PolicyMe’s 2018 Life Insurance Company Reviews

Wondering what term life insurance company is the best for you? It doesn’t have to be a guessing game.  Finding the best life insurance in canada involves looking at customer service, financial strength and most importantly price.

PolicyMe has reviewed the best term life insurance companies in Canada and compiled the results here.

Manulife financial life insurance review
TD life insurance Review
Canada Life insurance review
RBC life insurance review
Industrial Alliance life insurance review
BMO life insurance review

Pricing comparisons

Looking for the best value? See how the prices stack up across the best Canadian term life insurance providers.

PolicyMe’s Term Insurance Price Index is an in-depth analysis of prices for 108 combinations of gender, age, term length, coverage amount, health status, and smoking status.

CompanyRankingAverage price relative to market
RBC Insurance16% lower
Canada Life25% lower
Desjardins32% lower
BMO Insurance42% lower
Industrial Alliance51% lower
Sun Life71% higher
Humania84% higher
Ivari96% higher
Assumption Life1014% higher
TD Insurance1118% higher

How to choose

You’ve decided on your coverage, picked your policy, and compared quotes—you’re finally ready to buy life insurance. But just when you thought it was safe to break out into a happy dance, you realize that your work isn’t done yet. Here are our tips on how to choose a life insurance company:

1. Financial “health”

Fortunately, you don’t have to worry too much here. Life insurance companies are highly regulated and supervised by government at all levels. As a result, they’re generally in excellent financial health.

And that’s not all. You can also rely on Assuris. Assuris is a not-for-profit organization that protects Canadian policyholders if their life insurance company fails. Their job is to protect you by making sure that your policies are quickly transferred to a solvent (“healthy”) company where your benefits will continue. In the very, very, very … very …. unlikely scenario that your life insurance company does fail, Assuris guarantees that you will keep at least 85% of the promised insurance benefits.

2. Product

What should you steer clear of? Anything with the word “simplified” or “guaranteed” on it. Like a carton of milk that’s past its best before date, it’s something you want to avoid. Learn why here.

The good news is that we’ve reviewed everything recommended on PolicyMe to make sure it gives you all the options and features that have become standard in term life insurance products.

3. Price

If you’ve ever looked at life insurance prices, you’ll know that price can vary widely among companies, even for the same coverage. This is usually because some companies have higher costs than others for a certain policy or age group. It can be easy to fall into the trap of thinking that a cheaper price means that you’re looking at a cheaper product. But in most cases, a cheaper price just means that for your product, one insurance company is pricing the policy more aggressively than another to “win the sale.” This works for you! Just like you shop around for the best prices on flights and hotel accommodations, you should take advantage of competitive pricing for life insurance policies.

More on how to choose a life insurance company here.

What next?

So we made the advice free.

Take a free life insurance checkup

The first step to buying life insurance is figuring out how much coverage you need. Complete our free online life insurance checkup to identify your needs based on your life circumstances and financial situation

Read about why we almost always recommend term life insurance over whole life insurance

Deciding between term and permanent life insurance may seem like a no-brainer. Term insurance only covers you for only a fixed period of time whereas permanent insurance covers you for life.

Read why we don’t recommend guaranteed issue life insurance for most people

Is guaranteed issue life insurance too good to be true, just like calorie-free ice cream? To answer this question, let’s take a step back and talk about the core concepts insurance companies use to price their products.