the age of 65 with guaranteed issue products
The monthly benefit caps may not suit higher-income earners
Premiums are only guaranteed for 5 years, after which they may increase
The coverage for partial disabilities might be limited in duration (e.g., 6 to 12 months in some plans)

Methodology: How we ranked the best disability insurance in Canada

Our expert team of licensed insurance advisors at PolicyAdvisor conducted thorough research to evaluate and compare Canada’s top disability insurance companies. We assessed each provider based on the following critical criteria:

Term lengths: We analyzed short-term and long-term disability insurance options to identify flexibility and suitability for different needs
Waiting periods: We reviewed elimination periods to determine how quickly policyholders can access benefits after a claim
Premium rates: We compared monthly premium costs to find providers offering affordable disability insurance without compromising coverage
Application process: We evaluated how simple or complex the underwriting and approval processes are, including options for no-medical plans
Online accessibility: We considered whether applicants could easily get quotes, apply, and manage their disability insurance policies online
Financial strength ratings: We looked at third-party financial ratings (e.g., AM Best) to ensure long-term claims-paying ability and company stability
Plan features and customization: We assessed riders, conversion options, and built-in benefits to see which providers offer the most customizable disability plans

Find out about the cost of disability insurance in Canada

Key factors to consider when applying for disability insurance

When choosing a disability insurance policy in Canada, it’s best to look beyond the price. Several technical features, such as how your insurer defines disability, the waiting period, and the coverage amount, will determine how much protection you receive.

Definition of disability: Insurers define “disability” in three main ways:

Own occupation pays benefits if you can’t perform your specific job or specialized profession
Regular occupation covers you if you can’t work in your field, but ends benefits if you take another job
Any occupation offers the least protection. If you can work in any role, even one unrelated to your training, you won’t qualify for benefits

Waiting period: This is the time you must wait after becoming disabled before benefits begin. Longer waiting periods lower premiums but require you to cover all expenses until payments start. If your condition resolves during this time, you receive no payout
Coverage amount: Short-term disability insurance often covers 70% to 100% of your income. Long-term disability typically replaces 50% to 70%, which may not be enough for most Canadians. Consider topping up your coverage with an individual plan to ensure long-term financial stability

What happens if I miss a premium payment on my disability insurance plan?

If you miss a payment on your disability insurance plan in Canada, most insurers offer a grace period of 30 days during which your coverage remains active. If you pay within this time, your policy continues without interruption.

However, if the grace period ends and payment hasn’t been received, the insurer may terminate your policy, leaving you unprotected in case of illness or injury. In some cases, you may be able to reinstate the policy by paying missed premiums and submitting updated medical information.

To avoid losing coverage, set up automatic payments or reminders. If you’re struggling financially, contact your insurer or insurance advisor. They may offer a temporary solution or policy adjustment to keep your coverage in place.

Who should consider buying affordable disability insurance in Canada?

Individuals who use their income to cover monthly expenses should consider purchasing one of the best disability insurance plans in Canada. It offers essential financial protection if illness or injury prevents you from working, regardless of your age or profession.

Young professionals should get covered early, especially if they have student loans or rent to pay, as premiums are lower when you’re younger and healthier
Parents who support children or a household need disability insurance to maintain stability during unexpected health issues
Self-employed Canadians without access to group benefits should secure individual disability insurance to protect their income
Workers in physically demanding jobs, like construction or manufacturing, face higher injury risks and need robust income protection
Anyone without strong emergency savings should consider coverage to avoid financial hardship during recovery

Learn about the differences between disability insurance and critical insurance

How to get the best disability insurance quotes in Canada?

To get the best disability insurance quotes in Canada, start by comparing multiple providers to find a policy that matches your income protection needs. PolicyAdvisor makes this process fast and easy by partnering with Canada’s top disability insurance companies, giving you access to a wide range of competitive options in one place.

You can receive personalized and instant disability insurance quotes in under 60 seconds by answering a few simple questions online. Once you choose a plan, our licensed insurance experts offer free advice and ongoing after-sales support, ensuring you understand your coverage and stay protected long term. Schedule a call with us today and stay protected against all adversities in life!

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

Choosing the best life insurance company in Canada depends on your financial goals and insurance needs. Whether you want to leave a legacy for your family, cover outstanding debts, or protect your business, having the right life insurance plan is crucial. 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 top Canadian providers to bring you our list of the 16 best rated life insurance companies in Canada. In this article, you will find honest insights on different life insurance providers and how they can meet your needs.

