Best Term Life Insurance in Canada: Company Reviews and Ratings

We give Empire Life a solid 5/5 and rate them as the best insurer for personalization. They give you a lot of options to choose from based on what works best for you. Their solution series offers Solution 10, 15, 20, 25, and 30. You can get an annual renewable term that lasts for 1-year increments.

For the first 7 years, you can swap a Solution 10 or 15 for a Solution 20 or 30 without a medical exam. If you decide you want to turn part of your term policy into permanent insurance, Empire now allows you to “carry over” the remaining term balance as a rider on the new policy with no medical evidence.

We give Manulife 5 stars as well and rate them as the best for digital innovation. This company almost needs no introduction. It’s one of the biggest insurers not just in Canada but in the entire world, an industry leader in every sense.

Manulife was one of the first companies to take the life insurance process online in Canada. Their underwriting uses an advanced AI engine (MAUDE) to approve up to $2 million in life insurance without needing a medical exam.

RBC’s YourTerm Life Insurance stands out for its high level of customization, allowing you to choose any term length between 10 and 40 years to match your exact financial timeline. It supports high coverage amounts (up to $25 million) and offers the flexibility to layer multiple terms within a single policy, helping you align coverage with different needs like mortgages, loans, or income protection.

We give RBC Insurance 5 stars and rate them as the best company if you want value for money. They have some of the most competitive premiums in the Canadian life insurance market. The insurance company allows you to convert YourTerm to permanent insurance up to age 71 without a medical exam.

If a policyholder is diagnosed with a terminal illness (less than 12 months to live), RBC automatically includes a provision allowing you to access a portion of the death benefit early to help with medical or living expenses.

We give BMO Insurance 5 stars and rate them as the best company if you’re looking for value for money. Their term life insurance is a great option for just about anyone, like individuals, couples, or business owners.

By combining the speed of Rovr AI for near-instant approvals with their unique Empathy partnership to support grieving families, BMO provides an ideal term plan that consistently delivers the best “value for money” in the Canadian market.

We give Canada Protection Plan 5 stars and rate them as the best provider for No-Medical policies. Express Elite is their best product for healthy individuals who just want to skip the medical visit, while Deferred Term is for those with more serious health histories.

It is easy to get their coverage even if you are considered ‘hard to insure’ by other insurers. They are also known for speed and certainty, delivering approvals in as little as 24-48 hours. The company offers their services to temporary residents, including students and work visa holders.

We give Sun Life Insurance 4.5 stars for long-term flexibility, offering custom term lengths from 5 to 40 years alongside underwriting tailored for those managing diabetes. Sun Life term for Diabetes is a first-of-its-kind product for Canadians with diabetes (type 1, type 2, gestational, or pre-diabetes) offering higher approval chances, and access to a Diabetes Care Program through Diabetes Canada. While Sun Life’s term policies have standard features and optional benefits that can compete in the market, their premiums may cost slightly more than those of some other companies.

Assumption Life offers flexible term life options such as FlexTerm and Platinum Protection, designed for easy access and straightforward coverage. A key highlight is its strong focus on simplified and no-medical plans, allowing faster approvals with minimal underwriting. These plans are well-suited for those looking for quick, hassle-free protection, with options to cover short- to mid-term financial needs and the ability to convert to permanent coverage later on.

We give Assumption Life Insurance Company 4.5 stars and rate them as the best term life insurance provider for Simplified Issue policies. These policies do not ask you to do a medical exam, but may have some simple medical questions on the application. Assumption Life offers 4 different types of non-medical policies, making them a great option for people who may have health issues. You can also get bigger amounts of coverage if you opt for full underwriting.

However, when it comes to claims processing, only 62% of claims were processed within their 5-day target timeframe (industry average: 72%). Also, the policy lacks partial access to death benefits for terminal illness (provided by other competitors), hence the 4.5 rating from our side.

Industrial Alliance offers highly flexible term life insurance through its Pick-A-Term feature, allowing you to choose a custom coverage duration instead of sticking to fixed terms. Options typically range from 10 to 40 years, with level or decreasing coverage structures to match needs like mortgages or income protection. The plans also include conversion options to permanent insurance and added flexibility in premium structure, making them well-suited for those who want more control over how their coverage is designed.

We give Industrial Alliance (iA) 4.5 stars and rate them as the best for flexibility. They’re one of the few insurers that let you customize your term length with their unique Pick-A-Term product. You can pick anywhere between 10 and 40 years for term coverage with iA Financial Group, letting you match your term insurance with any specific number of years, like if you’re using life insurance to cover your mortgage. However, the premium rates may be higher than those of some competitors for similar coverage.

Canada Life offers a wide range of term life insurance options, including Term 10, Term 20, Term 30, Pick-a-Term, and coverage up to age 65. Its standout feature is flexibility, allowing you to tailor coverage duration and convert to permanent insurance as your needs evolve. With options that support long-term planning, business protection, and family coverage, Canada Life’s term plans are well-suited for those looking for adaptable, future-ready protection across different life stages.

We give Canada Life Assurance Company 4.5 stars for its financial strength. This is to be expected considering they’re the biggest insurance companies in Canada. They’re extremely stable, and they have great life insurance policy options to boot. However, there is a minimum requirement of $100,000 coverage or a $500 annual premium required. There is also limited access to online account features, and hence the 4.5 star rating.

