Best Life Insurance in Canada (October 2026)
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- The best term life insurance in Canada belongs to PolicyMe, followed by RBC Life Insurance and Empire Life.
- The best permanent life insurance in Canada belongs to Empire Life, followed by Manulife and PolicyMe.
- The best life insurance for you will depend on your insurance needs, but term life insurance is generally the best choice for the average Canadian family.
Thanks to its affordability and simplicity, PolicyMe is the best term life insurance provider in Canada, while Empire Life and Beneva offer the best permanent life insurance options. We analyzed over 450,000 life insurance quotes to reveal the most competitive products in each category:
|
Category
|
Winner
|
Rating
|
Premiums
|
|---|---|---|---|
|
Best term life insurance
|
PolicyMe
|
★★★★★ (5.0)
|
$37 per month*
|
|
Best whole life insurance
|
Empire Life
|
★★★★★ (4.5)
|
$52 per month**
|
|
Best universal life insurance
|
Beneva
|
★★★★☆ (3.5)
|
$54 per month**
|
|
Best whole life insurance
|
Empire Life
|
★★★★☆ (3.5)
|
$59 per month**
|
* Table shows the approximate average monthly cost of a 10-30-year term life insurance policy with $600,000 in coverage for a 30-44-year-old female non-smoker.
** Table shows the approximate average monthly cost of a permanent life insurance policy with $25,000 in coverage for a 60-year-old female non-smoker.
See how affordable term life insurance can be with PolicyMe.
What is the best life insurance in Canada?
Term life insurance is the best type of life insurance for most Canadians because it’s simple and affordable, and the best term life insurance provider is PolicyMe, with RBC Life Insurance and Empire Life as the runner-ups.
For permanent life insurance life insurance, our top picks include Empire Life, Manulife, PolicyMe for term 100; Beneva, Equitable Life, and Canada Life for universal life; and Empire Life, Assumption Life, and Equitable Life for whole life insurance.
Fully-underwritten term life insurance can yield premiums up to 10 times more affordable than either permanent or no medical coverage, which helps you maintain your policy until the end. A shocking 87% of permanent, universal life insurance plans never pay out, largely due to payment lapses caused by unexpected events–and life is full of those.
That’s part of the reason why it’s worth buying life insurance in the first place, right?
Best term life insurance in Canada
PolicyMe’s term life insurance follows our core philosophy by providing simple, cost-effective coverage that benefits policyholders, which explains our 4.9-star rating on Google. The runner-ups include RBC Your Term, Empire Life Solution, Versatile Term by Co-operators, and Foresters Life Insurance Term life insurance, all of which make solid choices.
|
Company
|
Product
|
Rating
|
Average premiums*
|
|---|---|---|---|
|
PolicyMe
|
Term life insurance
|
★★★★★ (5.0)
|
$37/month
|
|
RBC Life Insurance
|
RBC YourTerm
|
★★★★★ (4.5)
|
$37/month
|
|
Empire Life
|
Solution
|
★★★★★ (4.5)
|
$37/month
|
|
Co-operators
|
Versatile Term
|
★★★★☆ (4.0)
|
$38/month
|
|
Foresters Life Insurance
|
Term life insurance
|
★★★★☆ (4.0)
|
$38/month
|
* For each product, we calculated the average monthly premiums for a female non-smoker between 30-44. The results show the approximate cost of a 10-30-year term life insurance policy with $600,000 in coverage.
Term life insurance by PolicyMe
Simple, sensible, and affordable, PolicyMe’s term life insurance is designed to hit the sweet spot in pricing and benefits.
How products are rated
Our star ratings are based on a mix of each provider's financial stability and Google Review scores, and each product's pricing and ease of purchase.
How prices are compared
We compared each product’s yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $600,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
PolicyMe offers one of the most affordable Term Life Insurance policies in Canada, with rates as low as 23% below the industry average. Our streamlined application process delivers cost-effective coverage backed by Securian Canada, which carries a financial stability rating of “A+” from A.M. Best.
Pros
- $50,000 - $5 million in coverage available for 10-30 years
- $10,000 of complimentary coverage per child with every policy
- 31-Day missed payment grace period
- 30-Day trial period
- 10% First-year couple's discount
- Below-average rates for applicants under the age of 60
- Buy online or over the phone
- Convertible
- High Google review scores
- Pay by credit card
- Renewable
Cons
- Not well-suited for high-net-worth individuals looking for an estate planning tax strategy
Term life insurance
Term: 10-30 years
Coverage: $100,000 - $5 million
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Term 100 life insurance
Term: Lifetime
Coverage: $10,000 - $5 million
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Guaranteed Issue Life Insurance
Term: Lifetime
Coverage: $5,000 - $100,000 (for ages 18-70) or $50,000 (for ages 70+)
No medical exam
RBC YourTerm by RBC Life Insurance
Boasting a high Google Reviews score, generous coverage limits, and a wide selection of products, RBC Life Insurance is the best bank to shop for coverage. It offers lower rates and more plans than BMO Insurance.
How products are rated
Our star ratings are based on a mix of each provider’s financial stability and Google Review scores, and each product’s pricing and ease of purchase.
How prices are compared
We compared each product’s yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $600,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
As long as you're looking for $500,000 or more in coverage, RBC YourTerm life insurance is competitively-priced and offers a variety of conversion options. If your health changes before your term expires, you can choose between participating and non-participating permanent life insurance products without the need for a medical exam.
RBC Life Insurance carries an "A" rating for financial stability from A.M. Best.
