Best Life Insurance Company Reviews – Looking for the best life insurance in Canada? We’ve ranked and reviewed the top life insurance companies in Canada, from Sun Life to RBC to Manolph and more.
Keep scrolling for a quick list of pros and cons points for each provider. Plus: what policies do they offer, how much the policies cost per month and what customers really think about each company.
Best Life Insurance Company Reviews
The best life insurance in Canada is provided by RBC, Wawanisa, Empire Life, Canada Life and, if you are serious about looking which company offers the cheapest life insurance.
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The chart below shows how much term life insurance can cost you each month, from some of the biggest names in Canadian life insurance.
But there’s more to a life insurance policy than being cheap. Read on for a full review of the best leading life insurance companies in Canada for 2022.
Key Takeaway: Some of the lowest term life insurance premiums in Canada offer secure backup of two insurance genes. Offers features such as discounts on partner coverage, streamlined online application processes and easy access to non-commissioned advisors by phone or email.
Company Profile: Canadian online life insurance provider based in Toronto, Ontario. The company was founded as a broker in 2018 by insurance consultants Andrew Ostro and Laura Mackey, and Jeff Mackey, former technology lead at Bloomberg LP, secured $3.3 million in seed funding in 2020 (Crunchbase). In early 2021, it launched its digital life insurance product with support from Canada’s Premier (Betakit). Canada now has $5 billion in coverage.
Which Life Insurance Company Is The Best In Canada
Main takeaway: Manulife is known for its permanent life insurance, they have a lot of experience in the market (should be. Best qualifications, increased dividends. They also offer one of the most affordable options for couples. Customers can complain about cancellation issues and With long processing times One stop shop with insurance and investments (has own mutual funds and separate funds) One of the broadest life insurance products in Canada with Sun Life They also have CI and DI and travel insurance However, UL performs on advisory (but industry wide) standards.
Company Profile: Founded in 1887, Manulife is one of Canada’s largest insurance companies with $200 billion in assets. Manulife offers a wide range of life and health insurance products, as well as group life insurance packages. Manulife paid its customers $31.6 billion between 2020 and 2021.
Customer reviews “Customer support is unhelpful, either lacking competence or assistance in clarifying claim statements or process-related questions.” – Customers in Insurance.
Key Takeaway: BMO is a long established provider of Canadian life insurance products and they have many different options for term and permanent life insurance. Best suited for customers who want multiple options when choosing their policy.
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Company Profile: Bank of Montreal (BMO) is a multinational investment bank that was founded in Montreal, Quebec, but now operates in Toronto. Their products are focused on various personal banking services. In 2022, BMO announced that it was working to close a UD$16.3 billion deal to buy California-based Bank of the West (investment executive).
Key Takeaway: Canada Life Insurance doesn’t have much of a difference when compared to other life insurance companies on the market. One of Canada Life’s greatest benefits is its wide range of add-on options and trips.
Company Profile: Canada Life was founded in 1846 in Winnipeg, Manitoba and is currently headquartered in Toronto. Canadian insurance company Great-West Lifeco acquired Canadian Life in 2003. Canada Life is Canada’s second largest insurer with an A+ financial strength rating and $220 million in assets.
Customer Reviews “It’s been a month since I made the request. No word from anyone yet.” – Customers in Insurance.
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Takeaway: If you have a very specific timeframe, Wawanesa can be a good choice because they offer a wide selection of timeframes. And they are popular at below average prices.
Company Profile: Founded in 1896, Vansa is one of the oldest insurance companies in Canada, although they have only recently started offering life insurance. It is headquartered in Manitoba, but they have licenses in all provinces across the country. Credit rating agency, AM Best, rated Wawanesa A (Excellent) for its subsidiary’s financial strength in life/health.
The main takeaway: Sun Life is a good life insurance company in Canada if you are looking for a wide variety of different terms. You are likely to find something that meets your needs. Unfortunately, their customer service is lacking.
Company Profile: Sun Life is an international financial services company, founded more than 150 years ago. They are the third largest insurance company in Canada and are primarily known for their individual and group benefits (Forbes) insurance products. They have assets of more than 170 billion dollars.
