Best Life Insurance in Canada (2025)
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- The best term life insurance in Canada belongs to PolicyMe, followed by RBC Life Insurance and Co-operators.
- The best permanent life insurance in Canada belongs to Desjardins and Assumption Mutual Life.
- The best life insurance for you will depend on your insurance needs, but term life insurance is generally a strong choice for the average Canadian family.
One of the most important decisions to make in the purchase of life insurance is which provider to trust. Your choice of life insurance provider affects everything from your shopping experience and experience premiums to the terms of your coverage and extra benefits.
As part of our commitment to streamline modern life insurance, PolicyMe analyzed over 450,000 life insurance quotes to find you the most competitive rates.
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PolicyMe’s rankings are based on an independent, data-driven review of Canada’s best life insurance products and providers.
Our analysis combines 450,000+ quotes for 70+ Canadian life insurance products with in-depth research on 20+ providers, plus expert recommendations from our insurance advisors. Our star rating system assigns three stars for financial stability, one star for competitive pricing, a half-star for customer satisfaction, and a final half-star for ease of purchase.
Rankings are determined first by star rating and then by price. Our findings are entirely data-based and do not include paid placements, but should not be considered a substitute for personalized financial advice.
Low rates, high quality standards–that’s the PolicyMe difference.
What’s the best life insurance in Canada?
A better question might be, “What’s the best life insurance for your situation?”
Term life insurance is the top choice for most Canadians because it’s simple, affordable, and covers a fixed term of 10-30 years, which matches the length of most financial obligations. 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 term coverage.
Permanent life insurance is best suited for Canadians with permanent financial obligations, like a disabled adult child. It’s also well suited for high-net-worth individuals that regularly max out their TFSA and RRSP contributions. It may include extras like cash value components, investment accounts, or participating dividends (i.e. a share of your life insurance provider’s annual profits).
Both term and permanent insurance coverage may be fully underwritten, which means it may require a medical exam, or no medical (which doesn’t). The no medical category is further divided into simplified issue life insurance that asks a few eligibility questions, and guaranteed issue life insurance that refuses no applicants.
We always recommend applying for fully underwritten term life insurance first.
Full underwriting can yield premiums up to 10 times more affordable than either permanent or no medical coverage, which helps you maintain your policy until the end. A shocking 87% of permanent, universal life insurance policies never pay out, largely due to payment lapses caused by unexpected events–and life is full of those.
That’s part of the reason why it’s worth buying life insurance in the first place, right?
Best term life insurance in Canada
PolicyMe’s term life insurance follows our core philosophy by providing simple, cost-effective coverage with the policyholder’s benefit in mind. Using technology, we’ve streamlined the application process so most applicants can bypass the medical exam and access affordable protection for their loved ones.
Combined with a convenient, online buying experience and a 4.9-star rating on Google, PolicyMe takes the top spot among the 5 best term life insurance policies in Canada:
|
Provider
|
Product
|
Rating
|
Average premiums*
|
|---|---|---|---|
|
PolicyMe
|
Term life insurance
|
★★★★★ (5.0)
|
$32/month
|
|
RBC Life Insurance Company
|
RBC YourTerm
|
★★★★★ (4.5)
|
$31/month
|
|
CUMIS Life Insurance Company
|
Versatile Term
|
★★★★★ (4.5)
|
$32/month
|
|
IA (Industrial Alliance)
|
Pick-A-Term
|
★★★★☆ (4.0)
|
$34/month
|
* For each product, we averaged the monthly premiums for female non-smokers between the ages of 30-44 across every term length available. The results show the approximate cost of a 10-30-year term life insurance policy with $500,000 of coverage.
Term life insurance by PolicyMe
How products are rated
Our star ratings are based on a mix of each provider's financial stability and Google Review scores, and each product's pricing and ease of purchase.
How prices are compared
We compared each product’s yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $500,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
PolicyMe offers one of the most affordable term life insurance policies in Canada, with rates as low as 23% below the industry average. Our streamlined application process delivers cost-effective coverage backed by Securian Canada, which has been rated "A" or higher by A.M. Best for over 75 years.
Most applicants don't require a medical exam, and there are family-friendly features like complimentary child coverage and a first-year couple's discount. The downside is that PM's insurance rates aren't so competitive for high-risk cases such as seniors and smokers.
Pros
- $100,000 - $5 million in coverage available for 10-30 years
- $10,000 of complimentary coverage per child with every policy
- 31-Day missed payment grace period
- 30-Day trial period
- 10% First-year couple's discount
- Below-average rates for applicants under the age of 60
- Buy online or over the phone
- Convertible
- High Google review scores
- Pay by credit card
- Renewable
Cons
- Above-average rates for seniors
- No accidental death and dismemberment or disability riders
- No brick-and-mortar offices
Term life insurance
Term: 10-30 years
Coverage: $100,000 - $5 million
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Term 100 life insurance
Term: Lifetime
Coverage: $10,000 - $5 million
RBC YourTerm by RBC Life Insurance
How products are rated
Our star ratings are based on a mix of each provider’s financial stability and Google Review scores, and each product’s pricing and ease of purchase.
