Top Rated Term Life Insurance Companies

Top Rated Term Life Insurance Companies – The best life insurance in Canada is offered by RBC, Wawanesa, Empire Life, Canada Life and, if you are serious about which companies offer the cheapest life insurance.

Click on one of the life insurance companies below to jump ahead, or keep scrolling for a quick price comparison chart.

Top Rated Term Life Insurance Companies

Top Rated Term Life Insurance Companies

The chart below shows how much term life insurance can cost you per month, at some of Canada’s largest life insurance companies.

Who Offers The Best Term Life Insurance?

Term life insurance is the best and most affordable option for most Canadians, which is why we show the prices below. Whole life insurance tends to cost five to 10 times more than term policies.

Sun Life Financial is the most trusted life insurance company in Canada, according to a 2022 Reader’s Digest survey of 4,000 Canadians.

BMO is one of the most trusted life insurance companies in Canada with 15 reviews and a 2.6 star rating, if you go through customer reviews on Insureye. BMO is also one of the largest life insurance companies in Canada, with $2B in annual premiums.

Some Canadians feel comfortable going with a major bank for their life insurance, either directly or through a broker.

Bestow Life Insurance Review From An Insurance Agent (2022)

You may also go with an online insurer, such as PolicyAdvisor, both of which have 5 stars or close to 5 stars on

Key takeaways: it offers the lowest life insurance rates in Canada and secure dual insurance support. offers features such as discounts on couples services, an improved online application process and easy access to non-certified counselors.

Company Profile:  is a Canadian online life insurance provider based in Toronto, Ontario and sponsored by Canadian Premier. It was founded in 2018. secured $3.3M in seed funding in 2020 and $18M in Series A funding in 2022. currently has $5B in active coverage in Canada.

Top Rated Term Life Insurance Companies

Key takeaway: Manulife is known for its permanent life insurance; they have a long history of experience with these products. They have a variety of permanent policies and have their own mutual and separate funds.

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Manulife has the widest range of insurance products in Canada, along with Sun Life, which offers sickness, disability, travel and other types of insurance.

Company Profile: Founded in 1887, Manulife is one of Canada’s largest insurance companies with $200 billion in assets. Manulife offers a variety of life and health insurance products, as well as group life insurance plans. Manulife made $31.6 billion in payments to its customers between 2020 and 2021.

“Customer support is [unhelpful], unable or unwilling to help resolve claims or performance-related questions.” – Customer to Insureye.

Key takeaway: BMO is Canada’s longest-standing provider of life insurance products and they have a wide variety of life insurance options. The best fit for the customer who wants more options when choosing their plan.

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Company Profile: Bank of Montreal (BMO) is an international investment bank based in Montreal, Quebec, but now operating in Toronto. Their products are aimed at a variety of personal banking services. In 2022, BMO announced that it is working to close a $16.3 billion deal to buy Western California Bank.

Most important: Canadian life insurance does not have many categories compared to other life insurance companies in the market. One of the biggest advantages of Canada Life is its wide range of options and passenger options.

Company Profile: Canada Life was founded in 1846 in Winnipeg, Manitoba and is currently headquartered in Toronto. Canadian insurance company Great-West Lifeco acquired Canada Life in 2003. Canada Life is Canada’s second largest insurance company with an A+ financial strength and $220 million in assets.

Top Rated Term Life Insurance Companies

Important takeaway: If you have a certain length of time in mind, Wawanesa can be a good choice because it offers a wide variety of time options. They are also known for having lower than average prices. It may not be the best for health. Life force; Song for Apple Watch. Wanesa had woken up.

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Company Profile: Founded in 1896, Wawanesa is one of Canada’s oldest insurers, although they recently started offering life insurance. It is headquartered in Manitoba, but has licenses in all provinces across the country. Credit rating agency, AM Best, has given Wawanesa a (Excellent) rating for the financial strength of their Health/Wellness agency.

Bottom line: Sun Life is the best life insurance company in Canada if you’re looking for a wide variety of products. You may find something that fits your needs. Unfortunately, their customer service is lacking.

