Comparing Canada’s Best Life Insurance Providers

Manulife, RBC, Industrial Alliance, and Canada Protection Plan (for non-medical) were among the top-ranked life insurance companies in Canada in 2024.

Comparing Canada’s Best Life Insurance Providers?



We used these factors to choose Canada’s best life insurance companies for 2024



An image of best life insurance/photo courtesy:freepik

Price: What is the cost of the life policy compared to competitors?

Financial Strength: Is the insurance company financially stable, and what is its long-term financial outlook?

Approval Time: How long does the life insurance company take to approve applications?

Trustworthiness: How reliable is the insurer in settling claims, and what is their customer feedback?

No Medical Options: Does the insurer offer only traditional plans or also provide non-medical options?

Coverage Amount: Does the life insurance company offer a range of death benefits, including amounts exceeding $1 million?

What is life insurance and how does it work?

Life insurance is a legal agreement between you and an insurer.

You agree to pay premiums, and in return, the insurer promises to pay a specific amount to your beneficiaries upon your death.

Life insurance provides financial protection for your loved ones, offering them peace of mind and future security.

The payout can help replace some or all of your income and pay off any loans, ensuring your family can maintain their lifestyle after you’re gone.

It’s important to remember that death can occur unexpectedly, even during activities like sports.

Planning for your family’s future with life insurance can provide them with the financial support they need.

How do I buy life insurance in Canada?

You can buy life insurance in Canada online, through a broker (such as Dundas Life), or an agent.

Regardless of how you purchase it, it’s important to shop around to ensure you’re getting the best value for your money.

  1. Directly through an insurance company: Buying life insurance online directly from the provider is simple, easy, and quick. If you know what you need and don’t require assistance from a life insurance agent or broker, this may be the right option for you.
  2. Through an independent local insurance agent: Life insurance agents act as intermediaries between insurance companies and individuals. Some agents represent only one insurance company and are called captive agents, while others work as independent agents, representing several providers. Independent agents can offer you more options for life insurance coverage, potentially leading to lower premiums. However, since agents represent insurance providers, their advice may not always be unbiased.
  3. Through an independent broker (such as Dundas Life): Life insurance brokers act as intermediaries between insurance companies and consumers, representing buyers rather than insurance providers. This means they can offer unbiased advice based on your needs.

How to choose a life insurance company and policy

Life insurance needs vary for each person. No single insurance provider is the best for everyone. To find the right insurance, consider your needs, health, and budget.

It’s a good idea to choose a company with a higher market value, as they are often more established. If your family is struggling financially, look for discounts or ways to lower your costs.

For instance, if you only need life insurance until you retire, a term life insurance plan might be best.

But a permanent life insurance policy with a guaranteed payout could be better if you want insurance to protect your estate.

If you have a serious medical condition, a no-medical life insurance policy might be a good choice.

If you’re not sure which type of life insurance is right for you, talk to an independent broker like Dundas Life. They can help you find the best solution.

Lastly, compare quotes from different providers to find the best option for you. We’ve listed some of the best providers in Canada for different types of adults to make your search easier.

Life Insurance in Canada Reviews

Pros Cons
Solid ratings No online application
Long company history Has a limited product line
Variety of options for term lengths Not offered by many insurance brokers
Highest guaranteed cash values No disability insurance
Competitive pricing for policies Only offers quick issue critical illness policies
Attractive guaranteed issue life insurance plan

Is it worth buying life insurance in Canada?

Life insurance is not mandatory for every Canadian, nor is it advisable. Its purpose is to provide a financial safety net for those who rely on your income.

If you have substantial wealth or no one depends on your income, you may not need life insurance.

Which insurance is better in Canada?

After evaluating Canada’s leading health insurance companies, our team of experts has selected Blue Cross, Canada Life, and Manulife as offering the best health coverage in Canada.

However, it’s important to note that not all health insurance companies are identical. Some excel in dental coverage, while others offer top-rated coverage for vision care.

What is Life Insurance and How Does it Work?

Life insurance is a contract between you and an insurance company.

The insurer agrees to pay your beneficiaries a tax-free lump-sum benefit after your death, and in return, you make monthly or annual payments, known as premiums.

The purpose of life insurance is to protect your dependents so they can meet their financial needs and replace lost income if you pass away.

A recent study found that most Canadians (62%) with life insurance get it through their employer.

However, since the start of the pandemic, more people have been buying or considering life insurance. Unfortunately, some are being sold “expensive permanent policies” that they may not need.

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