Life Insurance Companies in Canada (Updated List!)

What you need to know before you choose a life Insurance provider

The best life insurance company is different for everyone. Before you dive into the list of Canadian life insurance companies, here are the essentials to keep in mind:

• Type of policy: Decide whether term life (affordable, temporary coverage for 10–30 years) or permanent life (whole or universal life with lifetime protection but much higher costs) is the right fit for your needs.
• Budget: Choose coverage you can realistically afford long-term. A sustainable premium matters more than extras you might not need.
• Coverage options: Look for add-ons or flexibility, such as child coverage, critical illness protection, or the ability to convert your term policy to permanent coverage without another medical exam.
• How much you need: Calculate how much coverage you need based on your financial responsibilities — mortgage, debts, childcare, and income replacement. A common benchmark is 7–10 times your annual income.
• Cost differences: Premiums vary widely between insurers. Comparing multiple quotes is the best way to ensure you’re not overpaying for the same type of protection.
• Ease of claims: A strong claims process matters. Choose a provider known for handling payouts quickly and fairly so your family isn’t left struggling during a difficult time.

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All of these will help determine which of the companies below will be the best fit for your coverage needs. 

Life insurance companies in Canada: The complete list 

The list below includes 44 life insurance companies operating in Canada, covering both the largest and smaller providers, and their life insurance products. We’ve also included key information, like financial strength ratings (A.M. Best), customer scores from the Better Business Bureau (BBB) and notable features of each company. 

PolicyMe 

• A.M. Best rating: N/A
• BBB Rating: A+
• Types of insurance offered: Life, critical illness, health and dental

Life insurance products:

• Term life: Coverage from $100,000 to $5 million, with terms of 10, 15, 20, 25, or 30 years. Policies are renewable up to age 85 with no new medical exams required. Perks include free $10,000 child coverage and a 10% couple’s discount in the first year.
• Critical illness: Up to $1 million in coverage, protecting against 44 conditions (27 major, 17 early-stage). No waiting period for 80% of covered illnesses, and policies can be converted within the first 5 years.

Key perks and features:

• 100% online platform with optional advisor support.
• Affordable premiums thanks to streamlined underwriting.
• Family-friendly extras like couple discounts and complimentary child coverage.
• Backed by Securian Canada for strong financial stability.

PolicyMe’s ideal customer

Digitally-savvy Canadians who are looking for a hassle-free application process, affordable coverage, and the option to add critical illness protection.

Acadia Life (UNI Insurance)

• A.M. Best rating: A+ (superior)
• BBB Rating: N/A
• Types of insurance offered: Life, disability and critical illness, home, and auto 

Life insurance products:

• La Familiale: A permanent family life insurance structure with coverage for spouses and children. Plans include coverage levels of $100,000, $200,000, and $400,000 for a spouse who passes before the age of 55, and $25,000 for each child across all plans.
• La Populaire: Term life insurance offering 10 or 20-year terms, with the option to renew or convert to a permanent policy.
• La Tranquillité: Permanent life insurance with no medical exam required, offering death benefits between $5,000 and $50,000. Includes fixed coverage and premiums, with a cumulative cash surrender value.
• L’Acadienne: Permanent life insurance with fixed premiums and fixed coverage, including add-on riders.
• L’Héritage 20: Permanent life insurance with premiums paid only for 20 years. Coverage continues after the 20 years, and a cash surrender value is available.

Key perks and features:

• Member-driven and focused on providing for the maritime provinces through UNI’s credit union network.
• Customizable plans with budget-friendly permanent life insurance options (e.g. L’Héritage 20’s payment structure).
• Caters to a range of needs, including those of families or individuals seeking no-medical insurance.

Acadia’s ideal customer

Individuals or families in Atlantic Canada who prefer personalized service, flexible permanent coverage, and the support of a trusted local provider.

Allianz Care (AWP Health & Life SA)

• A.M. Best rating: A+ (superior)
• BBB Rating: N/A
• Types of insurance offered: International health and life insurance

Life insurance products:

• Indexed Universal Life Insurance (IUL): Permanent life insurance that combines lifelong protection with a cash value investment, which grows based on stock index performance. 

Key perks and features:

• Offers global portability for those who travel often.

Allianz’s ideal customer

Canadians who frequently travel abroad, or businesses that need reliable worldwide coverage.

Allstate Life Insurance Company of Canada

• A.M. Best rating: A+ (superior)
• BBB Rating: N/A
• Types of insurance offered: Life (individual), critical illness, home, auto
• Life insurance products: Term, permanent, universal, and critical illness insurance.

Key perks and features:

• Offers bundled coverage (e.g. life, auto, and home) from a trusted company.
• Easy-to-use mobile app and long-standing service reputation.

Allstate’s ideal customer

Those who value Allstate’s brand reputation and prefer to manage multiple insurance needs under one roof.

American Income Life Insurance Company (via National Income Life Insurance Company)

• A.M. Best rating: A (excellent)
• BBB Rating: A+ 
• Types of insurance offered: Life, accidental and supplemental health 

Life insurance products:

• Whole life: Permanent life insurance with fixed premiums and a cash value component.
• Term life: Provides protection for a specific time period with the option to renew with higher premiums.
• Terminal illness rider: American Income offers 50% of the death benefit if you are diagnosed with a terminal illness and have a life expectancy of less than 12 months. The remaining benefit is paid at death without an additional cost.

Key perks and features:

• Strong financial stability with billions in policies in force.
• Emphasizes affordability and in-person support.

ALI-NILICO’s ideal customer

Workers and union members seeking affordable life coverage often turn to group plans.

Assumption Life Insurance Company

• A.M. Best rating: A- (excellent)
• BBB Rating: N/A
• Types of insurance offered: Individual and group life insurance, investments and retirement planning, mortgage loans, group savings plans

Life insurance products:

• FlexTerm: Ten to 35-year terms with coverage ranging from $100,000 to $10,000,000.
• Youth Plus: Simplified issue term life insurance with a guaranteed death benefit for children under 17.
• Platinum Protection Term: Ten or 20-year No-medical term policies for those between 18 and 75 with coverage between $25,000 to $750,000. 
• Golden Protection Term: 20-year no-medical term policies for those between 18 and 70 with coverage between $25,000 to $250,000
• Non-Participating Whole Life: Permanent life insurance for individuals aged 18 to 80 with coverage ranging between $10,000 to $10,000,000. Offers guaranteed premiums.
• Platinum Protection: No-medical permanent coverage for individuals ages 18 to 85. Coverage options vary between $10,000 to $750,000.
• Gold Protection: No-medical permanent plans for individuals ages 18 to 85, offering coverage between $5,000 to $250,000.
• Silver Protection: No-medical permanent life insurance for individuals ages 18 to 85, offering coverage between $5,000 to $50,000.
• Bronze Protection: Guaranteed issue no-medical permanent coverage for individuals ages 18 to 80, offering coverage between $5,000 to $50,000.
• Living benefit: A permanent life insurance solution that provides critical illness or disability coverage between $10,000 to $100,000 with no medical exam required.
• Participating life insurance: Permanent participating life insurance plans with coverage ranging from $5,000 to $4,000,000.

