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- In Ontario, you can choose from term, participating whole life, non-participating whole life, and no-medical life insurance
- The best life insurance companies in Ontario include Manulife, Canada Life, BMO, Equitable Life, Canada Protection Plan, and Beneva
- Life insurance premiums vary by insurer and applicant profile. For a 40-year-old male non-smoker seeking $100,000 in 10-year term coverage, monthly rates range from $10.89 with Equitable Life to $20.16 with Canada Protection Plan
- Manulife offers flexible coverage with wellness rewards, while BMO focuses on guaranteed values through non-participating whole life policies
- You should compare premiums, coverage limits, policy guarantees, and exclusions across insurers before choosing a plan that fits your budget and long-term financial goals
The best life insurance companies in Ontario include Manulife, BMO, Canada Life, Equitable Life, Canada Protection Plan, and Beneva. These companies specialize in specific coverage needs, from term life insurance and non-participating whole life policies to participating plans with dividend potential and no-medical life insurance. Our advisors have compared the quotes from 30+ insurers and listed the best 6 life insurance companies that you can consider buying in Ontario.
Which is the best life insurance company in Ontario?
Ontario accounts for roughly 41% of the Canadian life insurance market. With so many options available, choosing the right provider requires balancing your coverage needs, budget, and long-term financial goals. In the section below, we have listed some of the popular choices for those buying life insurance in Ontario.
1. Equitable Life
Equitable Life is a Canadian mutual company offering participating whole life insurance with lifelong coverage, cash-value growth, and potential annual dividends. Its 6.40% dividend scale interest rate (DSIR) for 2026 is the highest in the whole life insurance market. Its KIND program adds support through benefits such as compassionate advances of up to $100,000 for terminal illness and bereavement counselling reimbursements of up to $1,000.
Equitable Life is particularly a good choice for homeowners in the Greater Toronto Area managing large mortgages. Its affordable term policies offer excellent temporary protection, while its participating whole life policies suit established professionals looking for tax-advantaged growth.
Our advisor’s take:
We rate Equitable Life 5/5 and recommend it for clients who want participating whole life insurance with strong long-term cash value potential. Its Equimax or participating policies have credited dividends every year since 1936. It offers five dividend options, including paid-up additions that can increase both cash value and the death benefit. Moreover, we also recommend its term life insurance plans for those who want to bundle their coverage through a laddering strategy.
The illustrative cost of Equitable Life term life insurance policy is $10.89 per month for a 40-year-old male non-smoker seeking $100,000 in coverage for a 10-year term. This is the lowest price of all the companies we have used in our rankings.
2. Manulife
Manulife is a strong option for Ontario residents looking for a range of life insurance products, including term and permanent coverage. It offers term life insurance plans including Manulife Family Term and Manulife Family Term with Vitality Plus coverage starting at $100,000 for single-life, joint first-to-die, and joint last-to-die policies. For families focused on an active lifestyle in urban centers like Ottawa or Mississauga, Manulife’s Vitality program offers tangible rewards for healthy living alongside robust coverage.
For lifelong protection, Manulife also offers participating whole life insurance, backed by a participating account with $15.98 billion in assets. These policies can build cash value and may receive dividends, although dividend payments are not guaranteed.
Our advisor’s take:
We give Manulife 5/5 because it offers a wide range of life insurance products under one roof. It is also one of the first companies in Canada that took the life insurance application online. Along with its term and permanent product lineup, Manulife also offers Synergy, which combines life, critical illness, and disability insurance in one policy. Manulife’s Vitality program is another differentiator. It rewards eligible policyholders for participating in health and wellness activities, with benefits depending on the product and program terms.
For a 40-year-old male non-smoker purchasing a $100,000, 10-year term policy, the illustrative cost for Manulife term life insurance is around $11.13/month. Across the six companies we compared, this is the second-lowest premium rate.
3. Canada Life
Canada Life is a strong option for Ontario residents seeking permanent life insurance for family protection, wealth transfer, and mainly estate planning. It also offers a My Term plan that provides flexible coverage periods from 5 to 50 years, with guaranteed renewal and the option to convert to permanent insurance before age 70.
For lifelong protection, Canada Life offers three participating whole life plans, which is also amongst the highest in the industry: Wealth Achiever, designed for earlier cash value growth; Balanced Achiever, which balances cash value and long-term death benefit growth; and Estate Achiever, which focuses on maximizing long-term estate value. These options make Canada Life worth considering for established professionals and families planning for long-term wealth transfer and estate preservation in Toronto and other cities in Ontario.
