Best Permanent Life Insurance Companies in Canada for 2025 (Ranked)
See affordable life insurance quotes from PolicyMe and other top companies.
Why permanent life insurance?
Permanent life insurance is one of the two main types of life insurance, the other type being term. As its name suggests, permanent life insurance lasts for the rest of your life, as long as you pay your premiums.
Compared to term life insurance, permanent life insurance typically carries higher premiums. The cost of permanent life insurance can be 5 - 15 times higher than a term life insurance policy, which can become a significant financial burden over a lifetime.
There are three types of permanent life insurance:
- Term 100 life insurance is payable until age 100, but your coverage remains in place for life. It doesn’t usually include any extras.
- Whole life insurance provides lifelong coverage, typically with a cash value powered by an investment account managed by your life insurance provider. It may also include participating dividends, or a share of your life insurance provider’s yearly profits.
- Universal life insurance provides permanent life insurance coverage, typically with a cash value powered by a self-directed investment account. Remember, the inclusion of a cash value or participating dividends will push up your monthly premiums.
The increased cost of permanent life insurance can be worth it if you want to cover estate planning and final expenses. It can also be a useful, tax-free wealth transfer tool for Canadians who regularly max out their TFSA and RRSP accounts.
We don’t recommend treating permanent life insurance as an investment because, unlike a traditional investment account, you can’t transfer your funds or close your account. Most importantly, if you miss a payment, you could lose the entire accumulated worth of your policy.
What’s the best permanent life insurance in Canada?
The best permanent life insurance companies in Canada include Desjardins, Assumption Mutual Life, Beneva, and BMO Life:
1 For $50,000 of coverage for a female non-smoker between the ages of 30-44.
2 For $50,000 of coverage for a 60-year-old female non-smoker.
3 For $50,000 of coverage for a female smoker between the ages of 30-44.
What’s the best term 100 life insurance in Canada?
The best term 100 life insurance providers in Canada are Desjardins, Empire Life, and PolicyMe. With these policies, you can get permanent coverage without the extra life insurance options and maintain lifelong coverage at an affordable rate:
4 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
Our expert take: 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 & Cons
Available products
- Term life insurance with $50,000 - $20 million in coverage for 10-30 years
- Life Insurance Over 50 with $5,000 - $20,000 in lifetime coverage and no medical exam
- Term to 100 with lifetime coverage
- Universal Life with investment options
- Whole Life Guaranteed to 100 with participating dividends
Term to 100 by Empire Life
Our expert take: 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 & Cons
Available products
- Solution 10-30 with $25,000 - $20 million in coverage for 10-30 years
- Solution ART with $25,000 - $499,999 in coverage for 3 years
- EstateMax with $10,000+ in lifetime coverage and participating dividends
- Optimax with $5,000+ in lifetime coverage and participating dividends
- Solution 100 with $10,000 - $10 million in lifetime coverage
- Term to 100 with $10,000 - $20 million in lifetime coverage
Term 100 by PolicyMe
Our expert take: 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 policyholder satisfaction.
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 & Cons
Available products
- Term life insurance with $100,000 - $5 million in coverage for 10-30 years
- Term 100 life insurance with $10,000 - $5 million in lifetime coverage
5 We compare the yearly cost of each product to the average cost of similar products for the same type of applicant. These figures show the approximate price difference for a female non-smoker between the ages of 30-44 seeking a term 100 life insurance policy with $50,000 of coverage.
What’s the 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:
6 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
Our expert take: 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 & Cons
Available products
- FlexTerm with $100,000 - $10 million in coverage for 10-35 years
- YouthPlus with $35,000 - $175,000 in coverage until age 25
- Non-Participating Whole Life with $5,000 - $10 million in lifetime coverage
- ParPlus or ParPlus Junior with $5,000 - $4 million in lifetime coverage
- Bronze, Silver, Gold, or Platinum Protection Whole Life with $5,000 - $750,000 in lifetime coverage
Simplified Whole Life by Beneva
Our expert take: 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 & Cons
Available products
- Term Plus with $10,000 - $5 million in coverage for 10-30 years
- Term Simplified with $10,000 - $5 million in coverage for 10-30 years and no medical exam
- Term 100 with $10,000 - $10 million in lifetime coverage
- Enhanced Term 100 with $10,000 - $10 million in lifetime coverage
- Universal Life Insurance with $10,000 - $10 million in lifetime coverage
- Simplified Whole Life with $10,000 - $99,999 in lifetime coverage and no medical exam
Preferred Whole Life by Canada Protection Plan
Our expert take: 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 & Cons
Available products
- Preferred Elite, Express Elite, Preferred, Simplified Elite and Deferred Elite Term Life Insurance with $25,000 - $1 million in coverage for 10-30 years and no medical exam
- Preferred Elite, Preferred, Simplified Elite, Deferred Elite, Deferred and Guaranteed Acceptance Life with $5,000 - $1 million in lifetime coverage and no medical exam
7 We compare the yearly cost of each product to the average cost of similar products for the same type of applicant. This figure shows the approximate price difference for a female non-smoker between the ages of 30-44 seeking a whole life insurance policy with $50,000 of coverage.
