Best Life Insurance Canada 2022

Company Reviews: Best Life Insurance in Canada

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Here is the 2022 list of the best life insurance in Canada

Discover the best insurance companies that offer insurance products to protect the financial future of Canadians.

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Emma Life Insurance

With Emma, life insurance is simple! Designed for busy parents. Insure your family in a few minutes and protect the future of those you love the most.

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best life insurance canada

Our life insurance reviews help you compare and purchase the best life insurance policy in Canada. Our criteria include aspects such as choice of terms, benefit amounts, no medical alternatives, online access, family benefits, smokers' discounts, and more. While we can’t recommend one provider as the best life insurance company for everyone looking, we provide the research and reviews for you to make an informed choice.

Do you want to know which life insurance company is the best in Canada? Do you have any idea what type of life insurance coverage would be ideal for you and your partner? Or are you trying to decide which company will deliver a life insurance policy to you the fastest?

You've come to the perfect place.

In this article, we will be specifically covering the best term life insurance, as it's far more popular than permanent life insurance. If you want to learn more about permanent life insurance, we released an article that covers it in details.

If we strictly limit our search to the quantity of life insurance premiums they take in, Manulife, Sun Life, Canada Life, Humania, Desjardins, and iA (Industrial Alliance) are the best life insurance companies in Canada.

Size is only one of the criteria though. When Canadians look for the finest term life insurance, they want a thorough guide on what to look for when selecting the appropriate policy and coverage for their needs.

Our best life insurance companies in Canada review helps you compare and acquire the best life insurance rates in Canada. Continue reading to learn more:

What is life insurance?

  • Life insurance means achieving peace of mind. Concretely, it is a tax-free payment, that is offered to your loved ones as death benefit.
  • Having a life insurance policy means offering the promise of financial security to the people who count on you.

How does life insurance work ?

  1. First, you choose the term of your life insurance policy and then how much life insurance that will be paid as policy's death benefit by the life insurance companies.
  2. Then, you pay a monthly or annual life insurance premium to be insured. At Emma, we make sure we find the best life insurance for your needs at the best price.
  3. In the event of your death, the beneficiaries, those you have chosen to cover with your life insurance, will receive the death benefit to protect them against this unfortunate event.

What type of life insurance do I need?

In Canada, there are several kinds of life insurance to select from. At its most basic level, you can pick between two main kinds of life insurance: permanent life insurance (often known as whole life insurance; these occasionally have cash value) and term life insurance.

Term insurance is more beneficial to most Canadians than permanent life insurance. This is a temporary form of life insurance you acquire for a certain length of time, usually 10, 20, or 30 years. The following reviews are based on the life insurance companies' term life insurance plans. Term life insurance is a type of straightforward life insurance coverage that lasts for a certain amount of time, usually one year. Even in the case of your death, it will pay out to your beneficiary if it occurs within a limited period of time, or "term".

This sort of life insurance, while typically purchased in ten-year increments as previously stated, can also be purchased in smaller and more customized terms. If you want your life insurance to continue until you reach particular age milestones such as becoming a senior citizen at 65, for example, you may do so.

Permanent life insurance (known as whole life insurance) is a form of life insurance that lasts throughout your lifetime and covers you from the day you buy it to the day you die. Most permanent life policies have an investment or cash value component as well.

There is also another type of whole life insurance called universal life insurance

As the name implies, universal life insurance is a policy that can be utilized across a variety of situations. It may also provide for growth in cash value if the insured's needs change or develop over time.

This type of life insurance can be purchased as an alternative to permanent insurance, which protects you for the rest of your lifetime (i.e. until death). Universal life policies provide greater flexibility than whole or term coverage.

Life insurance for individuals under the age of 65 with a universal policy is often purchased as an investment to benefit from the options available through such policies while receiving protection over time. This is frequently someone who wishes to invest in addition to their coverage.

Reviews of Life insurance Companies in Canada for Term Life Insurance

We at Emma spent a lot of time researching the top life insurance companies in Canada. Years of research and analysis have given us the unique ability to evaluate and compare the finest insurance providers in Canada, providing you with a list of the greatest providers to compare term life plans and policies available in the category.

Before we start, just note that Emma offers the fastest & cheapest life insurance in Canada. In fact, you can get approved in less than 5 minutes and get your life insurance within 20 minutes!

