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Compare the best life insurance companies in Canada

In just a few steps, compare personalized quotes from Canada's top life insurance providers – find your best option with us today.

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  1. Tell us a bit about yourself

    Life insurance is specific to you, so we'll need a few details to customize your policy.

  2. Speak with an insurance broker

    We'll show you quotes from multiple providers, so a broker will be in touch to help you choose.

  3. Finalize your policy selection

    You may need a medical exam to finalize your policy, but you'll be guided through the process.

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The best life insurance companies in Canada

While the choice of a life insurance company may not seem as pivotal as other financial decisions, it still holds significance – especially in ensuring that your coverage is tailored to your specific needs. For example, while most Canadians may be seeking a basic term life insurance policy, you may be looking for an insurer that will provide affordable permanent coverage, even with your pre-existing condition. 

That's why no one provider can be crowned as the best life insurance company in Canada – this will differ on a case-to-case basis. Beyond the name of an insurer, the key lies in finding a product that aligns with your specific requirements. We've built this page to help you gain an understanding of all the different options top life insurance companies have to offer you. 

When you're ready, you can also compare personalized life insurance quotes from these providers with us, all in one instance. We'll also connect you with a licensed broker in Canada who can guide you through the process of finding you your perfect match. Keep in mind, however, that some of the products on this page may only be available for direct purchase through the insurer.  

A snapshot of Canadian life insurance companies

Before we dive into what each individual life insurer has to offer, here are some key numbers we found from The Canadian Life and Health Insurance Association's factbook – while the report was released in 2023, all data is representative of the previous year, providing an industry outlook for 2022. 

  • 77 companies

    offer life insurance

    Over 150 life and health insurers operate in Canada – 77 offer life insurance, 128 offer health insurance, and 37 offer retirement solutions.

  • $27.6 billion

    in premium revenues

    While Canadian life and health insurers collected a total of $145 billion in premium revenues in 2022, 19% of this came from the life sector alone.

  • $16.1 billion

    in benefits paid out

    In 2022, life insurers in Canada paid out $16.1 billion in benefits – including $9.4 billion in death benefits and $6.7 billion in living benefits.

Sun Life

Founded in 1865, Sun Life is one of Canada's largest, oldest, and most trusted financial institutions. While the business first started off with insurance sales, the provider has since expanded its offerings into wealth solutions and health programs. Today, Sun Life is an industry leader, offering services to millions of people and thousands of firms within the country. The company also has a strong international arm, with operations in over a dozen other countries worldwide. 

Sun Life term life insurance options

Sun Life permanent life insurance options

Other types of insurance from Sun Life

Sun Life has one of the deepest product lineups in Canada, offering a broad selection of group and personal insurance products (health, dental, disability, critical illness, long-term care), along with travel insurance.


Founded over 130 years ago in 1887, Manulife is another one of Canada's leading financial services groups. Aside from insurance options, the company also provides financial advice, along with wealth and asset management solutions, for individuals, groups, and institutions. Manulife currently assists over 30 million customers while managing $50 million in claims each year – with major operations in both Canada and Asia. The company prides itself on a history of innovation, from being the first provider in North America to insure diabetics to launching AI underwriting solutions in Canada.

Manulife term life insurance options

Manulife permanent life insurance options

Other types of insurance from Manulife

Manulife offers a broad range of group and personal insurance products (health, dental, disability, critical illness), as well as travel insurance and mortgage protection insurance.

Canada Life

In 2020, The Canada Life Assurance Company, The Great-West Life Assurance Company, London Life Insurance Company, and two holding companies amalgamated to become one, all under the Canada Life brand. Its roots, however, go all the way back to the company's establishment in 1847 – when it became the country's first domestic life insurance provider. As a leader in financial services today, the company has relationships with about 12 million customers, focusing on improving the financial, physical, and mental well-being of Canadians coast to coast. 

