Canadian News and Stats

Best life insurance in Canada, 2026

No public data ranks Canada's life insurers on claims or service, so we checked what you can verify: ratings from four agencies, the capital each insurer holds above the regulator's target, ombudsman complaint data and published prices. We also explain when your bank's mortgage insurance is the weaker choice.

By Canadian News and Stats insurance desk Published Updated 42 sources

Our picks

Your price depends on your age, health, smoking and how much coverage you buy, and each insurer weighs those things its own way. We found no current customer survey with a published method that ranks Canadian life insurers by name, and the industry ombudsman doesn't report complaints by company. These picks rest on records you can check: ratings from AM Best, S&P, Fitch and Morningstar DBRS, the capital each insurer reports to its regulator, and terms on insurers' own websites. Get quotes from at least two insurers before you buy.

  1. Highest ratings

    Canada Life

    Canada Life holds AA ratings from S&P, Fitch and Morningstar DBRS, Aa3 from Moody's and A+ from AM Best, as of June 30, 2026.1 No insurer we checked has higher ratings. Its LICAT capital ratio was 128% at June 30, 2026,2 above the 100% target set by OSFI, the federal regulator,3 and the lowest of the large insurers in our table.

    AAS&P, Fitch and DBRS, June 2026
  2. Highest ratings, tied

    Sun Life

    Sun Life Assurance matches Canada Life on the agencies both use: AA from S&P and Morningstar DBRS, Aa3 from Moody's and A+ from AM Best.4 Its LICAT ratio was 133% at June 30, 2026, down from 141% a year earlier.5

    AAS&P and DBRS rating
  3. Most capital of the big three

    Manulife

    AM Best rates The Manufacturers Life Insurance Company A+,6 Morningstar DBRS confirmed its AA rating on June 25, 20267 and Fitch affirmed AA on July 21, 2026.8 Its LICAT ratio of 136% at June 30, 2026, was the highest of the three largest insurers.9,2,5 Manulife also sells term policies online under its CoverMe brand.10

    136%LICAT ratio, June 30, 2026
  4. Buy online, no advisor

    RBC Insurance

    RBC lets you apply for term life online in about 15 minutes, with terms from 10 to 40 years.11 Its simplified plan covers $50,000 to $1 million for ages 18 to 55, and you may not need a medical exam.11 AM Best affirmed RBC Life's A (Excellent) rating on July 23, 2026,12 and its LICAT ratio was 132% at Oct. 31, 2025.13

    10 to 40Term lengths offered, in years
  5. If your health makes it hard

    Canada Protection Plan (Foresters)

    Canada Protection Plan sells no-medical and simplified-issue coverage: health questions instead of an exam, for ages 18 to 80, with no-medical coverage up to $750,000.14 Foresters Financial bought it in 2020, and The Independent Order of Foresters or Foresters Life underwrites the policies.15,14 Foresters reports a 188% LICAT ratio, the highest in our table, and AM Best rates Foresters Life A (Excellent).16,6 If you're in good health, get a fully underwritten quote too and compare.

    188%Foresters LICAT ratio, 2025 report

How Canada's life insurers compare on strength

The table lists 13 insurers that sell individual life insurance in Canada. A financial strength rating is an agency's opinion of an insurer's ability to pay what it owes policyholders. The capital ratio compares the capital an insurer holds with what its regulator requires. OSFI's supervisory target is 100% and the minimum is 90%.3,17 A higher ratio means a bigger cushion. It says nothing about price or how a claim will be handled.