Interested? Get your free quote right now

The best life insurance in Canada in 2022

top 10 best life insurance canada
  • Best term life insurance for lowest prices: Emma Life Insurance
  • Best term life insurance for financial capabilities: Canada Life
  • Best term life insurance for financial safety: Desjardins
  • Best term life insurance for customization: Empire Life
  • Best term life insurance for providing back: Foresters Financial
  • Best term life insurance for fast options: Emma Life Insurance
  • Best term life insurance for stretchability: iA
  • Best term life insurance for digital heads: Manulife
  • Best value for money life insurance: RBC Insurance
  • Best term life insurance for combination coverage: SSQ
  • Best term life insurance for physical purchase: Sun Life

Best Insurance for Affordability: BMO Insurance

BMO Insurance's term life insurance is a fantastic choice for individuals, couples, and company owners. It can cover mortgages as well as other debts such as funeral costs. It may also be used to protect businesses and their key employees by providing insurance coverage for final expenses such as funerals and dependents

Pros:
  • Value for money pricing
  • There are several term life insurance plans to choose from
  • 10-year policyholders can upgrade to longer duration coverage (15, 20, 25, and 30 year coverages)
  • Advance of term life insurance coverage amount for policyholders who need financial assistance while dealing with a terminal illness through a Compassionate benefit program
  • Permanent life insurance policies are available as alternatives
  • Electronic contract delivery
  • discount for multi-policy
  • Top 10 biggest insurance company based on annual premium
Cons:
  • There is no online account
  • Only paper policies are available, with no digital alternative
  • Life insurance policy that is not renewable for a longer period of time (Term 25 and Term 30)

Best Insurance for Financial Strength: Canada Life

Canada Life is a member of the Power Financial Corporation group of companies, which includes the Great-West Life Assurance Company. Canada Life, with $396 billion in assets and an A+ financial strength rating from A.M. Best, is one of the most stable life insurers in the country.

Canada Life was the first domestic life insurance firm in Canada, having been founded in 1847. The company's large capitalization and a range of insurance products make it an appealing option to millions of Canadian life insurance consumers and companies.

Term life insurance is available through the firm's insurance offerings, which include a range of term life insurance policies that can be tailored to meet customers' specific requirements and financial positions.

Canada Life offers a variety of term life insurance plans, including level premium convertible term policies, fixed-term non-renewable coverage, and optional extra policy riders to meet your unique needs.

Pros
  • Choose a term length of 5 to 50 years for your customer
  • Single and joint coverages are available to riders
  • Can be converted into a permanent Canada Life insurance policy
Cons
  • A minimum of $100,000 in coverage or $500 per year in premiums is required.
  • You can access your online account through the My Digital ID app on Android and iOS devices

Best Insurance for Stability: Desjardins Insurance

Desjardins is one of Canada's major banks, and it has frequently been named one of the world's 50 safest banks and financiers.

To cover immediate demands like lifestyle protection, mortgage coverage, or educating your kids, you may choose from a few term life plans offered by Desjardins. According to industry norms, the product offers a number of advantages and qualities that are anticipated.

Pros:
  • Offers a variety of add-on riders and services, allowing you to tailor your basic life coverage to meet your specific needs
  • You may get complete protection through one provider with a robust range of critical illness coverage, disability insurance, and permanent life insurance coverage
  • It's not unusual for one policy to cover the entire family
  • Ability to transform shorter-term items into longer-term ones
  • Offers discounts on several policies; if you take out several policies during the term of coverage, you may save a significant amount of money
  • You have online access
Cons:
  • There are only four predetermined alternatives to choose from, which is a limited-term plan
  • Competition alternatives are available at a lower life insurance cost
  • By default, the firm offers paper policies, but digital copies are available from your advisor

Best Insurance for Personalization: Empire Life

The Solution series of term life insurance from Empire Life Insurance provides 10, 20, and 30-year term life insurance protection for a permanent product up to 100. The Solution series features adaptable and cost-effective coverage that is available on renewal up to age 100.

As opposed to a multi-year insurance policy, Empire Life gives yearly renewable terms (ART), which means your life insurance coverage will renew every year rather than continuing for several years.

Empire Life Insurance term life insurance offers a wide range of options to choose from, allowing you to customize the coverage to fit your own unique requirements.

Pros:
  • Provides users with some of the most range of coverage alternatives available in Canada
  • The ability to exchange shorter period policies (annually renewable and 10 years) for longer Empire Life term insurance (20-year and 30-year coverage choices)
  • Instant approval possible
  • Electronic contract delivery is possible
  • Premiums are extremely competitive
  • Comprehensive offering of insurance riders
  • Cash values are available under the Solution 100 policy (rather unique for term policies)
  • Online account access
Cons:
  • Options with limited durations
  • $499,999 is the highest annual renewable coverage level

Best Insurance for Families: Equitable Life

One of Canada's biggest mutual companies is Equitable Life of Canada. The firm offers a variety of low life insurance cost solutions in both term and permanent life insurance markets. There are several types of life insurance plans that provide coverage for different purposes, such as basic protection for families' financial security to business protection for small and large companies. For simple term life insurance, the firm provides 10-, 20-year, and age 65 coverage.

