Our mission is to empower Canadians to make informed financial decisions. To achieve this, we have an expert editorial team that includes licensed insurance advisors and financial planners. We prioritize the best interests of Canadian families and won't endorse any product, company or financial strategy that we believe isn't suitable. Our educational guides are crafted by in-house experts, like licensed life insurance advisors. Before publication, we subject our research and advice to scrutiny and comprehensive revisions for accuracy and completeness.
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What is the best life insurance in Canada?
There's no one-size-fits-all answer for what is the best life insurance in Canada. It depends on what you're looking for and your situation. That said, here are some quick recommendations:
Best for the hard to insure: Assumption
Best for universal life insurance: BMO
Best for participating life insurance: Canada Life
Best for seniors: CPP
Best for children: Desjardins
Best for smokers: Empire Life
Best for business owners: Ivari
Best for lifelong coverage: Manulife
Best term life insurance: PolicyMe
Runner-up for term life: RBC
Best for estate planning: Sun Life
Methodology: Best life insurance in Canada
To find the best life insurance in Canada, we reviewed life insurance products for each company, following a comprehensive rubric of criteria.
Our analysis pulled from data from WinQuote, an independent life insurance quote comparison service owned by Equisoft. We also looked at policy details, cost, financial stability, ratings from trusted sources like AM Best, Better Business Bureau, Fitch Ratings and customer reviews.
We don’t get compensation for our life insurance reviews.
Video summary: what to consider when choosing life insurance policies
Life insurance advisors Stephanie and Erik walk you through the best life insurance in Canada in this video primer:
Best life insurance company for parents & homeowners
When it comes to homeowners and parents especially, we know you are juggling lots of financial responsibilities all at once. We picked the following companies because they are known for their low and affordable rates and easy application process. The best companies for parents and homeowners are:
PolicyMe
Beneva
RBC Insurance
Wawanesa Insurance
Best term life insurance overall: PolicyMe
Company profile: PolicyMe is an online insurance solution based in Toronto, ON. Founded in 2018, PolicyMe secured $18M in Series A funding. They added critical illness insurance in 2022 and now have $5B in coverage in force across Canada.
PolicyMe customer review: "Very easy way to shop and apply for life insurance. PolicyMe got me a way cheaper policy than I had before. [...] I was very impressed and highly recommend them."– Customer on Google
Pros and cons of PolicyMe
Pros:
Same quality coverage + fewer operating costs = you benefit from the savings.
10% discount for couples in the first year when they apply together.
Free $10,000 in child coverage for every policy.
$100,000 to $5M in coverage.
Online applications take 20 minutes or less, on average. Instant decision on your application.
Backed by Securian Canada, an industry leader in insurance. Policies are underwritten by Canadian Premier Life Insurance Company (A.M. Best Financial Strength Rating of A).
Expert Canadian advisors who don’t upsell, pressure or oversell.
Policies can be extended or upgraded within the first five years.
Cons:
No first-to-die or last-to-die policies for joint life insurance.
Online only, no brick-and-mortar locations.
Best for decreasing term coverage: Beneva
Company profile: Beneva is a newer insurer coming from the merger of SSQ and La Capitale in December 2022. It is the largest mutual insurance company in Canada with 3.5M clients and members.
Pros and cons of Beneva
Pros:
Offers an Extreme Disability Benefit for free with select policies. You can get 50 per cent of the death benefit up to a maximum of $250,000.
Competitive on term life prices, less competitive on whole life.
Their decreasing term coverage option means you get less coverage, but it doesn't appear as if your premiums decrease too.
Many optional riders you can add to your policy (for a fee) such as critical illness insurance, a child rider and an accidental death rider.
Cons:
Being locked into decreasing term coverage means you can't access your full coverage if your circumstances change.
Most standard term policies let you decrease your coverage, and monthly price, at any time anyway.
40 year term option is probably excessive. If you need coverage for that long, you probably need a permanent policy instead.
Company profile: The Royal Bank of Canada (RBC) was founded in 1864 in Halifax, Nova Scotia and is the largest bank in Canada by revenue. They have an A.M. Best financial strength rating of A+.