Key perks and features:

• Assumption Life offers a broad selection of life insurance plans with competitive pricing and multiple coverage options.
• Upholds strong financial stability, providing policyholders with a sense of trust.

Assumption’s ideal customer

Canadians looking for flexible life insurance coverage from a company with stable financial health, including no-medical options and bilingual customer service.

Beneva (formerly SSQ and La Capitale)

• A.M. Best rating: A (excellent)
• BBB Rating: N/A 
• Types of insurance offered: Life, health, critical illness, disability, home, auto, and business.

Life insurance products:

• Term life: Coverage for ten to 40 years with maximum coverage of $10,000,000, offering fixed premiums with the option to extend within the first five years or convert to a permanent policy.
• Permanent life: Life-long coverage with the possibility to withdraw cash value.
• Simplified issue and guaranteed issue: No-medical term or permanent life insurance coverage, issued completely online.
• Universal life: Permanent life insurance coverage with a tax-sheltered savings component.
• Critical illness: Basic, enhanced, and child plans and policy riders offered for 10 or 20 years.
• Disability: Offers short or long-term income replacement if you’re unable to work due to an illness or injury. 

Key perks and features:

• Beneva provides accessible underwriting for simplified and guaranteed issue policies.
• Offers an extreme disability benefit with most policies, which provides up to 50% of your benefit amount (up to $250,000) if you’re in a state of extreme disability.

Beneva’s ideal customer

Those looking for term, permanent, or universal life insurance coverage with fast approval, no-medical options, and disability coverage. 

Blue Cross Life

• A.M. Best rating: N/A
• BBB Rating: Ranges from A to A+ across provincial affiliates 
• Types of insurance offered: Life, critical illness

Life insurance products:

• Term life: Coverage between 10 to 30 years, with maximums typically up to $5,000,000 and a consistent pricing structure across all provinces.
• Critical illness insurance: Covers between 27 and 44 conditions with a payout maximum of $1,000,000 for ten to 30-year terms.

Blue Cross Life’s provincial affiliates also offer life insurance products for individual and group members, such as optional life insurance and accidental death & dismemberment (AD&D) coverage. 

Key perks and features:

• Quick and easy online application process.
• Couples save 10% on their first-year premiums.
• $10,000 in free life coverage for each child with the purchase of a life policy.

Blue Cross Life’s ideal customer

Individuals or employers looking for straightforward term or critical illness coverage from a reputable coast-to-coast provider. 

BMO Life Insurance Company

• A.M. Best rating: A (excellent)
• BBB Rating: N/A
• Types of insurance offered: Life, critical illness, travel

Life insurance products (offered by all provincial brands):

• Term life: Includes 10, 15, 20, 25, or 30-year terms with coverage between $100,000 to $30,000,000. Policies are renewable up to age 85 and convertible without a medical exam. Optional riders include critical illness and waiver of premium.
• Term 100: Offers lifetime coverage with fixed premiums that end at age 100. Coverage ranges between $50,000 to $20,000,000.
• Whole life insurance: Covers two types of plans, Estate Protector and Wealth Accelerator, which both include a guaranteed cash value and performance bonus. Payment schedules include 10-pay, 20-pay, and payments to age 100.
• Universal life insurance: Comes with flexible premiums, tax-deferred growth, and a wide range of investment options. Policyholders also have access to cash value and receive the BMO Insurance Health Advocate Plan at no additional cost.
• Riders and add-ons: Includes critical illness, accidental death benefit, waiver-of-premium, children’s term insurance, business guar­an­teed insurability, and compassionate benefit programs (early payment upon terminal illness diagnosis).

Key perks and features:

• High maximum term coverage of up to $30,000,000.
• Whole life Performance Bonus automatically increases the death benefit and cash value.
• Universal Life Compassionate Benefit Program offers up to 50% of the benefit (maximum $250,000) in advance for eligible terminal illnesses.
• Multiple rider options available.

BMO Life’s ideal customer

Individuals seeking high-value, high-coverage life insurance solutions with strong financial backing for personal or family protection, estate planning, or business purposes.

CAA Insurance Company

• A.M. Best rating: B+ (very good)
• BBB Rating: N/A
• Types of insurance offered: Life, critical illness, health & dental, accident protection, mortgage protection

Life insurance products (offered by all provincial brands):

• Term life: Terms between 10 to 30 years with overage ranging between $100,000 and $5,000,000, up to age 85.
• Critical illness: Covers 44 critical conditions with $10,000 to $1,000,000 in coverage for 10 to 30 years.

Key perks and features:

• Members enjoy perks such as 10% off premiums, a 10% couples discount, and $10,000 in free child coverage per child.
• Backed by Securian Canada’s strong financial reputation.
• Transparent coverage with simple online applications.

CAA’s ideal customer

CAA members (though non-members can apply too) who want affordable term coverage bundled with extras. It’s especially valuable for families, mortgage holders, or couples looking for practical protection and member perks. 

Canada Life Assurance Company

• A.M. Best rating: A+ (superior)
• BBB Rating: N/A 
• Types of insurance offered: Life, critical illness, disability, health & dental, creditor, workplace benefits

Life insurance products:

• Term life: Custom term lengths from 5 to 50 years, with fixed premiums during the initial term. Renewable up to age 85, and convertible to permanent coverage. 
• Permanent participating life: Comes with guaranteed cash value, fixed premiums, and potential annual dividends.
• Universal life: Offers flexible premiums and investment choices at a lower cost than participating life insurance.
• Group and workplace benefits: Includes life, critical illness, and AD&D.
• Riders and add-ons: Options include critical illness, disability, and creditor protection for both term and permanent policies.

Key perks and features:

• Long history with 178 years of leadership in Canadian insurance.
• One-stop shop for personal and workplace insurance solutions.

Canada Life’s ideal customer

Individuals, families, and employers who want reliable, long-term coverage from a financially solid provider. Ideal for individuals seeking flexibility between personal and group products.

Canada Protection Plan (CPP)

• A.M. Best rating: N/A
• BBB Rating: A+ 
• Types of insurance offered: Life, critical illness, disability, health & dental, creditor, workplace benefits

Life insurance products:

• Term life: Offers 10, 20, 25, and 30-year terms with coverage ranging between $25,000 and $1,000,000,000 across five plans; one of them being a no-medical simplified issue plan. Benefits and optional add-ons are available for all packages.
• Permanent life: Coverage ranges from $10,000 to $1,000,000, depending on age group, and includes multiple benefits and optional add-ons. Includes guaranteed issue life insurance options for individuals up to age 75.