InsurerAM BestOther ratingsCapital ratioAs of
Canada LifeGreat West LifecoA+6S&P AA, Fitch AA, DBRS AA, Moody's Aa31128%2June 30, 2026
Sun LifeSun Life AssuranceA+S&P AA, DBRS AA, Moody's Aa34133%5June 30, 2026
Manulifeincl. CoverMeA+Fitch AA,8 DBRS AA7136%9June 30, 2026
iA Financial GroupIndustrial AllianceA+S&P AA−, DBRS AA (low)18137%18Quebec rulesJune 30, 2026
Desjardins InsuranceDesjardins Financial SecurityA19None we foundNot found 
RBC InsuranceRBC LifeA12None we found132%13Oct. 31, 2025
BMO InsuranceBMO Life AssuranceANone we found131%17Dec. 31, 2025
Benevamutual, Quebec CityA20None we found163%20Quebec rulesDec. 31, 2025
Empire LifeKingston, Ont.Not on AM Best's listDBRS A (high)21159%22June 30, 2026
EquitableWaterloo, Ont.Not on AM Best's listDBRS A (high)23159%24Dec. 31, 2025
Forestersincl. Canada Protection PlanA (Foresters Life)6DBRS A16188%162025 report
Co-operators LifeCo-operatorsANone we found160%25Dec. 31, 2025
Securian CanadaCanadian Premier Life; sold by PolicyMeANone we foundNot found 

AM Best ratings come from its list effective Aug. 31, 2026, for the company that issues the policies.6 Empire Life and Equitable do not appear on that list; Morningstar DBRS rates both. iA and Beneva are Quebec insurers and report a solvency ratio under Quebec's rules instead of OSFI's LICAT; iA gives the regulatory minimum as 90%.18 AM Best also rates Primerica Life (Canada) A+, and ivari and Wawanesa Life A.6

Ratings and capital ratios measure the risk that an insurer can't pay, and Canada has a backstop for that risk. Every life and health insurer authorized to sell in Canada must belong to Assuris,26 which guarantees you keep up to $1,000,000 or 90% of your death benefit, whichever is higher, if your insurer fails.27 Fraternal benefit societies can choose whether to join,26 so if your policy comes from one, ask whether Assuris covers it.

How much life insurance costs in Canada

Insurers price individual life insurance on your age, sex, medical history and the coverage you ask for.28 Smoking counts too: RBC charges smoker rates to anyone who used tobacco in the last 12 months.11 Only a quote gives you a firm price, but several insurers publish examples.

Published byWhoCoverageTermPer month
RBC InsuranceMan, 37, non-smoker$100,00010 years$12.2211
RBC InsuranceWoman, 25, non-smoker$1,500,00020 years$51.12
RBC InsuranceWoman, 44, non-smoker$750,00020 years$67.25
BMO InsuranceMan, 30, non-smoker$612,00010 years$30.4229
BMO InsuranceWoman, 30, non-smoker$1,107,69210 years$30.42
PolicyMeWoman, 30, non-smoker, average health$500,00020 years$20.6830
PolicyMeMan, 30, non-smoker, average health$500,00020 years$29.67
PolicyMeMan, 45, non-smoker, average health$500,00020 years$71.49

Examples as published by each company, viewed Oct. 6, 2026. BMO's come from its illustration software as of January 2026.29 They are marketing examples for healthy non-smokers, not quotes. PolicyMe sells policies issued by Canadian Premier Life, operating as Securian Canada.31

Age pushes the price up fast. In PolicyMe's table, the same $500,000, 20-year policy costs a man $29.67 a month at 30 and $71.49 at 45, about 2.4 times as much, by our calculation.30

Statistics Canada puts average household spending on life, term and endowment insurance premiums at $556 in 2023, down from $620 in 2021. That average covers all households, including those that pay nothing.32 Canadians held about $5.97 trillion of life insurance in 2024, and the average insured household had $509,000 of coverage, according to the industry association, the CLHIA.33

Term or permanent life insurance

Term insurance pays a death benefit if you die within a set period, such as 10 or 20 years. When the term ends, the coverage ends, and term policies have no cash value.34 The FCAC says term premiums are generally less expensive than permanent premiums when you first buy.34 Many term policies renew at a higher price: RBC's renew each year, with rising premiums, once the term is over.11

Permanent insurance covers you for life. Whole life premiums don't change as you age, and universal life combines the insurance with an investment account.34 Both build a cash value, but if you cancel, the FCAC warns that you get back less than you paid for the insurance.34 Assuris protects cash values up to $100,000 or 90%, whichever is higher.27

Check the conversion deadline

A term policy you can convert to permanent coverage without new medical evidence keeps your options open if your health changes. RBC lets you convert without updated medical information, but you must do it before age 71.11 Ask every insurer for its deadline before you sign.

