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Life insurance provides peace of mind for the financial security of your family after you pass away. Comparewise helps you source the best policies available for your situation so you don’t have to research multiple options.
Life insurance is important to anyone who wants to ensure that their families are taken care of after his or her death there. There are a variety of companies that offer life insurance in Canada at affordable prices. It is important to consider all the factors prior to deciding on the best life insurance for you and your family.
Life insurance is basically a legal agreement between a person who wants coverage (the policyholder) and an insurance company (the insurer). The policyholder undertakes to pay a monthly premium to the insurer. In turn, the insurer undertakes to pay a specific amount of money to the family of the policyholder following his or her death (usually referred to as a death benefit).
The primary goal is to make sure that beneficiaries are taken care of following the policy holder’s death. Usually, the spouse and/or children receive a cash payment following the death of the policyholder, which generally covers funeral expenses and basic needs. It may also include educational funding in certain cases. The death benefit is tax-free.
Life insurance is an agreement in which the person taking out the life insurance agrees to pay a monthly fee, usually, until they pass away or for a fixed term, to an insurance company. After death, the agreed-upon sum is paid out to the designated beneficiaries.
There are two types of life insurance in Canada mainly permanent life insurance and term life insurance. It is important to look at both before deciding which is the best life insurance option for you.
Permanent life insurance, which may refer to whole life insurance or universal life insurance offers lifetime coverage. It covers the policyholder up until death, regardless of age, and pays a tax-free amount to the policy holder’s beneficiaries following death. It is usually more costly than term life insurance, but you can also build wealth inside this option. Permanent life insurance covers debt and funeral expenses and also replaces income lost due to the death of the policyholder.
This type of life insurance is more expensive than term life insurance. However, unlike with term life insurance, when a policyholder cancels the policy he or she will usually get a cash value back. Additionally and unlike term life insurance, permanent life insurance policies can be utilized as collateral to take out a loan.
A policyholder who takes out a term life insurance is only covered temporarily, usually for a period determined by him and the insurance company. The death benefit can only be paid out to beneficiaries if the policyholder passes away within the period of time he is covered or before the policyholder reaches a specific age.
In other words, a person can decide to be covered either for a fixed term, like ten or twenty years; or until the policyholder reaches a certain age, for example, sixty years old. The policy holder’s beneficiaries only receive a death benefit if the policyholder passes away within the period of the coverage. When the term ends and the policyholder did not pass away, the beneficiaries will not receive any payment.
However, there are term policies that may be renewed with certain insurance companies. Generally this type of life insurance does not include cash value such as the case with permanent life insurance. It may not be used as collateral for a loan.
Term life insurance offers temporary protection, but is more affordable than permanent life insurance. It covers funeral expenses, as well as debt. It also replaces lost income brought about by the death of the policyholder.
It is important to make an informed decision and take into account factors such as length of coverage, investment options, estate planning, etc when considering which policy offers the best life insurance.
Permanent life insurance is more beneficial than term life insurance when it comes to estate planning, since the policyholder may name his or her estate as a beneficiary. This means that after death, the policy holder’s death benefit forms part of the estate and subject to estate taxes.
Consequently, if the policyholder dies with debt still outstanding, creditors may institute a claim against the death benefit for any outstanding debt. This option is not available under term life insurance policies. Therefore, the best life insurance for estate planning is permanent life insurance.
With permanent life insurance, the policyholder receives lifetime coverage and long-term protection. However, the monthly premiums are higher than those of term life insurance. Term life insurance only offers temporary protection. Whether a death benefit is paid out to beneficiaries depends on whether the policyholder dies within the period that he or she opted to be covered for. If the policyholder is still alive when the coverage ends, beneficiaries will not receive any payment. When it comes to the length of coverage permanent insurance will be the best life insurance.
Permanent life insurance offers whole life and universal life insurance policies. Whole life insurance covers the policyholder up until death with a fixed monthly premium that never increases. Universal life insurance is the same as whole life insurance with an added investment account.
The latter has a cash value permitting withdrawals and loans. This type of insurance is very flexible. The policyholder can increase or decrease the monthly premium within a certain limit.
How the account and death benefit increases or decreases is based on the type of investment the policyholder holds in the account and the returns on those investments. Unlike permanent life insurance, term life insurance does not offer investment options.
Thus, someone looking to invest should not opt for the term life insurance. Permanent insurance is the best life insurance for those looking to invest.
Term life insurance is a good option for young people who do not have a lot of savings, but do have debt and living expenses that need to be paid in the event of their deaths. In this case, the best life insurance would be term life insurance.
There are also policies for couples such as joint first-to-die Insurances. In terms of this policy, both partners are insured, but only one death benefit gets paid out for whoever passes away first. The downside is that if both partners were to pass away, only one benefit is paid out instead of two. This is why term life insurance is more affordable than permanent life insurance.
