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.
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.
|Company||Ranking||Average price relative to market|
|RBC Insurance||1||6% lower|
|Canada Life||2||5% lower|
|BMO Insurance||4||2% lower|
|Industrial Alliance||5||1% lower|
|Sun Life||7||1% higher|
|Assumption Life||10||14% higher|
|TD Insurance||11||18% higher|
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:
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.
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.
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.
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.
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.