How prices are compared
We compared each product’s yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $500,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
As long as you're looking for $500,000 or more in coverage, RBC YourTerm life insurance is competitively priced and offers a variety of conversion options. If your health changes before your term expires, you can choose between participating and non-participating permanent life insurance products without the need for a medical exam.
RBC Life Insurance carries an "A" rating for financial stability from A.M. Best.
Pros
- $100,000 - $25 million in coverage available for 10-40 years
- 31-Day missed payment grace period
- 30-Day risk-free review period
- 4 Available riders
- Adjustable coverage
- Choice of single or joint life coverage
- Convertible until age 71
- Exchangeable for a longer term
- Includes accidental death benefit
Cons
- Above-average rates for policies with $200,000 or less in coverage
- Above-average rates for smokers
RBC YourTerm
Coverage: $100,000 - $25 million
Term: 10-40 years
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RBC Growth Insurance and Growth Insurance Plus
Coverage: $25,000 - $25 million
Term: Lifetime
Features: Participating dividends
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RBC Guaranteed Acceptance Life Insurance
Coverage: $5,000 - $40,000
Term: Lifetime
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RBC Simplified Term Life Insurance
Coverage: $50,000 - $1 million
Term: 10-40 years
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RBC Universal Life and Universal Life with Bonus Interest
Coverage: $25,000 - $25 million
Term: Lifetime
Features: Investment account
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Term 100 Life Insurance
Coverage: $50,000+
Term: Lifetime
Versatile Term by Co-operators
How products are rated
Our star ratings are based on a mix of each provider's financial stability and Google Review scores, and each product's pricing and ease of purchase.
How prices are compared
We compared each product’s yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $500,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
Versatile Term is a good budget pick for term life insurance, albeit one with shaky customer reviews. Google users claim customer service is slow and hard to reach, and because there's no option to buy online, the buying process may take a while.
On the plus side, Co-operators carries a large range of products and an "A" financial stability grade from A.M. Best.
Pros
- $25,000 - $5 million in coverage available for 10-30 years
- 2 Available riders
- Below-average rates for all ages and smokers
- Convertible until age 70
- Exchangeable for a longer term
- Renewable
Cons
- Few online details
- Low Google review scores
Term Life 1
Coverage: $50,000 - $475,000
Term: 1 year
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Versatile Term
Coverage: $25,000 - $5 million
Term: 10-30 years
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Infinity Term
Coverage: $25,000+
Term: Lifetime
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Responsibility and Responsibility PLUS
Coverage: Up to $25,000
Term: Lifetime
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Universal Life
Coverage: $25,000+
Term: Lifetime
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Whole Life Ascend
Coverage: $25,000+
Term: Lifetime
Features: Participating dividends
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Whole Life Protector
Coverage: $25,000+
Term: Lifetime
Features: Participating dividends
Pick-A-Term by Industrial Alliance
How products are rated
Our star ratings are based on a mix of each provider’s financial stability and Google Review scores, and each product’s pricing and ease of purchase.
How prices are compared
We compared each product’s yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $500,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
As long as you aren't looking for $100,000 or less in coverage, Industrial Alliance's insurance premiums are fairly competitive. With 13 available riders, Pick-A-Term is one of the most customizable term life insurance policies on the market, but beware: each add-on will increase your insurance premiums.
Pros
- $25,000 - $20 million in coverage for 10-40 years
- 13 Available riders
- Below-average rates for smokers
- Bundling discount
- Choice of fixed or decreasing coverage
- High Google review scores
Cons
- Above-average rates for policies with $100,000 in coverage or less
- Above-average rates for seniors
Access Life Insurance
Coverage: $10,000 - $350,000
Term: 15-25 years or until age 100
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Pick-A-Term
Coverage: $25,000 - $20 million
Term: 10-40 years
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Genesis 10 Life Pay
Coverage: $100,000 - $10 million
Term: Lifetime
Features: Investment options
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iA PAR Estate Solution or Wealth Solution
Term: Lifetime
Features: Participating dividends
Best permanent life insurance in Canada
“Permanent life insurance” is a catch-all for three types of products: term 100, universal, and whole life insurance. All three are permanent because as long as you keep paying your premiums, your coverage never expires.
Price is a key consideration for permanent policies because you have to make payments for the rest of your life. If you miss even one, your policy will lapse and you’ll lose all the value you’ve built so far, including any cash values, investments and dividends (unless they were deposited in a separate account).
We don’t recommend buying permanent life insurance coverage because its relatively high cost can be unsustainable in the long term–and permanent life insurance is nothing if not long-term.
