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Term life insurance is one of the simplest ways to protect the people who depend on you. Whether you want to leave a legacy for your family, cover outstanding debts, or protect your business, the right policy can offer real peace of mind.
Every insurer prices and structures term coverage differently. Our licensed life insurance experts reviewed the top providers in Canada so you can compare your options and choose with confidence.
Which are the best term life insurance companies in Canada?
The best term life insurance companies in Canada for 2026 are Empire Life, Manulife, RBC Insurance, BMO Insurance, and Canada Protection Plan, standing out for financial strength, fast approvals, and competitive pricing. The right choice depends on your age, health, budget, and specific needs.
Quick glance: Best Canadian term life insurance companies
Here are the top 15 term life insurance companies in Canada and what they’re best known for:
Best term life insurance companies in Canada for 2026
1. Empire Life
Annual Renewable Term (ART)
Male: $325
Unique selling point (USP): Empire Life lets you bundle solution series and critical illness coverage for you and your spouse into a single plan, helping reduce overall costs with just a single policy fee.
We give Empire Life a solid 5/5 and rate them as the best insurer for personalization. They give you a lot of options to choose from based on what works best for you. Their solution series offers Solution 10, 15, 20, 25, and 30. You can get an annual renewable term that lasts for 1-year increments.
For the first 7 years, you can swap a Solution 10 or 15 for a Solution 20 or 30 without a medical exam. If you decide you want to turn part of your term policy into permanent insurance, Empire now allows you to “carry over” the remaining term balance as a rider on the new policy with no medical evidence.
2. Manulife
Male: $346
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!
We give Manulife 5 stars as well and rate 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 the life insurance process online in Canada. Their underwriting uses an advanced AI engine (MAUDE) to approve up to $2 million in life insurance without needing a medical exam.
3. RBC Insurance
Male: $330
Unique selling point (USP): RBC offers 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.
We give RBC Insurance 5 stars and rate 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. The insurance company allows you to convert YourTerm to permanent insurance up to age 71 without a medical exam.
If a policyholder is diagnosed with a terminal illness (less than 12 months to live), RBC automatically includes a provision allowing you to access a portion of the death benefit early to help with medical or living expenses.
4. BMO Insurance
Male: $330
Unique selling point (USP): BMO Insurance includes a Business Guaranteed Insurability Option (a rider not commonly available with most insurers), allowing you to increase coverage as your business grows without additional medical underwriting.
We give BMO Insurance 5 stars and rate them as the best company if you’re looking for value for money. Their term life insurance is a great option for just about anyone, like individuals, couples, or business owners.
By combining the speed of Rovr AI for near-instant approvals with their unique Empathy partnership to support grieving families, BMO provides an ideal term plan that consistently delivers the best “value for money” in the Canadian market.
5. Canada Protection Plan
Simplified Elite Term
Deferred Term
Male: $405
Unique selling point (USP): The company offers simplified, no-medical coverage for applicants across all health categories. Most products are available through a quick, simple online application without any medical tests.
We give Canada Protection Plan 5 stars and rate them as the best provider for No-Medical policies. Express Elite is their best product for healthy individuals who just want to skip the medical visit, while Deferred Term is for those with more serious health histories.
It is easy to get their coverage even if you are considered ‘hard to insure’ by other insurers. They are also known for speed and certainty, delivering approvals in as little as 24-48 hours. The company offers their services to temporary residents, including students and work visa holders.
6. Sun Life
Term for Diabetes
Bridge Term
Male: $380
Unique selling point (USP): Sun Life stands out for its extensive product range, high coverage limits, flexible term options, and robust living and rider benefits.
We give Sun Life Insurance 4.5 stars for long-term flexibility, offering custom term lengths from 5 to 40 years alongside underwriting tailored for those managing diabetes. Sun Life term for Diabetes is a first-of-its-kind product for Canadians with diabetes (type 1, type 2, gestational, or pre-diabetes) offering higher approval chances, and access to a Diabetes Care Program through Diabetes Canada. While Sun Life’s term policies have standard features and optional benefits that can compete in the market, their premiums may cost slightly more than those of some other companies.
7. Assumption Life
Golden Protection Term
Platinum Protection Term
Youth Plus
Male: $345
Unique selling point (USP): Assumption Life offers a wide range of non-medical policies designed for those looking to qualify without medical underwriting.