Canada Life term life insurance options

Canada Life permanent life insurance options

Other types of insurance from Canada Life

Other coverage options from Canada Life include disability insurance, critical illness insurance, health and dental insurance, creditor insurance, and group benefits.

iA Financial Group

Founded in 1892, iA Financial Group (also known as Industry Alliance) is one of the biggest insurance and wealth management firms in the country, operating with four lines of business – individual insurance, individual wealth management, group insurance, and group savings and retirement. The company's fifth line of business comprises its operations in the United States. In total, iA Financial Group currently services over 4 million clients. 

iA Financial Group term life insurance options

iA Financial Group permanent life insurance options

Other types of insurance from iA Financial Group

iA offers a broad range of group and personal coverage options, including health insurance for disability, critical illness, and accident. The provider also issues policies for mortgage insurance, travel insurance, and P&C insurance needs – including auto and home.


Founded in 1900, Desjardins is the leading financial cooperative in North America while being the financial institution with the largest presence in Quebec. Its business sectors include personal and commercial services, wealth management and life and health insurance, as well as property and casualty insurance, servicing about 7.5 million members and clients in total. 

Desjardins term life insurance options

Desjardins permanent life insurance options

Other types of insurance from Desjardins

Desjardins offers a variety of health insurance products (healthcare, disability, critical illness, long-term care, accident), along with P&C insurance, credit insurance, and travel insurance – while also offering coverage for business and group needs.

Compare Canada's best life insurance companies today.

In just a few steps, find out which life insurance company offers the coverage you need for the best rate on the market.

BMO Insurance

As a subsidiary of Bank of Montreal – one of Canada's big five banks – BMO Insurance is founded on a legacy, dating all the way back to 1817. After purchasing AIG's Canadian arm in 2009, the firm strengthened its position as one of the largest bank-owned life insurance providers in the country. 

BMO Insurance term life insurance options

BMO Insurance permanent life insurance options

Other types of insurance from BMO Insurance

Aside from life insurance, BMO Insurance also offers coverage for critical illness and travel.

RBC Insurance

Founded in 1864, Royal Bank of Canada (RBC) is Canada's largest bank by market capitalization – as well as Canada's largest company overall by market capitalization. The firm offers various insurance products through its entity, RBC Insurance, which services nearly 5 million clients across the globe. The provider's term life insurance options are particularly notable, being some of the most flexible plans available in Canada.

RBC Insurance term life insurance options

RBC Insurance permanent life insurance options

Other types of insurance from RBC Insurance

Along with group benefits and personal coverages (disability, critical illness, hospital, accident), the insurer also offers a wide array of P&C products, travel insurance, and business insurance.

Empire Life

Founded a century ago in 1923, The Empire Life Insurance Company – otherwise known as Empire Life – is a prominent financial services provider in Canada, offering a diverse range of insurance products, investment solutions, and employee benefits. The company prides itself on various aspects, citing integrity, personalized service, and industry-leading technology, among its many differentiators. 

Empire Life term life insurance options

Empire Life permanent life insurance options

Other types of insurance from Empire Life

Along with critical illness and disability insurance, Empire Life also offers a wide array of group benefits.

Equitable Life

Originally founded as The Ontario Equitable Life and Accident Insurance Company in 1920, the company later changed its name to The Equitable Life Insurance Company of Canada in 1936, representing its product offerings from coast to coast. The firm prides itself on being a mutual company, meaning the insurer is owned by its participating policyholders, instead of public shareholders.

Equitable Life term life insurance options

Equitable Life permanent life insurance options

Other types of insurance from Equitable Life

Equitable Life also offers critical illness coverage as an individual insurance product, plus a variety of options for group benefits.

Find out which life insurance company in Canada is best for you.

Compare life insurance quotes from Canada's top providers with us today – your best option is only a few steps away.

Key metrics of top life insurance companies in Canada

Below is a table outlining the key metrics of Canada's top life insurance companies, including each one's financial strength rating and annual written premiums. The rating is based on the most recent score from A.M. Best, and insurers that are labelled as not rated have not been given a score to date. Keep in mind that this is only representative of one credit agency's rating, and there are several other agencies that score insurance companies in Canada. The numbers for annual written premiums, on the other hand, are based on public financial data from each insurer within 2022.

Frequently asked questions on life insurance companies

What is the best life insurance company in Canada?

What is the cheapest life insurance company in Canada?

How are life insurance companies regulated in Canada?

How do life insurance companies make money?