What kinds of life insurance are there?

In Canada there are two main types of life insurance: term and permanent (also known as whole life). Term policies last for a specified time period, usually 10, 20 or 30 years. The premiums are usually lower, partially because the policy has no cash value if you cancel before you die. Permanent policies generally have higher premiums but last until you pass away, and there's a cash value if cancelled prior to death.

Why do I need to buy life insurance? Don't I already have enough through my job?

While many Canadians do have life insurance policies through their work, the coverage amounts have dropped considerably over the past few years. Instead of a benefit representing a year or more of the employee's salary, it's now common for the coverage to include a flat payout (e.g. $25,000). Studies show that many people in Canada are underinsured, and for that reason they turn to privately-purchased life insurance policies.

How much life insurance do I need?

There's no one-size-fits-all answer, but you can start by looking at your current situation. Do you have a partner or dependents who would face hardships without your salary? Do you have a mortgage that would be an undue burden on your loved ones? Consider future expenses as well, like paying for a child's university costs. And, don't forget to estimate any funeral costs. Those considerations can help you decide how much coverage you'd like to have in place.

Is life insurance expensive?

It's obvious that the higher the benefit, the higher the premiums will be. Term life insurance will usually be more affordable than whole life.

When is the best time to buy a life insurance policy?

Now. The older you are when you purchase life insurance, the more you'll pay in premiums (because it's more likely you'll pass away, making you more of a financial risk to the insurer). The younger and healthier you are, the less you'll pay in premiums.

Will I need to have a medical exam?

Most of the time, yes. It may require blood and/or urine tests, a doctor visit, and several weeks to be underwritten and the policy issued. There are life insurance policies designated as "no medical" or "simplified issue"; these usually just have a few medical questions but no tests or doctors. Generally speaking, the larger benefit amounts require more in-depth medical underwriting.

Is there a limit to the amount of life insurance coverage I can buy?

Yes. You'll need "insurable interest": in other words, your coverage has to match your life situation and the hardship your loved ones would experience if you passed away. For example, if you have an annual salary of $25,000, you wouldn't qualify for a $2 million life insurance policy. Your coverage limit will be determined by your salary, net worth, and several other factors.

Can I buy life insurance online?

Yes - to a certain extent. Depending on the insurer and policy you select, you may be able to complete the entire application process online and make your initial payment. But, most insurance policies will need to go through an approval process that includes medical underwriting, so you won't have your coverage immediately. Shopping for life insurance online is a great way to compare quotes and get an idea of what your options are - before working with an agent.

Best Canadian Life Insurance Plans for February 2026

Item: The Best Canadian Life Insurance Plans - Summary Reviews
Rating: 5
Author: Top Consumer Reviews

Wednesday, February 11th We evaluate products and services based on unbiased research. Top Consumer Reviews may earn money when you click on a link. Learn more about our process.

2026 Canadian Life Insurance Reviews

Who offers the best life insurance in Canada? If you're looking for life insurance, it's easy to turn to the internet to help you on your quest to find the lowest price with the best coverage. Shopping for anything on the internet makes your life easier, right? Plus, if it can help you narrow down your choices before you have to possibly deal with a salesperson, that's an added bonus.

5.0

EXCELLENT

Best Option

Emma

$24.75 per month for a $500,000 20-year term policy
Coverage up to $3,000,000
Term lengths from 10 to 30 years

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EXCELLENT

5.0

On the Emma website

Providing low rates for life insurance through 10 major providers across Canada, Emma is an insurance broker focused on making it easy for people to stop overpaying for coverage. Their quote process is detailed yet goes relatively quickly, resulting in quotes which can be turned into policies via live chat. With a completely online life insurance platform, Emma has customers raving about the way they've changed the industry. As a result, we are pleased to once again put Emma at the top of our list of recommended options for obtaining Canadian life insurance.