Pros
- $50,000 - $25 million in coverage available for 10-40 years
- 31-Day missed payment grace period
- 30-Day risk-free review period
- 4 Available riders
- Adjustable coverage
- Choice of single or joint life coverage
- Convertible until age 71
- Exchangeable for a longer term
- Includes accidental death benefit
Cons
- Above-average rates for policies with $200,000 or less in coverage
- Above-average rates for smokers
RBC YourTerm
Coverage: $500,000 - $25 million
Term: 10-40 years
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RBC Growth Insurance and Growth Insurance Plus
Coverage: $25,000 - $25 million
Term: Lifetime
Features: Participating dividends
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RBC Guaranteed Acceptance Life Insurance
Coverage: $5,000 - $40,000
Term: Lifetime
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RBC Simplified Term Life Insurance
Coverage: $50,000 - $1 million
Term: 10-40 years
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RBC Universal Life and Universal Life with Bonus Interest
Coverage: $25,000 - $25 million
Term: Lifetime
Features: Investment account
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Term 100 Life Insurance
Coverage: $50,000+
Term: Lifetime
Solution 10, 20, or 30 by Empire Life
Empire Life is a veteran life insurance provider, as evidenced by its high customer satisfaction score and financial stability ratings.
How products are rated
Our star ratings are based on a mix of each provider’s financial stability and Google Review scores, and each product’s pricing and ease of purchase.
How prices are compared
We compared each product’s yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $600,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
The Solution term life insurance series lasts between 10-30 years, with the option to convert to term 100, universal or whole life insurance before the age of 75. Empire Life carries a 4.2-star rating on Google and an "A" from Morningstar DBRS, making it a smart and budget-conscious pick for all ages.
Pros
- $25,000 - $20 million in coverage available for 10-30 years
- 11 Available riders
- Below-average rates for all ages and smokers
- Convertible until age 75
- Exchangeable for a longer term
- High Google review scores
- Renewed policies are fully paid-up at age 100
Cons
- Phone call may be required to quote and purchase
Solution 10-30
Coverage: $25,000 - $20 million
Term: 10-30 years
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Solution ART
Coverage: $25,000 - $499,999
Term: 3 years
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EstateMax
Coverage: $10,000+
Term: Lifetime
Features: Participating dividends
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Optimax
Coverage: $5,000+
Term: Lifetime
Features: Participating dividends
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Solution 100
Coverage: $25,000 - $20 million
Term: Lifetime
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Term to 100
Coverage: $25,000 - $20 million
Term: Lifetime
Versatile Term by the Co-operators
Co-operators offers competitive pricing and no-frills coverage, backed by a provider that’s an industry staple.
How products are rated
Our star ratings are based on a mix of each provider’s financial stability and Google Review scores, and each product’s pricing and ease of purchase.
How prices are compared
We compared each product’s yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $600,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
Versatile Term by Co-operators is a flexible budget pick for term life insurance for 10-30 years, especially for smokers. It’s renewable and convertible, and even though you may have to speak to an agent to finalize your coverage, an "A" financial strength rating from A.M. Best means it’s worth it.
Pros
- $25,000 - $5 million in coverage available for 10-30 years
- 2 Available riders
- Below-average rates for all ages and smokers
- Convertible until age 70
- Exchangeable for a longer term
- Renewable
Cons
- Few online details
Term Life 1
Coverage: $50,000 - $475,000
Term: 1 year
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Versatile Term
Coverage: $10,000 - $5 million
Term: 10-30 years
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Infinity Term
Coverage: $25,000+
Term: Lifetime
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Responsibility and Responsibility PLUS
Coverage: Up to $25,000
Term: Lifetime
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Universal Life
Coverage: $25,000+
Term: Lifetime
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Whole Life Ascend
Coverage: $25,000+
Term: Lifetime
Features: Participating dividends
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Whole Life Protector
Coverage: $25,000+
Term: Lifetime
Features: Participating dividends
Term life insurance by Foresters Financial
As a fraternity, Foresters offers some unique benefits, including a percentage-based charitable donation and scholarship opportunities for members.
How products are rated
Our star ratings are based on a mix of each provider’s financial stability and Google Review scores, and each product’s pricing and ease of purchase.
How prices are compared
We compared each product’s yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $600,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
Foresters Financial's term life insurance rates are competitive, and each policy includes up to $1,000 in bereavement counselling, plus a unique charitable benefit. If you pass away, Foresters will make a donation matching 1% of your policy's face amount (up to $100,000) to the charity of your choice.
Pros
- $10,000 - $5 million in coverage available for 10-30 years
- 6 Available riders
- Choice of single or joint life coverage
- Convertible until before age 71
- Exchangeable for a longer term
- Includes bereavement counselling for beneficiaries (up to $1,000 combined) and a donation to the charity of your choice
Cons
- Low maximum issue age
- Phone call may be required to quote and purchase
Term life insurance
Coverage: $10,000 - $5 million
Term: 10-30 years
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Advantage Max
Coverage: $50,000 - $20 million
Term: Lifetime
Features: Participating dividends
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Advantage Plus
Coverage: $25,000 - $5 million
Term: Lifetime
Features: Participating dividends
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Non-Par Whole Life
Coverage: $50,000 - $5 million
Term: Lifetime
* We compared each product's yearly costs to the average cost of similar products for the same type of applicant. This figure shows the approximate price difference for a female non-smoker between 30-44 shopping for a 10-30-year term life insurance policy with $600,000 in coverage.
Best permanent life insurance in Canada
For simple and relatively affordable permanent coverage, Empire Life, PolicyMe, and Manulife are our top picks for term 100 life insurance. If you’re interested in cash values, Beneva, Equitable Life, and Canada Life lead the rankings for universal life insurance, while Empire Life, Assumption Life, and Equitable Life provide the best whole life insurance plans.
