Best Life Insurance Companies in Canada

As a Canadian resident, you might need help deciding where to invest your money for life insurance. Numerous companies provide life insurance here in Canada, but choosing the best would always be a hassle. That is why this article gives you in-depth life insurance reviews of companies while keeping in mind your needs and preference. We catered for a list based on the choice of terms, online access, benefit amounts, price and more. 

What is life insurance?

Life insurance is regarded as an agreement between the customer and the company. This states that if the customer dies, the next of kin chosen by the customer would be paid a hefty sum. The company pays the money by collecting it from the customer periodically. 

Why do you need life insurance?

In case of something unfortunate, life insurance works as an income resource replacement. There are two main types of life insurance, term life insurance and permanent life insurance. Most Canadians opt for term life insurance that covers a pre-set number of years, generally 10, 20 or 30. 

Let us jump to reviews of some of Canada’s best life insurance providers.

RBC Life Insurance

RBC is known best as it is value for money and is a term life insurance that can be converted to permanent life insurance. The life insurance policies also ensure easy Renewability. Customers can choose from varied term lengths and coverage amounts that are customizable and flexible. 

Cost

  • Premiums start at an average of $24.26 per month for a woman.
  • For a man, the premium costs $32.63 per month.

Pros

  • Cost-effective premiums that cover a maximum coverage of $25 million.
  • Renewability of the term is guaranteed.
  • Term insurance can be converted to permanent insurance without another medical exam.
  • Option allowing to convert the term policy until 71 years of age.
  • Online account accessibility and digital e-policy.
  • Allows applicants to choose from a pick-a-term feature that defines their coverage lengths. 

Cons

  • To avail of this policy, you must be a Canadian citizen.
  • premium is considered average to above average compared to the market.

Wawanesa Life Insurance

It is the best choice if you have a specific time period. The insurance policy offers a wide range of term options and extra facilities for people over 80. They are also very cheap compared to other establishments. 

Cost

  • $36.66/month or $439.9/year for coverage for a man.
  • $28.80/month or $320.00/year for a woman. 

Pros

  •  It has a more practical option of term numbers than its competitors. 
  • They are known to offer cheaper rates for terms.
  •  Flexible payment options are offered. 
  • Wawanesa doesn’t charge additional policy or rider fees, keeping the premium values pretty affordable. 

Cons

  • It is exceptionally troublesome for individuals with health conditions to be approved for this policy.
  • There is no online payment option; customers must manually pay the premium.
  • Underwriting process is long and takes more Time compared to other companies.

Empire Life

The Empire Life insurance provides a solution series of life insurance. It covers a customizable amount of term insurance and offers a permanent product up to 100 years of age. Another unique company policy is the ART or Annual Renewable Terms, which are renewed annually as opposed to the multi-year terms. 

Pros

  • Offers instant approval of the policies.
  • Cost-effective premiums.
  • Allows exchanging shorter terms like annual or 10-year terms into longer Empire terms of 20 or 30 years.
  • Solution 100 has a unique cash value for a term policy.

Cons

  • Offers limited-term options.
  • Average annual term coverage can go up to $499,999.

Canada Life

The company provides a variety of term life insurance, and these are customizable as per the customer’s needs. Another advantage of choosing Canada Life is its add-ons and rider options. They offer fixed-term non-renewable policies as well as premium convertible term policies. 

Cost

  • $26.55/month or $295.00/year for a woman.
  • $27.45/month or $305.00/year for a man.

Pros 

  • Allows you to choose from a large range of term life insurance for different time periods.
  • Offers various rider options for both single and joint policies. 
  • Allows to renew or convert a term policy. 

Cons 

  •  $100,000 is needed as minimum coverage.
  • Long approval time.
  •  access to an online account is limited.

PolicyMe Life Insurance

It is known as one of the best insurance providers for couples and parents. It offers many exciting features like discounts on couple life insurance coverage, an easy online application process and non-commissioned advisors. 

Cost

  • For a 35-year-old woman, it costs $23.44/month. 
  • For a 35- year-old man, it costs $31.29/month.

Pros

  • It offers a 10% discount on premiums if couples apply together.
  • Offers free child coverage for every policy, which is around $10,000 per child.
  • Up to $5 million coverage.
  • Online application process takes 20 minutes and lets you know instantly if you’re eligible to approve.
  • Allows policies to be extended or upgraded within the first five years.

Cons

  • Policies provided by the company are not renewable.
  • Does not offer permanent life insurance. 
  • The company provides its services online only; there’s no physical building.

Manulife Life insurance

Canada’s largest life insurance provider is known for their permanent life insurance. They offer several permanent life insurance policies with their mutual and segregated funds. It is one of the first Canadian companies to provide electronic policy delivery. The company’s underwriting process saves Time as it can approve up to $2 million in insurance without additional medical underwriting. 

Cost

  • For a 30-year-old female, it is $121 per month.
  •  For a 30-year-old male, it is $135 per month.

Pros

  • Extra 3% discount when couples choose the same amount of coverage and policy length. 
  • Cuts down term rates by 13% for 10 and 20-year term insurances.
  • Offers two insurance options, Manulife Par to ensure cash value and Performax gold to ensure lifetime protection.

Cons

  • Long processing time for claims.
  • Offers limited-term insurance products.
  • Premium rates are high

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