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.
Best Option
Since their founding in 2017, Emma advises people to "stop paying too much" for their life insurance, providing all of the major life insurance options in Canada in a single visit to their platform. Boasting they offer Canada's most competitive rates, insurance brokerage Emma compares options quickly on your behalf and will only give you the insurance you need.
Totally online insurance platform
In less than 10 minutes, Emma says you can understand your life insurance needs by answering their short questionnaire. Then you'll get a quote, which you can accept or discuss with one of their expert advisors before completing the application and activating your policy, which can all be completed online. Experts are shown by photo and you can choose who you'd like to meet with (if anyone). This is a great place to get life insurance if you just want to find out what you need quickly without doing a bunch of research. When you get to the policy finalization, a live chat will connect you with someone so you're able to ask any questions you may have before you complete the coverage.
No medical exam but many questions
In place of a medical exam, Emma asks numerous questions regarding your health, mainly in a yes-or-no format. Beginning with your personal contact information and residency confirmation, you'll be asked to provide details including birthdate, gender, tobacco and other drug usage, height and weight, employment, and family medical history. The process does indeed go quickly, despite being so in-depth.
Family-centered but still for everyone - even seniors
With a mission to "protect as many families as possible with life insurance," Emma focuses on helping young families obtain life insurance but will cater to others' needs as well. Seniors age 50 and older are eligible to receive a customized final expense quote in less than a minute without medical questions, exams, or paperwork. You will have to provide a valid phone number to receive a text of your quote before you can see the results.
Term life insurance with optional add-ons
Emma offers what you need for your personal life situation. Term life policies are available for 10 to 30 years in coverage of up to $3,000,000. Their term life amounts are fixed and guaranteed, renewable up to age 80 with an option to convert the term into a permanent policy prior to age 65 without needing to get a medical exam. We like the idea of converting a term to a permanent policy with no doctors. Additionally, you can get a whole life insurance policy to pay your funeral expenses, up to $100,000 in coverage. Policies have a 10-day review right, and you can cancel or replace the insurance without penalty. Cancer protection is offered as an add-on option, with coverage choices up to $75,000.
Honest advice from no-commission agents
The agents at Emma don't work on commission so they say they won't sell you an overly expensive policy unsuited for your needs. The online calculator when you're building your coverage will offer recommended amounts and notes about situations similar to yours. When we input our sample customer, it suggested much less coverage than we sought, which could result in a significant savings. To compare costs for insurance across all providers, we used a sample customer: an Ontario female, non-smoker born in 1990 with no medical complications. For a 20-year term life policy with $500,000 in coverage, the policy on Emma would cost $24.75 per month. While not the lowest, this cost was in line with other policy quotes we received.
Customers are excited about Emma
Policies on Emma are backed by Humania Assurance. Though no listing for either one could be accessed on the BBB, Trustpilot showed over 1,300 5-star reviews for the life insurance provider. Happy reviewers rave about the "top-notch" service, quick help, best rates, and convenience of the entire process. One reviewer noted that he was so pleased he declared that Emma "revolutionized" life insurance.
Our top pick
We like that Emma offers policies throughout Canada and provides budget-friendly options without a medical exam. They stand out as an excellent option for those seeking life insurance online, placing them once again at the top of our list.
Great
Boasting they'll show you insurance prices in 30 seconds, PolicyMe has offered term life insurance in all of Canada's provinces and territories, underwritten by Securian Canada since their founding in 2018. By cutting out "unnecessary fluff" from their application and underwriting process, they say they are the top-rated life insurance in Canada, insuring over 12,000 families. Instant approval for some, along with a refund policy and a grace period for missed payments, sets PolicyMe out from competitors. WIth reviews from over a thousand happy customers, PolicyMe offers an excellent option for life insurance in Canada.
It's so fast and easy
It's simple to get a free instant term insurance quote. Just provide your birthday, province, gender, and smoking status - no credit card or email address required. Choose a coverage amount between $100,000 and $5,000,000, with terms from 10 to 30 years in length. PolicyMe says their focus is reducing steps and lowering costs to provide coverage for families without unnecessary complications or expense.
