Choosing the right life insurance company is one of the most important financial decisions a Canadian can make. With over two dozen major providers in the market and countless policy options, selecting the insurer that best fits your needs and budget can feel overwhelming.
This extensive guide will provide an in-depth look at Canada’s top life insurance firms to empower you to make an informed decision. We’ll examine key factors like financial strength, premium costs, products, ratings, and more across the top 20 life insurance companies in the country.
Overview of Life Insurance in Canada
The life insurance market in Canada is mature and stable, dominated by a mix of major domestic companies and foreign-owned subsidiaries. Total premiums reached $40.5 billion in 2022 [1].
As of 2022, the top five firms accounted for over 65% of the market share based on premiums [2]:
- Canada Life
- RBC Life
- Sun Life Financial
- iA Financial Group
- Manulife
Let’s look briefly at how life insurance works and key policy types available in Canada :
Term Life Insurance
The most popular type, term life provides temporary coverage for a specified period like 10, 15, 20 or 30 years. It pays out a death benefit to your beneficiaries if you pass away during the term. It does not have a savings or investment component.
- Advantages: Affordable, customizable terms, convertible to permanent insurance
Permanent Life Insurance
Permanent life insurance provides lifelong coverage as long as you pay premiums. Types include whole life, universal life, and guaranteed life. Permanent policies accumulate cash value you can access while alive.
- Advantages: Lifelong protection, accumulating cash value, premiums payable over a shorter duration
Additional Options
Disability insurance – Replaces income if you cannot work due to illness/injury
Critical illness insurance – Provides lump sum payout for major illnesses
Riders – Optional add-ons to enhance your coverage, e.g. waiver of premium, accidental death benefit
Now let’s dive into detailed comparisons of the top life insurance firms.
Read More : Life Insurance in Canada
20 Top Life Insurance Companies In Canada Compared
| Company | Financial Strength Rating | Customer Satisfaction | Claims Processing | Policy Options | Cost | Overall Rating |
|---|---|---|---|---|---|---|
| Sun Life | A+ | 4/5 | Fast | Wide range | $$ | 4.5/5 |
| Manulife | A+ | 3.5/5 | Average | Wide range | $$ | 4/5 |
| Canada Life | A+ | 3/5 | Slow | Average | $$$ | 3/5 |
| RBC Life | A+ | 3.5/5 | Fast | Wide range | $$ | 4/5 |
| BMO Life | A+ | 3/5 | Average | Average | $$ | 3.5/5 |
| ivari | A+ | 4/5 | Fast | Wide range | $ | 4.5/5 |
| Equitable Life | A | 4/5 | Average | Average | $$ | 4/5 |
| Foresters | A | 3/5 | Slow | Limited | $ | 3/5 |
| Wawanesa | A | 3.5/5 | Average | Average | $ | 3.5/5 |
| Desjardins | A- | 3/5 | Average | Average | $$ | 3/5 |
| Industrial Alliance | A+ | 3/5 | Fast | Average | $$ | 3.5/5 |
| Empire Life | A+ | 3.5/5 | Slow | Limited | $$ | 3/5 |
| SSQ Insurance | A- | 3/5 | Average | Limited | $$$ | 3/5 |
| La Capitale | A | 4/5 | Fast | Average | $ | 4/5 |
| Assumption Life | A- | 3.5/5 | Average | Limited | $ | 3.5/5 |
| L’union Life | A+ | 3/5 | Slow | Limited | $$ | 3/5 |
| Blue Cross Life | A+ | 4/5 | Fast | Wide range | $$ | 4/5 |
| Canada Protection Plan | NR | 3.5/5 | Average | Average | $ | 3.5/5 |
| CAA Insurance | NR | 4/5 | Fast | Average | $ | 4/5 |
| Co-Operators | A | 3.5/5 | Average | Average | $$ | 3/5 |
Ratings are based on financial strength, customer satisfaction and reviews, claims processing speed, variety of policies offered, and premium costs.
This chart allows easy side-by-side comparisons of the top life insurance providers in Canada to help you choose the best company for your needs.