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PolicyMe offers insurance plans that are issued by Canadian Premier Life Insurance Company. What makes PolicyMe such a great option for life insurance is the fact that they allow you to complete an application 100% online.
They are a digital-only platform. They offer competitive prices and sell directly to Canadians. Since they only work digitally and the application form is completed online, no underwriting costs are applicable when going through the application process.
The downside of PolicyMe is that it does not offer insurance plans in Quebec, New Brunswick and Newfoundland. PolicyMe also only offers term life insurance.
Coverage starts from $100,000 to $5 million and they offer 10, 15, 20, 25, and 30-year terms. You can get an instant quote on their website, within five minutes. It is required that a few basic questions be answered by the applicant.
After that, the applicant will be redirected to a page consisting of a full application. This usually only takes 15 minutes to complete. Remember, just filling out the application and sending it for consideration does not bind the applicant to its terms.
Get 5% off term life insurance policies through PolicyMe’s Joint Application for couples. Each partner completes their life insurance application online, which takes about 20 minutes each. Once approved, you can activate each respective policy while saving 5%! You’ll be covered if either of you passes away during your term.
Then your coverage amount is paid out to your beneficiary. Or if both of you pass away during your term, both coverage amounts are paid out to your respective beneficiaries and the policies are no longer active. Take advantage of this limited time offer.
It is imperative to take note that, in order for an insurance company to determine a policy holder’s monthly premium, they need to consider medical and lifestyle factors that may influence the premium.
The application will then be considered by PolicyMe and you will receive feedback in a short amount of time, sometimes instantly. PolicyMe has a 30 day money-back guarantee. So if a policyholder is not happy with the insurance plan, he or she can request a refund within 30 days.
PolicyMe is convenient, quick, easy and offer competitive prices. Generally there is no need for applicants to have a telephonic interview or a medical exam. They also have experts on standby to assist the applicant with any questions they might have.
Unfortunately, they do not offer insurance plans in all provinces and does not offer permanent life insurance. It is a good option for young people with not a lot of savings, but have a lot of debt that needs to be settled in the event of their death. It is one of the best life insurance companies for term life insurance, if you live in one of their designated territories.
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nowly is a Canadian-based insurance company that provides affordable and instant coverage for as low as $5 per month that can be all issued online.
The company is a division of their parent brand, Teacher’s Life, an insurance company catering to education workers, has been around for 80+ years. nowly was then introduced as a digital-first, purpose-driven insurance brand for all Canadians.
One of the benefits you can access from nowly is their ‘term life insurance’ which includes coverage of $100,000 – $1,000,000 as well as extra living benefits. You can access online coverage that you can receive within minutes for as low as $5 a month.
On top of this, it does not involve any medical exam and has a 30-day money-back guarantee. Additionally, you can access all of this on their client app to make sure your insurance information is with you at any time.
The second benefit you can access from nowly is their ‘Virtual Health & Wellness’ program, a health and wellness platform powered by Virgin Pulse. It contains 2750+ daily content cards to grow your knowledge and motivate healthy behaviours. Similarly, it also contains 400+ healthy habit trackers and challenges which provides AI recommendations to encourage healthy habits.
It has 80+ group challenges to encourage collaboration and social interactions, for which you can invite up to 10 family members or friends to join. It has 39+ coaching journeys that talks about health, nutrition, physical activity, sleep, stress management, financial wellbeing and tobacco cessation.
Last but not the least, members can receive an annual $50 rebate for health and wellness memberships (gym, yoga, or even wellness apps).
The third benefit you can access from nowly is their ‘Giving Back Now’, a give back program called ‘Press Start’. Press Start provides support to “social-preneurs” in starting their project or growing their business. Through the Press Start Hub, you can access tools and resources for turning insightful ideas into real social change.
The Press Start CoLab program is an innovation accelerator that helps the next generation of leaders, activists, innovators, entrepreneurs, and critical thinkers with business solutions to today’s most pressing problems. It also offers them access to investment and mentorship via industry and academic experts
The fourth benefit you can access from nowly is their ‘Partner Program’. They are partnered with some well-known companies such as Borrowell, Virgin Pulse, Neo, Fintel Connect. This allows for more supported programs.
One of the biggest insurance providers is Manulife Financial Corp. MFC is located in Toronto and offers both term and permanent life insurance policies. MFC offers electronic policy delivery.
MFC offers the following term life insurance plans:
For this plan, MFC offers protection from the amount of $100,000 to $1 million for a period of 10 years. This life insurance policy can be renewed by the policyholder up until the age of 85. During the 10 year period, the monthly premium stays the same.
This insurance plan is very flexible and the policyholders will receive a tax-free payment after death.
Policyholders also have up until age 70 to decide whether they want to convert this policy plan to a permanent insurance policy. If diagnosed with illness with a prognosis of 12 months or less, the policyholder will receive a cash advance of $100 000.