Pros and cons of RBC
Pros:
Their T100 product is good value for the money, if you want a permanent life insurance policy. Prices are especially good for coverage over $500,000 and for those age 40 and up.
Get up to $25M in coverage from several of their term and permanent policies.
RBC has a Buy Sell business life insurance policy specifically for business owners.
Competitive prices for term life insurance in Canada.
Cons:
If you answer "yes" to any medical questions in RBC's online portal, you'll need to continue your application over the phone.
InsurEye reviews mention difficulty getting in touch with agents to cancel a policy or to process a claim.
If you're a smoker, you'll be rated even higher than if you applied elsewhere.
Second runner up for best term life insurance: Wawanesa
Company profile: Founded in 1896, Wawanesa is one of the oldest insurers in Canada. Headquartered in Manitoba, they are licensed to sell life insurance in all provinces. Wawanesa has a financial strength rating of A- (Excellent) from A.M. Best.
Pros and cons of Wawanesa
Pros:
Wawanesa has a large range of term lengths, from 10 to 30 years, and lifetime terms to age 80 and 100. Wawanesa is one of very few providers who sells T80.
Their Lifetime Term to Age 80 plan has premiums that stay the same (level) to age 80, with renewal possible to age 100.
No fluids required for ages 18 to 45, up to $1,000,000 in coverage. No fluids required for ages 18 to 50 and up to $499,999 in coverage.
Cons:
It may be challenging for individuals with pre-existing health conditions to get approved at their lower prices.
A T80 or 100 plan will likely cost you hundreds, not dozens of dollars per month. Also, you probably either want a term plan that ends at retirement, or a permanent policy, not a T80.
If you're going through an independent advisor (broker), many don't carry Wawanesa.
When it comes to estate planning, choosing the best life insurance company is crucial for ensuring your assets are efficiently passed on to your beneficiaries. Here are the top life insurance companies in Canada for estate planning:
BMO Insurance
Canada Life
Manulife
Sun Life
UV Insurance
Best for universal life insurance: BMO
Company profile: BMO is a multinational investment bank founded in Montreal, Quebec, operating in Toronto. In 2022, BMO announced it was working to close a $16.3B USD deal to buy California's Bank of the West.
Pros and cons of BMO
Pros:
BMO's Life Dimensions universal life insurance product has over 400 mutual fund-linked investment options from leading money managers.
BMO's LifeProvider universal life insurance product is easier to manage, but you may want a whole life policy in that case. Compare prices and features with their whole life products.
Exclusive joint-last-to-die feature called the Special Death Benefit that pays on the first death, too. Add it to your universal or whole life policy.
Whole and universal life coverage available up to $20M, which is more than average.
Cons:
Folks aged 16 to 50 can get coverage up to $2M with no medical exam, but they must do a tele-interview.
You can only apply over the phone. BMO says it can take as little as 15 minutes.
No special perks with their term product and their prices aren't very competitive, at least for the ages and term lengths we checked.
Company profile: Canada Life is Canada's second largest insurer with a financial strength rating of A+ and $220B in assets. Canada Life was founded in 1846 and is headquartered in Toronto. Great-West Life acquired Canada Life in 2003.
Pros and cons of Canada Life
Pros:
Large range of term lengths: five to 50 years, though you likely don't want more than 20 year terms except in specific cases.
They offer term and permanent life insurance specifically for business owners.
Largest open participating (par) fund in Canada, at over $50B as of 2023. Business owners may want to withdraw from accumulated cash value on a policy.
Canada Life My Term™ renews at the end of your term on a yearly basis, at a lower initial rate than other term products in Canada.
Cons:
Dividend scale for participating whole life is not currently the highest in Canada at 5 percent (as of 2023). Sun Life is at 6.25 per cent.
Phone wait times and claim processing times are the subject of most complaints on Insureye about all Canada Life products.
Must get your quote and apply through an advisor.
It can take six to 10 weeks for applications to be approved.
Company profile: Founded in 1887, Manulife is one of the biggest life insurance companies in Canada, with $200B in assets. Manulife made $31.6 billion in customer payments between 2020 and 2021. The company has an A+ financial strength rating from S&P as of 2022.