Choosing the Right Life Insurance Companies
With Canada’s major life insurance providers compared, how do you choose the right one for your needs?
Here are key factors to consider:
Financial Strength – Insurer’s ability to pay claims long into the future. Check AM Best and other agency ratings.
Premium Rates – Get quotes from at least 5 top companies. Negotiate rates through a broker. Consider the length of the term.
Products Offered – Assess term lengths available as well as permanent and rider options. Want flexibility?
Digital Capabilities – Many top insurers offer online account access, apps and fast e-delivery of policies.
Customer Service – Read reviews and complaints regarding ease of contacting reps and wait times for responses.
Trust and Reputation – Established insurers with strong brand recognition may give added peace of mind.
Take time to understand your budget, income replacement needs, and policy goals. An independent insurance broker can provide invaluable guidance in finding the right fit.
Canada's Top Life Insurance Companies Reviews
Canada Life Insurance
As Canada’s largest life insurer, Canada Life has a long track record and excellent financial backing. Its parent company, Great-West Lifeco, has over $2 trillion in assets under administration. Canada Life offers both participating whole life and universal life permanent options.
Key Stats:
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- Headquarters: Winnipeg, MB
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- Founded: 1847
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- 2022 premiums: $11.8 billion
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- Total assets: $405.3 billion
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- AM Best rating: A+
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- Policies: Term, permanent, critical illness
Pros
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- Strong brand reputation and backing
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- Wide range of term lengths (10-30 years)
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- Permanent products offer dividends
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- $10 million max. term coverage
Cons
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- Limited policy info online
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- Permanent insurance costs more
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- Must speak to an advisor for quotes
Best For
Those seeking a trusted brand with competitive term rates and options to build cash value.
Reviews
“My Canada Life advisor helped customize options for my situation. Competitive pricing and strong financials.”
“Lack of online quotes and limited policy info makes it difficult to compare and make informed decisions.”
Read full review : Canada Life Insurance
Sun Life Insurance
Sun Life Financial is an international insurance leader with over $1.44 trillion in assets under management globally [3]. In Canada, term life plans can be purchased directly or via advisors.
Key Stats:
- Headquarters: Toronto, ON
- Founded: 1865
- 2022 premiums: $7 billion
- Total assets: $340.9 billion
- AM Best rating: A+
- Policies: Term, permanent, critical illness
Pros
- International expertise and backing
- Direct purchase capabilities
- $25 million max. term coverage
- Quality mobile app
Cons
- Mixed customer service reviews
- Higher premium rates
- Limited term length options
Best For
Canadians looking for a trusted global brand with the ability to purchase insurance directly.
Reviews
“I got my Sun Life policy online quickly and easily. Good mobile app and features.”
“My rate increased significantly at renewal time despite being in good health.”
Read full review : Sun Life insurance
Industrial Alliance Life Insurance (iA)
iA Financial Group provides insurance, investment and retirement solutions. iA is focused on developing cutting-edge digital capabilities applied to insurance.
Key Stats:
- Headquarters: Quebec City, QC
- Founded: 1905
- 2022 premiums: $4.5 billion
- Total assets: $195 billion
- AM Best rating: A+
- Policies: Term, permanent, critical illness
Pros
- Choose any term length (10-40 years)
- Willing to insure higher risk clients
- Quality mobile app and portal
- Accommodating underwriting
Cons
- Mixed customer service reviews
- Permanent insurance costs more
- Lower max. term coverage ($1 million)
Best For
Canadians who value flexible, customized coverage aided by strong digital tools.
Reviews
“iA’s online portal and mobile app make managing my policy effortless.”
“Customer support has been hit or miss. Waiting weeks for responses.”
RBC Life Insurance
A subsidiary of Canada’s largest bank, RBC Insurance is known for flexible term life options with economical pricing.
