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Best Life Insurance in Canada: Top Companies (Updated Guide)

Written by: Jasmine Kanter
Insurance Writer
Edited by: Helene Fleischer
Content Marketing Manager
Updated
October 2, 2025

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The best life insurance companies in Canada offer customers a balance of affordability, excellent customer service, and a strong industry reputation. After reviewing over 20 insurers, 80 insurance products, and thousands of insurance quotes, we developed a definitive ranking of the biggest life insurance companies in the country in 2025:

Category
Winner
Overall Score
Best life insurance company
PolicyMe
★★★★★ (4.7/5.0)
Runner-up best company
Desjardins
★★★★☆ (4.4/5.0)
Best permanent life insurance
PolicyMe
★★★★☆ (4.1/5.0)
Best whole life insurance with cash value
Sun Life
★★★☆☆ (3.1/5.0)
Best universal life insurance
Ivari
★★★★☆ (4.1/5.0)
Best participating life insurance
Assumption Life
★★★★☆ (4.2/5.0)
Best no medical life insurance
Canada Protection Plan
★★★★☆ (4.1/5.0)
Best simplified issue life insurance
Sun Life
★★★★★ (4.5/5.0)
Best guaranteed issue life insurance
Assumption Life
★★★★☆ (4.2/5.0)
Best life insurance for smokers
Sun Life
★★★★★ (4.5/5.0)

The ideal life insurance company excels in three areas:

  • Affordability: because if you can’t afford your premiums, you can’t keep your coverage.
  • Customer service: because if you can’t make changes or claim a payout, you aren’t getting your money’s worth.
  • Industry reputation: because if a company can’t manage its finances or employees, neither one might be there when you need it.

PolicyMe advisors Stephanie and Erik cover our top picks and how you can find the right company for you in under 15 minutes below: 

What’s the best term life insurance company in Canada?

Term life insurance is the top choice for most Canadians because it’s affordable, customizable, and covers a fixed period of 10-30 years. If you’re shopping for life insurance to protect your family’s finances when your kids are young or until your mortgage is paid off, you likely need a term life insurance policy. 

The best term life insurance companies are: 

  • Affordable: Term life insurance is cheaper than permanent life insurance — a major advantage for families protecting their finances. 
  • Easy to work with: A quick application process and responsive customer service make a big difference when selecting a term life insurance company. 
  • Reputable: Life insurance is a major investment, so it’s important to choose a company that’s financially stable and has a positive industry reputation. 

Best life insurance: PolicyMe

Overall score
★★★★☆ (4.7/5.0)
Best for
Term life
Affordability
★★★★★ (4.6/5.0)
Customer Service
★★★★★ (4.9/5.0)
Industry Reputation
★★★★★ (4.5/5.0)

Why we chose it: Based on customer service and industry reputation, the best life insurance company in Canada is PolicyMe. PolicyMe provides some of Canada's most affordable term life insurance for couples and parents. Family-friendly features like $10,000 of free child coverage, 10% off for couples during their first year, and a streamlined online application process make it easy for busy, first-time buyers to get covered. PolicyMe’s underwriting partner, Securian Canada, has an A+ (Superior) financial strength rating from A.M. Best. 

Company profile: PolicyMe is an online insurance solution based in Toronto, ON, offering term life insurance policies underwritten by Securian Canada. It provides over $10 billion of protection to more than 18,000 customers across Canada. 

Pros:

  • Easy and efficient online application process
  • Cheaper quotes provided through streamlined underwriting
  • $10,000 in complimentary child coverage with every policy

Cons:

  • No in-person advisors

Term life insurance that’s designed for Canadians

Runner-up best life insurance: Desjardins

Overall Score
★★★★☆ (4.4/5.0)
Best for
Term life
Affordability
★★★☆☆ (2.7/5.0)
Customer Service
★★★★★ (4.8/5.0)
Industry Reputation
★★★★☆ (4.1/5.0)

Why we chose it: In the category of best life insurance, Desjardins closely follows PolicyMe with stellar customer reviews and financial stability ratings. Its best-priced plan is 20-year term life insurance.

Company profile: Founded in 1900, Desjardins is a cooperative financial group based in Quebec with nearly 8 million members and clients.

Pros:

  • Over 500 points of service in Ontario and Quebec
  • Plenty of riders available
  • Up to $20 million of coverage available

Cons:

  • No online quoting process

Term life insurance that’s designed for Canadians

How much does term life insurance cost?

Because term life insurance is the most affordable type of life insurance, it’s the most popular product for families seeking cost-effective life insurance options. While premiums vary based on coverage amount, age, and lifestyle factors, a 10-year term life insurance policy can cost between $12.20 per month for an 18-year-old female non-smoker and $143.21 per month for a 50-year-old male smoker. 