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

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Which are the best life insurance companies in Canada?

Some of the best life insurance companies in Canada include Manulife, Canada Life, Desjardins, Empire Life, BMO, RBC, and more. However, depending on your needs, choosing the right one is important.

Our advisors have created a list of the best life insurance companies in Canada. Combining years of expertise and the unique benefits that each company offers, we have curated a list of the top 16 life insurance providers.

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

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. You should also look at added benefits for certain demographics such as business owners, doctors, and parents. If you are someone who has a pre-existing condition, you should consider companies that offer no-medical life insurance plans.

A good indicator of any company is the claims settlement ratio. This is where you look at the ratio of claims received versus settled. A higher ratio is always a good indicator.

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

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

Best for Simplified Issue: Assumption Life

PolicyAdvisor Rating

Best for Simplified Issue

AM Best Rating A-

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Our Assumption Life rating and review:

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

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

Unique selling point (USP): Wide range of non-medical policies designed for those looking to qualify without medical underwriting

Types of life insurance offered: Term life, whole life, guaranteed life

Pros:

– Multiple term coverage options

– Simplified, non-medical issue options available

– Quick, easy electronic process

– Decreasing option available for mortgage coverage

Cons:

– Wide range of options can be confusing

– High policy and rider fees on non-medical policies

Read our full Assumption Life Insurance review

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Best for Combo Coverage: Beneva

PolicyAdvisor Rating

Best for Combo Coverage

AM Best Rating A

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Our Beneva rating and review:

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

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

Unique selling point (USP): Offers a built-in disability insurance rider with all life insurance policies. Simplified and guaranteed issue life insurance coverage offered in under 60 minutes for those in good health.

Types of life insurance offered: Term life, whole life, universal life, simplified issue life insurance (term and whole), guaranteed issue permanent life insurance

Pros:

– A built-in Extreme Disability Benefit is unique in the industry

– 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

Cons:

– Longer turnaround times for policy approval other than no-medical plans

Read our full Beneva Life Insurance review

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Best for Affordability: BMO Insurance

PolicyAdvisor Rating

Best for Affordability

AM Best Rating A

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Our BMO Insurance rating and review:

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

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

Unique selling point (USP): Offers a Performance Bonus with their whole life plans that is guaranteed to never be negative. All life insurance policyholders get access to BMO Insurance Health Advocate Plan—a comprehensive health counselling and personal assistance service.

Types of life insurance offered: Term life, whole life, universal life

Pros:

– Great value for cost

– Can exchange 10-year term into longer term products

– Compassionate benefit program—death benefit advance in event of terminal illness

– Option to convert term policies to whole life without medical examination

– Electronic contract delivery

– Multi-policy discount available

Cons:

– No digital policy, only paper policies are issued

– Longer term life policies (25 and 30 year) are not renewable

– No online account

Read our full BMO Life Insurance review

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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.

Unique selling point (USP): Unique Business Protection Growth life insurance rider lets business owners add more coverage as their business grows. No maximum coverage limit on whole life policies

Types of life insurance offered: Term life, permanent life (participating whole life and universal life)

Pros:

– Multiple term coverage options (5-50 years)

– Multiple rider options for single and joint policies

– Options to convert into permanent coverage

Cons:

– Minimum $100,000 coverage or $500 annual premium required

– Limited access to online account features

Read our full Canada Life Insurance review

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Best for Non-Medical Policies: Canada Protection Plan

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Best for Non-Medical

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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.

Unique selling point (USP): Multiple products offering simplified, no-medical coverage for applicants across all health categories. Most products are available through a quick, simple, online application without any medical tests

Types of life insurance offered: No-medical and simplified issue, term life, permanent life

Pros:

– Affordable premiums, including no-medical policies

– Available to temporary residents such as those on a student or work visa

– Most plans offer life protection

– Most products available through an easy online application without any medical tests

– Customers can pay annual premiums by credit card

– Decreasing term option available (ideal for covering mortgage debt)

– Digital e-policy

Cons:

– Premiums can be more expensive than competition

– Coverage ends at age 80 (most other Canadian providers end at 85)

Read our full Canada Protection Plan Life Insurance review

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Best for Stability: Desjardins Insurance

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Best for Stability

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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.