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Important Takeaway: The Canadian Coverage Plan is a great option if you want to avoid a medical exam, knowing that you already have a health condition that makes coverage expensive.
Company Profile: Canada Protection Plan (CPP) is Canada’s leading provider of medical and simple matter life insurance. In 2020, CPP merged with Foresters Financial, an international financial services provider with operations in Canada, the United States and the United Kingdom. They are accredited Better Business Bureau members with an A+ rating.
Note: It is generally better to apply for full term life insurance before the medical option. Read more on us
Customer Reviews “Thank you for helping my client [CPP] who couldn’t agree to a regular plan due to heart problems. – Broker in Google reviews.
Best Life Insurance Companies 2021: Reviews, Plans, Top Rated Policies
Key Takeaway: Given that Lifetime has five promising options with minimal medical requirements, it’s not a good “medical” choice for applicants. But your life insurance policy will only be provided in paper form, so it’s a good option if you’re the type of person who has valuable experience.
Company Profile: Founded by the Acadian community in Massachusetts, Assumption Shared Life is now based in Moncton, New Brunswick. Assumption Mutual Life is a Canadian life insurance and asset management company. In 2021, credit rating agency AM Best awarded Assumption Life an A- (excellent) credit rating for the 22nd year in a row.
The main takeaway: CIBC term life insurance has coverage amounts from $50,000 to $5 million, but their offerings here are pretty simple. However, they do have guaranteed receipts for those who cannot get approval elsewhere.
Company Profile: Canadian Imperial Bank of Canada, also known as CIBC, is a multinational banking company founded in Toronto in the 1960s following a merger between two established companies. Credit rating agency Fitch Ratings notes that CIBC has a strong business profile and is the fifth largest bank in Canada in terms of lending, deposits and market capitalization.
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Important note: RBC term life insurance policies offer a renewal guarantee feature and can be converted to permanent life insurance. Prices can be classified as average across the board.
Company Profile: Royal Bank of Canada (RBC) was founded in 1864 in Halifax, Nova Scotia and is Canada’s largest bank by revenue. Although not for their insurance product, RBC was awarded the JD Power Canada award for “Best in Customer Satisfaction” for their mobile banking application.
Customer Reviews “This is a basic policy; [amount] of coverage is small, but affordable.” – Customers in Insurance.
The main takeaway: TD term life insurance is more expensive than other life insurance markets, but they do have swap options for their policies. But with an average of 18% more price difference or benefits, we recommend starting elsewhere.
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Company Profile: Toronto-Dominion Bank (TD) is a Canadian financial services company serving more than 10 million customers. They are mostly known for their banking and mortgage products. The Better Business Bureau (BBB) gives the company an F, which is a score: “An opinion on how a business tends to interact with its customers.”
Main takeaway: Smoking/tobacco rates can be 2x to 3x higher than non-smoking rates. iA Financial has reasonable life insurance rates for smokers compared to other providers. But there are only paper policies available (as opposed to making your policy online).
Company Profile: Founded in 1892, the IA Financial Group is one of Canada’s largest insurance and wealth management groups, with operations in the United States. It is based in Quebec City. iA reported a Q1 loss in fiscal 2022, in part as volatile markets hit its universal life insurance policy, creating a $16 million loss for its individual insurance business.
Important note: Ivory has a variety of coverage options and conditions. That said, their prices tend towards a higher scale.
Legal & General Life Insurance Review
Company Profile: ivari is a life insurance company headquartered in Toronto. In 2015, they were acquired by a life reinsurance company, Wilton Re.
The main takeaway: Forester has a unique member program that helps families give back to their communities. However, they are not very digitally advanced. You also cannot submit your policy online or get quotes online. Claim also only by post.
Company Profile: Foresters Financial is a 150 year old life insurance company based in Toronto. They are integrated with Canada’s conservation plans in 2020. Foresters Financial is a community benefits community, meaning you get member benefits with your life insurance policy. theirs
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