4.5

GREAT

Great

PolicyMe

$24.68 per month for a $500,000 20-year term policy
Coverage from $100,000 to $5,000,000
Term lengths from 10 to 30 years

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GREAT

4.5

On the PolicyMe website

When speed matters, PolicyMe has the competition beat by offering a 30-second quote on their term life insurance policies. Available throughout Canada, their products have provided insurance for over 12,000 families since their start in 2018. With excellent feedback from happy policyholders, PolicyMe should absolutely be on your shortlist when deciding on life insurance.

4.4

GREAT

Great

Serenia Life

$24.30 per month for a $500,000 20-year term policy
Coverage from $50,000 to $5,000,000
Term lengths of 10, 20, or 30 years, with a Term to 100 policy

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GREAT

4.4

On the Serenia Life website

A life insurance provider with heart, Serenia Life issues a variety of policies in five of Canada's provinces and extends member benefits to the 33,000 people who get their life insurance through this established company. A quick and easy quote process enables shoppers to see what's available before deciding to contact the company to complete the application process. With excellent reviews and the best BBB rating, Serenia Life earns a spot near the top of our list of recommended Canadian life insurance options.

4.0

VERY GOOD

Very Good

PolicyAdvisor

$26 per month for a $500,000 20-year term policy
Only available in Ontario, Alberta, British Columbia, and Manitoba
Over 2,400 5-star reviews

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VERY GOOD

4.0

On the PolicyAdvisor website

Providing insurance policies for Canadians in four provinces, PolicyAdvisor places themselves as a solution offering quick quotes online. Answer a few easy questions and get a text to verify your quote, with side-by-side comparisons from over 30 of the country's top insurers at no cost. In business since 2019, PolicyAdvisor has excellent customer reviews. If you're willing to give out contact information, you may like what you find at this online life insurance platform.

3.5

GOOD

Good

Insurance Hotline

Policy ranges from $23.81 to $60.30 per month for a $500,000 20-year term policy
Coverage is offered from $50,000 to $5,000,000
Term lengths range from 10 to 100 years

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GOOD

3.5

On the Insurance Hotline website

Shopping for life insurance just based on price may lead you to comparison platforms like InsuranceHotline. With coverage in five Canadian provinces, they can offer you lots of quotes with no additional information. Policies are offered through their affiliated partners, as InsuranceHotline is literally just a place to check rates. With over 1,100 5-star reviews from happy shoppers, this rates-only website has earned a spot just above average on our list of life insurance options in Canada.

3.0

AVERAGE

Average

Canada Protection Plan

$37.80 per month for a $500,000 20-year term policy
Coverage from $25,000 to $1,000,000 available online
Term lengths from 10 to 30 years

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AVERAGE

3.0

On the Canada Protection Plan website

For Canadians with medical issues or dangerous jobs, getting life insurance can be a tricky situation. Canada Protection Plan has provided accessible coverage by offering multiple options with their quick quotes since their beginning in 1992. Coverage can start in as little as 24 hours without a medical exam for both residents and temporary residents across the country. However, higher prices, a lack of online reviews, and a tricky-to-navigate website place Canada Protection Plan at just average.

2.9

AVERAGE

Average

Sun Life

$29.10 per month for a $500,000 20-year term policy
Terms range from 5 to 40 years, though only 10 and 20 online
Quick online quotes available with minimal information

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AVERAGE

2.9

On the Sun Life website

For over 150 years, Sun Life has provided life insurance for Canadians throughout the country. They offer fast service with quick quotes and temporary insurance while your policy is under review, as well as a 30-day refund period. However, with poor ratings from limited reviews,Sun Life ranks just average as an option on our list of life insurance providers in Canada.

2.5

FAIR

Fair

Rates.ca

Policy ranges from $23.81 to $60.30 per month for a $500,000 20-year term policy
Coverage is offered from $50,000 to $5,000,000
Term lengths range from 10 to 100 years

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FAIR

2.5

On the Rates.ca website

If you know what kind of insurance you'd like, Rates.ca helps you compare a dozen or so Canadian life insurance providers at the click of a button. However, with no further policy information offered, the complaints of bait-and-switch quotes place this poorly-rated company as a below average option for us. Skip Rates.ca and go with one of its higher-ranked rivals on our list.