Unique selling point (USP): Offers no-medical life insurance to seniors aged between 50-75, a rare offering in the industry. Reduced premiums when purchasing two or more coverages

Types of life insurance offered: Term life, permanent life, life insurance over 50, participating life, universal life

Pros:

– Several optional riders and benefits

– Robust suite of critical illness, disability, and permanent life insurance available

– Multi-policy discount available

– Top 10 largest insurance company based on annual premiums

– Digital e-policy

Cons:

– Premiums can be more expensive than competition

Read our full Desjardins Life Insurance review

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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.

Unique selling point (USP): A suite of life insurance products for all age groups and demographics—children, families, seniors, business owners, and those with pre-existing conditions. Solution 100 term policy has cash value (rare in the market)

Types of life insurance offered: Term life, permanent life, permanent participating life, no-medical life insurance

Pros:

– Some of the most versatile coverage options in Canada

– Instant approval possible

– Highly competitive premiums

– Comprehensive rider options

Cons:

– Individuals above 75 years of age cannot purchase Empire Life whole life insurance policy

– Limited term options

Read our full Empire Life Insurance review

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Best for Families: Equitable Life

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Best for Families

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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.

Unique selling point (USP): Great for a strategy called “laddering”, where you only pay for coverage as you need it. Reduced premiums when purchasing two or more coverages

Types of life insurance offered: Term life, whole life, universal life

Pros:

– Options to bundle coverage with critical illness

– Preferred clients automatically qualify for EquiLiving critical illness insurance

– Can create family plan by adding child term rider

Cons:

– Limited term offerings

– Equitable does not have a non-participating whole life insurance option to choose from

Read our full Equitable Life Insurance review

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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.

Unique selling point (USP): Charitable benefit feature where Foresters will donate all or part of your death benefit to a charity of your choice. MyForester member benefits, including grants, scholarships, access to well-being programs, and more, for life insurance policyholders

Types of life insurance offered: Term life, whole life

Pros:

– Multiple term coverage options

– Simplified and quick fulfillment options available

– Unique community membership benefits (discounts on hotels, attractions, learning libraries, wills, gift cards, online shopping, etc.)

– $1,000 bereavement assistance with whole life plans to help beneficiaries cover counseling services upon the insured’s death

– Quit-smoking Incentive Plan offers lower premiums to those who stop smoking for at least two years after they buy a policy

Cons:

– Premiums can be more expensive than competition

– No online access to policy details

Read our full Foresters Life Insurance review

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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.

Unique selling point (USP): Humania’s no-medical life insurance product has a unique eligibility criteria—working status. If an individual with a pre-existing condition is working, they are eligible for up to $300,000 of simplified issue term coverage

Types of life insurance offered: Term life, no-medical term life

Pros:

– Competitively priced premiums

– Simplified and quick fulfillment options available

– Non-medical coverage options available

– Automatic approval for critical illness and debt disability coverage for those with standard health plans

– Digital e-policy

Cons:

– Limited life insurance product portfolio—no whole or universal life insurance is available

– Term coverage only available until age 80

– No online access to policy details

Read our full Humania Life Insurance review

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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.

Unique selling point (USP): Their Pick-A-Term product is rare in the market and lets individuals choose the length of their term life insurance. With Specialized life insurance, policyholders get an annual bonus that increases their death benefit

Types of life insurance offered: Term life, permanent life, participating life, universal life, specialized life insurance

Pros:

– Flexible plans allow personalized coverage

– Both level and decreasing options

– Non-medical coverage options available

– Optional disability rider — can be used with decreasing coverage for mortgage protection

– Digital e-policy

– Underwriting can be more accommodating than competitors

Cons:

– Premiums can be more expensive than competition

Read our full Industrial Alliance Life Insurance review

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Best for Layering: ivari

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Best for Layering

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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.

Unique selling point (USP): Excellent for layering or laddering multiple policies for extended coverage at affordable rates

Types of life insurance offered: Term life, universal life, simplified and guaranteed issue

Pros:

– Several optional riders, including children’s insurance

– Multiple term coverage options

– 30-year term has flexible options upon maturity

– Online access to account

– Digital e-policy

Cons:

– Premiums can be more expensive than competition

– No whole life insurance options

Read our full ivari Life Insurance review

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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.

Unique selling point (USP): The Manulife Vitality program rewards policyholders for maintaining a healthy lifestyle. With Manulife Vitality, policyholders can get gift cards, discounts, and even an Apple watch!