Key perks and features:

• Canada Protection Plan offers fast, no-medical applications available.
• 98% claims payout rate, supporting the company’s reliability and customer trust.

CPP’s ideal customer

Ideal for Canadians requiring quick, accessible coverage, particularly those with health concerns.

CIBC Life Insurance Company

• A.M. Best rating: A+ (superior)
• BBB Rating: N/A
• Types of insurance offered: Life, health, accident, travel, creditor

Life insurance products:

• Term life: Terms of 10 or 20 years, renewable up to age 75. Convertible into a lifetime term before age 65, and includes a living benefit option for up to 50% of the coverage amount if you’re diagnosed with a terminal illness.
• Guaranteed acceptance life: For Canadians who can’t qualify for traditional coverage due to age or health, offering coverage between $5,000 and $25,000. Premiums are locked in for life (dependent on smoker status), and stop at age 95. Accidental death benefit pays up to five times your coverage amount before age 80, maxing out at $125,000.
• Critical illness: Provides a lump-sum benefit if diagnosed with a covered condition.
• Accident protection: Offers extra protection in case of an injury or death.

Key perks and features:

• Flexible term policies with options to upgrade or convert.
• Access to guaranteed acceptance coverage. 

CIBC’s ideal customer

Existing CIBC clients who want the convenience of bundling life insurance with their banking, or those who need guaranteed acceptance coverage.

Canadian Tire Bank

• A.M. Best rating: A+ (superior)
• BBB Rating: A
• Types of insurance offered: Group creditor life, disability (via credit cards)

Life insurance products:

• Triangle Credit Protector Life & Disability: Pays off up to $20,000 of outstanding card balance if the cardholder dies before age 80. Also provides disability coverage, paying 20% of the outstanding balance per month (up to $4,000/month) if the insured becomes totally disabled.

Key perks and features:

• Protects families from inheriting credit card debt.
• Benefits are applied directly to the account balance for fast settlement.
• Flexible opt-in and cancellation process.

Canadian Tire’s ideal customer

Canadian Tire Bank credit cardholders seeking low-cost, automatic protection against credit card debt can do so without the need for medical exams or traditional underwriting.

Chubb Life Insurance Company of Canada

• A.M. Best rating: A++ (superior)
• BBB Rating: A+
• Types of insurance offered: Group life, disability, critical illness, creditor insurance

Life insurance products:

• Group life: Employer- or association-sponsored policies offering employee and member protection.
• Critical illness: Covers outstanding balances on loans or credit products in case of death, disability, or critical illness.
• Group disability: Income replacement coverage for employees or members unable to work due to illness or injury.
• Creditor: Coverage that pays outstanding balances on loans or credit products in case of death, disability, or critical illness.

Key perks and features:

• Backed by the financial strength and global expertise of Chubb Limited.
• Customized coverage for high-value individuals and businesses.

Chubb’s ideal customer

High net worth individuals and organizations requiring life, disability, or creditor insurance solutions from a reputable, worldwide insurance provider.

Co-operators Life Insurance

• A.M. Best rating: A (excellent)
• BBB Rating: A-
• Types of insurance offered: Life, health, critical illness, disability, mortgage protection, group benefits, property, auto, wealth management

Life insurance products:

• Term life 1: Coverage of $50,000 to $475,000 for Canadians aged 18 to 49. Renewable annually with the ability to quote, apply, and purchase online.
• Versatile term: 10, 15, 20, 25, and 30-year renewable plans with guaranteed premiums. Convertible to permanent products up to age 70 without medical evidence.
• Whole life: Provides lifelong protection with guaranteed cash values, access to funds via policy loans or surrenders, and eligibility for non-guaranteed dividends after the first year. Premiums can be paid for 10 years, 20 years, or life, with coverage starting at $25,000 up to age 80.
• Universal life: Combines lifelong protection with tax-advantage savings growth. Policyholders can choose from multiple investment accounts based on risk profile and access cash value when needed.
• Infinity term: Lifelong coverage with level, guaranteed premiums that are fully paid up at age 110. Coverage starts at $25,000 up to age 80 or 70, with life or 20-year pay options.
• Responsibility and Responsibility Plus: Permanent coverage for Canadians aged 40 to 80 or on fixed retirement incomes. Offers $25,000 in coverage with no medical exam required, and four times the coverage for accidental death.
• Critical assist: Critical illness coverage that pays out a full, tax-free lump sum or a partial payout, offering flexibility during recovery.
• Mortgage Guard: Combines term life with optional critical illness and disability insurance to safeguard mortgage commitments.

Key perks and features:

• Co-operators is one of the few Canadian insurance companies that offer life, health, property, auto, and wealth solutions under one roof.
• Strong capital ratios and stable ratings which ensure reliability.

Co-operators’ ideal customer

Those who value long-term financial stability and sustainability while seeking a one-stop provider for multiple insurance products.

Cover Direct Insurance Agency

• A.M. Best rating: N/A
• BBB Rating: A+
• Types of insurance offered: Life, critical illness, children’s coverage, terminal illness advance benefit

Life insurance products:

• Term life: 10, 15, 20, or 30-year terms, depending on age. Level-premium options available.
• Whole life: Coverage for life, technically structured as annually renewable term insurance. Premiums increase each year. 
• Optional children’s coverage: $30,000 benefit that pays out for accidental death, listed illnesses, and accidental injuries. Available from age 1 to 17, with coverage ending at age 21.
• Optional critical illness: $50,000 benefit covering major illnesses such as heart attack, cancer, stroke, and coronary artery bypass grafts. Available from age 18 to 60, with coverage ending at age 70.

Key perks and features:

• No medical exams required; approval based on a short health and lifestyle questionnaire.
• A quick application process is available online or by phone.
• Affordable premiums, with plans starting under $10 per month

Cover Direct’s ideal customer

Canadians aged 18 to 70 who want fast, accessible coverage without medical exams, and the convenience of a fully digital process.

CUMIS Life Insurance

• A.M. Best rating: A+ (superior)
• BBB Rating: A+
• Types of insurance offered: Life, critical illness, disability, accidental death, accidental injury, and hospital cash

Life insurance products:

• Versatile term: Available in 10, 20, 25 and 30-year terms. Term 10 plans can be upgraded to 20, 25, or 30 years within the first 5 years without medical evidence.
• Whole life: Lifetime protection with guaranteed premiums, cash value accumulation, and non-guaranteed dividends. Coverage starts at $25,000 up to age 80.
• Infinity term: Permanent life insurance with fixed premiums, available as Life-pay or 20-pay with coverage starting at $25,000.
• Universal life: Offers a tax-deferred savings growth with access to multiple investment accounts.
• Critical Illness: Standalone or as a rider, offering a lump-sum payout upon diagnosis of major covered conditions.
• Additional riders and plans: Disability insurance riders, Accidental Death Insurance, and Accidental Injury Hospital Cash Plan.