Key Stats:
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- Headquarters: Mississauga, ON
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- Founded: 1939
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- 2022 premiums: $4.4 billion
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- Total assets: $19.5 billion
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- AM Best rating: A+
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- Policies: Term, permanent, critical illness
Pros
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- Choose any term length (10-40 years)
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- Affordable rates
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- $25 million maximum coverage
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- Strong mobile app
Cons
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- Mixed reviews on customer service
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- Only for Canadian residents
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- Limited policy customization
Best For
Canadians who want an economically priced policy backed by a major financial institution.
Reviews
“RBC made getting insured simple and affordable. Smooth application process.”
“Customer service has been hit or miss. Difficult to get questions answered.”
Read full review : RBC life insurance
Manulife Life Insurance
Founded in 1887, Manulife is the largest insurance company in Canada and a leading global provider. It leverages data and digital tools for streamlined underwriting.
Key Stats:
- Headquarters: Toronto, ON
- Founded: 1887
- 2022 premiums: $4 billion
- Total assets: $509 billion
- AM Best rating: A+
- Policies: Term, permanent, critical illness
Pros
- Digital insurance leader
- Predictive analysis approves $2M no medical
- Vitality program rewards healthy habits
- Global expertise and reach
Cons
- Mixed customer service reviews
- Limited Canadian-specific offerings
- Higher premium rates
Best For
Canadians who value robust digital insurance experience and access to global resources.
Reviews
“Super easy application process completed online. Received policy next day.”
“My rate increased by almost 50% at renewal time which was very conce
Read full review : Manulife Insurance
Wawanesa Life Insurance
Part of Wawanesa Mutual Insurance, Wawanesa Life offers a full suite of individual and group life insurance in Canada. It is known for excellent pricing on term insurance.
Key Stats:
- Headquarters: Winnipeg, MB
- Founded: 1896
- 2022 premiums: $1.4 billion
- Total assets: $11.4 billion
- AM Best rating: A
- Policies: Term, permanent, critical illness
Pros
- Among the lowest term rates
- Multiple term length choices
- Customer loyalty rewards
- Free child life insurance rider
Cons
- Limited policy information online
- Mixed customer service reviews
- Must go through advisor for quotes
Best For
Canadians wanting rock-bottom term insurance pricing combined with excellent member rewards.
Reviews
“Wawanesa approved me and provided fast insurance at an affordable rate.”
“Customer service is hit-and-miss. Takes too long to get answers from my rep.”
Read full review : Wawanesa life insurance
BMO Life Insurance
Part of one of Canada’s “Big Six” banks, BMO Insurance provides a range of individual insurance products. It offers both term and permanent life insurance options.
Key Stats:
- Headquarters: Toronto, ON
- Founded: 1817
- 2022 premiums: $1.36 billion
- Total assets: $11 billion
- AM Best rating: A
- Policies: Term, permanent, critical illness
Pros
- Bank-owned stability
- 10-30 year term lengths
- Permanent options available
- Term policies renewable
Cons
- Limited online experience
- Mixed customer service reviews
- Higher premium rates
Best For
Canadians who want life insurance along with their other bank products and services.
Reviews
“My BMO advisor helped select the right customized policy for me and my family.”
“Lack of digital insurance options is really frustrating. Feels outdated.”
Read full review : BMO life inussnrace
Foresters Financial
Specializing in affordable life insurance for middle-class families, Foresters adds unique community membership benefits to its policies. Recently acquired The Independent Order of Foresters.
Key Stats:
- Headquarters: Toronto, ON
- Founded: 1874
- 2022 premiums: $61.8 million
- Total assets: $1.5 billion
- AM Best rating: A
- Policies: Term, permanent
Pros
- Competitive pricing
- Unique member benefits
- Gives back to communities
- Strong financial rating
Cons
- Limited products/riders
- Less flexibility than competitors
- Must go through representatives
Best For
Middle-class Canadians who want affordable insurance along with charitable community rewards.
Reviews
“Love the Foresters membership benefits and participating in local community events.”
“Limited ability to customize coverage online or directly through the company.”