Types of life insurance offered: Term life, permanent life, guaranteed issue

Pros:

– Immediate cash value growth and guaranteed cash value in the early years with their Manulife Par product

– Offers a fully electronic, digital fulfillment

– Offers cash advance in event of terminal illness

– Option to increase coverage up to 5th anniversary of certain term policies (rare in the market)

– Digital e-policy

Cons:

– Premiums can be more expensive than competition

– No non-participating whole life insurance options

Read our full Manulife Life Insurance review

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Best for Value For Money: RBC Insurance

PolicyAdvisor Rating

Best Value for Money

AM Best Rating A

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Our RBC Insurance rating and review:

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

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

Unique selling point (USP): Some of the best term products on the market at the most affordable premiums. Term exchange lets policyholders exchange a Term 10 policy with a Term 15, 20, or 30 policy without additional medical underwriting

Types of life insurance offered: Term life, term 100, whole life, universal life, guaranteed acceptance

Pros:

– Affordable premiums — among the most competitive in the industry

– Max. coverage of $25 million

– Pick-a-term feature (rare in the market)

– Multiple rider options

– Five dividend options with their whole life plans, highest among Canadian insurers

– Digital e-policy

– Online access to account

– Quick, easy application process: just 10 questions for coverage under $1 million

Cons:

– Cash value is only accessible after 5 years for Growth Insurance policyholders

– No non-participating whole life insurance options

Read our full RBC Life Insurance review

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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.

Unique selling point (USP): Impressive product portfolio with multiple term, participating and non-participating whole life insurance, and guaranteed whole life insurance

Types of life insurance offered: Term life, permanent life insurance

Pros:

– Multiple rider options

– Multiple options to convert to permanent coverage up to age 75 (most competitors stop at age 70 or 71)

– Non-medical coverage options available

– Max. coverage of $1 million for anyone legally living in Canada — not just citizens and permanent residents

– Digital e-policy

– Online access to account

Cons:

– Premiums can be significantly more expensive than competition

– Stricter underwriting process for pre-existing health conditions

Read our full Sun Life Insurance review

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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.

Unique selling point (USP): Term-to-age 80 plan offers level premiums for seniors with renewal up to age 100

Types of life insurance offered: Term life, whole life insurance

Pros:

– Affordable premiums — among the most competitive in the industry

– Range of coverage options allows for insurance laddering

– No policy or rider fees

– Coverage up to $500,000 approved without medical exam for those under age 45

– Digital e-policy

Cons:

– Longer turnaround times for policy approval

– Policies can only be converted into non-participating permanent products

Read our full Wawanesa Life Insurance review

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Methodology: How did we rank life insurance companies?

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

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

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

How much does life insurance cost?

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

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

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

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

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

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.

Learn more about the different types of life insurance in Canada

Market changes and innovations in life insurance in Canada

The Canadian life insurance industry is evolving rapidly, driven by digital transformation and changing consumer expectations. At PolicyAdvisor, we constantly leverage artificial intelligence to improve your insurance-buying experience.

Some of the AI tools that we have built and implemented are:

AI-powered life insurance calculator that analyzes your unique profile—age, health history, lifestyle factors—to generate personalized quotes from top Canadian insurers
AI-driven advisor support that assess sentiment and engagement levels during consultations, helping our licensed experts customize policy suggestions based on individual concerns and preferences
AI-assisted scheduling system automatically assigns the right advisor based on availability and expertise, ensuring our customers are matched with specialists who can address their specific insurance needs efficiently

Market trends also reflect growing demand for digital-first solutions and new policy types. Many of our insurance partners, including Sun Life, Manulife, Canada Life, and others, use predictive analytics to refine underwriting and offer faster approvals, sometimes without the need for a medical exam.

How to get the best term life insurance Canada?

You can find the best insurance policies for your needs on PolicyAdvisor. Our advanced AI calculator helps you instantly compare life insurance quotes from 30 of Canada’s top insurers—all under 60 seconds!

Prefer personalized guidance? Schedule a free, no-obligation call with one of our licensed advisors. Get answers to all your questions without the pressure of making a hurried decision.

Get started now and take the first step towards securing your family’s future with PolicyAdvisor!

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 visitors insurance companies in Canada Sep 2025: Reviews & ratings

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.

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

SCHEDULE CALL

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.

Traveller's age (in years)

Trip duration (in days)

Stable pre-ex condition

Yes

Coverage amount

✓ $0 Deductible

✓ $250 Deductible

✓ $500 Deductible

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

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!