Key perks and features:

• Trusted insurance partner for credit union members across Canada.
• Good product range spanning term, permanent, and critical illness coverage.
• Flexible conversion options and riders.

CUMIS’ ideal customer

Credit union members seeking both affordability and special features on policies with dividend potential, guaranteed cash value, or investment components.

Desjardins Insurance

• A.M. Best rating: N/A
• BBB Rating: A+
• Types of insurance offered: Life, health, critical illness, disability, long-term care, group benefits, auto, property, travel, wealth management

Life insurance products:

• Term life: Coverage for 10, 15, 20, 25, or 30 years, or up to age 65, with add-ons available for AD&D or accident coverage. Renewable or convertible to permanent products. 
• Whole life: Lifetime protection with guaranteed premiums, cash surrender value, and access to advances (critical illness, long-term care). Flexible add-ons available.
• Life over 50: Lifetime coverage for Canadians aged 50 to 75. No medical exam required; coverage starts immediately with only health questions. 
• Participating life: Permanent protection with potential annual dividends. Policyholders can choose from five dividend options to grow their estate, boost retirement income, or enhance coverage. Premiums and insurance amounts are guaranteed, with payment terms of 5, 10, 20 years, or up to age 100.
• Universal life: Lifetime coverage combined with a tax-advantaged accumulation fund. Over 30 investment options available, with flexibility to use funds for premiums or increased coverage.

Key perks and features:

• Multi-coverage discounts when purchasing two or more eligible products under the same policy.
• Integrated financial services; life insurance is bundled with savings, investment, and retirement solutions.
• Desjardins offers access to in-person or digital advisors.

Desjardins’ ideal customer

Ideal for those seeking flexible coverage options (term or permanent) and the ability to bundle life insurance with retirement savings and investment products.

Edge Benefits

• A.M. Best rating: N/A
• BBB Rating: N/A
• Types of insurance offered: Life, critical illness, disability, health and dental, accidental death & dismemberment, fracture accident benefits, travel emergency medical, business overhead expense insurance

Life insurance products:

• Guaranteed issue life: Coverage up to $50,000, available to Canadians aged 18–69 with no medical exams or health questions required. Renewable until age 75. Includes a 50% living benefit if diagnosed with a terminal illness (12-month prognosis) and a return of premium on non-accidental death within the first 2 years.
• Critical illness: Provides lump-sum coverage for major illnesses, designed to offer quick access to funds when facing a serious diagnosis.
• Disability: Income protection for self-employed workers, ensuring financial stability in the event of accident or illness.
• Accidental death & dismemberment (AD&D): Pays a benefit for accidental death or qualifying injuries such as loss of limb, sight, or hearing.

Key perks and features:

• Fast, no-medical underwriting with fully digital applications and claims.
• Strong insurance partnership with The Co-Operators, Green Shield, Chubb, and Beneva.
• Affordable coverage tailored to independent workers who don’t qualify for group benefits.

Edge’s ideal customer

Self-employed Canadians, freelancers, or contract workers who need fast approval for life, critical illness, or disability coverage.

Empire Life Insurance Company

• A.M. Best rating: A (excellent)
• BBB Rating: N/A
• Types of insurance offered: Life, critical illness, disability, health, investment products, group benefits

Life insurance products:

• Term life: Coverage for 10, 15, 20, 25, or 30 years with convertible and renewable options available.
• Solution 100: Non-participating permanent life plans with guaranteed lifetime coverage, level premiums to age 100, and guaranteed cash values starting in year ten.
• Term to 100: Non-participating permanent plan with lifetime coverage, guaranteed level premiums, and customizable riders (e.g. critical illness coverage).
• EstateMax (Participating life): Lifetime coverage with annual dividends that can be reinvested, saved, or used for additional insurance.
• Optimax Wealth (Participating life): Combines permanent coverage with cash value growth and flexible premium payment options (8 Pay, 10 Pay, 20 Pay, Life Pay).
• Guaranteed Life Protect: No-medical lifetime coverage with guaranteed death benefit after two years, guaranteed cash surrender values starting at year five, and reduced paid-up values starting at year eight.

Key perks and features:

• Strong financial foundation with a high LICAT ratio and a history of stability.
• Empire Life offers fast claims service (99.5% of individual life claims paid in 2022).

Empire Life’s ideal customer

Those who value a Canadian-owned provider with a variety of life insurance options and strong financial stability.

Equitable Financial Life Insurance Company of Canada

• A.M. Best rating: B++ (positive)
• BBB Rating: C
• Types of insurance offered: Life, critical illness, disability, health, group benefits, savings and retirement, investment products

Life insurance products:

• Term life: Coverage for 10, 20, or 30 years. Options include single life, multi-life, and joint life policies, plus mortgage protection. Equitable Life plans are convertible and renewable.
• Participating whole life: Lifetime coverage with guaranteed premiums, death benefits, and cash values. Equimax Estate Builder offers higher long-term values, designed for estate transfer with options for life, 20-year, or 10-year payment plans. Equimax Wealth Accumulator offers higher early cash values, making it ideal for business protection, with options for life or 20-year premiums.
• Universal life: Lifetime coverage with a tax-advantaged accumulation fund. Flexible riders and investment options are available.
• Critical illness: EquiLiving Critical Illness provides a lump-sum benefit covering 26 major illnesses, eight early-detection illnesses, and five childhood illnesses. Can be bundled with term, whole life, or universal policies.

Key perks and features:

• Mutual structure where profits are reinvested to benefit their clients.
• High LICAT ratio and strong DBRS rating, emphasizing its financial strength

Equitable Life’s ideal customer

Canadians who value the stability of a mutual insurer, need flexible coverage with cash value growth and dividend potential, and want a seamless customer service experience.

First Canadian Insurance Corporation

• A.M. Best rating: A (excellent)
• BBB Rating: A
• Types of insurance offered: Life, health, disability, vehicle protection, creditor insurance

Life insurance products (offered in both single and joint policy formats):

• Enhanced Life: Up to $50,000 in benefits for those between the ages of 18 and 70 with good health.
• Accidental Life: Up to $50,000 in benefits; pays out if the insured dies as a result of an accident.
• Enhanced Disability: Provides income replacement if the insured becomes disabled with up to $1,000 per month for a maximum of 12 months.
• Accidental Disability: Covers accident-related disabilities with up to $1,000 per month for a maximum of 12 months.

Key perks and features:

• Products are tailored to protect vehicle buyers from the financial risks of unexpected death, disability, or illness during a loan term.
• Benefits are paid directly to financial institutions to help reduce the burden of a vehicle loan for families.
• Offers flexible, no-medical insurance integrated with auto financing for convenience.

First Canadian’s ideal customer

Car owners who want peace of mind that their families won’t bear the burden of their vehicle loan if they pass away or become disabled.