Our advisor’s take:
We give Canada Life 4.5/5 because it offers multiple participating whole life policies suited for estate planning and other financial goals. We recommend Estate Achiever for estate planning benefits and those who want to leave a larger long-term death benefit to beneficiaries. We also recommend Canada Life for its financial stability, as it has consistently paid dividends to its eligible policyholders since 1848. It also has the largest participating account fund size in Canada, which is approximately around $62.8 billion.
The cost of Canada Life term life insurance plan for a 40-year-old male who is a non-smoker and wants $100,000 in coverage for a 10-year policy term is around $12.36 per month. The cost is slightly higher than Equitable Life and Manulife, but it’s worth considering Canada Life’s My Term plan for its features.
4. BMO
BMO offers two non-participating whole life plans: Estate Protector, designed for long-term estate planning, and Wealth Accelerator, which focuses on higher early cash values. Both provide guaranteed cash values, level premiums, and an annual Performance Bonus (6.00% as of 2026) that can increase cash value and the death benefit without relying on traditional dividends.
BMO also offers term life insurance with 10- to 30-year terms, offering guaranteed renewability, conversion, and exchange features. Its combination of guaranteed permanent coverage and flexible term protection can suit homeowners in Ottawa, Brampton, and Hamilton, looking to protect their families while planning for future financial obligations.
Our advisor’s take:
We give BMO Insurance a strong 4.5/5 rating for its guaranteed non-participating whole life and term life insurance options. Like the other insurers listed above, we do not give it a full score because it does not offer participating whole life plans, which limits options for those seeking potential policy dividends. However, BMO is an excellent choice for those who prioritize predictable premiums, guaranteed cash values, and a guaranteed death benefit. We also like its conversion and exchange features offered with the term life insurance plans, along with its compassionate bereavement support benefits.
BMO term life insurance for a 40-year-old male non-smoker seeking $100,000 in coverage for a 10-year term is approximately $11.16 per month. The price is slightly higher than Equitable Life, but it’s still worth considering for its flexible term length options.
5. Canada Protection Plan
Canada Protection Plan (CPP), part of Foresters Financial, specializes in simplified-issue life insurance for those who want to avoid medical exams or have health conditions that make traditional coverage harder to obtain. Its term insurance lineup includes Deferred Elite Term, Simplified Elite Term, Preferred Term Life, Express Elite Term, and Preferred Elite Term Insurance, with select term plans offering up to $1 million in coverage.
Our advisor’s take:
We give Canada Protection Plan a strong 4/5 rating for its wide range of no-medical life insurance options. What sets CPP apart is its ability to serve applicants with different health profiles, from Deferred Elite for those with less serious health concerns to Preferred Elite for healthier applicants seeking competitive rates without a medical exam. We recommend this insurer to clients with health issues because it does not ask whether they have previously been declined or postponed by another insurer. Since it requires almost no medical tests, its premium is on the higher side.
The illustrative cost of a Canada Protection Plan term life insurance policy is $20.16 per month for a 40-year-old male non-smoker purchasing $100,000 in coverage for a 10-year term. While its price is the highest of all the insurers we have compared, it still remains a good choice for those who want to avoid medical exams or have difficulty qualifying for traditional coverage.
6. Beneva
Beneva stands out for its Term Plus policy, which offers coverage from $25,000 to $10 million across terms of 10 to 40 years. Its standout feature is the built-in Extreme Disability Benefit that can advance up to $250,000 of the death benefit if you experience a qualifying disability. In addition, it also offers flexible term lengths, multiple coverage options, a guaranteed insurability benefit, and a few more. For working professionals and growing families in Mississauga and other Ontario cities, this combination of life insurance and additional disability-related protection can help address both long-term family security and unexpected changes in earning capacity.
Our advisor’s take:
We rate Beneva 4/5 because Term Plus offers useful flexibility, but its main strength is term life insurance rather than a broad selection of permanent coverage options. We particularly recommend considering it if you want to secure coverage for an extended period or combine life insurance with optional protection against critical illness and disability. However, those seeking participating whole life insurance and the potential for policy dividends may find Equitable Life or Manulife more suitable.
The illustrative cost of a Beneva Term life insurance policy is $11.18 per month for a 40-year-old male non-smoker purchasing $100,000 in coverage for a 10-year term. The price is on the higher side compared to Manulife, Equitable Life, or BMO for the same profile.