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

Best for comprehensive coverage: Manulife

Company Overview: With Manulife, you can get travel medical insurance as a standalone policy 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: ★★★★★ (5/5)

PolicyAdvisor Rating

Best Travel Insurance for Comprehensive Coverage

AM Best Rating A+

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Key features of Manulife:

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

Why PolicyAdvisor recommends:

Comprehensive coverage: Covers emergency medical expenses, including stable pre-existing conditions
Travel accident coverage: Includes travel accident coverage with benefits up to $50,000 for accidental death or serious injury
Refund options available: Get a full refund if your plans change or are canceled before the policy start date
Trip coverage: Covers side trips up to 30 days and allows trip breaks with coverage suspension during time outside Canada
Automatic plan extension: Automatically extends Visitors to Canada insurance coverage beyond the scheduled return date in emergencies
Additional benefits: 24/7 emergency assistance offered by the insurance provider
Digital e-policy: Through this feature, you can receive digital VTC policy documents quickly

Things to consider:

No dedicated coverage: No dedicated coverage for international students
Adventure sports not included: Does not cover adventure or extreme sports such as skydiving, bungee jumping, mountain climbing, etc.

Best for pre-existing conditions: Tugo

Company Overview: If you’re coming to Canada and you already have a pre-existing health condition, we strongly suggest that you get an insurance plan with Tugo. 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.

Tugo offers additional travel plans for visitors that can cover unstable pre-existing conditions as well. This is an extremely rare insurance option for visitors to Canada. The insurer also offers coverage for trip cancellation, flight delays, side trips, etc..

PolicyAdvisor rating: ★★★★★ (5/5)

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Best Travel Insurance for Pre-Existing Conditions

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Key features of Tugo:

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

Why PolicyAdvisor recommends:

Multiple coverage options: Choose from several non-medical coverage options
Comprehensive coverage: Covers stable & unstable pre-existing conditions
Side trips covered: Include trip cancellation and interruption insurance, and coverage for side trips
Trip breaks covered: Covers trip breaks if they are due to a covered reason
Automatic plan extension: Plan coverage can automatically extend in case of emergencies or travel delays
Digital wallet & e-claims: Unique digital wallet to access policy and an online platform for claims submission and tracking.
MyFlyt service: Offers instant lounge access or cash payout for flight delays of 2+ hours

Things to consider:

Extra Cost: May have to pay additional cost for travel accident coverage

Best for international students: Allianz Global Assistance

Company Overview: Allianz travel insurance is a great choice for international students in Canada who wish to get their own travel medical insurance policy to cover anything their school’s health plan doesn’t cover.

The insurer offers up to $5 million for medical emergencies. Their plans include multiple features like emergency medical transportation, baggage cover, trip cancellation and interruption benefits, making it well-suited for students traveling to Canada.

PolicyAdvisor rating: ★★★★★ (5/5)

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Best Travel Insurance for International Students

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Key features of Allianz Global Assistance:

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

Why PolicyAdvisor recommends:

Trip Protection: Can cover side trips, trip interruptions, cancellations as well as trip breaks
Medical Assistance: Offers emergency medical benefits
Travel accident coverage: Covers accidental injuries arising during the covered trip.
24/7 emergency assistance: Availability of 24-hour assistance team to handle travel emergencies.

Things to consider:

Costly: VTC plans can be expensive
Limited deductible: Offers limited but flexible deductible options
Limited coverage: Offers limited coverage for pre-existing conditions as well as non-medical coverage options
No adventure sports: Adventure sports not included
No emergency extension: No automatic extension in emergencies

Best for Super Visa: Group Medical Services (GMS)

Company Overview: GMS is our top recommendation for people who are travelling to Canada on a Super Visa. The insurer’s 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.

PolicyAdvisor rating: ★★★★ (4/5)

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Best Travel Insurance for Super Visa Insurance

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Key features of Group Medical Services:

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

Why PolicyAdvisor recommends:

Stable pre-existing conditions: Offers coverage for stable pre-existing conditions
Side-trip travel coverage: Covers side trip outside Canada for up to 30 days
Automatic plan extension: Automatically extend coverage for up to 48 hours
No medical questions: Requires no medical questions or exam for visitors under 55
Around-the-clock support: Offers 24*7 multilingual support

Things to consider:

Limited coverage: Limited travel accident and non-medical coverage options
International Students: No dedicated coverage for international students
Adventure sports not included: Excludes coverage for adventure and extreme sports
Availability issue: Limited availability in some provinces

Best for monthly payment plans: Travelance

Company Overview: Travelance is one of the few Canadian companies that lets you pay for Super Visa insurance monthly instead of paying for everything at once.