Foresters Life Insurance Company

• A.M. Best rating: A (excellent)
• BBB Rating: A+ (for Foresters Financial)
• Types of insurance offered: Life, critical illness, accident & sickness, group annuities

Life insurance products:

• Term life: Offered in durations of 10, 20, or 30 years with the option to renew. Premiums are fixed but may increase if you extend your term length.
• Whole life: Lifetime protection with guaranteed premiums, cash value accumulation, and non-participating or participating options. Advantage Plus participating whole life allows policyholders to build cash values and earn dividends.
• Critical illness: Provides coverage in the event of a serious illness (heart attack, stroke, paralysis, or life-threatening cancer) for a specific period.

Key perks and features:

• Reputable financial strength, backed by over 150 years of operation and a consistent A.M. Best rating.
• Foresters’ term life plans provide affordable coverage without the hassle of an investment component.
• Access to unique member benefits, including scholarships, community grants, and complimentary legal document services.

Foresters’ ideal customer

Those who want financial protection from a historically stable company with added community-oriented benefits.

Humania Assurance Inc.

• A.M. Best rating: A (excellent)
• BBB Rating: A+ 
• Types of insurance offered: Life, critical illness, disability, health

Life insurance products:

• Term life: Coverage ranging from $50,000 to $5,000,000 for term lengths between 10 and 100 years. Convertible to permanent coverage before age 65, with optional add-ons for child coverage, critical illness, or disability protection.
• Permanent life: Lifetime coverage with fixed premiums and surrender options for additional retirement income.
• No-medical exam life: Quick-issue plans available in simplified (asks six eligibility questions) or guaranteed formats. Policies can be issued in as little as ten minutes.
• Additional products: Disability and critical illness insurance available standalone or as riders. 

Key perks and features:

• Offers fast, no-medical exam policies that provide inclusive coverage options for Canadians with health challenges.
• Long-term length options available
• Access to rapid, paperless applications through its simplified online insurance platform

Humania’s ideal customer

Individuals seeking instant life insurance coverage with minimal paperwork, including those who may not qualify for traditional underwriting.

iA (Industrial Alliance) Financial Group 

• A.M. Best rating: A+ (superior)
• BBB Rating: N/A 
• Types of insurance offered: Life, critical illness, disability, accident, health, auto, property, travel

Life insurance products:

• Access Life (term): Term life insurance coverage with no medical exam requirement for those who may have difficulty getting coverage due to age or health. Offers 15, 20, or 25-year terms with a simplified application process.
• Pick-A-Term: Terms range between 10 to 40 years with flexibility for young families or individuals with significant financial commitments.
• Whole life: Provides lifetime protection with fixed premiums, surrender values, and stability for family, retirement, or business planning needs.
• Access Life (permanent): Simplified permanent coverage with no medical exam required. Requires a few health questions.
• Child Life & Health Duo (permanent): Lifetime coverage for children, including critical illness protection. Fully paid up by age 30 with guaranteed insurability and cash values as they get older.
• iA PAR Estate Solution (participating): Focused on maximizing estate growth while reducing tax impacts, providing long-term liquidity, and ensuring financial stability for future generations.
• iA PAR Wealth Solution (participating): Designed for short-term liquidity and corporate reinvestment, with quick ROI potential, asset diversification, and long-term wealth growth.

• Universal Life (flexible permanent): Combines lifetime protection with investment flexibility. Premiums can be adjusted, with options to accumulate tax-sheltered savings. Guarantees immediate inheritance and tax-free death benefits.

• Professional/Business Owner Plans (permanent): High-value permanent life insurance (benefit of $1 million or more) tailored to professionals and business owners. Offers liquidity, asset diversification, and advanced estate planning strategies, including policy loans and collateral options.
• Additional products: Critical illness, disability, and health coverage.

Key perks and features:

• Pick-A-Term feature allows clients to customize coverage periods with precision.
• Broad product portfolio, including specialized business-owner and child-focused plans.
• Strong financial foundation with $274 billion in assets and consistently high credit ratings.

iA’s ideal customer

Canadians seeking a full range of temporary and permanent coverage, families looking for customizable solutions, and professionals or business owners interested in estate planning and high-value insurance protection in one place.

Ivari 

• A.M. Best rating: A (excellent)
• BBB Rating: A+ 
• Types of insurance offered: Life, critical illness, disability, investment products

Life insurance products:

• Term life: Terms of 10, 20, or 30 years with customizable protection options designed to cover temporary needs like mortgage protection, income replacement, or family expenses. Can be paired with Ivari riders such as AD&D, critical illness, waiver of premium, payor waiver of premium, children’s insurance, and more.
• Universal life: Permanent coverage with flexible death benefit options, investment choices, and the ability to build assets for retirement or children’s education. Includes living benefits, life disability coverage, and a program for terminal illness or critical conditions.
• Whole life: Guaranteed and simplified permanent life insurance options for people who prefer quick coverage without full underwriting.
• Critical illness: Available as a standalone product or as a rider on life insurance. Provides financial support in case of serious illness, including 26 covered conditions and long-term care needs.

Key perks and features:

• Life insurance plans balance affordability and versatility, including unique planning options for both term and permanent products.
• Living benefits are built into many products, providing added protection if disability or illness impacts your income.
• Digital tools like My Insurance View help customers calculate their insurance needs.

Ivari’s ideal customer

Those who want a wide range of coverage options, from basic term coverage to plans with investment features.

Knights of Columbus

• A.M. Best rating: A+ (superior)
• BBB Rating: A+ 
• Types of insurance offered: Life, disability, long-term care, annuities

Life insurance products:

• Term life: 10, 15, or 20-year terms, plus annual renewable options. The Accelerator Term series lets you increase your coverage by 25% at low cost to keep up with inflation or income growth. A “Young Adult Insurance” plan is also available for members and spouses ages 18 to 29.
• Limited Pay Whole Life: Lifetime protection with premiums payable for a set period.
• Single Premium Whole Life: Lifetime coverage funded by a one-time payment.
• Graded Death Benefit Whole Life: Designed for final-expense needs, available with little to no underwriting.
• No-Lapse Guarantee Universal Life: Permanent coverage with guaranteed premiums and death benefits.
• Survivorship Universal Life: Covers two lives and pays out at the second death, commonly used in estate planning.
• Retirement and annuity products: RRSP and TFSA annuities, plus hybrid products that combine single premium whole life coverage with annuity treatment.

Key perks and features:

• Insurance is offered exclusively to members and families, reinforcing trust and community values.
• Over 40 years of top-tier A+ ratings from A.M. Best highlight unmatched stability.

Knights of Columbus’s ideal customer

Catholic Canadians and families who want strong financial protection for their loved ones or estates.