Company Profile: Sun Life is a global financial services company, established over 150 years ago. They are the third largest insurer in Canada and are well known for their insurance products and group benefits. They have over $170 billion in assets.

Key takeaway: Canadian Health Insurance is a great option if you want to avoid going to the doctor, knowing you already have a medical condition that makes coverage expensive. . This is what makes it a good choice for seniors, and anyone with a pre-existing condition.

Group Term Life Insurance, Coverage To Protect Your Family

Company Profile: Canadian Protection Plan (CPP) is a leading provider of No Medical and Simplified Issue Life Insurance in Canada. In 2020, CPP merged with Foresters Financial, an international financial services provider with operations in Canada, the US and the UK. I am a certified member of the Better Business Bureau with an A+ rating.

“Thank you [CPP] for helping my client who cannot be admitted to the regular system due to heart problems.” – Marketer in Google Analytics.

Key takeaway: Assumption Life has five promising options with minimal medical requirements, making it an excellent “no medical” option for applicants. But your life insurance policy will only be issued on paper, so it’s a good choice if you’re the type of person who enjoys a hands-on experience.

Top Rated Term Life Insurance Companies

Company Profile: Founded in Massachusetts by an Acadian community, Assumption Mutual Life is now based in Moncton, New Brunswick. Assumption Mutual Life is a Canadian life insurance and asset management company. In 2021, credit rating agency AM Best gave Assumption Life an A- (excellent) credit rating for the 22nd consecutive year.

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Most important: CIBC life insurance has a lot of money from $50,000 to $5 million, but their offerings here are bare bones. However, they have a guaranteed login product for those who cannot login elsewhere.

Company Profile: Canadian Imperial Bank of Canada, also known as CIBC, is an international banking organization that was established in the 1960s in Toronto after the merger of two established companies. Credit rating agency Fitch Ratings says CIBC has a strong corporate position and is Canada’s fifth largest bank by loans, deposits and capital markets.

Key takeaway: RBC term life insurance policies offer a renewal guarantee and can be converted to permanent life insurance. Fees can be measured across boards.

Company Profile: Royal Bank of Canada (RBC) was founded in 1864 in Halifax, Nova Scotia and is Canada’s largest bank by revenue. Although not in their insurance products, RBC was awarded the JD Power Canada “Best Customer Satisfaction” award for its mobile banking system.

Average Cost Of Life Insurance By Age, Term & Coverage

The most important thing: TD life insurance is more expensive than the life insurance market, but they have adjustable options for their policies. But with an average of 18% more expensive than different brands or benefits, we recommend that you start anywhere.

Company profile: Toronto-Dominion Bank (TD) is a Canadian financial services company serving more than 10 million customers. They are well known for their banking and real estate products. The Better Business Bureau (BBB) ​​gives the company an F, which is a rating of: “an idea of ​​how a business can interact with its customers.”

Important information: Rates for smokers/cigarettes can be 2x to 3x higher than rates for non-smokers. IA Financial has reasonable rates for life insurance for smokers compared to other providers. But there are only paper policies available (compared to getting your policy online).

Top Rated Term Life Insurance Companies

Company Profile: Founded in 1892, IA Financial Group is one of Canada’s largest insurance and wealth groups, operating in the United States. Based in Quebec City. IA Financial reported a loss for Q1 2022, in part due to volatile markets for whole life insurance policies, resulting in a $16M loss in its insurance business.

Term Life Insurance

Key takeaway: ivari has a variety of options and names available. That said, their prices are towards the higher end of the scale.

Company Profile: ivari is a life insurance company based in Toronto. In 2015, they were acquired by the health insurance company, Wilton Re.

Key takeaway: Forest buyers do not have health insurance that covers diabetes. It also has a unique membership program that helps families give back to their community. However, they are not very digital first.

Company Profile: Foresters Financial is a 150-year-old life insurance company based in Toronto. They are integrated into Canada’s Social Security System in 2020. Foresters Financial is a fraternal benefit organization, which means you get membership benefits and a life insurance plan. Their Business Bureau rating is A (Excellent).

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Key takeaway: Empire Life offers life insurance for individuals, families and small businesses. Because

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