The only individuals who benefit from treating life insurance as an investment often have a net worth in the octuple digits and fully-maxed out RRSP and TFSA accounts. Instead of paying high monthly premiums for a policy with a low-growth investment account and the inability to transfer funds, we suggest buying term life insurance and investing the rest.
Best term 100 life insurance in Canada
In our opinion, the best permanent life insurance follows our term life philosophy: simple, straightforward, and budget-friendly. Our top recommended product is therefore term-to-100 life insurance, so-called because your premiums continue until you turn 100 (although coverage extends to the rest of your life).
Term 100 life insurance is usually the most affordable type of life insurance because it doesn’t include cash values, investment accounts, participating dividends and other extras. The 3 best T100 life insurance policies in Canada are nearly affordable as term life insurance:
|
Provider
|
Product
|
Rating
|
Average premiums*
|
|---|---|---|---|
|
Desjardins Financial Security
|
Term to 100
|
★★★★★ (5.0)
|
$30/month
|
|
The Empire Life Insurance Company
|
Term to 100
|
★★★★★ (4.5)
|
$30/month
|
|
PolicyMe
|
Term 100
|
★★★★☆ (4.0)
|
$31/month
|
* For each product, we averaged the monthly premiums for female non-smokers between the ages of 30-44. The results show the approximate cost of a term 100 life insurance policy with $50,000 of coverage.
Term to 100 by Desjardins
How products are rated
Our star ratings are based on a mix of each provider’s financial stability and Google Review scores, and each product’s pricing and ease of purchase.
How prices are compared
We compared each product’s yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $500,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
Desjardins Term to 100 life insurance is competitively priced and–with 11 riders, positive Google reviews, and an "A+" from Standard & Poor's–our top pick for permanent life insurance. The only downside is its above-average pricing for adults over the age of 44.
Pros
- 11 Available riders
- Bundling discount
- Choice to stop paying premiums and reduce coverage in year 8
- High Google review scores
- Includes access to autonomy, home, psychological and telehealth phone assistance lines
Cons
- Above-average rates for older applicants
- Limited information available online
Term Life Insurance
Term: 10-30 years
Coverage: $50,000 - $20 million
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Life Insurance Over 50
Term: Lifetime coverage and no medical exam
Coverage: $5,000 - $20,000
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Term to 100
Term: Lifetime
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Universal Life
Term: Investment options
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Whole Life Guaranteed to 100
Term: Participating dividends
Term to 100 by Empire Life
How products are rated
Our star ratings are based on a mix of each provider’s financial stability and Google Review scores, and each product’s pricing and ease of purchase.
How prices are compared
We compared each product’s yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $500,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
Empire Life is an established name in the Canadian insurance industry, and with a 4.2-star rating on Google and an "A" from Morningstar DBRS, it has every reason to continue. Its Term to 100 plan offers a great deal to non-smokers of all ages and smokers under the age of 45.
As with other T100 products, there are few frills attached, but you can customize your policy with 14 riders.
Pros
- $10,000 - $20 million in lifetime coverage available
- 14 Available riders
- Below-average rates for applicants between the ages of 18-44
- Choice of paying until age 20 or age 100
- Choice of single, joint or multi-life coverage
- Includes Living Benefit Advance
- Option to stop premiums in return for reduced coverage starting in year 8
Cons
- Above-average rates for smokers over the age of 45
- Phone call may be required to quote and purchase
Solution 10-30
Term: 10-30 years
Coverage: $25,000 - $20 million
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Solution ART
Term: 3 years
Coverage: $25,000 - $499,999
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EstateMax
Term: Lifetime coverage and participating dividends
Coverage: $10,000+
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Optimax
Term: Lifetime coverage and participating dividends
Coverage: $5,000+
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Solution 100
Term: Lifetime
Coverage: $10,000+
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Term to 100
Term: Lifetime
Coverage: $10,000 - $20 million
Term to 100 by PolicyMe
How products are rated
Our star ratings are based on a mix of each provider’s financial stability and Google Review scores, and each product’s pricing and ease of purchase.
How prices are compared
We compared each product’s yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $500,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
With Term 100, PolicyMe took the same cost-effective approach to permanent coverage as we did to term. Our policy undercuts the industry average rates for permanent life insurance by as much as 9%, without sacrificing a high customer satisfaction rating.
The drawbacks are a lack of customization and cash value. If you'd rather treat your life insurance policy as an investment vehicle, you may prefer a universal or whole life policy.
Pros
- $10,000 - $5 million in lifetime coverage available
- $10,000 of complimentary coverage per child with every policy
- 31-Day missed payment grace period
- 30-Day trial period
- 10% First-year discount for couples
- Below-average rates for all ages and smokers
- Buy online or over the phone
- High Google review scores
- Pay by credit card
Cons
- No accidental death and dismemberment or guaranteed insurability riders
- No brick-and-mortar offices
- No universal or whole life insurance
Term Life Insurance
Term: 10-30 years
Coverage: $100,000 - $5 million
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Term 100 Life Insurance
Term: Lifetime
Coverage: $10,000 - $5 million
Affordability, simplicity, reliability. Trust a provider who knows what’s important.