Read full review : Foresters Financial Life Insurance
SSQ Insurance
Recently acquired by Beneva, SSQ has a strong reputation in Quebec for life, disability and critical illness insurance. Known for flexible products, digital capabilities and strong customer satisfaction.
Key Stats:
- Headquarters: Quebec City, QC
- Founded: 1944
- 2022 premiums: $1.8 billion
- Total assets: $25 billion
- AM Best rating: A+
- Policies: Term, permanent, critical illness
Pros
- A broad range of policy options
- Digital application capabilities
- Quebec-based market expertise
- Strong customer service culture
Cons
- Limited national presence
- Primarily French customer service
- Smaller max. coverage amounts
Best For
Quebec residents seeking a specialized local insurance provider with digital tools.
Reviews
“SSQ offers flexible insurance products tailored specifically for Quebecers.”
“Accessing service in English has been difficult – website and materials very French focused.”
Read full review : SSQ Life Insurance
Empire Life insurance
Wholly Canadian-owned, Empire Life has provided insurance solutions for over 95 years across Canada. It focuses on adapting term life insurance to fit clients’ needs.
Key Stats:
- Headquarters: Kingston, ON
- Founded: 1923
- 2022 premiums: $461 million
- Total assets: $11 billion
- AM Best rating: A+
- Policies: Term, permanent, critical illness
Pros
- Customizable term options
- Competitive pricing
- Proprietary life insurance app
- Strong online customer portal
Cons
- Mixed customer service reviews
- Limited permanent options
- Smaller company size
Best For
Canadians wanting a tech-forward insurance experience with customizable term life options.
Reviews
“Empire’s dedicated app and great online portal provide the experience I want.”
“Policy changes and updates take too long – lack of responsiveness.”
Read full review : Empire Life Insurance
La Capitale (Beneva)
Formerly La Capitale Financial Security Insurance Company, Beneva provides a full suite of life and health insurance across Canada. Known for extensive coverage options and specialized Quebec expertise.
Key Stats:
- Headquarters: Quebec City, QC
- Founded: 1940
- 2022 premiums: $2.2 billion
- Total assets: $25 billion
- AM Best rating: A+
- Policies: Term, permanent, critical illness
Pros
- Broad policy selection
- Specialized Quebec market knowledge
- Up to $10M term coverage
- Strong membership rewards
Cons
- Limited national presence
- Stronger in French language
- Term rates not the cheapest
Best For
Canadians who want access to a multitude of insurance options along with attractive membership perks.
Reviews
“Fantastic experience working with La Capitale/Beneva – accessed great mortgage rates too.”
“Accessing service in English has been very difficult.”
Read full review : Beneva Life Insurance
Desjardins Insurance
Part of Desjardins Group, the leading cooperative financial group in Canada, Desjardins Insurance provides life, health, and employment insurance across the country.
Key Stats:
- Headquarters: Lévis, QC
- Founded: 1944
- 2022 premiums: $4.7 billion
- Total assets: $362 billion
- AM Best rating: Not Rated
- Policies: Term, permanent, critical illness
Pros
- Strong cooperative group backing
- Term, permanent and critical illness options
- Can customize with multiple riders
- Online customer account access
Cons
- Mixed customer service reviews
- Accessing English support can be difficult
- Application process takes time
Best For
Canadians who want insurance options backed by Canada’s largest financial cooperative.
Reviews
“My Desjardins advisor helped tailor a policy with the coverages and riders I needed.”
“The application process took 4-5 weeks, which was very frustrating.”
Read full review : Desjardins Life Insurance
Ivari Life Insurance
Formerly Transamerica Life Canada, ivari has provided life insurance for over 80 years. It offers both term and universal life insurance options.
Key Stats:
- Headquarters: Toronto, ON
- Founded: 1927
- 2022 premiums: $570 million
- Total assets: $12 billion
- AM Best rating: A+
- Policies: Term, permanent, critical illness
Pros
- Multiple term length choices
- Can layer term and universal life
- Willing to insure higher risk clients
- Strong customer portal
Cons
- Limited permanent options
- Lower max term coverage
- Mixed customer service reviews
Best For
Canadians wanting maximum flexibility to combine and customize term and permanent policies.