Pros and cons of Manulife
Pros:
One of the most experienced insurers in terms of participating whole life insurance.
Two whole life insurance options: Manulife Par aand Performax Gold®. Two universal life options.
Single life or joint last-to-die (couples) coverage options.
Applications can be fast-tracked if no risks, like pre-existing conditions, are flagged. Otherwise, you're looking at possibly six weeks and up for a decision.
Manulife Vitality is a lifestyle program that can give you five to 10 per cent off your premiums for making healthy choices.
Synergy is a unique policy that combines life, critical illness and disability insurance.
Cons:
Customers complain on Insureye about the processing time for claims; some customers have to wait before receiving a payout.
Some customers have flagged that it's hard to get a hold of customer service and that when you do, you can be transferred many times.
Synergy product isn't very flexible and only offers coverage up to $500,000. You can't buy it from Manulife directly, only via a broker.
Best whole life insurance for cash value: Sun Life
Company profile: Sun Life is a financial services company, founded 150 years ago. They are the third largest insurer in Canada and are known for its individual insurance products and group benefits. They have a financial strength rating of A+.
Pros and cons of Sun Life
Pros:
Sun Life has very experienced advisors, some with 30+ years of experience.
Three participating life insurance products that allow you to grow cash value and dividends.
Highest dividend scale in Canada at 6.25 per cent (for participating life insurance).
Single and joint participating policies are available.
Variety of investment funds to choose from for universal life insurance, including their own, so you can find the best-performing fund with the lowest fees.
Cons:
Their premiums tend to be more expensive than their competitors.
Their funds are expensive, and their investment options are limited based on their available funds. ETFs tend to be their most cost-effective option.
Check their MERs (management fees) against other providers.
Best for simplified & guaranteed life insurance: UV Insurance
Company profile: UV Insurance has been in business for over 130 years. It's based out of Drummondville, Quebec. UV offers both individual and group life insurance. It is a mutual insurance company (like Foresters) which means that it is owned by its policyholders, kind of like a co-operative.
Pros and cons of UV Insurance
Pros:
$15 multi-contract discount, plus refunds of up to $100 when a family member buys another UV insurance contract within 12 months.
No blood samples or health exam needed for up to $500,000 in term life and $150,000 in permanent life insurance coverage.
Their Whole Life High Values policy lets you access the policy's cash value after 10 years, but only if you're 65 or older. Otherwise you have to wait 20 years. The prices look competitive, but do your own research too.
Cons:
Only available in Quebec, Ontario and New Brunswick.
Prices for their simplified whole life pay policies appear to come out behind CPP, IA Financial and Beneva.
Best life insurance policy for business owners & the self-employed
When it comes to finding the best life insurance policy for business owners and the self-employed, it’s crucial to choose a provider that understands your unique financial needs.
Best for joint policies for business owners: Ivari
Company profile: Ivari is a life insurance company headquartered in Toronto. It serves about 700,000 policyholders, according to Advisor’s Edge. It was acquired by Barbados-based Sagicor Financial Company in 2022, causing AM Best to downgrade its Financial Strength rating from A+ (Superior) to A (Excellent).
Pros and cons of ivari
Pros:
Option to add up to five people on one joint policy, with first-to-die and last-to-die options.
Their business insurance covers multiple people and includes a severance option and flexibility to change the plan as your business does.
Term30 plan lets you decrease your coverage and stop paying premiums around year 15 to 20 of your policy.
Cons:
Can only choose a 10, 20 or 30-year term (nothing in between).
Cannot get a quote or apply online, must contact an advisor via phone.
Ivari’s only permanent offering is universal life insurance.
Does not accept credit cards for premium payments.
Best life insurance company for seniors
Finding the right life insurance as a senior can be challenging, but we’ve rounded up the best option to help you make an informed decision.
Best life insurance for seniors & no medical: Canada Protection Plan
Company profile: Canada Protection Plan (CPP) is a leading provider of no medical and simplified issue life insurance. In 2020, CPP merged with Foresters. CPP is an accredited Better Business Bureau member with an A+ rating. CPP says their claims paid rate is 98%.