They also combine single and multi-life insurance into the same policy, allowing family members to benefit from coverage within the same contract while paying less for their policy premiums.

The ‘Equal’ product range from Equitable allows you to mix and match multiple term options into a single life plan that permits "laddering," or the ability to pay for coverage only as needed.

Pros:
  • Other riders that may be added to your policy. They cover expenses like lab tests, anesthetics, and therapy sessions
  • Even if you have a short-term life insurance plan, it could convert into a comprehensive range of long-term plans offered by Equitable
  • Preferred clients qualify for EquiLiving critical illness insurance immediately
  • By combining a child term rider, you may build a family plan
  • Access to an online account
Cons:
  • Only limited terms are available
  • The only difference between this program and the standard policy is that it doesn't contain an electronic policy
  • A variety of rates are available for middle-range policies.
  • Limited term offerings

Best Insurance for Giving Back: Foresters Financial

The term "term life insurance" implies that it is a pure term insurance policy. It is renewable and convertible to their permanent life insurance policies without having to go through additional medical underwriting, as the name indicates. If you choose to exchange a fixed-term policy for another fixed-term policy with a longer term, the insurer will pay out any premiums owing on your existing policy. This is an excellent solution for managing changing financial demands, as well as optional riders for children's life insurance, accidental death benefit, waiver of monthly premiums, and extended term insurance.

Pros:
  • Many coverage terms are available.
  • Convertible into Foresters' suite of permanent life insurance policies, which include both participating and non-participating options
  • Unique community membership benefits
Cons:
  • Term products costs more than some comparable industry products
  • Policy information is not accessible online
  • Paper policy only, no digital

Best Insurance for Quick Issue Options: Humania

Humania's best-selling HuGo Life Insurance plan, 'Humania' , aims to receive your application as swiftly as possible with the fewest criteria necessary. The product is web-based and paper-free.

In under 45 minutes, most policies are insured (more than 65% of all policies) with many completed in 15 minutes or less. HuGo is available for multiple terms, up to a maximum of 30 years. A fixed premium term policy is also available for up to age 80 and a conversion term option of up to 100 years old.

Pros:
  • Term insurance options pricing competitive
  • There are a variety of coverage options accessible
  • Ability to extend coverage over time
  • Simplified and rapid fulfillment choices are accessible
  • Digital or e-policies – a rare Canadian life insurer that offers a digital policy
  • For individuals with mild to severe heath issues who cannot use or want to avoid conventional medications, non-medical products are available
  • For individuals with standard health, automatic approval for critical illness and debt disability protection is provided
Cons:
  • Better health clients do not have a preferred pricing option, although HuGo products are generally inexpensive when compared to its competitors
  • Conversion available starting at age 65 only
  • There is no way to access the policy specifics online
  • Coverage is limited to age 80 in most instances

Best Insurance for Flexibility: Industrial Alliance

Pick-A-Term is the most unique feature of the Industrial Alliance (iA) term life insurance, which has several customizable choices. It allows customers to create their own coverage period within a range of 10 to 40 years depending on their unique demands and financial circumstances.

Pick-A-Term allows people to link their life insurance coverage with the years they may have outstanding debt or align it with the years of financial support their dependents require.

Pros:
  • Extremely adaptable, allowing you to create your own specific coverage
  • There aren't many examples in the market for this type of option
  • Both level and decreasing options
  • A disability rider is an optional form of insurance that must be paid for on top of your regular car insurance policy. When utilized in conjunction with a dropping coverage choice, it becomes a more intriguing mortgage protection plan
  • Simple and guaranteed services are accessible through Access Life
  • Online access to account
  • The underwriting of our company might be more flexible than that of other insurance providers
Cons:
  • There will be no digital policy for applicants; they'll receive a paper one
  • There may be cheaper alternatives for straightforward term coverage

Best Insurance for Digital Innovation: Manulife

Manulife is Canada's and the planet's largest life insurance company, as well as one of the world's major life insurers. While size does not always imply excellence, Manulife's commitment to leading the charge for digital insurance innovation means their product is also among Canada's finest.

Life insurance from Surfer is available in Canada through a very small group of Canadian life insurers that provide electronic policy delivery. The underwriting procedure at the firm uses predictive analytics to approve up to two million dollars in life insurance each year without the need for medical underwriting.

Pros:
  • Offers a completely electronic, digital fulfillment
  • If the insured is diagnosed with a fatal illness, she or he may be eligible for a cash advance
  • Shorter-term items (Term 10, Term 20) can be exchanged for longer-term solutions (Term 65)
  • Optional feature that allows you to double the duration of your policy up to 5 years after its inception. It's available on some term life plans
Cons:
  • There are also long-time plans available
  • Premium pricing is greater than that of comparable term life insurance products available on the market

Best Value For Money: RBC Insurance

RBC Insurance provides a top-notch term life insurance policy that is both affordable and industry leading. Customers have the option to select different term durations and coverage amounts, allowing them to tailor their coverage to their particular needs.