We don’t typically recommend permanent life insurance for most people, as the higher cost can be tough to maintain over time (and these policies are built to last a lifetime).
That said, permanent life insurance can make sense for higher-income individuals who have already maxed out registered accounts like RRSPs and TFSAs and are looking for long-term financial planning tools. For many others, though, paying higher premiums for a policy with modest investment growth and limited flexibility may not be the best fit. Instead, a more practical approach is often to buy term life insurance and invest the difference.
Best term 100 life insurance in Canada
In our opinion, the best permanent life insurance is like the best term life insurance: simple, straightforward, and budget-friendly. Our top recommended product is therefore term-to-100 life insurance, and the best providers are Empire Life, Manulife, and PolicyMe:
|
Company
|
Product
|
Rating
|
Premiums*
|
|---|---|---|---|
|
Empire Life
|
Term to 100
|
★★★★★(4.5)
|
$52/month
|
|
Manulife
|
Family Term (Life)
|
★★★★☆(4.0)
|
$49/month
|
|
PolicyMe
|
Term 100
|
★★★★☆(4.0)
|
$52/month
|
* For each product, we display the approximate monthly cost for a 60-year-old female non-smoker seeking a term 100 life insurance policy with $25,000 in coverage.
Term to 100 by Empire Life
Empire Life’s Term to 100 life insurance offers a simple, competitive, and highly customizable plan with high coverage limits.
How products are rated
Our star ratings are based on a mix of each provider’s financial stability and Google Review scores, and each product’s pricing and ease of purchase.
How prices are compared
We compared each product’s yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $600,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
Empire Life is an established name in the Canadian insurance industry, and with a 4.2-star rating on Google and an "A" from Morningstar DBRS, it has every reason to continue. Its Term to 100 plan offers a great deal to non-smokers of all ages and smokers under the age of 45. As with other T100 products, there are few frills attached, but you can customize your policy with 13 riders.
Pros
- $10,000 - $20 million in lifetime coverage available
- 13 Available riders
- Below-average rates for applicants between the ages of 18-44
- Choice of paying until age 20 or age 100
- Choice of single, joint or multi-life coverage
- Includes Living Benefit Advance
- Option to stop premiums in return for reduced coverage starting in year 8
Cons
- Above-average rates for smokers over the age of 45
- Phone call may be required to quote and purchase
Solution 10-30
Coverage: $25,000 - $20 million
Term: 10-30 years
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Solution ART
Coverage: $25,000 - $499,999
Term: 3 years
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EstateMax
Coverage: $10,000+
Term: Lifetime
Features: Participating dividends
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Optimax
Coverage: $5,000+
Term: Lifetime
Features: Participating dividends
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Solution 100
Coverage: $25,000 - $20 million
Term: Lifetime
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Term to 100
Coverage: $25,000 - $20 million
Term: Lifetime
Family Term 100 by Manulife
Manulife’s Family Term 100 life insurance plan offers unique benefits, including bereavement counselling for your beneficiaries and a health-tracking program that can reduce your premiums.
How products are rated
Our star ratings are based on a mix of each provider’s financial stability and Google Review scores, and each product’s pricing and ease of purchase.
How prices are compared
We compared each product’s yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $600,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
Instead of building cash value, Manulife Vitality Plus and Vitality Go provide discounts on fitness trackers (including the Apple Watch), health services, and up to 15% off your annual premiums. For health-conscious customers, Manulife Family Term 100 offers a unique opportunity to score competitive premiums and benefits.
Pros
- $250,000 - $10 million in lifetime coverage available
- 31-Day missed payment grace period
- 5 Available riders
- Adjustable coverage
- Choice of single or joint life coverage
- Couples discount
- Includes access to certain Manulife Vitality benefits, a terminal illness cash advance benefit and bereavement counselling for beneficiaries (up to $1,000 combined)
Cons
- Phone call may be required to quote and purchase
Family Term
Coverage: $100,000 - $20 million
Term: 10-20 years
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Manulife CoverMe Easy Issue
Coverage: $50,000 - $75,000
Term: 10 years
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Manulife CoverMe Term
Coverage: $100,000 - $2 million
Term: 10-20 years
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CoverMe Guaranteed Issue
Coverage: $5,000 - $25,000
Term: Lifetime
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Family Term-Life
Coverage: $250,000 - $25 million
Term: Lifetime
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Manulife Guaranteed Issue Life
Coverage: $10,000 - $100,000
Term: Lifetime
Features: No medical exam
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Manulife Par and Par with Vitality Plus
Term: Lifetime
Features: Participating dividends
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Manulife UL and UL with Vitality Plus
Term: Lifetime
Features: Investment options
Term to 100 by PolicyMe
PolicyMe’s Term 100 life insurance is designed to be just as simple and affordable as its term counterpart, with $10,000 of complimentary coverage per child with every policy.
How products are rated
Our star ratings are based on a mix of each provider's financial stability and Google Review scores, and each product's pricing and ease of purchase.
How prices are compared
We compared each product’s yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $600,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
PolicyMe's Term 100 life insurance is cost-effective, straightforward, and easy to budget, backed by Securian Canada and an “A+” financial stability rating from A.M. Best. The drawback is a lack of cash value; if you'd rather treat your life insurance policy as an investment vehicle, you may prefer a universal or whole life policy.