Travelance lets you get 3 follow-up doctor visits within a 30-day period, covering up to $3,000 worth of related costs. 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.

PolicyAdvisor rating: ★★★★ (4/5)

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Best Travel Insurance for Monthly Payment Plans

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Key features of Travelance:

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

Why PolicyAdvisor recommends:

Cover side trips: Coverage includes side trips outside Canada
Monthly payment option: Option to pay premiums monthly is also offered
Automatic plan extension: Available if the travel is delayed due to emergencies
Coverage for international students: Offers special coverage for international students
Emergency medical coverage: Offers an extensive emergency medical coverage

Things to consider:

Limited coverage: Coverage for pre-existing conditions is limited
Non-medical coverage: Limited non-medical coverage options
Adventure sports: Adventure and extreme sports are not covered

Best for long stays: 21st Century

Company Overview: 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.

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: ★★★★ (4/5)

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Best Travel Insurance for Long Stays

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Key features of 21st Century:

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

Why PolicyAdvisor recommends:

Pre-existing conditions: Offers coverage for stable pre-existing conditions
Covers side trips: Side trip coverage is included. Also covers trip breaks
Travel accident coverage: Covers accidents arising at the time of traveling
24/7 assistance: Offers round-the-clock emergency assistance
Monthly payment options: Option to pay the premium monthly
Two-year upgrade: Two-year upgrade option on a monthly payment plan

Things to consider:

Refund: Offers partial refunds only
Coverage limited: Offers limited coverage for pre-existing conditions as well as non-medical options
International students: Does not offer any dedicated coverage for international students
Adventure sports: Does not cover risky or adventurous sports

Best for convenience: Destination Canada

Company Overview: Destination Canada is another convenient option for visitors to Canada insurance.The insurer covers basics for emergency medical — stable pre-existing conditions, Super Visa insurance, etc. It can even cover travellers who are over 86 years old.

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.

PolicyAdvisor rating: ★★★★ (4/5)

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Best Travel Insurance for Convenience

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Key features of Destination Canada:

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

Why PolicyAdvisor recommends:

Pre-existing conditions: Covers stable pre-existing conditions
Trip coverage: Cover side trips as well as the trip coverage
Travel accident coverage: Offers coverage for accidental injuries during travel
Trip-related benefits: Coverage for baggage loss, trip interruption, and flight delays is offered
Emergency extension: Offers automatic plan extension in emergency situations
Simple application: No medical questionnaire required for application

Things to consider:

Deductible options: Deductibles offered are limited
Pre-existing conditions: Only covers stable pre-existing conditions
Non-medical coverage: Fewer benefits for non-medical conditions
Adventure sports: Does not cover adventure or extreme sports

Best for side trips: MSH

Company Overview: 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 for 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.

PolicyAdvisor ratings: ★★★★ (4/5)

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Best Travel Insurance for Side Trips

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Key features of MSH:

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

Why PolicyAdvisor recommends:

Side trip coverage: Covers worldwide side trips for an extended period
Trip breaks: Also offers coverage for trip breaks
Emergency transportation: Covers economy airfare in case of emergency transportation
Pre-existing conditions: Offers coverage for pre-existing conditions
Large deductible options: For 85 and younger, deductibles of $0, $100, or $1,000 are offered; for 86+, a $500 deductible is offered

Things to consider:

Pre-existing conditions: Coverage is limited for pre-existing conditions
Limited non-medical benefits: No coverage for non-medical options like baggage loss, trip cancellation
International students: No dedicated coverage offered for international students
Sports excluded: No professional sport covered

Best for companion discounts: 21st Century

Company Overview: The 21st Century travel insurance is a good choice if you’re not travelling alone. In Canada, many insurance companies offer 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 also gives discounts if your travel companion might not a member of your family. So, if you and a few friends want to visit Canada and save money while making sure you’re protected, their insurance plan would be a smart option.