Best whole life insurance in Canada
Because life insurance is generally tax-deductible, a whole life insurance policy with participating dividends or an investment account can help you leave more wealth to your loved ones. But unless you’ve already maxed out your RRSP and TFSA, you’ll enjoy more growth with traditional financial instruments.
If you want life insurance with extra benefits, our top 3 recommendations offer straightforward, lifelong protection:
|
Provider
|
Product
|
Rating
|
Average premiums*
|
|---|---|---|---|
|
Assumption Mutual Life Insurance Company
|
ParPlus (Life Pay Enhanced)
|
★★★★★ (4.5)
|
$30/month
|
|
Beneva
|
Simplified Whole Life
|
★★★★☆ (4.0)
|
$39/month
|
|
Canada Protection Plan (Foresters Life)
|
Preferred Whole Life
|
★★★★☆ (3.5)
|
$33/month
|
* For each product, we averaged the monthly premiums for female non-smokers between the ages of 30-44. The results show the approximate cost of a whole life insurance policy with $50,000 of coverage.
ParPlus (Life Pay Enhanced) by Assumption Mutual Life
How products are rated
Our star ratings are based on a mix of each provider’s financial stability and Google Review scores, and each product’s pricing and ease of purchase.
How prices are compared
We compared each product’s yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $500,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
The price of ParPlus by Assumption Life starts at 17% below the industry average and maintains its competitive streak until applicants reach the age of 44. At that point, older adults and seniors are better off seeking a non-participating permanent life insurance product to save on premiums. However, its pricing remains below-average for smokers of any age.
Pros
- $5,000 - $4 million in lifetime coverage available
- $80 Annual policy fee
- 7 Available riders
- Choice of paying for 20 years or until age 100
- Choice to receive dividends as accumulation, cash, enhanced, paid-up additions or reduced premiums
- Choice of individual or joint life coverage
- Includes the ability to vote at annual general meetings
Cons
- Above-average rates for older applicants and seniors
- Phone call may be required to quote and purchase
FlexTerm
Term: 10-35 years
Coverage: $100,000 - $10 million
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YouthPlus
Term: Until age 25
Coverage: $35,000 - $175,000
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Non-Participating Whole Life
Term: Lifetime
Coverage: $5,000 - $10 million
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ParPlus and ParPlus Junior
Term: Lifetime
Coverage: $5,000 - $4 million
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Bronze, Silver, Golden and Platinum Protection Whole Life
Term: Lifetime
Coverage: $5,000 - $750,000
Simplified Whole Life by Beneva
How products are rated
Our star ratings are based on a mix of each provider’s financial stability and Google Review scores, and each product’s pricing and ease of purchase.
How prices are compared
We compared each product’s yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $500,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
Simplified Whole Life carries an above-average price tag, but that's normal for no medical life insurance. In return for skipping the medical exam, you pay higher rates, but Beneva's high Google review score and "A" from A.M. Best suggest it could be worth it.
It's usually best to apply for a fully underwritten policy first because it can save you a substantial amount of money in the long term. You can always apply for our top pick for no medical life insurance later.
Pros
- $10,000 - $99,999 in lifetime coverage available
- Issued in as little as 60 minutes
- No medical exam
Cons
- Above-average rates for all ages and smokers
- Limited coverage available
- Must call for basic product details
- Phone call may be required to quote and purchase
Term Plus
Term: 10-30 years
Coverage: $10,000 - $5 million
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Term Simplified
Term: 10-30 years and no medical exam
Coverage: $10,000 - $5 million
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Term 100
Term: Lifetime
Coverage: $10,000 - $10 million
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Enhanced Term 100
Term: Lifetime
Coverage: $10,000 - $10 million
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Universal Life Insurance
Term: Lifetime
Coverage: $10,000 - $10 million
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Simplified Whole Life
Term: Lifetime coverage and no medical exam
Coverage: $10,000 - $99,999
Preferred Whole Life by Canada Protection Plan
How products are rated
Our star ratings are based on a mix of each provider’s financial stability and Google Review scores, and each product’s pricing and ease of purchase.
How prices are compared
We compared each product’s yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $500,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
Preferred Whole Life is no medical, permanent life insurance issued by Canada Protection Plan. If you're in good health, you'll qualify for CPP's second-best rates and an above-average amount of coverage. Otherwise, you'll have to settle for higher insurance premiums and a lower face amount.
It's a good product from a trusted insurer with an "A" from A.M. Best, but we recommend first applying for a fully underwritten policy (with a possible medical exam). According to the Canadian Life and Health Insurance Association, 96% of life insurance applicants receive the coverage they applied for and qualify for standard rates.