Comparing the top life insurance companies in Ontario
| Insurer | Equitable Life | Manulife | Canada Life | BMO | Canada Protection Plan | Beneva |
| PolicyAdvisor rating | 5/5 | 5/5 | 4.5/5 | 4.5/5 | 4/5 | 4/5 |
| Cost for a 40-year-old male non-smoker($100,000 in coverage for 10-year term) | $10.89/month | $11.13/month | $12.36/month | $11.16/month | $20.16/month | $11.18/month |
| Life insurance options | Whole life and term life | Multiple whole life and term life | My Term and 3 participating whole life insurance | Non-participating whole life and term life | Limited options; specializes in simplified-issue coverage | Primarily term-focused plans |
| Policy features and flexibility | – Multiple term lengths (10, 20, 30, 65)
– 5 dividend options – Term-to-permanent conversion options – Layering feature |
– Multiple term lengths
– Single-life and joint coverage options for term and whole policies – Term renewal and conversion privileges – Multiple limited-pay options and riders |
– 5 to 50 years term length
– Conversion to permanent insurance – Three participating whole life plans – Business-owner specific rider |
– 10- to 30-year term options
– Term-to-permanent conversion and exchange features – Multiple whole life insurance riders |
– Multiple term plans for different health profiles
– Renewal or conversion features available – Multiple riders for term policy including hospital cash and critical illness rider |
– Flexible term lengths from 10-40 years
– Guaranteed insurability benefit – Term exchange feature |
| Standout feature | 6.40% 2026 dividend scale interest rate (DSIR) | Vitality wellness rewards and Synergy coverage | Flexible term life plans | Performance Bonus and guaranteed cash values | Broad range of no-medical plans | Extreme Disability Benefit and bereavement benefits included with Term Plus |
| LICAT Ratio | 159% | 136% | 130% | 134% | 188% | 163% |
| AM. Best Rating | A | A+ | A+ | A | A | A |
| Best for | Long-term cash-value accumulation and participating policy benefits | Multiple plans and to earn rewards for leading a healthy lifestyle | Those looking for estate planning | Guaranteed values through non-participating policies | Those with existing health conditions or prefer a simpler application | Bundled disability protection |
Actual premiums vary by age, sex, smoking status, health, coverage amount, product, and underwriting. Minimum coverage varies by product and eligibility.
Our methodology for ranking the best life insurance in Ontario
Our 2026 rankings of the best life insurance companies in Ontario are based on illustrative term and whole life insurance quotes and an assessment of each insurer’s product features, coverage flexibility, and suitability for different customer needs. We evaluated 30+ insurers and shortlisted the following six providers: Equitable Life, Manulife, Canada Life, BMO Insurance, Canada Protection Plan, and Beneva. We divided our methodology into two main areas: pricing (40%) and product features and suitability (60%).
1. Pricing (40%)
We compared term life insurance premiums using a consistent applicant profile: a 40-year-old male non-smoker purchasing $100,000 in coverage for a 10-year term. We assessed relative pricing across the six insurers under the same assumed circumstances. The quoted monthly premiums ranged from $10.89 for Equitable Life to $20.16 for Canada Protection Plan.
2. Product features, suitability, and financial strength (60%)
We assessed each insurer based on the following criteria, using the following weights:
| Evaluation criterion | Weightage | What we assessed |
| Life insurance options | 20% | Availability of term, participating whole life, non-participating whole life, and simplified-issue or no-medical coverage |
| Policy features and flexibility | 20% | Available term lengths, coverage amounts, dividend options, renewal and conversion privileges, and opportunities to adjust coverage |
| Standout features | 10% | Distinctive benefits such as wellness rewards, guaranteed cash values, no-medical underwriting, and disability-related benefits |
| LICAT Ratio | 5% | LICAT ratio as an indicator of capital adequacy |
| AM Best Rating | 5% | To determine an insurer’s financial strength |
After shortlisting the six strongest companies, we ranked each insurer individually using the same weighted criteria to show where one company may be stronger than another.
How we further assigned insurer ratings:
We used the pricing comparison and product-feature assessment to identify each insurer’s strengths, limitations, and best-fit customer profiles. Our final ratings reflect the relative value of each provider’s offerings rather than price alone.
For example, Equitable Life and Manulife received 5/5 ratings for their broad product options and permanent insurance features. BMO and Canada Life received 4.5/5 ratings for their strengths in guaranteed non-participating coverage and whole life insurance plans, respectively. Canada Protection Plan and Beneva received 4/5 for their no-medical and term-focused offering and disability-related benefits, respectively, with a more limited range of permanent insurance options.