Instant approval and coverage without medical exam possible
Once you decide to apply, PolicyMe will ask for your email address as well as some health and lifestyle questions. The friendly text on the website offers cheeky comments to make the process less painful - such as telling you to get coffee to make the process better. Upon submitting your application, you will find out instantly if you are approved or need a few more steps, though they say most Canadians will be instantly approved, allowing your coverage to be activated within minutes. No medical exam is needed for 60% of applicants, while others may have to complete a short health questionnaire, phone interview, or quick nurse visit, depending on age, health history, and coverage amount sought.
Convertible term policies offered
Offering term life insurance, PolicyMe also provides the option to convert all or part of your coverage to a permanent policy. These policies never expire and have coverage between $10,000 and $5,000,000. On their website, however, they say that most Canadians will find the best choice is term life, since it's tailored to their specific individual needs and affordable.
Online assistance available
If you're unsure how much coverage you need, PolicyMe makes it easy to determine a recommended amount with their quiz. They'll ask questions regarding your family and lifestyle, financial commitments, and savings and income to offer a recommended coverage amount and length. Despite cutting out the extras and relying on technology to get you quick quotes, PolicyMe still offers a team of 20 licensed advisors to guide you with pressure-free, honest, and needs-driven help to avoid over-insuring.
Policy bonuses, discounts, guarantees, and grace periods included
Our composite insured applicant - a female, non-smoker born in 1990 seeking a 20-year term life policy with $500,000 in coverage - would pay $24.68 per month with this company. This is within the range of the lowest rates we found in our search. Perks offered by PolicyMe include 10% off for couples in the first year and $10,000 in free child coverage. They offer a 30-day money-back guarantee on their insurance and you can cancel anytime without penalty. An additional, unexpected perk is PolicyMe's 30-day grace period for missed payments.
Highly recommended by users
With accreditation and an excellent "A+" rating from the BBB, PolicyMe is a solid company with no complaints filed. The company has earned high marks from customers as well, with 4.8 out of 5 stars across online review platforms from over 1,000 reviews. Pleased clients rave about the quick, easy sign-up process with a great benefits structure and reasonable pricing, gushing about knowledgeable customer service representatives and advisors who were "straightforward folks to deal with." The handful of complaints mentioned slow responses from customer service, though 97% of reviewers on one site affirmed that they'd recommend PolicyMe to others.
Highly-ranked option for life insurance in Canada
With a speedy quote process and instant approval possible, PolicyMe stands out as an excellent choice when shopping for life insurance online. Their refund policy and grace period, combined with customer feedback, places them near the top of our list of recommended options across Canada.
Great
Offering term and whole life insurance in five of Canada's provinces, Serenia Life is on a mission to prove a business can be kind. A member-based organization of 33,000 that can trace their roots back over 100 years, they share profits through community outreach and member benefits to support families and causes.
Limited service area with quick quote process
Promising a five-minute form, Serenia Life wants to make it easy for you to protect the ones you love the most. Their products are available only for residents of Ontario, Manitoba, Saskatchewan, Alberta, and British Columbia. To get the quote, there are some basic questions about the type of coverage to complete. If desired, you can then use their life insurance calculator to figure out how much insurance would be required to pay off debts, cover your mortgage, and replace lost income, though this is an optional step. The quote step asks for your birthdate, gender, tobacco use, product of interest, coverage desired, payment frequency, and some optional benefits. It then calculates a quote for you and requires you to either talk to an advisor or have a full quote emailed to you; you're unable to finish the process of getting a policy from here.
Variety of term lengths and coverages
Both term and whole life insurance policies are available from Serenia Life. Term life insurance is offered in 10, 20, or 30 years. Whole life comes in 20-pay whole life, traditional whole life, and Term to 100. Coverage is available from $50,000 to $5,000,000. Optional benefits which may be added to the policy include total disability waivers, accidental death benefit, child term benefit, and guaranteed insurability option. If you'd like to skip future medical evaluations, the guaranteed insurability will allow that, no matter your health status when you want to purchase more coverage. With this variety of options, there should be something for everyone here.
Helpful tools
Utilize the life insurance calculator on Serenia Life's website to discern how much coverage is necessary for each stage of your life. To help you further, they offer a free guide "Four Ways to Use Life Insurance as a Financial Planning Tool" when you sign-up with an email address.
Members for a difference
The history of Serenia Life dates back to the 1920s as a community group, officially becoming the Lutheran Life Insurance Society of Canada in 1972. With an expanding vision to provide member benefits and touch the community, they evolved in 2022 into Serenia Life Financial. Over $5.5 million has been donated to charities while volunteers have reported more than 850,000 hours of service. We like the fact that this is more than a life insurance business.