The Manufacturers Life (Manulife)

• A.M. Best rating: A (excellent)
• BBB Rating: A- 
• Types of insurance offered: Life, disability, critical illness, health, travel, group benefits

Life insurance products:

• Family Term with Vitality Plus: combines traditional life insurance protection with lifestyle rewards. Policyholders can earn discounts and perks for healthy habits, which may also help lower their premiums over time.
• CoverMe Term 10: Provides coverage from $100,000 to $2,000,000 for a renewable ten-year term, up to age 85. Premiums stay the same during each term, and coverage is customizable based on your needs and budget.
• Easy Issue Term Life: Offers $50,000 or $75,000 in coverage for a renewable ten-year term, up to age 85. With just two health questions and no medical exam, approval is quick, and coverage begins as soon as the first premium is paid.
• Guaranteed Issue Life: Designed for Canadians aged 18 to 75, this policy provides $10,000 to $100,000 in lifetime coverage (lower maximums for ages 71–75). Approval is simple with no medical exams required, and premiums remain level for life. Vitality perks available.
• Universal Life Insurance: Combines lifelong protection with tax-advantaged investment growth. Policyholders can build account value, leave a tax-free legacy, and choose from a variety of investment options. Vitality plus perks can be applied.
• Whole Life (Manulife Par): Offers guaranteed premiums, lifelong coverage, and a cash value that grows over time. Coverage starts at $100,000 (higher for certain premium structures) and includes options for 10-, 20-, or lifetime payment schedules. Policyholders also gain access to Manulife Vitality rewards.
• CoverMe Easy Issue: Designed for simple applications and provides $50,000 or $75,000 in coverage with just two health questions and no medical exam. Coverage begins immediately after approval and payment.
• Manulife Synergy: A unique 3-in-1 plan that bundles life, disability, and critical illness coverage into a single policy. The benefit pool can be used to replace income, cover a mortgage, or fill gaps in group benefits if you face illness, injury, or premature death.

Key perks and features:

• Canada’s largest insurer with a massive global reach and diversified services.
• The Manulife Vitality program lowers premiums and offers perks for active lifestyles.
• Offers a wide product range from simple term coverage to permanent plans with investment options.
• Option to combine life, disability and critical illness into one single policy.

Manulife’s ideal customer

Individuals and families looking for a trusted provider that offers everything from affordable term insurance and health rewards to investment-savvy permanent plans.

National Bank Life Insurance Company

• A.M. Best rating: N/A
• BBB Rating: N/A
• Types of insurance offered: Life, disability, health, travel, group benefits

Life insurance products:

• Term life: Available in 10 or 20-year terms, with coverage ranging from $25,000 to $1,000,000. Policies include extra benefits such as 10% of the insured amount (up to $30,000) for critical illness and double the payout in case of accidental death. Coverage is open to Canadian citizens and permanent residents who meet residency requirements.
• Whole life: Provides lifelong coverage with guaranteed premiums and death benefits. Designed for long-term stability and estate planning, best suited for customers who want permanent protection.
• Universal life: Combines permanent coverage with flexible investment options. Policyholders can grow account value tax-advantaged and access funds if needed, while still maintaining lifelong protection.
  Group life: Offered through workplace or association plans, making coverage accessible and affordable for employees or members.

Key perks and features:

• Seamless integration with National Bank’s banking and wealth services.
• Stable financial foundation backed by one of Canada’s leading banks.
• Straightforward options for both individuals and groups.

National Bank Life’s ideal customer

Existing National Bank clients who value the convenience of keeping their banking and insurance needs under one provider.

OTIP

• A.M. Best rating: N/A
• BBB Rating: A+
• Types of insurance offered: Life, disability, health and dental, home, auto, travel, group benefits

Life insurance products:

• Non-Renewable Term Life: Offered for fixed 10, 15, 20, or 25-year terms for those between ages 18–60 (term length depends on age). Coverage up to $1,000,000, and maximums decrease by age bracket; $500,000 for 46 to 50, $250,000 for 51 to 55, $150,000 for 56 to 60.
• Renewable Term Life: Same structure as non-renewable term life policies, but automatically renews with premiums adjusting by age.
• Term 100 Life Insurance: Available from age 18–65, with coverage limits following the same maximums by age bracket for non-renewable term life. Premiums payable until age 100, with no renewability or convertibility.
• LifePlan 10 (Manulife): Ten-year renewable term plan, convertible to any permanent Manulife policy up to age 69. Available ages 18–70, with coverage from $25,000 to $1,000,000. Premiums remain fixed for the full term.

Key perks and features:

• Exclusive coverage for Ontario’s education sector.
• Group buying power provides competitive rates.
• Flexible options for term length, renewal, and conversion.
• Living benefit: advance payout of up to 50% of coverage (max $100,000) in the case of terminal illness.

OTIP’s ideal customer

Active or retired Ontario teachers, school staff, and their families who want affordable, flexible protection while supporting a not-for-profit organization that reinvests in their community.

Primerica Life Insurance Company of Canada

• A.M. Best rating: A+ (superior)
• BBB Rating: A- (Primerica Financial Services)
• Types of insurance offered: Life (term only)

Life insurance products:

• Term life: Offered with level premiums for 10 to 35 years and tailored coverage for specific family needs.

Key perks and features:

• Affordable term coverage designed for middle-income households.
• Strong financial foundation with nearly $1 trillion in life insurance coverage across Primerica’s companies.
• High claims efficiency, with most paid out within two weeks.

Primerica’s ideal customer

Middle-income Canadian families seeking straightforward, low-cost term life insurance with the added benefit of accessible advisor support.

RBC Life Insurance

• A.M. Best rating: A (excellent)
• BBB Rating: N/A
• Types of insurance offered: Life, health, travel, home, auto, group benefits

Life insurance products:

• Simplified Term Life: Coverage from $50,000 to $1,000,000 up to age 70. Offers flexible term lengths and renewable or convertible options, plus no medical exam required.
• YourTerm: High-coverage term life up to $25,000,000. Term lengths range between 10 to 40 years with the option to convert to permanent insurance.
• RBC Growth Insurance (Par Whole Life): Lifetime protection with cash value growth and dividends.
• RBC Guaranteed Acceptance Life Insurance: Available for individuals ages 40 to 75, with coverage of $5,000 to $40,000; no medical exam required.
• Term 100 Life Insurance: Lifetime coverage with level premiums.
• RBC Universal Life Insurance: Permanent coverage with flexible premiums and investment options.
• Personal Accident Insurance: $50,000 to $250,000 coverage for RBC clients, with premiums starting at $4.75 per month.

Key perks and features:

• Strong integration with RBC banking and wealth services for a one-stop shop experience.
• Financial strength backed by Canada’s largest bank and an “A” rating from A.M. Best.
• Wide product range, from simple no-medical plans to permanent policies with investment growth.

RBC Life’s ideal customer

People who already bank with RBC and want the convenience of handling everything in one place. It also works well for buyers looking for flexible life insurance options with higher coverage limits.