Equitable Life offers flexible term life insurance options including Term 10, Term 20, and coverage up to 30 years or age 65. These plans come with guaranteed renewability up to age 85 and full convertibility to permanent insurance, giving long-term flexibility as your needs evolve. Coverage ranges from $50,000 to over $10 million, and policies can be structured as single life, joint first-to-die, or multi-life, making them suitable for individuals, couples, and families looking for adaptable protection.

We give Equitable Life 4.5 stars and rate them as the best company for families. They make it easy for you to add coverage for multiple people on one policy. This helps families save on fees and put some cash back in their wallets. However, they offer fewer term life insurance options than some competitors. The company is also not AM Best rated, which may affect buyer confidence, hence the 4.5 rating from our side.

Beneva primarily offers its Term Plus plan, which is designed for flexibility and customization across different life stages. It provides a wide range of term lengths (typically 10 to 40 years), along with features like guaranteed renewability, conversion to permanent insurance, and the ability to extend coverage without new medical underwriting. A key strength of Term Plus is its built-in flexibility, such as the option to increase coverage as your needs grow and an exchange program that allows you to switch to a longer term without medical evidence.

We give Beneva Life Insurance 4.5 stars and rate them as the top provider if you want combined coverage. Their insurance products, riders, and features let you get a lot of different types of insurance in one place. Beneva includes an Extreme Disability Benefit for free in all of its life insurance plans (which is rare). The only con is longer turnaround times for policy approval, other than no-medical plans.

Desjardins offers a range of term life insurance options including 10, 15, 20, 25, and 30 years, as well as coverage up to age 65. These plans come with fixed premiums, guaranteed renewability (typically up to age 85), and full convertibility to permanent insurance without medical evidence. Designed for flexibility, they allow you to adjust coverage as your needs change and are well-suited for covering temporary financial responsibilities like mortgages or family protection.

We give Desjardins 4 stars and rate them as the best company for seniors. The company offers a breakthrough senior-focused no-medical product with high acceptance rates. However, Desjardins offers just six fixed-term lengths, whereas some other providers provide fully customizable term durations to better suit individual needs. The rates may not be the most affordable, meaning that Desjardins isn’t always the lowest-cost option for younger, healthy applicants, and hence the 4-star rating from our side.

Foresters offers straightforward term life insurance with options like Term 10, 20, and 30, designed for affordable, fixed-premium coverage over a defined period. These plans are renewable and convertible to permanent insurance without additional medical underwriting. A key differentiator is its member benefits model, which includes perks like scholarships, financial counselling, and community programs alongside insurance coverage.

Coverage typically ranges from $50,000 to $5 million, with optional riders such as children’s coverage and charitable benefits, adding extra value beyond standard term plans. Foresters also offers Bereavement Assistance, where beneficiaries may be reimbursed up to $1,000 for counselling services to help them deal with their loss.

We’ve given Foresters Financial 4 stars and rate them as the best company for their charitable benefits. Many of their products come with a unique perk: a charitable benefit feature where they will donate to a charity of your choice on your behalf. Foresters is also a great choice if you have changing needs. Their term insurance is simple and straightforward, but they also have options that give you better coverage if your needs change in the future and you need insurance to match that.

The plans may come with MyForester member benefits, which include grants, scholarships, access to well-being programs, and more, for policyholders. However, there are digital limitations with no online access to view or manage policy details. It is also not AM Best rated, which may concern some buyers. The prices tend to be higher than those of many competitors, and hence the 4/5 rating from our side.

Wawanesa offers term life insurance through its Lifetime Term plans, with flexible options including 10, 15, 20, 25, and 30 years, as well as coverage to age 80 or even age 100. These plans come with level premiums, guaranteed renewability, and the option to convert to permanent insurance without medical evidence. Policies can continue beyond the initial term with renewals and eventually provide lifetime coverage, making it a strong fit for those who want affordable term protection with extended security and flexibility over time.

We give Wawanesa 4 stars and rate them as the best for their prices. Their premiums are often among the lowest in the industry, and you get your pick of either term policies from 10-30 years or up to age 80. Wawanesa can also be a good option if you want to layer your coverage.

You can get a base term plan, then add up to four term life insurance riders with different term lengths. You can do this all in one policy. The term policies are convertible, but the downside is that they can only be converted into non-participating permanent products.

Humania Assurance offers flexible term life insurance solutions designed for individuals and families looking for customizable long-term protection. Coverage amounts range from $50,000 to $5 million, with term options extending from 10 years up to age 100. The insurer also allows policy conversion to permanent life insurance before age 65 and offers added flexibility through child coverage without eligibility questions, along with optional critical illness and disability coverage for debt protection.

We’ve given Humania Assurance 4/5 stars and rate them as the best company for quick-issue policies. Their main term life insurance product is designed for quick approvals. You need to simply answer a few eligibility questions. The policies are also competitively priced. However, the conversion option to permanent life insurance is only available up to age 65. Moreover, the provider is also not AM Best rated, which may concern some buyers, and hence the 4-star rating from our side.