Pros and cons of Canada Protection Plan
Pros:
CPP’s simplified issue or guaranteed issue life insurance products don't need a medical exam to qualify.
CPP’s simplified issue or guaranteed issue life insurance products don't need a medical exam to qualify.
Express Elite Term product lets select Canadians get up to $500,000 in coverage with no medical exams, all within a few days.
Known for fast processing times, with some applicants receiving approval within 24 hours.
Cons:
CPP’s policies for those with health risks are much more expensive than traditional term life insurance.
Coverage is offered up until age 80, which is lower than some competitors that go up to age 85.
Some plans are deferred by two years, meaning no death benefit if you pass away within that period.
Best life insurance policy for those with health issues
Those with health issues often find it challenging to get life insurance due to the increased risk they pose to insurance companies. As a result, insurance companies may either deny coverage or offer policies at significantly higher premiums to compensate.
Our top companies for those with health issues are:
Assumption Life Insurance
CIBC
Runner-up for no medical coverage: Assumption Life Insurance
Company profile: Assumption Life is a Canadian insurance and asset management company. In 2021, credit rating agency A.M. Best gave Assumption Life an A- (excellent) rating for the 22nd consecutive year.
Pros and cons of Assumption Life
Pros:
Competitive pricing for no medical life insurance.
Policies with no medical exam or blood tests.
FlexTerm lets you get up to $999,999 in coverage without a medical exam (up to age 45).
Term, permanent and participating no medical policies.
Holders of study permits and work permits can qualify.
Optional riders like critical illness and long-term disability.
Cons:
Can get a quote and apply online but only via an agent, not on Assumption's website.
Term renewals are in 20-year increments instead of yearly or 5-year premium increases.
No medical options are pricier than a traditional life insurance policy.
Company profile: The Canadian Imperial Bank of Canada (CIBC) is a bank founded in the 1960s in Toronto. CIBC has a strong business profile according to the rating agency Fitch Ratings. CIBC is the fifth largest bank in Canada by loans, deposits and market capitalization.
Pros and cons of CIBC
Pros:
CIBC offers guaranteed acceptance life insurance, term life insurance and critical illness insurance, making it a good option for cancer survivors.
Option to get 50 per cent of your coverage amount up to $250,000 if you’re diagnosed with a terminal illness and have less than 12 months to live.
Add spousal coverage to Guaranteed Acceptance Life Insurance up to $25,000.
Cons:
Only 10 and 20 year terms are available for their term product; usually you can get up to 30 years.
Guaranteed acceptance life insurance is very expensive. Apply for a no medical policy first at a company like Canada Protection Plan (CPP).
Guaranteed Acceptance Life Insurance offers coverage up to $25,000, which is lower than CPP’s offering of $50,000.
Company profile: Empire Life is a Canadian life insurance company that was founded in the 1920s. They offer a range of financial products, including life, critical illness insurance and investment options.
Empire Life customer review: "The service was fast and courteous; zero problems on my claims."– Customer on Google Reviews
Pros and cons of Empire Life
Pros:
Preferred smoker rates for those with above average health and a lower risk lifestyle, but only for those who buy over $1M in term coverage.
Marijuana use may be considered with non-smoker rates.
Get up to $10,000,000 in coverage, which is more than the average.
Cons:
Must provide fluid tests to qualify for Preferred smoker status.
Reports say that their agents encourage people to buy permanent policies over term.
Premium rates are just mid-range when compared to other companies.
Runner-up for best life insurance for smokers: iA Financial
Company profile: Founded in 1892, iA Financial Group is one of Canada's largest insurance and wealth management groups, with operations in the United States. It's based in Quebec City.
Pros and cons of iA Financial
Pros:
More lenient high and weight requirements. A 5'8" person at 270 pounds gets standard rates, whereas you'd have to pay a lot more with another provider.
iA tends to have the second best rates for smokers compared to other life insurance companies in Canada. Prices can flucutate.