We give Assumption Life Insurance Company 4.5 stars and rate them as the best term 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.
However, when it comes to claims processing, only 62% of claims were processed within their 5-day target timeframe (industry average: 72%). Also, the policy lacks partial access to death benefits for terminal illness (provided by other competitors), hence the 4.5 rating from our side.
8. Industrial Alliance
Term 10
Term 20
Term 25
Term 30
Term to 100
Male: $340
Unique selling point (USP): Industrial Alliance’s Superior Risk Tolerance Program is designed to offer more flexible underwriting for individuals with complex or higher-risk profiles, something not commonly accommodated across insurers.
We give Industrial Alliance (iA) 4.5 stars and rate them as the best for flexibility. They’re one of the few insurers that let you customize your term length with their unique Pick-A-Term product. You can pick anywhere between 10 and 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. However, the premium rates may be higher than those of some competitors for similar coverage.
9. Canada Life
Male: $338
Unique selling point (USP): Canada Life’s SimpleProtect offers a faster, simplified application process with digital-first underwriting, allowing eligible applicants to get coverage quickly with fewer medical requirements compared to traditional policies.
We give Canada Life Assurance Company 4.5 stars for its financial strength. This is to be expected considering they’re the biggest insurance companies in Canada. They’re extremely stable, and they have great life insurance policy options to boot. However, there is a minimum requirement of $100,000 coverage or a $500 annual premium required. There is also limited access to online account features, and hence the 4.5 star rating.
10. Equitable Life
Male: $337
Unique selling point (USP): They are great for a strategy called “laddering”, where you only pay for coverage as you need it.
We give Equitable Life 4.5 stars and rate 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. However, they offer fewer term life insurance options than some competitors. The company is also not AM Best rated, which may affect buyer confidence, hence the 4.5 rating from our side.
11. Beneva
Male: $330
Unique selling point (USP): Beneva includes an Extreme Disability Benefit (EDB) with eligible life insurance policies, an added layer of protection not commonly bundled by default. It also offers coverage starting as low as $25,000, making insurance more accessible.
We give Beneva Life Insurance 4.5 stars and rate 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 includes an Extreme Disability Benefit for free in all of its life insurance plans (which is rare). The only con is longer turnaround times for policy approval, other than no-medical plans.
12. Desjardins
Male: $320
Unique selling point (USP): As part of the Desjardins Group’s cooperative model, the insurer emphasizes community focus, member dividends, and a values-driven approach rather than a purely shareholder profit model.
We give Desjardins 4 stars and rate them as the best company for seniors. The company offers a breakthrough senior-focused no-medical product with high acceptance rates. However, Desjardins offers just six fixed-term lengths, whereas some other providers provide fully customizable term durations to better suit individual needs. The rates may not be the most affordable, meaning that Desjardins isn’t always the lowest-cost option for younger, healthy applicants, and hence the 4-star rating from our side.
13. Foresters Financial
Male: $230
Foresters offers straightforward term life insurance with options like Term 10, 20, and 30, designed for affordable, fixed-premium coverage over a defined period. These plans are renewable and convertible to permanent insurance without additional medical underwriting. A key differentiator is its member benefits model, which includes perks like scholarships, financial counselling, and community programs alongside insurance coverage.
Coverage typically ranges from $50,000 to $5 million, with optional riders such as children’s coverage and charitable benefits, adding extra value beyond standard term plans. Foresters also offers Bereavement Assistance, where beneficiaries may be reimbursed up to $1,000 for counselling services to help them deal with their loss.
Unique selling point (USP): The company is known for its charitable benefit feature. In addition to the death benefit, when a claim is paid to the beneficiaries, Foresters will donate 1% (up to a maximum of $100,000) to the eligible designated charitable organization you choose.
We’ve given Foresters Financial 4 stars and rate them as the best company for their charitable benefits. 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.
The plans may come with MyForester member benefits, which include grants, scholarships, access to well-being programs, and more, for policyholders. However, there are digital limitations with no online access to view or manage policy details. It is also not AM Best rated, which may concern some buyers. The prices tend to be higher than those of many competitors, and hence the 4/5 rating from our side.