Pros
- $50,000 - $1 million in lifetime coverage available
- 10-Day Free Look Guarantee
- 3 Available riders
- Choice of paying for 20 years or until age 100
- Guaranteed cash value starting in year 5
- Includes terminal illness benefit, transportation benefit and access to online will creator, learning library, orphan benefit and more
- No waiting period
Cons
- Above-average rates for all ages and smokers
- Restricted to applicants in good health
Preferred Elite, Express Elite, Preferred, Simplified Elite and Deferred Elite Term Life Insurance
Term: 10-30 years and no medical exam
Coverage: $25,000 - $1 million
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Preferred Elite, Preferred, Simplified Elite, Deferred Elite, Deferred and Guaranteed Acceptance Life
Term: Lifetime coverage and no medical exam
Coverage: $5,000 - $1 million
Best universal life insurance in Canada
Universal life insurance is permanent coverage that typically includes a self-directed investment account. These investments can reduce your premiums, pay for extra coverage or even add to the tax-free insurance payout for your beneficiaries.
However, because it’s attached to your life insurance policy, you can’t close it, transfer your funds, or even withdraw from it as easily as a traditional account. Plus, if you miss even a single premium payment, you’ll lose all your accumulated value.
The top 3 universal life insurance products in Canada manage to keep premiums low for people who like to keep an active hand on their investments:
|
Provider
|
Product
|
Rating
|
Average premiums*
|
|---|---|---|---|
|
Desjardins Financial Security
|
Universal Life - Term to 100
|
★★★★★ (4.5)
|
$30/month
|
|
IA (Industrial Alliance)
|
Genesis 10 Life Pay
|
★★★★☆ (3.5)
|
$33/month
|
|
The Canada Life Assurance Company
|
Universal Life
|
★★★☆☆ (3.0)
|
$33/month
|
* For each product, we averaged the monthly premiums for female non-smokers between the ages of 30-44. The results show the approximate cost of a universal life insurance policy with $50,000 of coverage.
Universal Life by Desjardins
How products are rated
Our star ratings are based on a mix of each provider's financial stability and Google Review scores, and each product's pricing and ease of purchase.
How prices are compared
We compared each product’s yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $500,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
We consider most life insurance add-ons to be unnecessary, but if you ever want to customize a Universal Life policy from Desjardins, you've got 9 choices. More importantly, your premiums will be as low as 8% below the industry average, and Desjardins itself carries a 4.5-star rating from Google and an "A+" from S&P.
Pros
- 9 Available riders
- Bundling discount
- High Google review scores
- Includes access to telehealth phone assistance
Cons
- Above-average rates for senior smokers
- Phone call may be required to quote and purchase
Term life insurance
Term: 10-30 years
Coverage: $50,000 - $20 million
Life Insurance Over 50
Term: Lifetime
Coverage: $5,000 - $20,000
Term to 100
Term: Lifetime
Universal Life
Term: Lifetime with investment options
Whole Life Guaranteed to 100
Term: Lifetime with participating dividends
Genesis 10 Life Pay by Industrial Alliance
How products are rated
Our star ratings are based on a mix of each provider's financial stability and Google Review scores, and each product's pricing and ease of purchase.
How prices are compared
We compared each product’s yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $500,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
Genesis 10 Life Pay is a rare permanent life insurance product that offers comparatively better rates to older applicants than to those below age 45. It's one of the most affordable policies with a cash value on the market (for non-smokers, at least), and while we can't speak to Industrial Alliance's investment acumen, we can confirm it has positive customer service reviews and an "A+" from A.M. Best.
Pros
- $100,000 - $10 million in lifetime coverage available
- 3 Available riders
- 0.75% Investment bonus starting in year 1 (subject to restrictions)
- Choice of face amount only, face amount and fund or face amount and fund with wealth maximizer option
- Choice of guaranteed interest and market, diversified and active management accounts
- Includes disability benefit
Cons
- Above-average rates for applicants between the ages of 18-44 and smokers
- No accidental death and dismemberment or guaranteed insurability riders
- Phone call may be required to quote and purchase
Access Life Insurance
Term: 15-25 years or until age 100
Coverage: $10,000 - $350,000
Pick-A-Term
Term: 10-40 years
Coverage: $25,000 - $20 million
Genesis 10 Life Pay
Term: Lifetime coverage with investment options
Coverage: $100,000 - $10 million
iA PAR Estate Solution or Wealth Solution
Term: Lifetime coverage and participating dividends
Universal Life by Canada Life
How products are rated
Our star ratings are based on a mix of each provider's financial stability and Google Review scores, and each product's pricing and ease of purchase.
How prices are compared
We compared each product’s yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $500,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
Canada Life's Universal Life insurance policy offers fairly competitive rates and a few choices of how to invest your funds. But unlike a traditional investment account, you can't transfer your funds should you change your mind, and you'll lose all your accumulated wealth if you can't pay your premiums.
For these reasons, we recommend keeping your coverage and your investments separate unless you're confident you can keep up with your premium payments for the rest of your life.