Their Access Life term and permanent life insurance product doesn't require a medical exam, with coverage up to $500,000. This product might benefit a smoker with pre-existing conditions.
They have a good universal loan policy which can cover your mortgage or other loans if you become disabled. Buy your life insurance at iA or elsewhere, then get this product, too if you need it.
Cons:
iA still says that life insurance costs are around 35 to 50 per cent higher for smokers than for non-smokers.
Can’t get your policy online.
Policies are not competitively priced if you are a non-smoking, relatively healthy applicant, compared to other providers.
Best whole life insurance for children: Desjardins
Company profile: Founded in Quebec in 1900, Desjardins is the largest federation of credit unions in North America. Desjardins is often listed as one of the world’s top 50 safest banks and financiers.
Pros and cons of Desjardins
Pros:
Desjardins' Whole Life Guaranteed to 100 policy has a fixed lifetime premium and guaranteed cash surrender values available as of the fifth year.
A number of riders such as children’s accidental fracture and guaranteed insurability can be added on, for a fee.
Desjardins has a strong brick-and-mortar presence in Ontario and Quebec, in both cities and smaller towns.
Cons:
Sun Life has a higher interest rate (DSIR) at 6.25 per cent on whole life plans compared to Desjardins' 5.75 per cent, but Sun Life's premiums start way higher.
A Children’s Life Protection policy that can be converted into a permanent plan, though coverage only goes up to $20,000.
Desjardins’ presence outside Ontario and Quebec is limited.
Best for wealth transfer to children: Equitable Life
Company profile: Founded in 1920, Equitable Life is one of Canada's largest mutual life insurance companies. A mutual company is owned by participating policyholders—meaning you become a shareholder, have voting rights and are eligible for dividends.
Pros and cons of Equitable Life
Pros:
Equimax for Children can be paid off in 20 years.
Cash value built up from a Equimax plan can be withdrawn or borrowed against to fund a child's education.
Equimax for Children allows for additional deposits to maximize tax-advantaged growth.
Cons:
Some InsurEye reviews complain of poor communication and misunderstandings with the company.
Must work with a broker to get Equitable life insurance. You can't buy directly or get a quote on their website.
Participating policies can cost more than non-participating whole life insurance, and there's more risk.
Second runner-up for best life insurance for children: Foresters Financial
Company profile: Foresters Financial is a 150-year-old insurance company based in Toronto. They merged with CPP in 2020. Foresters is a fraternal benefit society, meaning you get benefits with your insurance policy. Their BBB rating is A+ (Excellent).
Pros and cons of Foresters Financial
Pros:
Built-in insurance for kids in their whole life product.
Term life prices are 10 per cent lower for coverage over $500,000 from May 1 to October 31, 2023.
Smokers can get lower rates for the first two years on whole life plans as part of their Quit Smoking Incentive Plan.
Lots of options for couples: joint policies and spousal term riders.
For those age 50+, pricing for whole life plans is fairly competitive.
Cons:
No way to get a life insurance quote online.
Need to find an advisor before applying for one of their policies.
Best life insurance policy provider for short-term needs
Sometimes we don't need coverage for a long period of time. Especially if we are in particularly tough financial spot. In those cases we recommend the following companies for short-term coverage:
Co-operators Life Insurance
CUMIS Insurance
ScotiaLife
Best for short-term life insurance with low coverage: Co-operators
Company profile: Co-operators is a Canadian insurance and financial services cooperative that provide a wide range of insurance products, investment solutions and advisory services.
Pros and cons of Co-operators
Pros:
Get insured in minutes online with Term Life 1, their yearly renewable term life insurance. Best to cover short-term risks, like business loans.
Get up to $475,000 in coverage from Term Life 1, or as little as $50,000.
Versatile Term lets you convert to a variety of permanent plans including whole and universal life insurance.
Cons:
Yearly renewable product only available to those 18 to 49 years old.
Their term ife insurance prices are not very competitive.
Best life insurance for credit union members: CUMIS
Company profile: CUMIS (credit union members insurance society) is a leading insurance provider specializing in the credit union and cooperative sector. They've been in business for over 80 years and work with 230 credit unions and over five million members. CUMIS whole life policies are backed by Co-operators Life Insurance Company.