Bank mortgage life insurance vs term life

Your lender will likely offer mortgage life insurance when you sign or renew. It is optional. You don't need it to be approved, the lender can't insist on it, and it needs your express consent.28 The Financial Consumer Agency of Canada sets out how it differs from your own term or permanent policy:28

 Bank mortgage life insuranceTerm or permanent life insurance
Who gets the moneyYour lenderThe beneficiary you name
How much it paysYour remaining mortgage balance, which shrinks as you pay it downThe amount you choose, which stays the same while the policy is in force
PremiumsGenerally stay the same as the balance fallsFixed or rising, depending on the policy
What the price is based onYour age and mortgage amount when you applyYour age, sex, medical history and the coverage you want

The FCAC's conclusion: “Term or permanent life insurance may provide better value than mortgage life insurance.”28 It also points out that your home can be sold to repay the mortgage, so you may not need either.28

Read the bank's health questions with care. Under Ontario's Insurance Act, a wrong answer on creditor group insurance can void your coverage if it relates to evidence the insurer asked for when you applied, unless the coverage has been in force for two years and there was no fraud.35 Canada's insurance regulators described the worry behind this in a 2008 report: some stakeholders believe eligibility for this kind of coverage is checked only when a claim comes in, a practice called post-claim underwriting. The industry told regulators that the practice does not exist in Canada.36

If you want the mortgage covered, get a term quote for the same amount before you sign the bank's form, and compare the two.

The two-year rule, medical questions and genetic tests

When you apply, you have to disclose every fact you know that matters to the insurance.35 Insurers may ask you to fill out a medical questionnaire or take an exam, and the FCAC warns that an incomplete or untrue answer can lead the insurer to cancel your policy or refuse a claim.37

The first two years matter most. In Ontario and Alberta, once a policy has been in force for two years during your lifetime, an undisclosed or misstated fact can no longer void it unless there was fraud.35,38 If you misstate your age, the law adjusts the payout to what your premium would have bought at your real age.35

Most policies also exclude suicide for a set time. Manulife's CoverMe term pays no benefit for a death by suicide within two years of the policy's start and refunds the premiums instead.10

Insurers can't make you take a genetic test. The Genetic Non-Discrimination Act bars anyone from requiring a genetic test, or its results, as a condition of a contract,39 and the Supreme Court of Canada upheld the law on July 10, 2020.40 You also get a free look: you can usually cancel a new life policy within 10 days for a refund of your premiums.37

What people report

We read eight Reddit threads about life insurance in r/PersonalFinanceCanada, posted between Oct. 18, 2025, and March 6, 2026, with 307 comments. These are anecdotes, not a survey, and most posters don't say which province they live in. Three patterns stood out.

Term through a broker, not whole life

In an October 2025 thread about a costly policy, commenters steered the poster toward term coverage and a broker. One commenter who said they sell insurance wrote that you probably don’t need whole life insurance unless you pay tax at the top rate, have maxed out your RRSP and TFSA, and own a home that’s paid off or soon will be.

“Both my husband and I have 20-year life insurance policies of 500k and critical illness of 50k and we pay $90/month.”
Policyholder, province not stated
r/PersonalFinanceCanada, Oct. 18, 2025 · Read on Reddit
“I also went through a broker. In early 40s, I got a 1 million cover for $125 and wife got it for $70 for 20 years.”
Policyholder, province not stated
r/PersonalFinanceCanada, Oct. 18, 2025 · Read on Reddit

Mortgage protection regrets

In a November 2025 thread, a homeowner who had bought the lender's mortgage protection agreed with commenters who told her to replace it with term coverage. A commenter who said they work as an insurance advisor replied too.

