Compare 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.  

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. 

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. 

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.

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. 

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. 

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. 

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. 

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.

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. 

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.

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.