PolicyAdvisor ratings: ★★★★ (4/5)

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Best Travel Insurance for Companion Discounts

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Key features of 21st Century:

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

Why PolicyAdvisor recommends:

Pre-existing conditions: Offers coverage for pre-existing conditions
Covers side trips: Side trip coverage is included. Also covers trip breaks
Travel accident coverage: Covers accidents arising at the time of traveling
24/7 assistance: Provides round-the-clock emergency assistance
Monthly payment options: Provides the option to pay premiums monthly
Two-year upgrade: Offers a unique two-year upgrade option on a monthly payment plan

Things to consider:

Refund: Offers partial refunds only
Coverage limited: Offers limited coverage for pre-existing conditions as well as non-medical options
International students: Does not offer any dedicated coverage for international students.
Adventure sports: Does not cover risky or adventurous sports

Best for customizable deductibles: Secure Travel

Company Overview: Visitors to Canada who want more deductible choices can choose 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.

You can get all of this plus good standard coverage for things like Super Visa insurance, pre-existing conditions, side trips, travel accident coverage, and more.

PolicyAdvisor ratings: ★★★(3/5)

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Best Travel Insurance for Customizable Deductibles

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Key features of Secure Travel:

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

Why PolicyAdvisor recommends:

Pre-existing conditions: Offers coverage for stable pre-existing conditions
Side trips: Can cover side trips and trip breaks
Dental coverage: Offers emergency dental coverage
24/7 support: Offers 24/7 emergency claims support
High coverage limit: Coverage offered up to $1,000,000
Automatic plan extension: Automatically extends coverage for up to 72 hours

Things to consider:

Partial refunds: Has limited refund flexibility options
Non-medical coverage: Offers limited non-medical coverage options
Adventure sports: Excludes high-risk activities like extreme sports

Best for medical coverage: Alberta Blue Cross

Company Overview: 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 ratings: ★★★★(4/5)

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Best Travel Insurance for Medical Coverage

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Key features of Alberta Blue Cross:

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

Why PolicyAdvisor recommends:

Emergency medical coverage: Offers extensive emergency medical care of up to $5 million
COVID-19 coverage: Includes coverage for COVID-19-related expenses
Accidental death coverage: Provide financial benefits in case of accidental death and dismemberment
Baggage loss: Offers coverage for baggage loss
Automatic coverage extension: Provides automatic coverage extensions in emergencies

Things to consider:

Not comprehensive: May not offer as comprehensive medical evacuation coverage compared to other companies
Baggage loss: Coverage for baggage loss may have some limitations

Best for travel delays: RBC Insurance

Company Overview: RBC Insurance provides a range of visitors’ travel insurance plans suited for different types of travelers, including international students, senior citizens, and those traveling within Canada.

The insurance company offers extensive coverage including travel delay coverage, reimbursing expenses incurred due to delays, including accommodation, meals, and transportation.

PolicyAdvisor ratings: ★★★★(4/5)

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Best Travel Insurance for Travel Delays

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Key features of RBC Insurance:

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

Why PolicyAdvisor recommends:

Travel coverage: Strong coverage for travel delays, including accommodation and meals
Trip cover: Includes trip cancellation and interruption coverage
Baggage loss: Offers comprehensive baggage loss and damage coverage
Emergency coverage: Offers emergency dental and travel accident coverage

Things to consider:

Not high coverage: May not have as high coverage limits for emergency medical expenses compared to other providers
Travel focus: More focus on travel delays rather than medical emergencies

Common exclusions in visitor insurance policies

While visitor to Canada insurance provides essential medical coverage for those travelling to the country, it does have certain exclusions including treatment of pre-existing health conditions, non-emergency procedures, pregnancy care, and more.

Pre-existing conditions: Any pre-existing condition that a visitor has been diagnosed with prior to getting medical insurance for visitors to Canada is usually not covered under VTC plans. Certain insurers do offer coverage for pre-existing conditions but with a waiting period and at an increased cost
Non-emergency procedures: Cosmetic procedures, planned surgeries, routine check-ups, alternative/holistic treatments, and preventative medication are not covered under visitor to Canada insurance plans
Anything outside the “Usual, Customary, and Reasonable”: “Usual, Customary, and Reasonable” also known as UC&R refers to the standard amount that hospitals commonly charge for a particular service within a specific geographic area. Any visitor to Canada insurance claim that far exceeds the UC&R is not covered by insurers
Pregnancy care: Maternity and pregnancy care is generally not covered by visitor to Canada 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.

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 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)

Top 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.