Pros
- $10,000 - $5 million in lifetime coverage available
- $10,000 Of complimentary coverage per child with every policy
- 31-Day missed payment grace period
- 30-Day trial period
- 10% First-year discount for couples
- Below-average rates for all ages and smokers
- Buy online or over the phone
- High Google review scores
- Pay by credit card
Cons
- Not well-suited for high-net-worth individuals looking for an estate planning tax strategy
Term life insurance
Term: 10-30 years
Coverage: $100,000 - $5 million
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Term 100 life insurance
Term: Lifetime
Coverage: $10,000 - $5 million
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Guaranteed Issue Life Insurance
Term: Lifetime
Coverage: $5,000 - $100,000
No medical exam
* We compared each product's yearly costs to the average cost of similar products for the same type of applicant. This figure shows the approximate price difference for a 60-year-old female non-smoker shopping for a term 100 life insurance policy with $25,000 in coverage.
Discover affordable home, auto, life, health insurance, and critical illness coverage designed for modern Canadians.
Best whole life insurance in Canada
Pairing lifetime coverage with cash value, the best whole life insurance in Canada belongs to Empire Life, Assumption Life, and Equitable Life. If you’ve already maxed out your RRSP and TFSA, the following plans can help you leave a tax-free participating dividend or investment account to your loved ones:
|
Company
|
Product
|
Rating
|
Premiums*
|
|---|---|---|---|
|
Empire Life
|
Solution 100
|
★★★★☆(3.5)
|
$59/month
|
|
Assumption Life
|
ParPlus (Life Pay Enhanced)
|
★★★★☆(3.5)
|
$60/month
|
|
Equitable Life
|
Equimax Estate Builder
|
★★★☆☆(3.0)
|
$59/month
|
* For each product, we display the approximate monthly cost for a 60-year-old female non-smoker seeking a whole life insurance policy with $25,000 in coverage.
Solution 100 by Empire Life
Empire Life’s Solution 100 whole life insurance offers a fairly lightweight investment account, which helps keep its premiums relatively low.
How products are rated
Our star ratings are based on a mix of each provider’s financial stability and Google Review scores, and each product’s pricing and ease of purchase.
How prices are compared
We compared each product’s yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $600,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
Solution 100 is a non-participating whole life insurance product from Empire Life. Despite the lack of dividends, it still costs more than term life insurance, and your only advantage is a guaranteed cash surrender value starting in year four. The problem with cash surrender values is you have to wait a long time to see substantial value.
Pros
- $10,000 - $20 million in lifetime coverage available
- $50 Annual policy fee
- 11 Available riders
- Below-average rates for applicants between the ages of 18-29
- Choice of reduced coverage starting in year 4
- Choice of single, joint or multi-life coverage
- Guaranteed cash surrender value starting in year 4
Cons
- Above-average rates for most ages and smokers
Solution 10-30
Coverage: $25,000 - $20 million
Term: 10-30 years
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Solution ART
Coverage: $25,000 - $499,999
Term: 3 years
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EstateMax
Coverage: $10,000+
Term: Lifetime
Features: Participating dividends
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Optimax
Coverage: $5,000+
Term: Lifetime
Features: Participating dividends
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Solution 100
Coverage: $25,000 - $20 million
Term: Lifetime
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Term to 100
Coverage: $25,000 - $20 million
Term: Lifetime
Par Plus by Assumption Life
ParPlus whole life insurance offers participating dividends and competitive pricing for applicants below the age of 44, but carries an $80 yearly policy fee.
How products are rated
Our star ratings are based on a mix of each provider’s financial stability and Google Review scores, and each product’s pricing and ease of purchase.
How prices are compared
We compared each product’s yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $600,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
The price of ParPlus by Assumption Life starts at 17% below the industry average and maintains its competitive streak until applicants reach the age of 44. At that point, older adults and seniors are better off seeking a non-participating permanent life insurance product to save on premiums.
However, its pricing remains below-average for smokers of any age.
Pros
- $5,000 - $4 million in lifetime coverage available
- 7 Available riders
- Choice of paying for 20 years or until age 100
- Choice to receive dividends as accumulation, cash, enhanced, paid-up additions or reduced premiums
- Choice of individual or joint life coverage
- Includes the ability to vote at annual general meetings
Cons
- $80 Annual policy fee
- Above-average rates for older applicants and seniors
- Phone call may be required to quote and purchase
FlexTerm
Coverage: $100,000 - $10 million
Term: 10-35 years
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YouthPlus
Coverage: $35,000 - $175,000
Term: Until age 25
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Non-Participating Whole Life
Coverage: $10,000 - $10 million
Term: Lifetime
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ParPlus and ParPlus Junior
Coverage: $5,000 - $4 million
Term: Lifetime
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Bronze, Silver, Gold and Platinum Protection Whole Life
Coverage: $5,000 - $750,000
Term: Lifetime
Equimax Estate Builder by Equitable Life
As the name suggests, Equimax Estate Builder is designed to grow your estate with a cash value and participating dividends over a long-term period, with thoughtful benefits for you and your beneficiaries.
How products are rated
Our star ratings are based on a mix of each provider’s financial stability and Google Review scores, and each product’s pricing and ease of purchase.
How prices are compared
We compared each product’s yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $600,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
Equimax Estate Builder is a long-term wealth investment product with a lot of flexibility. You can choose your payment period, direct your participating dividends, receive a lump sum amount if you’re physically or mentally disabled; or get an advance payment in the event of a terminal illness or injury. Just make you’re okay with budgeting for above-average premiums for the rest of your life.