“I 100% agree about cancelling the MPP, I wish I did more research when we got the mortgage.”
Homeowner, province not stated
r/PersonalFinanceCanada, Nov. 3, 2025 · Read on Reddit
“I am not surprised, we get paid well for MPP. But I believe personal term insurance is a much better proposition…”
Self-described insurance advisor, province not stated
r/PersonalFinanceCanada, Nov. 3, 2025 · Read on Reddit

Renewal shock, and running out of time

Term prices jump at renewal, and getting new coverage gets harder with age.

“Our premium is set to increase substantially when it renews (from $100/month to $500/month)”
Term policyholder in their early 40s, province not stated
r/PersonalFinanceCanada, Jan. 4, 2026 · Read on Reddit
“My current term expires in my late 60s but I wish I had taken 10 more years as I’m no longer insurable.”
Term policyholder, province not stated
r/PersonalFinanceCanada, Dec. 26, 2025 · Read on Reddit

Before a term ends, price a new policy while you're healthy, and check whether your current one converts.

Buying life insurance in Alberta

Albertans buy from the same national insurers, and the ratings above don't change by province. Albertans carry more coverage than anyone else, though. In 2024 the average insured Alberta household had $606,000 of life insurance, the highest of any province and about 19% above the national average of $509,000, by our calculation. About 2.3 million Albertans had coverage.33 Alberta households spent an average of $577 on life insurance premiums in 2023, against $556 for Canada as a whole.32

Alberta's Insurance Act has the same two-year rule as Ontario's: after two years in force, a misstatement without fraud can't void the policy.38 PolicyMe says living in Alberta doesn't affect what life insurance costs.30 Albertans made 394 inquiries to the life and health insurance ombudsman in 2024-25.41

How to buy life insurance

  • Work out the amount. Add up what your family would need: the mortgage and other debts, years of your income, child care and education. RBC's rule of thumb is five to seven times your net income.11
  • Match the term to the need. Pick a term that ends when the debts are paid and the children are grown. A longer term costs more each month but spares you a renewal at a much higher price.
  • Get at least two quotes. Ask a broker who works with several insurers, and try a direct seller such as RBC, Manulife's CoverMe or PolicyMe.
  • Check who issues the policy. Find the issuing company in the table above and look up its rating on AM Best's site.
  • Answer every question in full. Keep a copy of your application, and use the free look to read the policy before the 10 days run out.37
  • Keep old coverage until the new policy is in force. Then tell your beneficiary where the policy is. If someone dies without leaving records, OLHI forwards eligible search requests to insurers when the death was more than three months and less than two years ago.42

Before you trust a ranking or a rating

Ask whose rating it is. PolicyMe's home page shows an A+ from AM Best for Securian Canada.31 AM Best's own list rates the company that issues PolicyMe's policies, Canadian Premier Life, A (Excellent).6 Check the rating of the company named on your policy.

No one publishes complaints by insurer. The OmbudService for Life and Health Insurance (OLHI) reports totals only. From April 1, 2024, to March 31, 2025, it handled 1,470 complaints, and 305 of them were about life insurance.41 Its complaints manager reviewed 338 files, 74 of them about life insurance, and claims were the most common subject, with 237 files. Its officers opened 16 investigations.41 A table that ranks life insurers by complaints doesn't come from OLHI.

Read capital ratios as a cushion, not a score. The smaller and mid-size insurers in our table report the highest ratios, while the biggest groups hold the highest ratings. Neither number tells you who pays claims fastest.

If your claim is denied

Ask the insurer for a final position letter, then take it to OLHI, which is free (1-888-295-8112). OLHI tries to finish a review within 120 days. It publishes the names of insurers that reject its recommendations, and says insurers have always accepted them.41

Common questions

What is the best life insurance company in Canada?