Take a look at these PolicyMe average starting rates to get an idea of how much it might cost for you. Listed rates are for $500,000 in coverage over 20 years, for a non-smoker of average health.

Age
Premiums (Women)
Premiums (Men)
30
$20.68
$29.67
35
$22.93
$31.29
40
$33.27
$44.96
45
$51.25
$71.49
50
$82.73
$136.32

See how affordable (and comprehensive!) term life insurance can be with PolicyMe.*

What’s the best permanent life insurance company in Canada?

While most Canadians need term life insurance, permanent life insurance may be the right option for applicants with a high net worth, complex estate planning needs, or lifelong financial obligations (i.e. dependents with a disability). Permanent life insurance falls into three main categories: permanent life insurance, whole life insurance, and universal life insurance

The best permanent life insurance companies have: 

  • Competitive pricing: Because permanent life insurance is a more expensive option than term life (as much as 10x more!), it’s important to find an insurer offering the best rates. 
  • Stellar customer service: Unlike term life policies, permanent life insurance may involve multiple transactions with your insurer, so building strong customer relationships is key.  

Strong industry reputation: With permanent life insurance, it’s important to work with an insurer with a proven history in the industry of building policy value.

Best permanent life insurance company: PolicyMe

Overall Score
★★★★☆ (4.1/5.0)
Best for
Permanent life
Affordability
★★★☆☆ (3.0/5.0)
Customer Service
★★★★★ (4.9/5.0)
Industry Reputation
★★★★☆ (4.4/5.0)

Why we chose it: Although we focus primarily on term life insurance as the best life insurance product for most Canadians, PolicyMe also offers a competitively priced term-to-100 life insurance policy. With no cash value attached, your premiums are as low as possible and fixed for the rest of your life.

Pros:

  • Ideal for shoppers who want the option to convert term life to whole life insurance
  • Lifelong coverage with guaranteed death benefit
  • T100 is more affordable than most permanent life insurance options

Cons:

  • Only offers T100 and term life insurance
  • No cash value component available

Best whole life insurance: Sun Life

Overall score
★★★★☆ (3.7/5.0)
Best for
Whole life
Affordability
★☆☆☆☆ (1.0/5.0)
Customer Service
★★★★☆ (4.1/5.0)
Industry Reputation
★★★★☆ (4.3/5.0)

Why we chose it: Sun Life has an A+ (Superior) financial strength rating from A.M. Best, and the company’s share dividends have grown by 8.84% over the past 5 years, reflecting the company’s investment expertise. Its policies are expensive, but worthwhile for individuals with a high net worth who have already maxed out other investment options.

Company profile: With over 160 years of experience in selling life insurance, Sun Life isn’t going anywhere soon. It’s one of the largest life insurance companies in Canada by assets and has been rated one of the world’s most sustainable corporations for 15 years in a row. 

Pros:

  • Excellent financial strength rating and industry reputation
  • Wide network of insurance advisors
  • Competitive interest rates for permanent life insurance

Cons:

  • Higher premiums
  • Limited online quoting; may be required to work with an advisor
  • Mixed customer reviews

Best universal life insurance company: Ivari

Overall score
★★★★☆ (4.1/5.0)
Best for
Universal life
Affordability
☆☆☆☆☆ (N/A)
Customer Service
★★★★☆ (3.9/5.0)
Industry Reputation
★★★★☆ (4.2/5.0)

Why we chose it: Ivari offers a staggering number of coverage add-ons, from critical illness to child coverage riders. Canadians who want to choose their own investments may appreciate the ability to customize their universal life insurance policy from top to bottom.

Company profile: For over 90 years, Ivari has sold life insurance, health insurance, investment and other financial products in Canada. The company joined Sagicor in 2023 and maintains a network of thousands of independent advisors across the country.

  • Flexible payment options for life insurance plans
  • Single and joint life insurance available
  • Nationwide availability with strong customer reviews
  • Limited online tools vs. other providers
  • Slower, more rigorous underwriting vs. other providers
  • Not the most affordable option for many applicants

Best participating life insurance company: Assumption Life

Overall score
★★★★☆ (4.2/5.0)
Best for
Participating life
Affordability
☆☆☆☆☆ (N/A)
Customer Service
★★★★★ (4.5/5.0)
Industry Reputation
★★★★☆ (3.9/5.0)

Why we chose it: Some permanent life insurance policies pay out a small share of the issuing company’s profits, an option known as participating life insurance. By customer and industry reviews, Assumption Life is the leader. 

Company profile: Assumption Life provides life insurance policies with minimal health questions, plus easy qualifications for new immigrants. If you’ve been denied coverage by a traditional provider, try the company that received an A- grade from A.M. Best for its financial stability.