Pros
- $25,000 - $10 million in lifetime coverage available
- 7 Available riders
- Adjustable coverage
- Choice of daily interest, guaranteed interest, index, managed and Stable Growth Account investment accounts
- Choice of Level or Coverage Plus death benefit
- Choice of level or increasing premiums to age 85 or 100
- Choice of single or joint life coverage
- Includes 1% bonus rate (until December 2025) and 0% minimum guarantee
- Make partial withdrawals at any time
Cons
- Above-average or close-to-average rates for most ages and smokers
- Phone call may be required to quote and purchase
My Term
Term: 5-50 years
Coverage: $100,000 - $25 million
Universal Life
Term: Lifetime
Coverage: $25,000 - $10 million
Best no medical life insurance in Canada
No medical life insurance covers policies with an eligibility questionnaire (also known as simplified issue) and those that accept all applicants (also known as guaranteed issue). Both tend to carry high premiums.
Applying for fully underwritten life insurance first can yield big savings, and even if you’re rejected, it won’t affect your application for a no medical product later.
Most of PolicyMe’s customers don’t need a medical exam. It only takes 20 minutes to see if you qualify for instant approval.
Best no medical term life insurance in Canada
|
Provider
|
Product
|
Rating
|
Average premiums10
|
|---|---|---|---|
|
Beneva
|
Term Simplified
|
★★★★★ (4.5)
|
$11/month
|
|
Canada Protection Plan
|
Simplified Elite Life
|
★★★★☆ (3.5)
|
$18/month
|
|
UV Insurance
|
Term Superior+ Express/Immediate
|
★★★☆☆ (3.0)
|
$15/month
|
Term Simplified by Beneva
How products are rated
Our star ratings are based on a mix of each provider's financial stability and Google Review scores, and each product's pricing and ease of purchase.
How prices are compared
We compared each product’s yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $500,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
Whether you compare it to fully underwritten term life insurance or other no medical products, Term Simplified carries an extremely competitive price tag.
Despite Beneva's high Google rating and "A" financial stability grade from A.M. Best, we have two reservations: 1) you can't get a quote (or even basic product details) online, and 2) there seems to be very little coverage available.
Pros
- $10,000+ in coverage available for 10-30 years
- 6 Available riders
- Below-average rates for all ages
- Choice of fixed or decreasing coverage
- High Google review scores
Cons
- Phone call may be required to quote and purchase
Term Plus
Term: 10-30 years
Coverage: $10,000 - $5 million
Term Simplified
Term: 10-30 years
Coverage: $10,000 - $5 million (no medical exam)
Term 100
Term: Lifetime
Coverage: $10,000 - $10 million
Enhanced Term 100
Term: Lifetime
Coverage: $10,000 - $10 million
Universal Life Insurance
Term: Lifetime
Coverage: $10,000 - $10 million
Simplified Whole Life
Term: Lifetime
Coverage: $10,000 - $99,999 (no medical exam)
Simplified Elite Life by Canada Protection Plan
How products are rated
Our star ratings are based on a mix of each provider's financial stability and Google Review scores, and each product's pricing and ease of purchase.
How prices are compared
We compared each product’s yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $500,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
Canada Protection Plan specializes in no medical term and permanent life insurance, and Simplified Elite Life is just one of the company's many coverage options. Although premiums can be steep, each CPP policy includes a free assortment of useful benefits, and the company has several decades of experience and an "A" financial stability grade from A.M. Best to back it up.
Pros
- $25,000 - $500,000 in coverage available for 10-25 years
- 10-Day free look guarantee
- 4 Available riders
- Choice of fixed or decreasing coverage
- Convertible until age 70
- Includes access to online will creator, learning library, orphan benefit and more
- No waiting period
- Renewable until age 80
Cons
- Above-average rates for all ages
- Limited coverage amounts available
- Low maximum issue age
Preferred Elite, Express Elite, Preferred, Simplified Elite and Deferred Elite Term Life Insurance
Term: 10-30 years
Coverage: $25,000 - $1 million (no medical exam)
Preferred Elite, Preferred, Simplified Elite, Deferred Elite, Deferred and Guaranteed Acceptance Life
Term: Lifetime
Coverage: $5,000 - $1 million (no medical exam)
Term Superior+ Express/Immediate by UV Insurance
How products are rated
Our star ratings are based on a mix of each provider's financial stability and Google Review scores, and each product's pricing and ease of purchase.
How prices are compared
We compared each product’s yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $500,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
Term Superior+ Express and Immediate are simplified term life insurance products. Despite allowing applicants to skip the medical exam, UV Insurance charges very favourable rates.
The catch? You'll have to make due with $250,000 or less in coverage.