Pros
- $10,000 - $25 million in lifetime coverage available
- 7 Available riders
- Choice of paying for 10 or 20 years or until age 100
- Choice of single or joint coverage
- Choice to receive dividends as cash, deposit, enhanced insurance, paid-up additions, or reduced premiums
- Guaranteed cash value
- Includes advance payment, bereavement counselling, living benefit, and terminal illness benefit
- Option to stop premiums in return for reduced coverage
Cons
- Above-average rates
Term life insurance
Coverage: $10,000 - $5 million
Term: 10-30 years, or until age 65
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Equimax Estate Builder and Wealth Accumulator
Coverage: $10,000 - $25 million
Term: Lifetime
Features: Participating dividends
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Universal Life Insurance
Term: Lifetime
Features: Investment account
* For each product, we display the approximate monthly cost for a 60-year-old female non-smoker seeking a whole life insurance policy with $25,000 in coverage.
Best universal life insurance in Canada
The best universal life insurance in Canada pairs lifetime coverage with a self-directed investment account, and includes plans from Beneva, Equitable Life, and Canada Life. Depending on how your investments perform, you can use the plans below to reduce your premiums, pay for extra coverage, or even add to the tax-free insurance lump-sum payout for your beneficiaries:
|
Company
|
Product
|
Rating
|
Premiums*
|
|---|---|---|---|
|
Beneva
|
Universal Life
|
★★★★☆(3.5)
|
$54/month
|
|
Equitable Life
|
Generations T100
|
★★★☆☆(3.0)
|
$52/month
|
|
Canada Life
|
Universal Life
|
★★★☆☆(3.0)
|
$53/month
|
* For each product, we display the approximate monthly cost for a 60-year-old female non-smoker seeking a universal life insurance policy with $25,000 in coverage.
Universal Life by Beneva
Beneva’s Universal Life insurance earns extra points thanks to its highly-rated customer service department, and offers a relatively simple way to build long-term value through life insurance.
How products are rated
Our star ratings are based on a mix of each provider’s financial stability and Google Review scores, and each product’s pricing and ease of purchase.
How prices are compared
We compared each product’s yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $600,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
Beneva's Universal Life is a non-participating product with few extras and no online quotes or purchases. The company has a 4.6-star Google rating and an "A" from A.M. Best to recommend it, but there are more cost-effective and convenient products out there.
Pros
- $10,000 - $10 million in lifetime coverage available
- 5 Available riders
Cons
- Above-average rates for all ages and smokers
- Phone call may be required to quote and purchase
Term Plus
Coverage: $10,000 - $5 million
Term: 10-40 years
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Term Simplified
Coverage: $10,000 - $5 million
Term: 10-40 years
Features: No medical exam
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Term 100
Coverage: $10,000 - $10 million
Term: Lifetime
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Enhanced Term 100
Coverage: $10,000 - $10 million
Term: Lifetime
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Universal Life Insurance
Coverage: $10,000 - $10 million
Term: Lifetime
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Simplified Whole Life
Coverage: $10,000 - $99,999
Term: Lifetime
Features: No medical exam
Generations by Equitable Life
Provided you have experience in financial planning, Equitable Life’s Generations universal life insurance is a competitive and highly-customizable choice.
How products are rated
Our star ratings are based on a mix of each provider’s financial stability and Google Review scores, and each product’s pricing and ease of purchase.
How prices are compared
We compared each product’s yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $600,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
Generations by Equitable Life offers hands-on customers plenty of choice, including life insurance riders, investment options, and how to spend their dividends. Said benefits carry a competitive price tag, and the company holds an “A” from A.M. Best as well as an “A+” from the Better Business Bureau.
Pros
- $25,000 - $5 million+ in lifetime coverage available
- 6 Available riders
- Adjustable coverage
- Choice of daily interest, guaranteed deposit, or linked interest investment accounts
- Includes advance payment, bereavement counselling, living benefit, and terminal illness benefit
- Choice of paying increasing rates for yearly renewable terms, or level premiums until age 100
- Choice of single or joint coverage
- Guaranteed monthly investment bonus
- Option to stop premiums in return for reduced coverage
Cons
- Complex
- Phone call may be required to quote and purchase
- Requires time to manage coverage, dividends, and investments
Term life insurance
Coverage: $10,000 - $5 million
Term: 10-30 years, or until age 65
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Equimax Estate Builder and Wealth Accumulator
Coverage: $10,000 - $25 million
Term: Lifetime
Features: Participating dividends
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Universal Life Insurance
Term: Lifetime
Features: Investment account
Universal Life by Canada Life
Canada Life’s Universal Life insurance policy offers an extremely flexible way to add cash value to your life insurance coverage, but demands long-term commitment and planning.
How products are rated
Our star ratings are based on a mix of each provider’s financial stability and Google Review scores, and each product’s pricing and ease of purchase.
How prices are compared
We compared each product’s yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $600,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
Canada Life's Universal Life insurance policy offers fairly competitive rates and a few choices of how to invest your funds. However, unlike a traditional investment account, you can't withdraw your funds should you change your mind, and you'll lose all your accumulated wealth if you can't pay your premiums.
For these reasons, we recommend keeping your coverage and your investments separate unless you're confident you can keep up with your premium payments for the rest of your life.
Pros
- $25,000 - $10 million in lifetime coverage available
- 7 Available riders
- Adjustable coverage
- Choice of daily interest, guaranteed interest, index, managed and stable growth investment accounts
- Choice of level or coverage plus death benefit
- Choice of level or increasing premiums to age 85 or 100
- Choice of single or joint life coverage
- Includes 1% bonus rate (until December 2025) and 0% minimum guarantee
- Make partial withdrawals at any time
Cons
- Complex
- Phone call may be required to quote and purchase
- Requires time to manage coverage, dividends, and investments
My Term
Coverage: $100,000 - $25 million
Term: 5-50 years
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Estate Achiever Plus
Coverage: $25,000 - $1 million+
Term: Lifetime
Features: Participating dividends
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Universal Life
Coverage: $25,000 - $10 million
Term: Lifetime
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Wealth Achiever Plus
Coverage: $25,000 - $1 million+
Term: Lifetime
Features: Participating dividends
* We compared each product's yearly costs to the average cost of similar products for the same type of applicant. This figure shows the approximate price difference for a 60-year-old female non-smoker shopping for a universal life insurance policy with $25,000 in coverage.
