Top 5 best Life Insurance companies in Canada 2024
You can find many top life insurance companies, no matter your province. Whether you’re applying as an individual or adding your spouse to the policy, something exists for almost everyone. The best life insurance companies in Canada include BMO Insurance, Assumption Life Insurance, Desjardins Life Insurance, and Foresters Life Insurance.
Understanding each company’s advantages and offerings is instrumental in selecting the right one. The following insurance companies are some of the most popular for their affordability, comprehensive offerings, flexibility, and more. Keep reading to learn about the top life insurance companies in Canada so you can determine which may be the best fit for you.
1. Best Affordable Premiums: BMO Insurance
BMO Insurance is one of the best life insurance companies in Canada, offering highly affordable term and permanent life insurance plans. The company’s size puts it among the ten most prominent companies, making it a stable choice for Canadians wanting life insurance.
Applicants can choose from five different coverage options between ten and 30 years. This plan is ideal for those wanting enough coverage for their business, employees, family, funeral costs, and more. They also offer the ability to convert a term policy into a whole life insurance policy.
Term life insurance from BMO is ideal for business owners, single individuals, and couples. Due to its digital contract delivery, the process is simple, but policyholders don’t have access to an online account and receive paper policies. Discounts are available for those who apply together.
A significant benefit of getting a BMO Insurance policy is the compassion program. Individuals requiring additional financial help while combatting terminal illness can get an advance on their life insurance policy to pay for expenses.
BMO Insurance’s online rates are estimates of your potential monthly premium and may differ from your actual expenses. Its costs are reasonable for average life insurance policy applicants, at around $25 to $35, depending on gender and other factors.
2. Best Comprehensive Coverage: La Capitale Life Insurance
La Capitale is a highly reliable life insurance company offering comprehensive coverage and excellent financial stability. This company offers term insurance with additional coverage additions for critical illness, children’s life insurance, and more. This company’s policies are ideal for those wanting future policy renewal abilities.
As one of the best life insurance companies in Canada, La Capitale’s partnership with Beneva makes it a stable and versatile life insurance provider. Its line of Enhanced coverage products is available to applicants living in Quebec. This line adds extra benefits due to a loss of autonomy and legal fees.
La Capitale’s online application process and account accessibility make it easy to apply and even add other insurance options to your policy later. However, the term life insurance features limits on no-medical and simplified coverage amounts. These restrictions may make coverage best for older adults.
3. Best Overall Price: Wawanesa Life Insurance
Wawanesa is one of the oldest and best life insurance companies in Canada, offering life and health insurance. You can receive coverage on a term basis. The company offer a paper application process, so you’ll need to apply in person.
Wawanesa Life’s low prices and excellent term variety make this a leading consideration for those looking to save money and purchase a term policy of a particular length. Wawanesa offers policies across Canada and has excellent financial strength.
In addition to affordable premiums for healthy adults and several term lengths, Wawanesa’s rewards incentives and payment flexibility are significant benefits that Canadian individuals and couples receive. Adults active in healthy lifestyle choices get premium discounts. Monthly or annual premiums are easy to pay via credit card.
Monthly costs for men average at around $37, which is nearly $450 annually. Women pay less than $30 monthly and about $320 per year. Coverage additions bring no extra costs.
Wawanesa’s other products are also compatible with life insurance policies. Layered products are renewable with term policies. Individuals younger than 45 can also get up to $500,000 in coverage without a medical exam.
4. Best for Simplified Issue Coverage: Assumption Life Insurance
Assumption Life Insurance offers term and permanent life insurance and has a high score among policyholders. It is one of the best life insurance companies in Canada for its many simplified, no-medical options. The company has maintained an excellent credit rating for over two decades.
Assumption Life features five term coverage options for those wanting a no-medical policy. Many applicants consider Assumption Life after receiving coverage denials from traditional life insurance policies. Both you and your significant other can get life insurance at the same time.
The wide range of policies can be challenging to navigate without a professional. Due to the lack of medical exam requirements, the online application process is fast and effortless, but you’ll receive a paper policy. You’ll also get access to an online account to edit or view your policy anytime.
No-medical policies feature higher pricing for premiums and include extra fees for mortgage coverage and more. Healthy men pay around $41 per month, while women spend around $30. Costs are higher to combat additional risks due to pre-existing conditions or dangerous hobbies that traditional life insurance companies may use to deny your application.
5. Best Financial Stability: Canada Life Insurance
The Canada Life Assurance Company is one of the oldest, biggest, and best life insurance companies in Canada. It receives an A+ rating for its excellent financial strength. Individuals, couples, and business owners can select between term and permanent life insurance policies.
Those looking for a wide variety of highly customizable life insurance policies will find satisfying considerations ideal for their specific financial limitations. Key benefits of choosing a Canada Life policy are the company’s non-renewable plans, the ability to convert term policies to permanent types, and easy life insurance rider additions.
Canada Life’s requirements mean you must purchase a policy of $100,000 minimum. Extended term lengths are available for those wanting fixed terms over a more expensive whole-life policy, between five and 50 years. Those who wish can switch to a permanent policy.
Applying to Canada Life requires speaking with an insurance advisor because the company has no online tool to get a quote on the company’s policies. Those needing a life insurance policy within a short period may consider other companies, as the approval process can take over two months. Despite the lengthy process, policy prices are highly reasonable.
Annual and monthly premium payments are possible, but average costs between men and women are similar. Men pay just over $300 annually, while women will pay about $295 annually. Additional fees apply if you get riders, such as accidental death insurance.