Reviews
“I really appreciate how flexible ivari’s products are. I could layer exactly the coverage I need.”
“Communication and follow-through have been poor. Waiting weeks for responses.
Read full review : Ivari Life Insurance
Equitable Life Insurance
Founded in 1920, Equitable Life provides term, whole life, and universal life insurance. It is focused on adapting coverage to meet clients’ changing needs over time.
Key Stats:
- Headquarters: Waterloo, ON
- Founded: 1920
- 2022 premiums: $1.4 billion
- Total assets: $8.4 billion
- AM Best rating: Not Rated
- Policies: Term, permanent
Pros
- Renewable term life insurance
- Participating whole life dividends
- Universal life investment options
- Coverage can evolve as needs change
Cons
- Limited policy selection
- Fewer riders than competitors
- Smaller company size
Best For
Canadians wanting adaptable policies that can provide both protection and investment components.
Reviews
“Equitable Life helped tailor coverage that met my needs today and can be adjusted later.”
“There are limited options to apply or manage policies online.”
Read full review : Equitable Life Insurance
Assumption Life
Founded in 1903, Assumption Life offers both term and permanent life insurance including no medical exam options. Known for accommodating the needs of higher risk applicants.
Key Stats:
- Headquarters: Moncton, NB
- Founded: 1903
- 2022 premiums: $169 million
- Total assets: $1.25 billion
- AM Best rating: A-
- Policies: Term, permanent, critical illness
Pros
- Will insure higher risk applicants
- Range of no medical exam options
- Conversion options on term policies
- Quick underwriting process
Cons
- Limited policy selection
- Lower max permanent coverage
- Must go through advisors
Best For
Higher risk Canadians unable to qualify for coverage with other insurers.
Reviews
“Finally found an insurer in Assumption Life willing to cover me after being denied elsewhere.”
“Contacting the company directly for assistance has been difficult – routed through advisors”.
Read full review : Assumption life insurance
Canada Protection Plan
Canada Protection Plan specializes in no medical exam life insurance policies for higher risk applicants. Also offers range of term lengths and options for Canadians living abroad.
Key Stats:
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- Headquarters: Mississauga, ON
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- Founded: 2002
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- 2022 premiums: Not Available
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- Total assets: Not Available
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- AM Best rating: Not Rated
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- Policies: Term, permanent
Pros
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- Variety of no medical exam options
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- Range of term lengths (10-30 years)
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- Coverage for foreign residents
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- Quick underwriting process
Cons
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- Mixed customer service reviews
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- Lower max coverage amounts
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- Limited policy selection
Best For
Higher risk Canadians unable to qualify elsewhere and expat Canadians needing coverage.
Reviews
“So relieved there was an option like Canada Protection Plan available when other insurers denied me.”
“Communication is poor – difficult to get answers from company staff in a timely manner.”
Let me know if you would like me to modify or add any details to these additional company comparisons.
Read full review : Canada Protection Plan life insurance
Conclusion
Selecting the top life insurance provider for your specific needs and circumstances is a key financial decision. While industry giants like Sun Life and Canada Life offer financial strength, don’t overlook competitively priced options from focused players like Wawanesa or iA Financial. Leverage the detailed provider comparisons in this guide, compare personalized quotes, and consult qualified advisors. Doing so empowers you to make a life insurance choice you can rely on.
Have questions about choosing the right life insurance company in Canada? The insurance experts at Best Insurance Online are here to help. As Canada’s top life insurance resource, we empower Canadians to make informed insurance decisions.
Connect with one of our licensed advisors today to discuss your specific needs. We’ll provide unbiased guidance to help you:
- Compare quotes from top insurers
- Identify the ideal coverage amount and policy type
- Negotiate your rates
- Add valuable riders
- Select the perfect life insurance partner for you
We’re committed to finding Canadians the best life insurance for their budget and circumstances. Contact us now to get personalized advice and recommendations for your situation.