Pros:

  • Competitive pricing
  • Lenient residency requirements
  • Multiple riders available

Cons:

  • No online quoting
  • Few options for converting term life to permanent

How much does permanent life insurance cost?

Permanent life insurance is a much more expensive product than term life, since it’s designed to extend across your entire lifetime with a payout regardless of when you die (as long as the policy remains active). 

Typically, premiums for permanent life insurance are around 7 to 10 times the cost of term life insurance, ranging from $23 per month for an 18-year-old female non-smoker to well over $300 per month for policyholders in their 70s.  

What’s the best high-risk life insurance company in Canada?

High-risk life insurance applies to anybody with increased mortality, whether as a result of their age, lifestyle, or medical conditions. Although it can be hard to find affordable coverage under special circumstances, there are life insurance providers that specialize in high-risk applicants.

Life insurance policies with medical exams and questionnaires are fully-underwritten, while those without are no-medical, also calledsimplified issue.” Meanwhile, guaranteed-issue life insurance accepts all applicants regardless of age, health history, or health status. These policies may be a good fit for applicants who pose a higher risk due to health concerns, age or lifestyle. 

Blog Icon
The major downside of opting for a no-medical policy

Skipping a medical exam is the surest way to drive up your insurance premiums, so we recommend applying for a fully-underwritten policy first, followed by a simplified or guaranteed-issue product if you’re declined.

Best no medical life insurance company: Canada Protection Plan

Overall score
★★★★☆ (4.0/5.0)
Best for
No medical exam
Affordability
★★☆☆☆ (2.0/5.0)
Customer Service
★★★★☆ (4.4/5.0)
Industry Reputation
★★★★☆ (3.9/5.0)

Why we chose it: Canada Protection Plan (CPP) specializes in simplified and guaranteed life insurance that doesn’t require a medical exam. Canadians of all ages and health conditions can get covered online, as long as they agree to above-average premiums.

Company profile: In operation since the 1990s, CPP is a subsidiary of Foresters Financial, a highly-regarded mutual insurance company. The company offers both permanent and term life insurance products, along with critical illness insurance.

Pros:

  • Online quoting process with fast processing times
  • Available to temporary residents

Cons:

  • Expensive compared to the rest of the market
  • Coverage amounts limited to $1M
  • Coverage caps at 80 vs. industry standard of 85

Best simplified issue life insurance company: Sun Life

Overall Score
★★★★★ (4.5/5.0)
Best for
Simplified issue
Affordability
★★★★★ (5.0/5.0)
Customer Service
★★★★☆ (4.1/5.0)
Industry Reputation
★★★★☆ (4.3/5.0)

Why we chose it: Sun Life Go Simplified Term life Insurance is as easy as it gets, offering up to $100,000 of life insurance coverage, no medical questions asked. Its life insurance premiums are very competitive for young adults, but climb steeply after age 60.

Pros:

  • 30-day free-look period
  • Instant coverage
  • Only three health questions

Cons:

  • High pricing for seniors
Blog Icon
You don’t always need a medical exam

Although PolicyMe’s term life insurance policies are fully underwritten, not every applicant requires a medical exam. Find out if you qualify online, then skip the test and keep the savings!

Best guaranteed issue life insurance company: Assumption Life

Overall score
★★★★☆ (4.2/5.0)
Best for
Guaranteed issue
Affordability
☆☆☆☆☆ (N/A)
Customer Service
★★★★★ (4.5/5.0)
Industry Reputation
★★★★☆ (3.9/5.0)

Why we chose it: Assumption Life added its Bronze Protection guaranteed issue whole life insurance plan in 2022 as a last resort for those who can’t obtain other life insurance coverage. Maximum coverage limits are between $25,000 and $50,000 depending on your age, and annual premiums range from $13 to $495 per $1,000. However, the policy includes some built-in advantages like transportation benefits.

Pros:

  • Competitive pricing for no medical policies
  • FlexTerm policies offer up to $999,999 in coverage for certain applicants
  • Policies available to age 85

Cons:

  • No online quoting
  • More expensive than fully underwritten life insurance
  • Term renewals occur for the same period as original term vs. annual or 5-year renewal

Best life insurance company for smokers: Co-operators

Overall score
★★★★☆ (4.4/5.0)
Best for
Smoker
Affordability
★★★★★ (4.6/5.0)
Customer Service
★★★★★ (4.6/5.0)
Industry Reputation
★★★★☆ (4.0/5.0)

Why we chose it: Co-operators consistently offers competitive rates to smokers, seniors and other high-risk applicants. The company’s Term Life 1 product allows customers between the ages of 18 and 49 to secure one-year, guaranteed-renewable life insurance online with no medical exam. 

Company profile: Founded in 1945 by a group of Saskatchewan farmers, Co-operators has since expanded to a multi-line insurance group offering auto, home, commercial, travel and life insurance across the country.