Pros
- $10,000 - $250,000 in coverage available for 10-30 years
- 6 Available riders
- Choice of individual or joint life coverage
- Convertible until age 70
- Exchangeable for a longer term
- Includes benefit for severe loss of independent existence
- Renew indefinitely
Cons
- Above-average rates for all ages and smokers
- Low Google review scores
- Low maximum issue age
- Unrated by A.M. Best or other credit rating agencies
Term Superior+ Express
Term: 10-30 years
Coverage: $10,000 - $150,000 (no medical exam)
Term Superior+ Immediate
Term: 10-30 years
Coverage: $150,001 - $250,000 (no medical exam)
Term Superior+ Regular
Term: 10-30 years
Coverage: $250,001+
Whole Life Express
Term: Lifetime
Coverage: $10,000 - $150,000 (no medical exam)
Whole Life Regular
Term: Lifetime
Coverage: $150,001+ (no medical exam)
The catch? You'll have to make due with $250,000 or less in coverage.
Best no medical permanent life insurance in Canada
|
Provider
|
Product
|
Rating
|
Average premiums*
|
|---|---|---|---|
|
Beneva
|
Simplified Whole Life
|
★★★★☆ (4.0)
|
$39/month
|
|
IA (Industrial Alliance)
|
Access Life L100 Immediate Plus
|
★★★★☆ (3.5)
|
$34/month
|
|
Canada Protection Plan
|
Simplified Elite Life
|
★★★★☆ (3.5)
|
$36/month
|
*For each product, we averaged the monthly premiums for female non-smokers between the ages of 30-44. The results show the approximate cost of a permanent life insurance policy with $50,000 of coverage.
Simplified Whole Life by Beneva
How products are rated
Our star ratings are based on a mix of each provider's financial stability and Google Review scores, and each product's pricing and ease of purchase.
How prices are compared
We compared each product’s yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $500,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
Simplified Whole Life carries an above-average price tag, but that's normal for no medical life insurance. In return for skipping the medical exam, you pay higher rates, but Beneva's high Google review score and "A" from A.M. Best suggest it could be worth it.
It's usually best to apply for a fully underwritten policy first because it can save you a substantial amount of money in the long term. You can always apply for our top pick for no medical life insurance later.
Pros
- $10,000 - $99,999 in lifetime coverage available
- Issued in as little as 60 minutes
- No medical exam
Cons
- Above-average rates for all ages and smokers
- Limited coverage available
- Must call for basic product details
- Phone call may be required to quote and purchase
Term Plus
Term: 10-30 years
Coverage: $10,000 - $5 million
Term Simplified
Term: 10-30 years
Coverage: $10,000 - $5 million (no medical exam)
Term 100
Term: Lifetime
Coverage: $10,000 - $10 million
Enhanced Term 100
Term: Lifetime
Coverage: $10,000 - $10 million
Universal Life Insurance
Term: Lifetime
Coverage: $10,000 - $10 million
Simplified Whole Life
Term: Lifetime
Coverage: $10,000 - $99,999 (no medical exam)
Access Life L100 Immediate Plus by Industrial Alliance
How products are rated
Our star ratings are based on a mix of each provider's financial stability and Google Review scores, and each product's pricing and ease of purchase.
How prices are compared
We compared each product’s yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $500,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
Access Life is divided into four coverage steps that determine premiums and maximum face amounts. Immediate Plus is the highest tier; as long as you're in fairly good health and have no signs of AIDS, HIV, cirrhosis of the liver, hepatitis C or kidney failure, you'll be eligible for the best rates and most coverage.
That being said, as a simplified product, Access Life L100 Immediate Plus can cost as much as 34% more than the industry average. We always recommend applying for fully underwritten life insurance first. You could save a lot of money, and it won't affect your chances of qualifying for no medical life insurance in the future.
Pros
- $10,000 - $500,000 in lifetime coverage available
- $60 Annual policy fee
- Guaranteed cash surrender value starting in year 5
- No medical exam
- Option to stop premiums in return for reduced coverage starting in year 8
- Premiums payable until age 100
Cons
- Above-average rates for all ages and smokers
- Limited coverage available
- Phone call may be required to quote and purchase
Access Life Insurance
Term: 15-25 years or until age 100
Coverage: $10,000 - $350,000
Pick-A-Term
Term: 10-40 years
Coverage: $25,000 - $20 million
Genesis 10 Life Pay
Term: Lifetime coverage with investment options
Coverage: $100,000 - $10 million
iA PAR Estate Solution or Wealth Solution
Term: Lifetime coverage and participating dividends
Simplified Elite Life by Canada Protection Plan
How products are rated
Our star ratings are based on a mix of each provider's financial stability and Google Review scores, and each product's pricing and ease of purchase.
How prices are compared
We compared each product’s yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $500,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
Simplified Elite Life is no medical, permanent life insurance issued by Canada Protection Plan. If you're in fairly good health or you participate in extreme sports, you'll qualify for CPP's third-best rates and a modest amount of coverage. Otherwise, you'll have to settle for higher insurance premiums and a lower face amount.