Competitive rates and a first-year discount
Offering up to 25% off the first-year payments, Serenia Life fared well on our sample policy comparison: a female non-smoker born in 1990 seeking a 20-year term life policy with $500,000 in coverage would pay $24.30 per month with this company. If paid annually instead, she'd save over $20 a year. This compares closely with the other rates we found on our search, though we could not tell if that discount for the first year was already calculated in the quote. In addition, the policies at Serenia Life include member benefits such as a free online will and power of attorney. While we were able to get an easy quote for a term life policy, Serenia Life requires a meeting to ask a few questions if you need a quote for a whole life product.
Limited reviews with high customer satisfaction
With accreditation and an "A+" rating from the BBB, Serenia Life has received no complaints. Reviewers rave about professionalism and trustworthiness of agents who offered no-pressure sales with transparent options. Though reviews are limited, they rank at 4.8 stars on both Google and Facebook.
Excellent option for some Canadians
Serenia Life has an easy-to-use interface and offers quick quotes for term life policies at competitive rates. The fact that they aren't available throughout Canada and have limited reviews keep them from a higher rating, but we confidently recommend them as an excellent option to consider when seeking online life insurance.
Very Good
Broker PolicyAdvisor promises big savings and easy insurance from 30 of Canada's top insurers for all types of life insurance, boasting they've helped over 650,000 Canadians with policies in Ontario, Alberta, British Columbia, and Manitoba since their launch in 2019.
You'll have to verify with a text to get a quote
Answer a few questions (including gender, birthdate, smoking status, postal code, purpose for policy, physical details, occupation) and the AI-powered platform instantly compares plans for you. However, to get your quote you must provide your email address and a valid phone number, to which you'll be texted a verification code. We're disappointed that we're unable to get a quote without providing contact information. In just a few minutes, they say, you'll receive the best available quotes across insurance companies, allowing you to zero in on the best option for your life situation. They make it easy to compare plans side-by-side so you can see rates and coverage options in one place. Then you can submit your application and get approved. Many details aren't available unless you provide and confirm contact information with PolicyAdvisor, which is a hassle compared to other instant quote providers we reviewed who made it easy to see what they had to offer us.
Over 20,000 policy options available
Since we were unable to get a quote from PolicyAdvisor without disclosing our personal contact info, we could not access all of the coverage and term lengths. In the FAQs, we learned that they may be able to offer 10- to 40-year terms. They also say they offer over 20,000 policy options, so they'll likely have the coverage and terms you're seeking.
Compare and save
Choosing the best product options for you from the providers available, PolicyAdvisor says they make it "easy, transparent, and fast" to get the best policy without a hassle. They allow you to compare the market and provide impartial advice from commission-free advisors. Free, 30-minute sessions can be booked with their licensed experts.
Within the average cost range
Claiming the cost of monthly life insurance to be as low as getting an extra-large pizza, PolicyAdvisor has no extra fees or hidden charges to use their platform. We were unable to get a quote for our composite female, but the estimate charts on the website place a 20-year term policy with $500,000 coverage for a non-smoking 35-year-old female at $26 per month. So while we were unable to compare the coverage options as described on PolicyAdvisor, we got a general idea of their offerings. Though it's slightly higher, this was in range with other companies we've reviewed for life insurance in Canada.
Customers love them
Though unaccredited, PolicyAdvisor earns an "A+" from the BBB with no complaints. Across online review platforms, ratings for the brokerage range from 3.8 to 5 stars out of 5 from over 2,700 reviewers. Calling the process "super easy and clear from start to finish," one happy client gushed about the licensed advisor she worked with while another mentioned "superior service." One pleased customer proclaimed that "this is a benchmark [on] how insurance companies should operate."
Worth checking out
Though their service area is limited to four Canadian provinces, PolicyAdvisor is a fan favorite with thousands of 5-star reviews. If you're open to receiving a text from them in order to get a quote, it might be worth checking their online life insurance offerings.
Good
One of Canada's largest digital marketplaces, InsuranceHotline says they want to save customers from experiencing "that sinking feeling" when they found out they could've received a better deal elsewhere. They are able to provide insurance quotes for customers living in Ontario, British Columbia, Alberta, Nova Scotia, and Saskatchewan.