14. Wawanesa
Male: $340
Unique selling point (USP): Wawanesa uses current-age pricing, meaning your premiums are calculated based on your exact age at the time of application. Unlike some insurers that round your age up if you’re close to your next birthday, Wawanesa prices policies using your actual age, which can help lower costs.
We give Wawanesa 4 stars and rate them as the best for their prices. 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. The term policies are convertible, but the downside is that they can only be converted into non-participating permanent products.
15. Humania Assurance
Male: $345
Unique selling point (USP): Humania stands out for its highly flexible coverage structure, offering term lengths up to age 100 along with built-in family-focused benefits like child coverage without medical questions and optional debt protection add-ons.
We’ve given Humania Assurance 4/5 stars and rate them as the best company for quick-issue policies. Their main term life insurance product is designed for quick approvals. You need to simply answer a few eligibility questions. The policies are also competitively priced. However, the conversion option to permanent life insurance is only available up to age 65. Moreover, the provider is also not AM Best rated, which may concern some buyers, and hence the 4-star rating from our side.
How to choose the best term life insurance company in Canada?
Selecting the right life insurance provider is about much more than just finding the lowest monthly premium. You are entering a contract that could last for decades, so you need to ensure the company will be there when your family needs them most.
Here are the five most critical factors to evaluate when comparing Canadian life insurance companies in 2026:
1. Financial strength and stability
Life insurance is a long-term promise. You must ensure the insurer has the financial backing to pay out a massive claim 20 or 30 years from now.
What to look for: Check their AM Best rating (aim for ‘A’ or ‘A+’) and their LICAT ratio (Life Insurance Capital Adequacy Test). A LICAT ratio well above the minimum required by OSFI (Office of the Superintendent of Financial Institutions) means the company has more than enough capital reserves to absorb severe economic shocks.
2. The “Conversion Privilege” rules
Almost all Canadian term policies allow you to convert your temporary coverage into permanent insurance (like whole life) without undergoing a new medical exam. However, the deadlines vary wildly between carriers.
What to look for: The best companies allow you to convert your policy up to age 71. Budget policies may force you to make this decision by age 65. If you develop a health condition in your late 60s, that 6-year difference could determine whether you can leave an inheritance or lose your coverage entirely.
3. Underwriting flexibility and speed
How much friction are you willing to deal with to get approved?
What to look for: If you are young and healthy, look for companies utilizing “Accelerated Underwriting” (like Manulife or digital-first platforms), which can approve you in 24 hours without needles or doctor visits. If you have pre-existing conditions, look for companies like Canada Protection Plan or Assumption Life that specialize in Simplified Issue (no medical exams) policies.
4. Available riders (Policy Add-ons)
Your policy should be able to adapt to your life’s changing circumstances.
What to look for: Check if the provider offers high-value life insurance riders. Can you add a Child Term Rider to protect all your current and future children under one flat fee? Do they offer a Waiver of Premium rider that pays your insurance bill for you if you become totally disabled?
5. Claims reputation and bereavement support
The absolute worst time for your family to experience poor customer service is immediately after you pass away.
What to look for: Research the company’s claims-payout reputation. Top-tier Canadian providers not only pay valid claims quickly (often within 5 to 10 days) but also offer built-in bereavement counseling, charitable benefit donations, or advance payout provisions for terminal illnesses to help your family navigate the hardest moments.
How to get the best term life insurance in Canada?
You can find the best insurance policies for your needs on PolicyAdvisor. Our advanced AI tools help you instantly compare term life insurance quotes from 30 of Canada’s top insurers, all under 60 seconds!
Some of the AI tools that we have built and implemented are:
- An AI-powered life insurance calculator that analyzes your unique profile, such as age, health history,and lifestyle factors, to generate personalized quotes from top Canadian insurers
- AI-driven advisor support that assesses sentiment and engagement levels during consultations, helping our licensed experts customize policy suggestions based on individual concerns and preferences
- An 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
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
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.
Which is the top term life insurance company in Canada?
For term life, the best life insurance companies in Canada are Empire Life, Manulife, RBC, BMO and Canada Protection Plan.
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.
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.
Can non-residents buy term life insurance in Canada, and what are the requirements?
Yes, non-residents can get term plans 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 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.