ScotiaLife Insurance

• A.M. Best rating: A (excellent)
• BBB Rating: A+
• Types of insurance offered: Life, accidental, critical illness, health, travel, home, auto

Life insurance products:

• Term life: Term 10, 15, 20, 25, and 30 available, with coverage ranging from $50,000 to $1,000,000 (some plans extend up to $10,000,000). Simplified-issue, no-medical options available up to $500,000. Policies renew at set intervals but are not convertible.
• Term to 100/Guaranteed life: Lifetime coverage with locked-in premiums. Guaranteed life is available for ages 50 to 75 with simplified issue and includes living benefits for terminal illness.
• Accidental death insurance: Coverage up to $350,000, with a complimentary $5,000 benefit for Scotiabank customers. Includes hospitalization benefits.
• Critical illness insurance: Available as standalone or rider coverage, typically offering lump sums up to $100,000 for major illnesses.

Key perks and features:

• Convenient access through Scotiabank’s network of branches and advisors.
• Simplified, no-medical and guaranteed-issue options for eligible customers.
• Living benefits are built into certain policies, such as terminal illness payouts or hospitalization coverage.

Scotia Life’s ideal customer

Scotiabank clients who want convenient, affordable, and straightforward life insurance without needing to shop externally.

Securian Canada

• A.M. Best rating: A+ (superior)
• BBB Rating: A+
• Types of insurance offered: Life, critical illness, accident, group benefits, creditor/mortgage protection

Life insurance products:

• Individual life: Tailored solutions for Canadian residents, with competitive rates and optional riders such as compassionate benefits (advance payout for terminal illness).
• Creditor and mortgage protection: Coverage linked to loans, mortgages, or lines of credit, often distributed through partner banks or credit unions.
• Group life insurance: Offered via employers or affinity programs to provide affordable protection for members.
• Critical illness and accident insurance: Standalone or add-on products designed to provide lump-sum or supplemental benefits.

Key perks and features:

• Distributed primarily through financial institutions and associations, making coverage convenient and accessible.
• Backed by the financial strength of Securian Financial Group, with top-tier ratings across major agencies.
• Flexible solutions designed to complement loans, memberships, or workplace benefits.

Securian’s ideal customer

Canadians who want coverage conveniently packaged with their banking, lending, or workplace benefits.

Serenia Life Financial

• A.M. Best rating: N/A
• BBB Rating: A+
• Types of insurance offered: Life

Life insurance products:

• Term life: Term 10, 20, and 30 options that are affordable, renewable, and convertible, with customization available through add-ons.
• Whole life: Lifetime coverage with guaranteed premiums, cash value growth, and the opportunity to earn policyowner dividends. Available as traditional Whole Life or 20-Pay Whole Life, which allows premiums to end after 20 years while coverage continues for life.
• Term to 100: Lifetime coverage with level premiums, designed for estate planning and final expenses. Provides guaranteed death benefit, guaranteed premiums, and unique member benefits.
• Joint life: Flexible permanent or term-based coverage for couples or business partners.

Key perks and features:

• Options from short-term coverage to permanent, dividend-earning plans.
• Members can access additional resources such as counselling, scholarships, and legal document support.

Serenia Life’s ideal customer

Individuals and families seeking flexible life insurance solutions with added member perks that go beyond traditional coverage.

Sun Life Insurance (Canada) Limited

• A.M. Best rating: A+ (superior)
• BBB Rating: A+
• Types of insurance offered: Life, critical illness, disability, health, long-term care, group benefits

Life insurance products:

• Sun Life Go Simplified Term: 10-year coverage, no medical exam, quick online application.
• Sun Life Go Term: Choice of 10 or 20-year terms, with health questions but possible medical exam waivers.
• Sun Life Evolve Term: Flexible terms from 5 to 40 years, renewable and convertible to permanent coverage.
• Term Insurance for Diabetes: Designed for Canadians with Type 1, Type 2, gestational, or pre-diabetes, with affordable premiums and higher approval chances.
• Whole life: Provides lifetime coverage, a tax-free death benefit, fixed premiums, and cash value growth on a tax-preferred basis.
• Universal life: Offers lifetime protection combined with tax-advantaged investments, customizable to your risk profile.
• Participating life: Permanent coverage with the added benefit of policy dividends, offering long-term growth potential alongside guaranteed protection.

Key perks and features:

• Financial strength backed by over $1.3 trillion in assets under management in Canada and $1.54 trillion globally.
• Comprehensive solutions for insurance, investments, retirement, and wealth planning all in one place.

Sun Life’s ideal customer

Individuals wanting whole life coverage with dividends, flexible term options, or universal life with investment features, as well as employers seeking broad group benefits.

TD Life Insurance Company

• A.M. Best rating: A (excellent)
• BBB Rating: D-
• Types of insurance offered: Life, accident, health, auto, home, travel, business

Life insurance products:

• TD 10-Year Term Life and TD 20-Year Term Life: Renewable coverage until age 80, with up to $10,000,000 in protection. Convertible to Term 100 or automatically renewable at the end of each term. Instant approval available.
• Guaranteed Acceptance Life: Offers $5,000 to $25,000 in coverage with an accidental death benefit and compassionate advanced living benefit after two years (provides 50% of the death benefit if you’re diagnosed with a terminal illness, and the remaining 50% is paid to your beneficiary when you pass). No health questions or medical exams required, and premiums stop at age 100, but coverage continues.

Key perks and features:

• Easy access through TD branches and online platforms for existing customers
• Straightforward options, many without medical exams

TD Life’s ideal customer

Canadians seeking simple, hassle-free term coverage up to $10,000,000, seniors looking for guaranteed acceptance life insurance, and borrowers who want loan or credit-linked protection.

UV Insurance

• A.M. Best rating: N/A
• BBB Rating: N/A
• Types of insurance offered: Life, critical illness, disability, group, investment products

Life insurance products:

• Term life: Coverage for 10, 15, 20, 25, or 30 years with affordable premiums guaranteed for the term. Convertible to whole life before age 70, or extendable to a longer term within the first five years without new medical evidence. Coverage up to $5,000,000.
• Whole life: Lifetime protection with guaranteed premiums, cash value accumulation, and the option to borrow or withdraw funds. Coverage up to $2,000,000.

• Critical illness: Lump-sum payout upon diagnosis of covered conditions.
• Disability and add-ons: Includes unique riders such as the Severe Loss of Autonomy Rider at no additional cost.
• Group: Employer-based life, health, and disability solutions.

Key perks and features:

• One of Canada’s few remaining mutual insurers, meaning policyholders share in the company’s success.
• Convertible and renewable term life policies, no-medical options, and customizable coverage.
• Standout features like the Severe Loss of Autonomy Rider set UV apart.

UV Insurance’s ideal customer

Individuals, families, and small business owners who value flexibility, community-focused mutual values, and living benefits built into their coverage.

Viaction Insurance Inc.