Pros:

  • Member-owned business model
  • Focus on social responsibility through sustainable investing
  • High customer satisfaction ratings

Cons:

  • Limited coverage options
  • Fewer online resources vs. other companies
  • Coverage limits max out at $475,000

How much does no medical life insurance cost?

The cost of life insurance for high-risk applicants can vary considerably, but be prepared to pay higher premiums. For example, the average cost of a 10-year term life policy for a non-smoker in their 30s is $15.34 per month, while smokers pay $25.13 per month and non-smokers in their 50s pay $42.94 per month for the same coverage. 

Best life insurance companies by age

Life insurance premiums vary by age, and so does the best life insurance product. Click to expand the toggles below to reveal the best life insurance by demographic, plus the runner-ups:

How to know which life insurance company is right for you

If you’re shopping for life insurance for the first time, it’s important to shop for the right life insurance. To do that, you’ll need to determine three things: 

What type of life insurance you need

The two main types of life insurance in Canada are term life insurance and permanent life insurance. Most Canadians don’t need permanent life insurance, so you’re more likely to need term life insurance. Term life insurance is generally best suited to the average Canadian’s life insurance needs.

How much life insurance you need

Life insurance coverage can start as low as $20,000 and go as high as $20,000,000 or more. To determine how much life insurance you need, you’ll need to calculate the amount your family would need to replace your income and cover all necessary debts and expenses. You can simplify the process by using a life insurance calculator

How long you’ll need life insurance

Most Canadians don’t need permanent life insurance unless they have a high net worth and need complex estate planning options. If you’re shopping for term life insurance, you can purchase a term as short as 10 years or as long as 30 years. In some cases, term life can extend to permanent life insurance. 

Blog Icon
Most Canadians need life insurance — but fewer are buying it.

If you have student debt, a mortgage, dependent children or other major financial obligations, you likely need life insurance. That’s most Canadians — but LIMRA reports that fewer Canadians bought life insurance in 2024, despite growing need. According to LIMRA, 30% of Canadian adults say they either need life insurance and don’t have it or don’t have enough life insurance coverage.

How to buy life insurance

Interested in some of the insurers reviewed on this page, but not sure where to start? Follow these steps to get a life insurance policy and the peace of mind that comes with it: 

  • Understand the type of policy you’re trying to buy: Try to identify the type of coverage, coverage amount and term length (if applicable) you’re looking for. If you’re unsure of what you need, consider working with a professional insurance advisor. 
  • Pick the company that best suits your financial needs: The best life insurance company is one with the coverage options you want at a price that fits your budget. And don’t discount the importance of service and convenience! 
  • Fill out an application at the company of your choice: Depending on the type of coverage you’re applying for and the company’s policies, you may need to submit to a medical exam as part of the underwriting process. (Around 60% of PolicyMe customers don’t need to do a medical exam to get approved.) 

Once you’ve applied, wait for the insurer to evaluate your risk profile and issue an approval and a final price. Be sure to review your policy and details like exclusions and premium payment plans before you sign.  

Methodology: Best life insurance in Canada 

To find the best life insurance companies in Canada, we evaluated over 20 of the largest and most well-known insurers in the country using three categories:

  • Affordability: To determine which insurers charge the lowest premiums, we gathered over 2,000 life insurance quotes. Our price data spans smokers, non-smokers, and birth sex, across six age groups from 18-70 and five products (including term and permanent life insurance).
  • Customer service: To find out which life insurance companies offer the best customer experience, we averaged review scores from the Better Business Bureau, Trustpilot, Insureye and Google. We also counted the number of contact methods each insurer offers to its customers.
  • Industry reputation: To ensure our recommendations were financially sound, we reviewed each life insurance company’s financial stability ratings from leading credit agencies A.M. Best, Morningstar DBRS and S&P Global. We incorporated Glassdoor reviews to reflect each insurer’s ability to manage and support its employees.

All three categories got a final, averaged score out of 5. We combined these three categories into a final overall quality score on a 10-point scale. 

PolicyMe does not receive compensation for any life insurance reviews.

FAQ: Best life insurance in Canada

Sources

  1. https://www.limra.com/en/newsroom/news-releases/2025/adults-age-30-and-younger-overestimate-life-insurance-cost-by-1012-times/ 
  2. https://insurancenewsnet.com/innarticle/the-opportunity-in-the-canadian-life-market 

Jasmine specializes in converting complex insurance data into actionable guidance. Her background includes auto, life, and health insurance and financial planning. Lately, she’s leveraging AI to extract insights from the numbers and help Canadians make better decisions.

Jasmine specializes in converting complex insurance data into actionable guidance. Her background includes auto, life, and health insurance and financial planning. Lately, she’s leveraging AI to extract insights from the numbers and help Canadians make better decisions.

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