Pros:
  • Premiums for low-cost term life insurance policies, which are typically one of the most competitive in the business
  • This will give you coverage of up to $25 million in claims
  • Term lengths and coverage amounts are extremely flexible
  • A unique pick-a-term option that allows applicants to define their duration of coverage (or years)
  • A ladder strategy may be structured in a variety of ways (only pay for life insurance coverage you genuinely require and reduce your overall premium cost)
  • Riders: Create your own riders for you or your family members
  • The life policy is renewable throughout the duration of the contract, albeit at a greater premium rate after that period
  • Apply for coverage under $1,000,000 by completing just 10 questions
Cons:
  • RBC Insurance is the most popular choice among applicants in Canada, and it is exclusively available to citizens and permanent residents. These products are not accessible to individuals with temporary residency status such as those with a student or employment visa in Canada
  • You get a paper policy regardless of your choice for a digital policy

Best Insurance For Combo Coverage: SSQ

The most popular term plan for SSQ Life Insurance is the Term Plus product, which combines life coverage with innovative pre-existing condition protections and customizable features that can fully safeguard you against life's biggest hazards. Term Plus is a comprehensive policy that combines health insurance, flexible spending accounts (FSA), dental coverage, and an optional critical or chronic illness plan.

Pros:
  • In the market, no other company offers a built-in Extreme Disability Benefit
  • The addition of options to cover critical illness and monthly disability compensation makes for a comprehensive financial protection plan
  • Accidental death and dismemberment, as well as children's term coverage, are all available options
  • Rates available starting at $250,000
  • Both online services and account access are feasible
Cons:
  • Only a paper policy was available. There was no digital policy to buy
  • Longer approval times for insurance policies

Best Insurance For In-Person Purchase: Sun Life Financial

Sun Life's main products are sold exclusively offline, through face-to-face meetings with their large network of financial advisors and distributors.

Standard features and optional protections are generally comparable to those available on the market, although their premiums may be more expensive.

Pros:
  • Additional perks: Customize the policy with a variety of riders, both for yourself and for other relatives
  • Some competing products can be converted to age 70 or 71, but not all
  • You may tailor the policy into a full set of long-term life insurance options (whole life, universal life), which might be more expensive
  • There are numerous life insurance options to consider, ranging from medical and non-medical life insurance
  • For everyone lawfully residing in Canada, Sun Life Go offers $1 million coverage
Cons:
  • (Only 4) Long-term plans are available
  • You can't pick your own coverage period, unlike other companies
  • The cost of long-term life insurance is considerably greater than similar term life policies
  • No digital policy ; only paper policies
  • The application must be signed with a pen
  • Prior health conditions will be subjected to a more rigorous underwriting procedure

No Recommendation: TD Insurance

TD Insurance's term life insurance policy provides a few alternatives for term life coverage, but there are no distinguishing characteristics strong enough to recommend TD Insurance over their many Canadian rivals.

TD Insurance's life insurance premiums are generally greater than those from other companies.

Personalized or extra features are not accessible, at least not in the same amount as term life insurance.

Pros:
  • Pure term insurance (no medical term) and permanent life insurance are both available through TD Insurance
  • This is the first time Homeowners insurance has given complete coverage for mold damages
  • The company also provides a fast decision of up to $500,000 in coverage, although at greater costs than its competitors
  • Despite this, the company is well-known and has a solid brand name. However, it is a lesser-known life insurance firm
Cons:
  • Term life insurance is offered in a wide range of terms, with the ability to choose from 10 through 20 years. You can only pick between Term 10 and Term 20 term life insurance policies. If your coverage does not meet your needs, you may be required to pick between these two plans or renew your policy after its initial term. This isn't a good approach since renewal costs are significantly higher
  • For the same coverage, TD Insurance's term life policies are considerably more expensive than plans from other top life insurers. In exchange for the TD name, you pay a far greater life insurance premium
  • Convertibility options are limited, as TD Insurance only offers a non-participating whole life product. Most life insurance companies in Canada offer multiple options to convert your coverage into permanent options, including in participating whole life options, to achieve higher growth
  • There are limited riders or optional add-ons to augment coverage. Most insurance companies offer such optional features such as child term riders, guaranteed insurability, critical illness riders, and exchangeability, to help enhance and personalize coverage to your individual needs
  • Max age is 80 years old, which is less than the 85 years or lifetime coverage offered by most life insurance companies.
  • TD Insurance is not rated/accredited by major financial rating and customer service evaluators like AM Best or BBB