• A.M. Best rating: N/A
• BBB Rating: N/A
• Types of insurance offered: Life, travel, will preparation

Life insurance products:

• Permanent life (to age 100): Lifetime coverage with guaranteed fixed premiums. No renewal or premium increases as long as payments are made.
• 20-pay life: Premiums end after 20 years, but coverage continues to age 100.

Key perks and features:

• Digital-first insurer with low-cost entry points (starting at $8 per month).
• Quebec-focused with a heavy Francophone client base.

Viaction’s ideal customer

Quebec-based or Francophone individuals looking for affordable, straightforward permanent life insurance with guaranteed premiums.

Wawanesa Life Insurance Company

• A.M. Best rating: A
• BBB Rating: A+
• Types of insurance offered: Life, critical illness

Life insurance products:

• Term life: Available for 10, 15, 20, 25, or 30-year terms with the option to renew every 10 years until age 85. Coverage continues for life thereafter with no additional premiums.
• Lifetime term to age 80: Level premiums until age 80 and renewable to age 100, with lifetime coverage continuing after.
• Lifetime term to age 100: Level premiums to age 100, after which coverage continues for life.
• Whole life (pay to 100): Lifetime coverage with guaranteed premiums payable until age 100. At 100, the policy is considered paid up, with coverage continuing for life at no additional cost.
• 20-pay whole life: Lifetime coverage with guaranteed premiums payable for only 20 years, after which no further payments are required.

• Critical illness: Lump-sum, tax-free payout upon diagnosis of covered conditions (e.g., cancer, heart attack, Alzheimer’s, stroke). Funds can be used for medical expenses, daily living costs, or income replacement.

Key perks and features:

• Among the most affordable and flexible term life options in Canada.
• Over 125 years of stability, rooted in mutual aid and community values.
• Strong financial strength with AM Best A- rating, supporting reliability and claims security.

Wawanesa Life’s ideal customer

Individuals and families looking for term or permanent life coverage, who value stability, transparency, and the ability to adapt coverage to evolving life stages.

Western Financial Group

• A.M. Best rating: A+ (superior)
• BBB Rating: A+ 
• Types of insurance offered: Life, critical illness, disability, auto, home, mortgage, long-term care, group benefits

Life insurance products:

• Term life: Flexible, budget-friendly coverage for short or medium terms.
• Permanent life insurance (whole & universal): Lifetime protection with premiums that don’t change.
• Life insurance ages 50 to 75: Guaranteed acceptance with no medical exam required; only a few eligibility questions.
• Group life: Employer-based solutions.
• Mortgage life: Loan protection coverage.
• Critical illness: Lump-sum payout upon diagnosis of a covered condition.
• Disability: Income replacement protection.
• Long-term care: Helps cover the cost of assisted living or home care services.

Key perks and features:

• Branded as “Canada’s Insurance Broker,” providing access to policies from top carriers like Canada Life, Desjardins, Manulife, RBC Life, Sun Life, and Wawanesa Life.
• Convenient quotes and support online, over the phone, by email, or in-branch.
• Combines local advisor expertise with digital convenience.

Western Financial Group’s ideal customer

Individuals and families who want to compare multiple insurance providers in one place, work with an advisor, and access both personal and business insurance solutions through one broker.

How to pick the right life insurance company in Canada 

You’ll want to ensure an insurance company can deliver your coverage when needed, provide reliable service, offer clear guidance, and have a proven track record of paying claims.

Here are a few things to check before you sign off on your policy: 

• Financial stability: Look for a company with a strong history of paying claims and maintaining financial health, even throughout tough economic times. Keep an eye out for an AM Best rating of A- or higher, a LICAT ratio of about 120%, and years of industry experience.
• Coverage options: Confirm they offer the policy type you need (term, whole, or universal life), plus any add-ons that matter to you, like child coverage or critical illness insurance. 
• Established reputation: Check their company history, Better Business Bureau rating, and customer reviews to see how reliable they are and how they treat policyholders.
• Competitive pricing: Each insurance provider has their own formula for calculating rates, so be sure to compare life insurance quotes from multiple companies to ensure you’re getting a fair price for your coverage.
• Flexibility and customization: Look for providers that let you adjust coverage or extend your term without another medical exam.
• Ease of communication: Ensure their service style aligns with yours, whether that involves a fully digital process, phone support, in-person meetings, or a combination of all.
• Niche expertise: If you have unique needs, like a high-risk job or specific health condition, choose a company that specializes in covering situations like yours.

Why consider PolicyMe?

• Affordable life insurance premiums than comparable term life policies
• 10% couples discount in the first year
• $10,000 in free child coverage for each child
• Most eligible applicants can apply online in 20 minutes or less
• The claims process includes a personal concierge

How to determine the financial stability of a life insurance company

Financial stability is all about whether your life insurance provider can deliver your policy’s coverage now and decades from now. With both term and permanent policies, you want certainty that your loved ones will receive the death benefit without delays or complications.

These factors can help you assess financial strength: 

• Check independent credit ratings: A.M. Best is the most common credit rating agency for Canadian insurance providers, assessing both financial health and claims fulfilment. A rating of A- (Excellent) or higher indicates strong financial security. 
• Look at the LICAT ratio: The Office of the Superintendent of Financial Institutions (OSFI) uses its LICAT ratio to judge whether a company has enough capital to cover its risks and obligations. A ratio of 120% or higher is a good sign that they can handle future claims.
• Research the company’s history and customer reviews: A strong track record matters more than age. Even new insurance companies can demonstrate reliability through consistent claims payouts, solid financial ratings, and a clear commitment to meeting customer needs during challenging market conditions.
• Check capital reserves: Capital reserves are like a company’s savings account for emergencies. The more they have, the better they can handle paying out claims, even if the economy takes a hit. You can find capital reserve information on annual financial reports from companies on your radar.

Big vs. small life insurance companies 

Size can make a difference when it comes to life insurance companies, but not always in the way you might think. 

Large insurance providers are typically equipped with more resources and policy options, while smaller companies can offer a personal touch and flexible coverage. The best choice comes down to what matters most to you. 

Why you might choose a big life insurance company: 

• Coverage range: You may find larger coverage amounts, more add-ons to choose from (e.g. child coverage), or the option to bundle products.
• One-stop shop: Many larger insurance providers also sell home, auto, or business insurance.
• Established reputation: Years in the industry and a proven history of reliability can offer peace of mind when taking out a life insurance policy.

Why you might choose a smaller life insurance company

• Personalized service: With fewer clients, these companies can offer more individual attention when building and managing your policy.
• Competitive pricing: Lower overhead costs can result in lower life insurance costs for you.
• Flexible coverage: Policies can be more customizable, especially for unique circumstances.
• Easier communication: A smaller customer base often means faster, more direct support.
• Niche expertise: Some smaller companies specialize in coverage for specific high-risk professions or health profiles.

FAQs: Life insurance companies in Canada