In the family
InsuranceHotline is part of the Rates.ca family of online insurance marketplaces (another platform on our list). They offer the "cheapest insurance quotes" on all types of insurance in one place for Canadians across the country. Their website is nearly identical in content to that of Rates.ca.
How to apply
You'll select your province from the five they work with before a pop-up notice tells you that you're being redirected to LowestRates.ca, similar to their related website. When we went through the same process here as we did for Rates.ca, we received mostly the same results, including the lowest one. However there were a couple of other ones mixed in there (at higher-than-average prices). To get the rate, you're asked to contact their partner using only a phone number offered. On their "about us" page, they claim they've designed their service to be as simple as possible, asserting you don't have to do any other research because "everything is right here." We disagree - just providing a list of price quotes from partner agencies without additional details seems like an unnecessary extra step in the insurance shopping process to us.
Matchmaking service
While InsuranceHotline says you can get your quote and connect with a representative from the insurance company providing the one you desire, it seems to be offering a low-tech matchmaking service. In contrast, we'd love to see them directly connect their shoppers to the preferred insurance provider. In addition, applicants should expect to take part in a standardized medical exam before a policy is finalized, adjusted, or denied.
Fewer coverage areas offered
With terms ranging from 10 to 100 years available, plus universal and whole life, InsuranceHotline has all of the coverage you likely want, and the platform provides some information on the differences between the types of policies. If you need a $50,000 policy or $5,000,000 in coverage, you can find it here. However, the number of provinces in which they offer quotes has been cut nearly in half since the last time we reviewed them.
No frills website
Providing some limited general information about life insurance policies, InsuranceHotline is a simple website designed to connect users with other companies for insurance or financial products. You won't be sold anything here, so it's a pressure-free zone. However, you also may leave feeling the generic aspect of it resulted in a waste of time.
Lots of choices with just prices
To get an idea of the available rates, we entered our composite 35-year-old female nonsmoker from Ontario for a 20-year term life policy with $500,000 in coverage. Our insured applicant was offered 13 quotes ranging from $23.81 per month with RBC Insurance to more than $60 a month (!) with Canada Protection Plan. The best rate offered by InsuranceHotline tied for the lowest price with their related platform Rates.ca. However, no other information could be compared, leaving us feeling that something was missing.
Lots of happy customers
The BBB rates InsuranceHotline an impressive "A+" though they aren't accredited. Fortunately, they don't have any complaints either. Online reviewers at Trustpilot have given them 4 out of 5 stars from over 2,200 ratings, half of them giving a 5-star review. Happy users say the InsuranceHotline platform was easy to use, helping them save a lot of money and receive good service quickly. Negative reviews complain of significantly higher quotes on the phone after seeing an online number as well as delayed or no follow-up from the insurance companies.
Above average platform option
For those simply wanting to look at prices, InsuranceHotline offers a place to get multiple quotes for residents in five of Canada's provinces. Though it has many high reviews, it ranks at just above average due to the lack of comparable information provided on policies and limited coverage area.
Average
With the slogan "Life insurance in Canada, refreshingly simple," Canada Protection Plan has aimed to provide quick and easy life insurance coverage since 1992. Available for residents as well as temporary residents throughout Canada, their no-exam insurance policies make it easy to get coverage even with health issues.
Hard to navigate to online quick quote
Offering life insurance without a medical exam, Canada Protection Plan offers stress-free coverage options from a trusted company. Anyone between ages 18 and 80 can find a plan, regardless of health or risk factors, setting them apart from a majority of insurers in Canada. We had a difficult time getting a quote, at first, because it seemed they required personal contact information, including choosing a time to call and an email address. When we completed that form, we got a message saying a licensed insurance advisor would reach out within 24 hours, or we could call them to start the process. After going through that process, further investigation of the Canada Protection Plan website revealed another option not easily found. Look for the words "Quick quote" to get an online price while you compare plans and benefits. With just a birthdate, gender, coverage amount, and smoking status, online shoppers can review plans with different term lengths or insurance types. Coverage can begin in as little as 24 hours.