Comparing PolicyAdvisor ratings:
| Insurer | Pricing 40% | Life insurance options (20%) | Policy features and flexibility (20%) | Standout features (10%) | LICAT Ratio (5%) | AM Best Rating (5%) | Final rating |
| Equitable Life | 5/5 | 5/5 | 5/5 | 5/5 | 5/5 | 4/5 | 5/5 |
| Manulife | 4.5/5 | 5/5 | 5/5 | 5/5 | 4.5/5 | 5/5 | 5/5 |
| Canada Life | 4.5/5 | 5/5 | 5/5 | 4.5/5 | 4.5/5 | 5/5 | 4.5/5 |
| BMO | 4.5/5 | 4/5 | 4.5/5 | 4.5/5 | 4.5/5 | 4/5 | 4.5/5 |
| Canada Protection Plan | 3.5/5 | 4/5 | 4/5 | 4.5/5 | 5/5 | 4/5 | 4/5 |
| Beneva | 4.5/5 | 4/5 | 3.5/5 | 4/5 | 4.5/5 | 4/5 | 4/5 |
Disclaimer: The ratings reflect PolicyAdvisor’s assessment of each insurer’s pricing, product options, policy flexibility, standout features, and financial strength. Component scores are comparative assessments and may not represent every applicant’s experience. Premiums are illustrative and vary by age, health, smoking status, coverage amount, and policy terms. LICAT ratios and AM Best ratings are subject to change and reflect the applicable reporting dates and rated entities. Final ratings are rounded assessments and should not be interpreted as guarantees of policy performance or suitability.
Cost of life Insurance in Ontario
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Can I get life insurance in major Ontario cities?
Yes, you can easily get life insurance in major Ontario cities such as Toronto, Ottawa, Mississauga, Brampton, Hamilton, Windsor, and others. Your city or province does not directly affect life insurance coverage or costs. The overall cost depends on age, health, smoking status, coverage amount, and policy type, rather than your city alone.
How to buy life insurance in Ontario?
Here are the steps you need to follow to get life insurance in Ontario:
- Speak with a licensed advisor: Schedule a free call to discuss your financial goals, family responsibilities, budget, and coverage needs with one of our expert advisors
- Calculate your coverage needs: Our advisors will help you determine how much insurance you need to cover debts, mortgage payments, income replacement, and future expenses
- Compare insurance plans: Review quotes, premiums, policy features, and eligibility requirements across multiple insurers
- Complete your application: Apply for your chosen policy and answer the insurer’s health questions. A medical exam may be required, depending on the policy and your profile
- Review and activate your coverage: Confirm your coverage amount, premiums, exclusions, and policy terms before accepting the policy and maintaining your payments
Schedule a call now to get started with your life insurance application process in Ontario!
Call 1-888-601-9980 to speak to our licensed advisors right away, or book some time with them below.
Frequently asked questions
Can I get life insurance in Ontario without a medical exam?
Yes, you can get life insurance in Ontario without undergoing a medical exam. There are a few insurers that offer simplified-issue or no-medical life insurance, including Canada Protection Plan. Through these kinds of life insurance policies, you can qualify for life insurance coverage without a medical exam.
Is life insurance tax-free in Ontario?
Life insurance death benefits paid to a named beneficiary are generally tax-free in Ontario. However, withdrawals or surrenders of permanent life insurance policies may trigger taxes, depending on the policy’s adjusted cost basis and the transaction.
How much life insurance coverage do I need in Ontario?
Your coverage needs depend on your income, outstanding debts, mortgage, dependants, and future expenses. A useful starting point is to estimate your debts, add several years of income replacement and anticipated family expenses, and subtract existing savings and life insurance coverage or simply use our life insurance calculator.
Can I have more than one life insurance policy in Ontario?
Yes, you can own multiple life insurance policies in Ontario, such as a term policy for mortgage protection and a permanent policy for lifelong coverage. Insurers may assess your total coverage and financial needs when reviewing new applications.
What happens if I miss a life insurance premium payment?
If you miss a premium payment, your policy may enter a grace period during which you can pay the overdue amount and maintain coverage. If you do not pay within the applicable period, the policy may lapse; however, the rules are defined in the policy contract. Some permanent policies may have options to help keep coverage in force, depending on their terms.
Is life insurance through work enough in Ontario?
Employer-provided life insurance may be sufficient for some people, but coverage is often limited to a multiple of your salary or a fixed amount. It may also end when you leave your job and may not be portable. An individual policy can provide additional coverage and greater control over how long your protection lasts.
The best life insurance companies in Ontario for 2026 include Manulife, BMO, Canada Life, Equitable Life, Canada Protection Plan, and Beneva. Explore their policy features, dividend potential, no-medical coverage, and disability benefits, along with expert advice, costs, coverage options, and choosing the right policy for your needs.