On financial strength, Canada Life and Sun Life: both hold AA ratings from S&P and Morningstar DBRS and A+ from AM Best.1,4 No public data ranks insurers on claims or service, so compare quotes and policy terms as well.

How much is life insurance in Canada?

It depends on your age, health, smoking and coverage. Insurers' published examples run from $12.22 a month for a $100,000, 10-year RBC policy (man, 37, non-smoker) to $71.49 a month for a $500,000, 20-year PolicyMe policy (man, 45).11,30 Households spent an average of $556 on life insurance premiums in 2023.32

What is the best term life insurance in Canada?

Start with term quotes from the three top-rated insurers, Canada Life, Sun Life and Manulife.6 Compare them with a direct seller such as RBC, which offers terms from 10 to 40 years online.11

Is mortgage life insurance worth it in Canada?

The FCAC says term or permanent life insurance may provide better value. Mortgage life insurance pays the lender, its payout shrinks as you repay, and premiums generally stay the same.28 It is optional, and your lender can't require it.28

What is the cheapest life insurance in Canada?

No insurer is cheapest for everyone, because each one prices your age, health and habits its own way. The prices insurers advertise are for healthy non-smokers buying term coverage, such as RBC's example of $12.22 a month.11

What is the best life insurance in Alberta?

The same national insurers sell in Alberta, and their ratings don't change by province. Albertans carry the most coverage: $606,000 per insured household in 2024, against $509,000 for Canada as a whole.33

Can a life insurer deny a claim after two years?

In Ontario and Alberta, once a policy has been in force for two years during your lifetime, the insurer can't void it over an undisclosed or misstated fact unless there was fraud.35,38 A misstated age adjusts the payout instead.35

What happens to my life insurance if my insurer fails?

Assuris guarantees you keep up to $1,000,000 or 90% of your death benefit, whichever is higher.27 Every life insurer authorized to sell in Canada must be a member.26

How we did this

We started with primary sources: AM Best's list of ratings effective Aug. 31, 2026; each insurer's ratings page or the rating agency's own release; the latest LICAT or solvency ratio each insurer published; OSFI's capital guideline; Assuris; OLHI's 2025 annual report; FCAC consumer pages; the Ontario and Alberta Insurance Acts; the Genetic Non-Discrimination Act; the CLHIA's 2025 fact book data; and Statistics Canada's household spending survey. We kept a verbatim quote for every fact on this page.

We chose picks on records you can check: the highest ratings, the most capital, and product terms the insurers publish. We did not rank insurers on price, because each person's price is different, and we found no current customer survey or complaint data that names life insurers.

We searched r/PersonalFinanceCanada for posts from the past year on term life, mortgage insurance, medical exams and claims, which turned up 81 threads. We read eight in full, 307 comments posted from Oct. 18, 2025, to March 6, 2026, before Reddit limited our access. We quote people with a link and don't publish usernames. These posts are anecdotes, not a survey.

No insurer paid for a placement on this page, and it has no affiliate links. We will update it when ratings or capital ratios change, and each change will go in the log below.