Best no medical life insurance in Canada
Encompassing both simplified and guaranteed products, the best no medical life insurance in Canada includes plans from Industrial Alliance, ivari, Beneva, PolicyMe, Assumption Life, and Empire Life. As always, we recommend applying for life insurance products with higher underwriting requirements (i.e. simplified issue plans) before resorting to an expensive guaranteed product.
Most of PolicyMe’s customers don’t need a medical exam. It only takes 20 minutes to see if you qualify for instant approval.
Best simplified issue life insurance in Canada
For life insurance that skips the medical exam (but not the medical questionnaire), check out Industrial Alliance, ivari, and Beneva. The better your overall health, the lower your rates.
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Company
|
Product
|
Rating
|
Premiums*
|
|---|---|---|---|
|
Industrial Alliance
|
Access Life L100 Immediate Plus
|
★★★★★(4.5)
|
$64/month
|
|
ivari
|
Simply Immediate Life
|
★★★★☆(4.0)
|
$61/month
|
|
Beneva
|
Simplified Whole Life
|
★★★★☆(4.0)
|
$68/month
|
* For each product, we display the approximate monthly cost for a 60-year-old female non-smoker seeking a permanent life insurance policy with $25,000 in coverage.
Access Life L100 Immediate Plus by Industrial Alliance
IA Financial’s Access Life is the most competitive simplified life insurance option, provided you don’t have any serious illnesses or conditions of the liver or kidneys. It carries a $60 yearly policy fee.
How products are rated
Our star ratings are based on a mix of each provider’s financial stability and Google Review scores, and each product’s pricing and ease of purchase.
How prices are compared
We compared each product’s yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $600,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
Access Life is divided into four coverage steps which determine premiums and maximum face amounts. Immediate Plus is the highest tier; as long as you're in fairly good health and have no signs of AIDS, HIV, cirrhosis of the liver, hepatitis C or kidney failure, you'll be eligible for the best rates and most coverage.
Pros
- $10,000 - $500,000 in lifetime coverage available
- $60 Annual policy fee
- Guaranteed cash surrender value starting in year 5
- No medical exam
- Option to stop premiums in return for reduced coverage starting in year 8
- Premiums payable until age 100
Cons
- Above-average rates for all ages and smokers
- Limited coverage available
- Phone call may be required to quote and purchase
Access Life Insurance
Coverage: $10,000 - $500,000
Term: 15-25 years or until age 100
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Pick-A-Term
Coverage: $10,000 - $10 million
Term: 10-40 years
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Genesis 10 Life Pay
Coverage: $100,000 - $10 million
Term: Lifetime
Features: Investment options
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iA PAR Estate Solution or Wealth Solution
Term: Lifetime
Features: Participating dividends
Simply Immediate Life by ivari
Simply Immediate Life by ivari has no medical exam or annual policy fees, plus competitive benefits and premiums. However, it doesn’t have a very high customer service rating.
How products are rated
Our star ratings are based on a mix of each provider’s financial stability and Google Review scores, and each product’s pricing and ease of purchase.
How prices are compared
We compared each product’s yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $600,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
ivari’s Simply Simplified Life insurance comes in three tiers, none of which require a medical exam. Immediate is the least expensive and most feature-rich of the three; if you’re in fairly good health, you’ll qualify for lower insurance rates and several handy benefits.
Pros
- $10,000 - $500,000 in lifetime coverage available
- Choice to stop paying premiums in exchange for reduced coverage after year 8
- Guaranteed cash surrender value starting in year 5
- No medical exam
- Includes access to Maple virtual healthcare and transportation benefit
- Return of premiums plus 3% simple interest within the first 2 years
Cons
- Limited coverage available
- Phone call may be required to quote and purchase
TERMSelect
Coverage: $50,000 - $10 million
Term: 10-30 years
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Simply Guaranteed Life
Coverage: $10,000 - $25,000
Term: Lifetime
Features: No medical exam
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Simply Simplified Life (including Immediate, Deferred, and Deferred Plus)
Coverage: $10,000 - $500,000
Term: Lifetime
Features: No medical exam
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ivari Universal
Coverage: $25,000 - $20 million
Term: Lifetime
Features: Investment options
Simplified Whole Life by Beneva
Beneva’s Simplified Whole Life insurance costs more than the competition, but the company boasts a 4.6-star rating on Google Reviews.
How products are rated
Our star ratings are based on a mix of each provider’s financial stability and Google Review scores, and each product’s pricing and ease of purchase.
How prices are compared
We compared each product’s yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $600,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
Simplified Whole Life carries an above-average price tag, but that's normal for no medical life insurance. In return for skipping the medical exam, you pay higher rates, but Beneva's high Google review score and "A" from A.M. Best suggests it could be worth it.