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

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Canada Best Mortgage Protection Insurance Companies

Assumption Life: Best for simplified issue
Beneva: Best for combination coverage
Canada Life: Best for financial strength
Empire Life: Best for personalization
Industrial Alliance (iA): Best for flexibility
UV: Best for riders

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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1. 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:

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

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

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Best For Combo Coverage

AM Best Rating A

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2. 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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3. 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
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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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4. 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
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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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5. 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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6. 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.

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
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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

Reviews of banks and lenders offering 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.

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 like first time home buyers and young 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.

Difference between mortgage life insurance and life insurance

	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

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 including usage, lower costs, flexibility, higher coverage and more.

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.

How to connect with a mortgage insurance advisor in Canada?

If you want to speak with a professional to go over your options, talk to our expert advisors at PolicyAdvisor! 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!

Frequently asked questions

Do I have to have mortgage insurance?

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

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

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

Is private mortgage insurance worth it?

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

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

Does mortgage insurance go away after reaching 20 percent of payment 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.

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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.

Age (in years)

Gender

Smoker

Yes

Coverage Amount

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

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-

GET QUOTES

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

GET QUOTES

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

GET QUOTES

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 performancein their whole life insurance. As one of North America’s largest and most successful life insurance providers, their plans offer reliability, flexibility, and a robust range of benefits, making them an excellent all-around option.

Key features

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

Read our Manulife Term Life Insurance review

Manulife Whole Life Insurance Product Details

Product name:

Manulife Par

Manulife Par with Vitality Plus

Performax Gold

Limited pay:

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

Dividend options:

Paid-up additions, cash dividends

PolicyAdvisor Rating

Best for Children's Plans

AM Best Rating A

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12. RBC Whole Life Insurance Review

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

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

Key features

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

Read our RBC Term Life Insurance review

RBC Whole Life Insurance Product Details

Product name:

RBC Growth Insurance

RBC Growth Insurance Plus

Limited pay:

Life pay, 10-pay, 20-pay

Dividend options:

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

PolicyAdvisor Rating

Best for High Net-Worth Individuals

AM Best Rating A+

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13. Sun Life Insurance whole life insurance review

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

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

Key features

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

Read our Sun Life Term Insurance review

Sun Life Whole Life Insurance Product Details

Product name:

Sun Spectrum Permanent Life Insurance II

Sun Permanent Life

Sun Par Accelerator

Sun Par Protector II

Sun Par Accumulator II

Limited pay:

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

Dividend options:

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

PolicyAdvisor Rating

Best for Long-Term Growth

AM Best Rating N/A

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14. UV whole life insurance review

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

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

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

Key features

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

Read our UV Term Life Insurance review

UV Whole Life Insurance Product Details

Product name:

Whole Life High Values

Whole Life Pay to 100

Adaptable

Limited pay:

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

Dividend options:

N/A

PolicyAdvisor Rating

Best Value for Guaranteed Benefits

AM Best Rating A

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15. Wawanesa whole life insurance review

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

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

Key features

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

Read our Wawanesa Term Life Insurance review

Wawanesa Whole Life Insurance Product Details

Product name:

Wawanesa Whole Life

Limited pay:

Life pay, 20-pay

Dividend options:

Paid-up additions

Methodology: How did we come up with the rankings?

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

1. Financial strength ratings

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

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

2. Policy details

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

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

3. Key features

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

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

4. Premium costs

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

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

5. Coverage amounts

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

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

6. Cash value growth potential

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

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

7. Dividend options

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

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

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

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

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

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

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

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

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

Difference between participating and non-participating life insurance

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

Why should I get permanent life insurance Canada?

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

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.
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.
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:

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.
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.
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.
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.
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.

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 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.

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.

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.

Age (in years)

Gender

Smoker

Yes

Coverage amount

The 14 best critical illness insurance companies in 2025 are:

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

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

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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

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GET QUOTE

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

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GET QUOTE

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

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GET QUOTE

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

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GET QUOTE

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

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GET QUOTE

Equitable Life Critical Illness Insurance Review

PolicyAdvisor Rating

Best Critical Illness For Multi-Product Discount

AM Best Rating N/A

GET QUOTES

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

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GET QUOTE

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)

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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.

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

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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

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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

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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

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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

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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.

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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.

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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Compare the largest insurance companies in Canada: company profiles

Manulife

Manulife’s insurance offerings:

What makes Manulife a market leader

Why choose Manulife

Sun Life Assurance Company of Canada

What sets Sun Life apart

The Canada Life Assurance Company

What sets Canada Life apart

Industrial Alliance Life Insurance

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RBC

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Wawanesa