The 8 Reddit threads we read

Sources

Show all 42 sourcesHide sources
  1. Great West Lifeco. "Credit ratings (current as of June 30, 2026)." June 30, 2026. www.greatwestlifeco.com/investor-relations/credit-ratings.html
  2. Great West Lifeco. "Great West reports Q2 2026 results." July 28, 2026. www.newswire.ca/news-releases/great-west-reports-q2-2026-results-with-double-digit-earnings-growth-863055536.html
  3. OSFI. "Life Insurance Capital Adequacy Test (2025), Chapter 1." 2025. www.osfi-bsif.gc.ca/en/guidance/guidance-library/life-insurance-capital-adequacy-test-2025-chapter-1-overview-general-requirements
  4. Sun Life. "Ratings." Viewed Oct. 6, 2026. www.sunlife.com/en/investors/investor-briefcase/ratings
  5. Sun Life. "Sun Life Reports Second Quarter 2026 Results." Aug. 6, 2026. www.sunlife.com/en/newsroom/news-releases/announcement/sun-life-reports-second-quarter-2026-results/124117
  6. AM Best. "AM Best's Credit Ratings, September 2026 (ratings effective Aug. 31, 2026)." Sept. 2026. www.ambest.com/multimedia/GCR_Sept2026.pdf
  7. Morningstar DBRS. "Manulife Financial Corporation: Credit Rating Report." July 22, 2026. dbrs.morningstar.com/research/485821/manulife-financial-corporation-credit-rating-report
  8. Fitch Ratings. "Fitch Affirms Manulife's Ratings; Outlook Stable." July 21, 2026. www.fitchratings.com/research/insurance/fitch-affirms-manulife-ratings-outlook-stable-21-07-2026
  9. Manulife. "Manulife Reports Second Quarter 2026 Results." Aug. 5, 2026. www.sec.gov/Archives/edgar/data/1086888/000108688826000080/q22026pressrelease.htm
  10. Manulife CoverMe. "20 year term life insurance policy." Viewed Oct. 6, 2026. www.coverme.com/life-insurance/20-year-term-life.html
  11. RBC Insurance. "Term life insurance in Canada (examples, FAQ and legal disclaimers)." Viewed Oct. 6, 2026. www.rbcinsurance.com/en-ca/life-insurance/term-life-insurance
  12. AM Best. "AM Best Affirms Credit Ratings of RBC Life Insurance Company." July 23, 2026. news.ambest.com/pr/PressContent.aspx?altsrc=2&refnum=37571
  13. RBC Insurance. "RBC Life Insurance Company: LICAT Ratios Summary, Q4 2025." Oct. 31, 2025. www.rbcinsurance.com/en-ca/wp-content/uploads/sites/2/2021/06/LICAT-Public-Disclosure-Q42025_Eng.pdf
  14. Canada Protection Plan. "No medical life insurance quote Canada." Viewed Oct. 6, 2026. www.cpp.ca/no-obligation-quote
  15. Canada Protection Plan. "About us." Viewed Oct. 6, 2026. www.cpp.ca/about-us
  16. Foresters Financial. "Foresters financial strength." Viewed Oct. 6, 2026. www.foresters.com/en-ca/about-us/financial-strength
  17. BMO Insurance. "BMO Life Assurance Company: LICAT Ratios Public Disclosure Summary." Dec. 31, 2025. www.bmo.com/assets/pdfs/insurance/bmo_life_insurance_company_licat_ratios_public_disclosures_summary_827e.pdf
  18. iA Financial Group. "Fact sheet, second quarter 2026." Q2 2026. ia.ca/-/media/files/ia/investisseurs/rapportsfinanciers/trimestriel/2026/t2/q2-2026-fact-sheet.pdf
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  37. Financial Consumer Agency of Canada. "Getting an insurance policy." Viewed Oct. 6, 2026. www.canada.ca/en/financial-consumer-agency/services/insurance/get-insurance.html
  38. Alberta King's Printer. "Insurance Act, RSA 2000, c. I-3, s. 653." Current consolidation. kings-printer.alberta.ca/documents/Acts/I03.pdf
  39. Justice Laws (Government of Canada). "Genetic Non-Discrimination Act, S.C. 2017, c. 3." Current to 2026. laws-lois.justice.gc.ca/eng/acts/G-2.5/FullText.html
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  42. OLHI. "Search for a deceased person's life insurance policy." Viewed Oct. 6, 2026. olhi-oap.ca/en/search-for-a-policy/search-for-a-policy-of-a-deceased-person

Update log

  • First published. Ratings current to Aug. 31, 2026 (AM Best list) and the latest company disclosures on Oct. 6, 2026.