Pros
- $10,000 - $249,999 in lifetime coverage available
- Issued in as little as 60 minutes
- No medical exam
Cons
- Above-average rates for all ages and smokers
- Limited coverage available
- Must call for basic product details
- Phone call may be required to quote and purchase
Term Plus
Coverage: $10,000 - $5 million
Term: 10-40 years
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Term Simplified
Coverage: $10,000 - $5 million
Term: 10-40 years
Features: No medical exam
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Term 100
Coverage: $10,000 - $10 million
Term: Lifetime
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Enhanced Term 100
Coverage: $10,000 - $10 million
Term: Lifetime
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Universal Life Insurance
Coverage: $10,000 - $10 million
Term: Lifetime
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Simplified Whole Life
Coverage: $10,000 - $99,999
Term: Lifetime
Features: No medical exam
* We compared each product's yearly costs to the average cost of similar products for the same type of applicant. This figure shows the approximate price difference for a 60-year-old female non-smoker shopping for a no medical permanent life insurance policy with $25,000 in coverage.
Best guaranteed issue life insurance in Canada
The most affordable guaranteed issue life insurance in Canada belongs to PolicyMe, followed by Assumption Life and Empire Life. Unlike other plans, PolicyMe’s Guaranteed Issue Life Insurance doesn’t have an annual policy fee.
Competitive premiums, reliable coverage, and no medical questions or exams. PolicyMe is trusted by 30,000 Canadians and counting.
|
Company
|
Product
|
Rating
|
Premiums*
|
|---|---|---|---|
|
PolicyMe
|
Guaranteed Issue Life Insurance
|
★★★★☆(4.0)
|
$111/month
|
|
Assumption Life
|
Bronze Protection (Deferred)
|
★★★★☆(3.5)
|
$127/month
|
|
Empire Life
|
Guaranteed Life Protect
|
★★★★☆(3.5)
|
$129/month
|
* For each product, we display the approximate monthly cost for a 60-year-old female non-smoker seeking a permanent life insurance policy with $25,000 in coverage.
Guaranteed Issue Life Insurance by PolicyMe
No medical exams, no policy fees, and no need to manage investments makes PolicyMe’s Guaranteed Issue life insurance one of the most lightweight and budget-friendly options on the market.
How products are rated
Our star ratings are based on a mix of each provider's financial stability and Google Review scores, and each product's pricing and ease of purchase.
How prices are compared
We compared each product’s yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $600,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
Backed by Securian Canada and an “A+” rating from A.M. Best, PolicyMe combines over 65 years of reliability with a customer-first approach. Guaranteed Issue Life Insurance makes it easy to budget for your family’s financial protection online or over the phone, and your premiums stay locked and level from the moment you get a quote.
Pros
- $5,000 - $100,000 in lifetime coverage available
- 31-Day missed payment grace period
- 30-Day trial period
- Buy online or over the phone
- High Google review scores
- No medical exam
- Pay by credit card
Cons
- Not well-suited for high-net-worth individuals looking for an estate planning tax strategy
Term life insurance
Term: 10-30 years
Coverage: $100,000 - $5 million
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Term 100 life insurance
Term: Lifetime
Coverage: $10,000 - $5 million
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Guaranteed Issue Life Insurance
Term: Lifetime
Coverage: $5,000 - $100,000 (for ages 18-70) or $50,000 (for ages 70+)
No medical exam
Bronze Protection (Deferred) by Assumption Life
Bronze Protection by Assumption Life is more customizable than other guaranteed issue life insurance options, but it also carries higher premiums as a result.
How products are rated
Our star ratings are based on a mix of each provider’s financial stability and Google Review scores, and each product’s pricing and ease of purchase.
How prices are compared
We compared each product’s yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $600,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
Assumption Life’s Bronze Protection guaranteed issue life insurance is reserved for applicants with severe health challenges or a high-risk lifestyle. It’s more customizable and feature-rich than other guaranteed plans, but it also costs more.
Pros
- $5,000 - $50,000 in lifetime coverage available
- Choice to stop paying premiums in exchange for reduced coverage after year 5
- Guaranteed cash surrender value starting in year 5
- Includes transportation benefit
- No medical exam
- Return of premiums plus 3% interest within the first 2 years
Cons
- $60 Annual policy fee
FlexTerm
Coverage: $100,000 - $10 million
Term: 10-35 years
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YouthPlus
Coverage: $35,000 - $175,000
Term: Until age 25
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Non-Participating Whole Life
Coverage: $10,000 - $10 million
Term: Lifetime
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ParPlus and ParPlus Junior
Coverage: $5,000 - $4 million
Term: Lifetime
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Bronze, Silver, Gold and Platinum Protection Whole Life
Coverage: $5,000 - $750,000
Term: Lifetime
Guaranteed Life Protect by Empire Life
Empire Life’s Guaranteed Life Protect charges above-average premiums for fairly standard coverage and limited benefits.
How products are rated
Our star ratings are based on a mix of each provider’s financial stability and Google Review scores, and each product’s pricing and ease of purchase.
How prices are compared
We compared each product’s yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $600,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
Guaranteed issue life insurance is the most expensive protection on the permanent insurance market, and Guaranteed Life Protect charges above-average rates. It's a high price for a limited amount of instant coverage, so treat it as a last resort.
Pros
- $5,000 - $50,000 in lifetime coverage available
- Choice of reduced coverage starting in year 8
- Guaranteed cash surrender value starting in year 5
Cons
- $50 Annual policy fee
- Above-average rates for applicants above the age of 30 and smokers
- Limited coverage available
- No accidental death and dismemberment or waiver of premiums riders
Solution 10-30
Coverage: $25,000 - $20 million
Term: 10-30 years
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Solution ART
Coverage: $25,000 - $499,999
Term: 3 years
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EstateMax
Coverage: $10,000+
Term: Lifetime
Features: Participating dividends
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Optimax
Coverage: $5,000+
Term: Lifetime
Features: Participating dividends
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Solution 100
Coverage: $25,000 - $20 million
Term: Lifetime
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Term to 100
Coverage: $25,000 - $20 million
Term: Lifetime
* For each product, we display the approximate monthly cost for a 60-year-old female non-smoker seeking a permanent life insurance policy with $25,000 in coverage.