Limited term lengths and coverage amounts online
Canada Protection Plan offers term life, permanent life, and critical illness insurance. Terms in lengths of 10 to 30 years are available with coverage amounts for online quotes starting at $25,000, though a lower amount is available by contacting them. The highest available policy online is for $750,000 in coverage for "no medical exam" plans and $1,000,000 for others. Since they don't ask medical questions nor require an exam, their premiums are higher than other policies. They could be a good option, however, for someone who has a risky job or pre-existing health issues.
Added benefits offered
To lengthen their established history of providing insurance for Canadians, Foresters Financial acquired Canada Protection Plan in 2020. As a result, policy holders receive a complimentary membership with Foresters, a fraternal benefit society which provides access to academic scholarships, financial counseling, and discounted legal services. An online life insurance calculator is helpful for those seeking to estimate how much coverage they'll need. An informative blog from Canada Protection Plan answers questions such as "What is the life expectancy in Canada?" and "What happens to your debt when you die?" Additionally, an easy-to-understand Glossary of Terms provides simple explanations of words you may have read but didn't understand.
Not the most expensive
The Canada Protection Plan is not going to be the cheapest route, because it offers "no exam" coverage. For our healthy, non-smoking 35-year-old female, a 20-year term policy with $500,000 in coverage would cost $37.80 per month, more than $10 a month higher than most competitors charged. This rate was similar to a couple found on one insurance marketplace showing Canada Protection Plan rates, though it's hard to fully compare without knowing policy details. Considering that there is no medical exam required with most of their policies, while priced higher than other options on our list, they give a rate that was still lower than some others quoted on life insurance comparison platforms.
Lacking customer feedback
Canada Protection Plan is accredited by the BBB and has earned a stellar "A+" rating with only one complaint in the past three years. Unfortunately, there are no reviews of this company or their practices to be found anywhere across online platforms aside from three reviews on the BBB website which averaged at 3.67 out of 5 stars. We'd like to see more feedback before making a recommendation either way.
Just an average option
The main purpose for many who choose Canada Protection Plan is the no-medical-exam insurance. If that's what you need, then this company may rank higher on your list. For everyone else, it's just a middle of the pack option.
Average
Started in 1871, Sun Life is the largest dedicated life, health, and investment services network in Canada. They offer both permanent and term life insurance to Canadians aged 84 or younger.
Speedy quotes
To get a quick quote, Sun Life asks for your first name, birthdate, province or territory, and smoking status. Then they ask what type of coverage you need and permit you to choose coverage amount and term to get an instant quote. We appreciated the speed involved in providing us with a cost quote for a policy. After you've been given that number, you can save your information or continue to apply for your plan. This was one of the fastest online quote options which also provided easily accessible information regarding the insurer and the policy. Applying for the coverage will require you to submit contact details, payment details, and health questionnaire if applicable (for coverage $50,000 or higher). Medical questions are generally yes or no answers to assess your medical history and determine if an exam is needed. Sun Life also offers guaranteed life insurance which does not ask medical questions or require an exam. Simplified term life insurance doesn't require an exam, though three health questions are asked. Medical exams may be skipped for term life policies for those aged 40 or younger or healthy applicants between ages 41 to 50 requiring $500,000 or less.
Temporary insurance while under review
Sun Life will provide temporary insurance up to 90 days while your application is reviewed, though some exclusions apply, for coverage of $50,000 or higher. Policies which are valued at $25,000 or less will start immediately upon application and payment. Additionally, they allow you to cancel anytime, with a 30-day refund policy so you can purchase with confidence.
Unique term options offered but not online
For a variety of life insurance options, Sun Life offers term plans of 5 to 40 years, with some plans allowing conversion to a permanent policy. 10- and 20-year terms are the only options online, though. They also provide permanent life insurance in whole life, participating, and universal life. While policies may provide up to $25,000,000 in coverage, it is only permitted up to $1,000,000 online.
Assistance is offered at no cost
If desired, Sun Life will give you a free personalized consultation to help you make a decision regarding your insurance options. Simply fill out the online form and be contacted to make your appointment. Additionally, an online life insurance calculator on the website is available to help you receive an estimated amount of coverage needed for your policy, and there are numerous articles to help you understand life insurance, such as"Nine questions about life insurance you're afraid to ask."
High end of our quoted policies
To get a $500,000, 20-year term life policy for our composite female non-smoker born in 1990, the cost per month would be $29.10. We were pleased with the simplicity of the process but this cost was on the higher end of the quotes (with the exception of the sites providing multiple quotes). However, we noticed that the online referral platforms which listed quotes from Sun Life quoted this same policy at a slightly lower cost ($27.90) - we're not sure why it would be more to go direct.