Pros and cons of CUMIS life insurance
Pros:
A variety of add-ons available including disability and critical illness insurance riders (for an extra fee).
Get up to $10 million in coverage.
A wide variety of life insurance products from term to whole to universal as well as children's coverage.
Preferred rates for eligible Canadians.
Cons:
Only available through credit unions and cooperatives.
Not many life insurance products on offer, especially compared to larger insurers.
Term life insurance prices come in around the middle of the pack of its competitors.
Company profile: The Bank of Nova Scotia (Scotiabank) is the third-largest bank in Canada (by deposits and market capitalization). Scotia Insurance is Scotiabank's insurance arm. Their term life insurance is actually underwritten (risk assessed) and issued by Empire Life.
Pros and cons of Scotia life insurance
Pros:
Get up to $10,000 in free accidental death insurance if you're a Scotiabank customer.
Apply online for Term 10 and 20 life insurance, with no medical exam with coverage up to $1 million.
Convert to permanent life insurance up to age 75.
Highest dividend scale in Canada at 6.25 per cent (for participating life insurance).
Get as little as $10,000 in coverage, or as much as $10 million.
Term life insurance rates are very competitive.
Cons:
The free accidental death insurance is $5,000 per spouse, and you must be a Canadian resident.
Must speak to an advisor to get Scotia Term 10, 15, 20, 25 of 30, with coverage up to $10 million.
Must be a Scotiabank customer to buy their life insurance.
Read customer reviews for these life insurance companies on Google, Trustpilot, InsurEye, etc.
Check insurance company ratings in Canada: the Better Business Bureau is a good place to start.
Get life insurance quotes from these companies from their websites or through a licensed financial professional
Select the policy that works for you in terms of both price and features.
How much life insurance do I need?
The Government of Canada recommends getting 7-10 times your income in life insurance coverage (example: If you earn $60,000 annually, aim for $420,000-$600,000 in coverage).
This number is a starting place; it may leave you overinsured or underinsured. Your specific needs should consider your financial obligations, future expenses and existing resources.
Life insurance is a safety net for your loved ones, offering financial protection and peace of mind. This is why getting coverage is a smart move for many Canadians.
On the other hand, here's a look at who probably doesn't need life insurance: retirees, individuals with ample savings and young, single individuals.
The bottom line? It's essential to consider your unique situation. Talking to a financial advisor can help you decide what's best for you.
Who is the number one life insurance company in Canada?
Manulife could be considered the number one life insurance company in Canada, as it's the largest life insurance company in Canada. Based in Toronto, Ontario, Manulife operates in Asia and Europe, as well as in Canada and the United States. The company was established in 1887 and brings in more than $60B in revenue.
Who is the most trusted life insurance company?
When it comes to finding the most trusted life insurance company in Canada, many Canadians turn to Manulife, Sun Life, and Canada Life. These companies have been around for decades and have built strong reputations based on their reliable customer service, comprehensive coverage options, and financial stability. They’re known for offering a wide range of policies that cater to various needs, from term life to permanent life insurance, ensuring that Canadians can find a policy that fits their specific requirements.
However, if you're looking for a modern approach, PolicyMe is making waves in the industry by simplifying the process. PolicyMe offers a fully online application process that's quick and straightforward, helping you get a quote and apply for term life insurance in under 20 minutes. With transparent pricing and no hidden fees, PolicyMe aims to make life insurance more accessible and affordable for Canadian families. Whether you prefer the traditional route or a tech-driven solution, there's a trusted option out there for you.
Is it worth buying life insurance in Canada?
Yes, buying life insurance in Canada is definitely worth considering. Life insurance acts as a financial safety net for your loved ones, ensuring they're supported if you're no longer around to provide for them. The peace of mind knowing that your family's mortgage, education, and daily living expenses will be covered can be invaluable. Additionally, in Canada, life insurance payouts are typically tax-free, providing your beneficiaries with full access to the policy benefits.