PolicyMe’s rankings are based on an independent, data-driven review of Canada’s best life insurance policies and providers. Our analysis combines 450,000+ quotes for 95+ policies and 25+ providers, drawing on trusted sources such as COMPULIFE, WinQuote and official provider websites, supplemented by ratings from Google Reviews.
Rating formula
Each policy receives a star rating out of five based on pricing, customer satisfaction and ease of purchase:
- 3 stars: The life insurance provider is a member of Assuris and carries a financial strength rating of “A-” or higher.
- + 1 star: The policy costs at least 5% less than the industry average for comparable plans.
- + 0.5 stars: The provider’s head office carries a Google Reviews score of 4.0 or higher.
- + 0.5 stars: The policy offers accessible online quotes.
Ranking order
The rankings within each category are determined first by star rating (in descending order) and then by approximate monthly premiums (in ascending order).
Category criteria
Most term life insurance categories compare the average price of a 10-30-year policy with $600,000 in coverage for non-smoking women between the ages of 30-44. The “best of” categories for smokers and seniors compare policies for smoking women and 60-year-old non-smoking women, respectively. Coverage for policies in the best no medical term life insurance category is capped at $50,000, and coverage for all the best permanent life insurance categories at $25,000.
Pricing comparisons
To ensure fairness and accuracy, we made all pricing comparisons between policies of the same type, with the same coverage amount, and for the same combination of age group, sex at birth and smoking status. The rates listed in this article are based on publicly available rates as of October 2026.
For example, the cost of a 10-year term policy for non-smoking women aged 30-44 with $600,000 in coverage is always compared to the industry average for all 10-year term policies for the same demographic segment and with the same amount of coverage.
Disclaimer
PolicyMe does not accept payments for placement in these rankings, and we include our own products where applicable. While PolicyMe strives to keep our information up-to-date, we cannot guarantee the validity of third-party data. These results are intended as a helpful reference and not as a substitute for personalized financial advice.
Read more: Life insurance ratings & reviews methodology
How to choose the best life insurance policy for you
Life insurance works best when it’s tailored to your needs, so it’s worth making a few decisions before you shop:
- Term or permanent? Term life insurance is best for most Canadians because their financial obligations (i.e. kids, a mortgage, or a car loan) will end or change in a decade or two. Permanent life insurance options are best suited for end-of-life or estate planning expenses, and require careful budgeting for the rest of your life.
- What’s the right term length? If you’ve chosen term life insurance, think about how long your financial obligations will last and set your term accordingly. A 30-year mortgage naturally lends itself to a 30-year term life insurance policy.
- How much life insurance do I need? Don’t just multiply your income. A life insurance calculator can add up the cost of what you want to cover and subtract your existing savings, assets, and coverage provided by group benefits. The most common term coverage is about $500,000; perm coverage is usually lower because it costs more.
Ready? Here’s how to buy life insurance online in Canada
- Comparison shop: Check PolicyMe’s rates versus the industry average life insurance quotes online in seconds, no insurance broker required.
- Apply for life insurance in Canada: Click “Get a quote” and enter your name, birthdate, sex at birth, and a few health details. Set your coverage amount and term length and see your price change instantly.
PolicyMe makes it easy to apply and buy life insurance online, with instant approval for eligible applicants. Apply with a partner and save 10% during your first year, or bundle your coverage with disability insurance and critical illness insurance to save even more.
FAQ: Best life insurance in Canada
PolicyMe combines affordable life insurance rates with online convenience and a 4.9-star customer service rating on Google Reviews. Our coverage is backed by Securian Canada, which holds an “A+” financial stability rating from A.M. Best.
The cost of life insurance in Canada depends on your age, health, and sex at birth, as well as the type of policy and amount of coverage chosen. Monthly insurance premiums can be as low as $4 per month for an 18-year-old female non-smoker, or as high as $800+ per month for a 60-year-old male smoker.
Cost should be your primary consideration when shopping for life insurance, because if you can’t pay your premiums, you can’t maintain coverage. Beyond that, it makes sense to look for a company with good customer service so you and your loved ones can get timely, reliable help.
Assuming you’re a non-smoker in good health, a life insurance policy with $500,000 in coverage starts around $185 per month for a 60-year-old man. A fully-underwritten, 10-year term life insurance policy is the cheapest choice; choosing permanent coverage will raise your premiums to a minimum of $876 per month.
Fully-underwritten term life insurance is the easiest, most affordable, and most flexible type of coverage you can buy. It provides more coverage for your dollar and lasts as long as you need it, so you don’t end up under or over-insured.
To calculate your ideal life insurance coverage, add up the cost of everything you want your insurance payout to achieve (whether it’s paying off your mortgage, supporting a spouse, or putting your kids through school) and subtract your savings, assets, and existing coverage. It’s better to make precise calculations rather than simply multiplying your income or using a rule of thumb, since the latter can leave you under or over-insured.
Term life insurance is the best type of family life insurance in Canada. It’s affordable and you can choose a term length that protects your dependents for the years you need. For family life insurance, try PolicyMe, RBC, or Empire Life.
Simplified issue and guaranteed issue policies may be a good fit for Canadians who have pre-existing conditions, like diabetes, HIV, cancer, or a history of heart attacks. It’s still best to apply for standard life insurance first to see if you qualify for cheaper rates and higher coverage.
In most cases, non-residents can’t buy life insurance in Canada. Most insurance providers require applicants to hold legal status and a residential address in order to qualify for coverage.