Customers aren't happy with service or claims
Sun Life is unaccredited by the BBB but has an impressive "A+" rating with less than 50 complaints in the past three years, typically related to their health insurance. The reviews on their BBB listing are negative, just 1 star from the handful of reviewers who rant about customer service and claims. Disappointingly, the online reviews elsewhere for the established company fall well below average. On one review website, just over 100 reviewers rated the company 2 out of 5 stars. Complaints about customer service and claims regarding their different insurance products warn us to stay away.
Just average
While Sun Life offers some things we like, such as temporary insurance, a money-back period, and quick quotes, the limited online offerings and low customer rankings keep them from receiving more stars. They are worth looking at if you don't find something you like elsewhere, but to us they're just average as an option for Canadian life insurance.
Fair
Offering to compare life insurance from trusted providers, Rates.ca is a marketplace available for Canadians living in Ontario, British Columbia, Alberta, Nova Scotia, and Saskatchewan. Since their founding in 1999, their purpose is to "help Canadians make better insurance and money decisions" by offering free quotes for both insurance and financial products.
Easy to get price quotes quickly
Claiming they know shopping for insurance is never fun, Rates.ca explains that's why they make it easy. Choose your province from the five they work with and you'll get a pop-up notice that you're being redirected to their related website, LowestRates.ca, similar to their related website InsuranceHotline. Choose a term length or policy type and desired coverage, then provide your birthdate, smoking status, and email address. They will tell you how many quotes are available for your desired policy and the monthly payment amount for the lowest quote, withholding all rates and the names of the insurance companies without your personal contact information, including phone number. Once you give that, you'll be provided with simple price quotes from multiple insurers to compare side by side, but that's it.
You have to take it from there
Just like on InsuranceHotline, no policy details are shown and you're told to contact the insurance partner (not even the actual insurer) directly to obtain and finalize that quoted rate. While this should enable you to choose the right coverage for your personal situation, it's truly just a list of prices. There aren't even web links to take you to the insurance provider's website, which is frustrating if you'd like to learn more about the insurer. Though this may save you from visiting several websites, we can't see much benefit from using their platform except to get an idea of possible policy rates from insurance brokers in one online place. We'd really like to see them give us more details and connect us to the company of our choice through a web link.
Lacking in details
Rates.ca notes that a standard medical exam will be part of your application process but doesn't give more information. No timeframe for coverage is offered, either. All of this will be done with the insurance provider instead of Rates.ca, which acts as a marketplace to find you the lowest numbers, not necessarily the best policy for your situation.
Long terms and high coverage limits
With terms from 10 to 100 years, plus universal and whole life, Rates.ca has a lot of offerings to find you policy quotes. Depending on how much coverage you seek, they have it ranging from $50,000 to $5,000,000. Since we last reviewed them, it should be noted that the number of provinces in which they offer quotes has been cut nearly in half.
No frills website
With minimal information about life insurance policies, Rates.ca is a barebones website designed for the purpose of connecting users with other companies for insurance or financial products. While it's a pressure-free zone since they aren't selling anything, you may wonder if it's worth your time to go there just to browse policy prices.
Lowest price around but not very useful
To get an idea of the available rates, we entered our composite 35-year-old female nonsmoker from Ontario for a 20-year term life policy with $500,000 in coverage. Our insured applicant was offered 13 quotes ranging from $23.81 per month with RBC Insurance to more than $60 a month with Canada Protection Plan. Their best rate offered tied for the lowest price with their related platform InsuranceHotline. However, without any additional details about the policies offered, it would be hard to compare on anything other than rate.
Happy reviews but complaints to BBB and poor rating
Unaccredited by the BBB, Rates.ca has also earned a dismal "F" rating from them for complaints filed and failure to respond to the complaints. Unhappy insurance shoppers rant about harassing sales calls and impossibly low quotes which jump significantly when connected with the insurance provider to finalize applications. Surprisingly, they have a 4.1 out of 5 stars on Trustpilot from over 6,400 reviews. Pleased customers noted they received quick service and felt the website was easy to use. Said one customer, "They do all the leg work and it's a free service!" Unhappy reviewers complained of delayed responses from insurance companies and different rates offered when connecting with the insured partner or when inputting the same information an hour later. The quote service may be helpful for some, but with many issues noted about different prices, we suggest checking out the higher-ranked companies on our list.