It's a good product from a trusted insurer with an "A" from A.M. Best, but we recommend first applying for a fully underwritten policy (with a possible medical exam). According to the Canadian Life and Health Insurance Association, 96% of life insurance applicants receive the coverage they applied for and qualify for standard rates.
Pros
- $10,000 - $500,000 in lifetime coverage available
- 10-Day Free Look Guarantee
- 3 Available riders
- Choice of paying for 20 years or until age 100
- Guaranteed cash value starting in year 5
- Includes terminal illness benefit, transportation benefit and access to online will creator, learning library, orphan benefit and more
- No waiting period
Cons
- Above-average rates for all ages and smokers
- Limited coverage available
Preferred Elite, Express Elite, Preferred, Simplified Elite and Deferred Elite Term Life Insurance
Term: 10-30 years
Coverage: $25,000 - $1 million (no medical exam)
Preferred Elite, Preferred, Simplified Elite, Deferred Elite, Deferred and Guaranteed Acceptance Life
Term: Lifetime
Coverage: $5,000 - $1 million (no medical exam)
Methodology: best life insurance in Canada
About the data
PolicyMe’s rankings are based on an independent, data-driven review of Canada’s best life insurance products and providers. Our analysis combines 450,000+ quotes for 70+ policies and 20+ insurers, drawing on trusted sources such as COMPULIFE, WinQuote and official provider websites, supplemented by ratings from Google.
About star ratings
Each product received a star rating out of five based on pricing, customer satisfaction and ease of purchase, customized by age group, sex at birth, and smoking status. We awarded three stars to every provider with insolvency protection from Assuris and a financial stability rating of “A-” or higher from a respected credit rating agency such as A.M. Best.
Products with an average price at least 5% below the industry average received one extra star for affordability, while providers with a Google Reviews score of 4.0 or higher earned an extra half-star for customer satisfaction. Finally, products offering convenient online quoting options earned another half-star for accessibility.
About the categories
The 10 “Best Of” categories use criteria reflecting the most popular types of coverage and buyer needs. Most term life insurance categories compare 10-30-year policies with $500,000 in coverage for non-smoking women between the ages of 30-44. The “best of” categories for smokers and seniors compare policies for smoking women and 60-year-old women, respectively.
Most customers purchase a smaller amount of permanent and no medical coverage because it’s expensive, and they require coverage for end-of-life expenses rather than debt or income replacement. We therefore capped the coverage for the permanent and no medical life insurance categories at $50,000.
About rankings
The rankings within each category are determined first by star rating and then by average monthly premiums by age group, sex at birth and smoking status.
About pricing comparisons
To ensure fairness and accuracy, we made all pricing comparisons between products of the same type, with the same coverage amount, and for the same combination of age group, sex at birth and smoking status. The rates listed in this article are based on publicly available rates as of November 2025.
For example, the cost of a 10-year term policy for non-smoking women aged 18-29 with $500,000 in coverage is always compared to the industry average for all 10-year term policies for the same demographic segment and with the same amount of coverage.
Similarly, the average cost of a fully underwritten permanent life insurance policy for non-smoking women aged 30-44 with $50,000 in coverage is always compared to the industry average for all fully underwritten permanent policies for the same demographic segment and with the same amount of coverage.
Disclaimer
PolicyMe’s findings use unaltered data and are free from paid placements or sponsored influence. While we strive to keep our information up-to-date, we cannot guarantee the validity of third-party data. These results are intended as a helpful reference and not as a substitute for personalized financial advice.
How to choose the best life insurance policy for you
Life insurance works best when it’s tailored to your needs. To find a policy that works for you, first:
- Consider term vs permanent. If your financial obligations will end or change in a decade or two, term life insurance is likely your best option. If you’re planning for end-of-life or estate planning expenses, permanent life insurance may suit you better.
- Calculate how much life insurance you need. Rather than simply multiplying your income, sit down and think about your dependents, what you want to cover and how much it will cost. Subtract any coverage already provided by your group benefits.
- Choose your term length or permanent life insurance options. Think about how long your financial obligations will last and set your term accordingly. Consider your budget carefully to see if you can support the extra cost of a cash value, investment account or participating option.
- Compare permanent and term life insurance quotes. The best way to find a deal is to compare prices from multiple insurers.
FAQ: Best life insurance in Canada
On the basis of affordability, customer satisfaction, and convenience, PolicyMe is the best life insurance provider in Canada. Its cost-effective coverage is designed to make it easy for Canadian families to secure financial protection.
The cost of life insurance in Canada depends on your age, sex at birth, and health, as well as the type of policy and amount of coverage you choose. Monthly insurance premiums can be as low as $4/month for an 18-year-old female non-smoker, or as high as $200+/month for a 60-year-old male smoker.
Cost should be your primary consideration when shopping for life insurance, because if you can’t pay your premiums, you can’t maintain coverage. Beyond that, it makes sense to look for a company with good customer service so you and your loved ones can get timely, reliable help.