2.0

SUBPAR

Subpar

Canada Life

$27.04 per month for a $500,000 20-year term policy
Coverage from $100,000 to $1,000,000
Term lengths of 10, 20, or 30 years

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SUBPAR

2.0

On the Canada Life website

Life insurance provider Canada Life has been insuring Canadians for more than 170 years. A quick quote is offered online for a term life policy which can be easily compared to suit your requirements. Unfortunately, unhappy customer reviews weigh this company down on our list of recommended insurance options.

1.0

POOR

Poor

Arbetov Insurance

Coverage amounts and term lengths available after working with an advisor
Based in Vancouver, BC
"A+" rating from the BBB

Read Full Review

POOR

1.0

On the Arbetov Insurance website

Arbetov Insurance is a brokerage agency in Vancouver, BC, offering health, travel, and life insurance. However, their life insurance offerings are limited as they don't give details online and were unable to provide any quote within a business day. Additionally, their service area is hard to discern from their website, placing them at the bottom of our list of life insurance options for Canadians.

Continued from above...

Who Offers the Best Life Insurance in Canada?

If you're looking for life insurance, it's easy to turn to the internet to help you on your quest to find the lowest price with the best coverage. Shopping for anything on the internet makes your life easier, right? Plus, if it can help you narrow down your choices before you have to possibly deal with a salesperson, that's an added bonus.

Though life insurance may not be at the forefront of your mind, it's important to consider getting a policy while you're younger and in good health. If something unexpected happens to you, your designated beneficiaries will have the funds to replace your income and meet your financial obligations. Even if you don't have children or a home to take care of, you wouldn't want to leave your grieving family with the bill for your final arrangements, which is why even a small life insurance policy is a good idea.

For those Canadians with families or mortgages, you may wonder just how much life insurance is enough. Deciding the right amount of life insurance can involve many factors including your annual income, number of dependents, debts owed, and anticipated funeral costs. Many insurance companies provide online calculators to help you determine the proper coverage needed to take care of such things.

Some employers provide life insurance as part of a hiring package. While this is nice, it's likely not sufficient coverage, which can mean purchasing a supplemental policy. Buying a home or having a child can make you consider the amount of insurance needed in the event the unthinkable occurs. The good news is that there are plans of all types to help bolster or replace your current life insurance needs. You can consider options such as budget-friendly term insurance or the higher-value permanent life insurance.

Exploring your options for life insurance policies online in the comfort of your own home can help you not only discover what's available to you but also narrow down choices or even apply easily online. Most companies will require a medical exam before your policy takes effect, but online shopping is a great first step in the process.

While browsing the different life insurance providers and agencies available to Canadians, there are many factors to consider. This can be overwhelming, so we've narrowed down our most important criteria to guide your research:

Selection. Does this company have the type of policy you're seeking? Is there adequate coverage offered to meet the needs for your beneficiaries?
Cost. Since life insurance is an ongoing payment you'll be making, it's important to keep your budget in mind. What can you afford? However, simply choosing the lowest costing policy may not provide the benefits you desire. Avoid overpaying for similar policies by doing a little online browsing among providers and brokers.
Reputation. Can you trust this company to pay out when your family needs the funds? What do online reviews say? Check their complaints and rating with the Better Business Bureau. A solid, trustworthy reputation is essential in cases when hundreds of thousands of dollars are at stake.
Ease of use. Not all websites are created equal, and insurance companies or brokerage sites are no exception. We've looked at how to get an online quote at all of the places on our list, noting when it's simple and when it's difficult or impossible. Avoid wasting your time with a company that asks a lot of questions but doesn't deliver the promised quick quote.

Protecting your family and loved ones is important, and we at Top Consumer Reviews want to ease one part of the equation by providing these rankings of the most popular Canadian life insurance options. It's our hope that this information will lead you to the perfect life insurance policy, providing peace of mind for you and yours.