Look elsewhere for insurance help
While it might be nice to get a dozen rates all with one click, we found Rates.ca's platform to be underwhelming. The combination of not having a direct connection to getting a policy and poor BBB rating due to complaints put Rates.ca as a below-average option for life insurance shopping for most Canadians.
Subpar
Canada Life has been established as a trusted provider since 1847, when it was the country's first domestic life insurance company. Today they also offer wealth management and healthcare benefit products in Canada as well as the United Kingdom, Isle of Man, Germany, and Ireland.
Easy peasy to get a quote
Applying for an insurance quote is easy on Canada Life. They ask for your birthday, gender, smoking status, and place of residence. That's it. A suggested option will be provided but it can be easily adjusted to suit your coverage and term choices.
More work for an application
To apply for life insurance with Canada Life, you'll need to book an appointment and talk through the coverage with an advisor over the phone. There is no way to apply online and get your policy with instant coverage, like some companies offer.
Basic offerings for their policies
Their My Term life insurance is available in 10, 20, or 30 years, with coverage amounts of $100,000 to $1,000,000. Making it easy to pay for your life insurance, Canada Life offers the option to pay monthly or annually. Additionally, they will automatically renew your policy when the term is up unless you cancel it, providing the alternatives to convert it to a longer term or a permanent life policy.
Slightly higher cost than average quote
The quick quote for our non-smoking, Ontario female born in 1990 was $27.04 for a 20-year policy with $500,000 in coverage. At the same time, we were shown the amount for 10-year and 30-year terms with Canada Life, making it easy to see if we wanted to adjust coverage amounts or term length. This is exactly the same payment amount we were shown on the online comparison platforms.
Great rating but poor reviews
Though unaccredited by the BBB, Canada Life has earned an excellent "A+" rating with only a handful of complaints in the past year. Unfortunately, 94 reviewers on the BBB didn't feel the same, giving the established company an average of just 1.01 out of 5 stars. Customer service is the main cause of the dissatisfaction. Across online review platforms, the scattering of reviews is similar, with 1.2 to 1.4 out of 5 stars, again ranting about customer service issues, saying they can't get ahold of anyone or receive calls back and difficulty collecting claims.
Other options are better
Though Canada Life was the first to provide life insurance, their options are limited and customers are complaining about their service. We recommend looking at our higher-ranked insurance options instead.
Poor
Arbetov Insurance says their team of insurance pros is "a unique blend of energetic youth and years of experience." Since their founding in 2007, their brokerage agency has specialized in health and travel insurance offering coverage from the most reputable Canadian insurance companies.
No online quotes
There is no online form to fill out for an insurance quote when browsing Arbetov Insurance. We attempted to get a quote by engaging in an online chat and were told we would receive questions via email to answer in order to get a quote. However, after waiting for a business day, we still had not heard anything back from them. The last time we reviewed the company, they offered an online form, which is no longer available.
Website information lacking
No policy information was found online except for basic information regarding term life, whole life, and universal life insurance. The company is located in British Columbia, though nowhere on their website does it say which areas of Canada they cover.
Limited focus on life insurance products
While Arbetov Insurance does technically offer term, whole, and universal life policies, life insurance is clearly not their primary area of expertise. Their website focuses heavily on travel and health insurance, which may explain the lack of detailed product descriptions, comparison tools, or educational resources that shoppers typically expect when evaluating life insurance options. For customers who want clear policy breakdowns, riders, rate examples, or guidance tailored to long-term financial planning, Arbetov simply doesn't provide the depth needed to make an informed decision.
Customer satisfaction is good but limited
Though unaccredited with the BBB, Arbetov Insurance has earned an impressive "A+" rating and had no complaints on file. With just under 100 reviews on Google, customers are pleased with this small insurance brokerage, giving them 4.8 out of 5 stars. Pleased customers talk about excellent customer service, though most are regarding other insurance products than life insurance.
Look for life insurance elsewhere
Insurance broker Arbetov Insurance cannot compete with the other Canadian companies on our list due to their inconvenient quote process and less-than-informative website. We strongly recommend that you look elsewhere for your life insurance needs, especially if time is of the essence.
Continued from above...
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:
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.
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