Beyond the financial benefits, modern life insurance policies, like those offered by PolicyMe, make the process easy and affordable. You can get a quote and apply online in just 20 minutes, and many Canadians get approved without needing a medical exam. This streamlined process removes much of the hassle and red tape traditionally associated with buying life insurance, making it a practical choice for busy families looking to secure their financial future.
How does life insurance work in Canada?
Life insurance is designed for those with financial dependents, like young kids or a partner, though some use it as an investment vehicle or for estate planning.
In a nutshell, life insurance is an agreement with an insurer. Here's how it works:
You pay a monthly or yearly fee for coverage.
If you pass while the policy is active, the insurer pays a tax-free lump sum (death benefit) to your beneficiaries.
This money helps them cover things like bills and secure their financial future.
Where is the best place to buy life insurance in Canada?
You can buy life insurance in Canada through a licensed broker (online or not) or directly through an insurance company or through an online life insurance solution. Good to know: whether you go with a broker or you go direct, you'll get the same rates.
You can reach out to the bank for a quote, but do your research online, compare insurance company ratings on Better Business Bureau and compare prices.
With PolicyMe, you can buy life insurance online directly or speak to our expert advisors.
Benefits of term life insurance: you need coverage for a temporary period (ex: while paying off debt, while the kids are young), so you never pay for something that you don't need.
Benefits of whole life insurance: you have a high net worth and are looking for some of the tax-deferred benefits of a life insurance payout.
Benefits of universal life insurance: you're within a high tax bracket and have maxed out your TFSA and RRSP investments. And you want to decide where the investment portion of your premiums go.
Benefits of no medical life insurance: you've been denied by a traditional life insurance provider and must use this policy as a plan B, as a traditional policy is often more affordable.
Term is recommended as the best type of life insurance for most Canadians because it covers you for the years you need it the most.
Next steps: ready to start looking for life insurance?
Sources:
Assumption Life reports best results ever. Insurance Portal. https://insurance-portal.ca/life/assumption-life-reports-best-results-ever/
Canadian Health and Life Insurance Facts. CHLIA-ACCAP. clhia.uberflip.com/i/1478447-canadian-life-and-health-insurance-facts-2022-edition
Canadian Imperial Bank of Commerce (CIBC). Fitch Ratings. https://www.fitchratings.com/research/banks/
Celebrating the Reader’s Digest 2023 Trusted Brand™ Winners as Voted by Canadians! Readers Digest. https://www.readersdigest.ca/trusted-brands/trusted-brand-winners/
Foresters, Canada Protection Plan amalgamate. Investment Executive. https://www.investmentexecutive.com/news
Harriss, S. (n.d.). 82-year-old great-grandmother takes on BMO for suspect life insurance advice. CBC News. https://www.cbc.ca/news/business/ella-beck-bmo-life-insurance-1.4532351
Life Insurance. Financial Consumer Agency. https://www.life insurance canada.ca/en/financial-consumer-agency/services/insurance/life.html
Nova Scotia widow blasts bank for denied life insurance claim. CTV News. https://atlantic.ctvnews.ca/nova-scotia-widow-blasts-bank-for-denied-life-insurance-claim-1.5816170
Revealed – Canada's 10 largest life insurance providers. Insurance Business. https://www.insurancebusinessmag.com/ca/news
Sagicor buys insurer Ivari for $325 million. Advisor's Edge. https://www.advisor.ca/insurance/life/sagicor-buys-insurer-ivari-for-325-million/
S. O. Canadian insurance company denies death claim, says form was inaccurate. Global News. https://globalnews.ca/news/9088188/ivari-insurance-company-denies-death-claim/
Sun Life Financial. Forbes. https://www.forbes.com/companies/sun-life-financial/
More reviews of Canadian life insurance companies:
At PolicyMe, we are dedicated to providing unbiased ratings and information to our readers. We don't earn commission from the life insurance companies we review, nor are we compensated in any way. To understand our evaluation process, please refer to our methodology for the ratings below, as well as our editorial guidelines. While we strive for accuracy, the dynamic nature of the life insurance industry may mean there are changes to policies, companies, or otherwise that are not yet reflected in this post.
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