What’s the 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:
8 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
Our expert take: 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 & Cons
Available products
- Term life insurance with $50,000 - $20 million in coverage for 10-30 years
- Life Insurance Over 50 with $5,000 - $20,000 in lifetime coverage and no medical exam
- Term to 100 with lifetime coverage
- Universal Life with investment options
- Whole Life Guaranteed to 100 with participating dividends
Genesis 10 Life Pay by Industrial Alliance
Our expert take: 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 & Cons
Available products
- Access Life Insurance with $10,000 - $350,000 in coverage for 15-25 years or until age 100
- Pick-A-Term with $25,000 - $20 million in coverage for 10-40 years
- Genesis 10 Life Pay with $100,000 - $10 million in lifetime coverage with investment options
- iA PAR Estate Solution or Wealth Solution with lifetime coverage and participating dividends
Universal Life by Canada Life
Our expert take: Canada Life's Universal Life insurance plan 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 & Cons
Available products
- My Term with $100,000 - $25 million in coverage for 5-50 years
- Universal Life with $25,000 - $10 million in lifetime coverage
9 We compare the yearly cost of each product to the average cost of similar products for the same type of applicant. This figure shows the approximate price difference for a female non-smoker between the ages of 30-44 seeking a universal life insurance policy with $50,000 of coverage.
What’s the best no medical permanent life insurance in Canada?
No medical life insurance covers policies that use a health questionnaire (also known as simplified issue) and those that accept all applicants (also known as guaranteed issue). Be warned, replacing a medical exam with a few health questions about your medical history can spike your premiums and is best-suited to applicants with pre-existing conditions.
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.
10 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
Our expert take: 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 & Cons
Available products
- Term Plus with $10,000 - $5 million in coverage for 10-30 years
- Term Simplified with $10,000 - $5 million in coverage for 10-30 years and no medical exam
- Term 100 with $10,000 - $10 million in lifetime coverage
- Enhanced Term 100 with $10,000 - $10 million in lifetime coverage
- Universal Life Insurance with $10,000 - $10 million in lifetime coverage
- Simplified Whole Life with $10,000 - $99,999 in lifetime coverage and no medical exam
Access Life L100 Immediate Plus by Industrial Alliance
Our expert take: 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, and several other health issues, 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 & Cons
Available products
- Access Life Insurance with $10,000 - $350,000 in coverage for 15-25 years or until age 100
- Pick-A-Term with $25,000 - $20 million in coverage for 10-40 years
- Genesis 10 Life Pay with $100,000 - $10 million in lifetime coverage with investment options
- iA PAR Estate Solution or Wealth Solution with lifetime coverage and participating dividends
Simplified Elite Life by Canada Protection Plan
Our expert take: 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 option they applied for and qualify for standard rates.
Pros & Cons
Available products
- Preferred Elite, Express Elite, Preferred, Simplified Elite and Deferred Elite Term Life Insurance with $25,000 - $1 million in coverage for 10-30 years and no medical exam
- Preferred Elite, Preferred, Simplified Elite, Deferred Elite, Deferred and Guaranteed Acceptance Life with $5,000 - $1 million in lifetime coverage and no medical exam
11 We compare the yearly cost of each product to the average cost of similar products for the same type of applicant. These figures show the approximate price difference for a female non-smoker between the ages of 30-44 seeking a no medical permanent life insurance policy with $50,000 of coverage.
What’s the best high-risk permanent life insurance in Canada?
High-risk life insurance covers any policies issued to hard-to-insure groups such as seniors, smokers, people with pre-existing health conditions, and extreme sports aficionados. High-risk life insurance premiums tend to be very high, but some providers specialize in insuring these groups.
What’s the best permanent life insurance for seniors?
The best life insurance for seniors provides a small, lump-sum insurance payout that can be used to cover funeral expenses and estate taxes:
12 For each product, we averaged the monthly premiums for 60-year-old female non-smokers. The results show the approximate cost of a permanent life insurance policy with $50,000 of coverage.
What’s the best permanent life insurance for smokers?
Smokers seeking protection and peace of mind should compare as many life insurance quotes as possible. There are few providers with competitive rates for smokers:
13 For each product, we averaged the monthly premiums for female smokers between the ages of 30-44. The results show the approximate cost of a permanent life insurance policy with $50,000 of coverage.
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 funeral costs 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 find the best permanent life insurance for you
Permanent insurance works best when it’s tailored to your insurance needs, whether you plan on caring for family members or resolving outstanding debts. 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 options. Consider your budget carefully to see if you can support the extra cost of a cash value, investment account or participating option.
- Compare permanent life insurance quotes. The best way to find a deal is to compare prices from multiple insurers.
Psst–make step 2 even easier by using our life insurance calculator.
FAQ: Best permanent life insurance in Canada
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.