This policy offers lower premiums and gives the policyholder the option to convert to a permanent insurance policy. Coverage is from $100,000 to $20 million at a level of your choice (10 years, 20 years, for life). It also offers payment of $1,000 for the counseling of the family after the policy holder’s death.
This term life insurance offers protection for you, your business partners and other relevant people connected to your business. When a key company partner passes away, this policy can help alleviate the disruptions stemming from that death.
Business term life insurance also provides the policyholder with a cash advance in the event that the policyholder is diagnosed with a terminal illness. It offers payment of $1,000 for the counseling of the family after the policy holder’s death. Coverage is from $100,000 to $20 million at a level of your choice (10 years, 20 years, up until the age of 65 or for life).
With this plan, the policyholder can earn rewards or points and save. Coverage is from $500 000 to $2 million and beneficiaries will get a tax-free lump sum after the policy holder’s death.
This policy’s term can be 10 or 20 years, but the policyholder can renew the plan up until he or she turns 80 years of age. With this policy plan, the policyholder can get discounts and rewards.
MFC offers the following permanent life insurance plans:
Coverage starts at $100,000 and the policyholder can decide how long and how often to pay premiums. The cash value of the insurance policy can be accessed whenever the policyholder wishes, or in the case where the policyholder becomes disabled.
The policy can be used as collateral for a loan, estate planning, and form part of the policy holder’s retirement plan. It offers options for single life or joint last-to-die coverage. Another benefit is that the policyholder may skip payments if the policyholder becomes disabled.
This plan offers a guaranteed death benefit and cash value. Coverage starts at $25,000 and can be spread out to the age of 100 or paid within 15 years. Another benefit is that the policyholder may skip payments if the policyholder becomes disabled. This insurance policy can also be used as collateral for a loan.
InnoVision is the perfect permanent life insurance plan for those with estate planning and investment goals.
The coverage starts at $100,000 and one can choose from more than 50 investment accounts with low interest. In the event that the policyholder becomes disabled, he or she may access their cash value tax-free. According to Manulife, this insurance plan is ideal if the policyholder is looking to leave money for his or her family members that are not subjected to tax or looking to insure essential people in the policy holder’s company or business.
It is also ideal if the policyholder wants a customized protection plan for the beneficiaries or for the beneficiaries to build assets tax-free.
While this company is said to be one of the most successful and most popular insurance companies in Canada, it only has a 2.5 out of 5 star rating on InsurEye. Many people gave negative feedback regarding the company’s customer service, their investment strategies, claim payouts, the cost of the monthly premium and the claim’s processing time.
Manulife seems to not offer the best life insurance, despite the fact that they are regarded as a large and successful company.
Empire Life offers both term and permanent life insurance policies. This insurance company is based in Toronto and was founded in 1923. Empire Life was also named the best insurance company in Canada in 2013.
They offer term life insurance for 10, 20 and 30 years. This is beneficial for a young family who wants to offer protection other members of the family or someone who owns a startup business.
Empire Life offers the following policies for those wanting permanent life insurance:
This plan covers the policy holder up until the age of 100. It is affordable, easy to understand and can be utilized within financial strategies.
As indicated in the title, this policy offers guaranteed life protection. In other words, the policyholder will enjoy coverage up until his or her death. Following the policy holder’s death, the beneficiaries are entitled to the death benefit.
This is subject to a few conditions. If the policyholder dies because of natural causes within two years after taking out the policy, the amount that will be paid out will only be the amount of monthly premiums the policyholder paid the insurer since the effective date of the policy.
However, if the death is caused by an accident within that same period, the main amount will be paid out to beneficiaries.
If the policy holder dies after the first two years after taking out the policy, the insurer will pay out the main amount of money, no matter the cause of death.
Empire Life has a good reputation and one of the biggest insurers in Canada. It’s affordability and variety of policies make it one of the best life insurances in Canada.
FaithLife Financial offers both permanent and term life insurance policies. Their term life insurance policies are mostly suited for small business owners, people who want affordable and flexible life insurance policies, and those with mortgages.
Applicants can choose between term life insurance or joint term life insurance. Joint term life insurance covers two people with the same risk for example a mortgage, while term life insurance only covers one individual.
FaithLife Financial offers the following term life insurance options to choose from:
This policy can be renewed every 10 years up until the age of 85 and offers an amount of $100,000 or more. It is ideal for mortgage insurance and a good choice for starter protection.
This policy can be renewed every 20 years up until the age of 85 and offers an amount of $100,000 or more. This is a good choice for someone who owns a small business and ideal for mortgage insurance.
This policy offers protection for a period of 30 years, and afterward the option to annually renew it. It offers an amount of $100,000 or more. This is a good choice for someone who owns a small business and ideal for mortgage insurance.
Any of the above policies can be changed to permanent life insurance up until 71 years of age.
FaithLife Financial offers lifetime coverage. They have the following policy plans:
This policy is affordable and offers individual coverage to age 100 and older. Term 100 is available to anyone from 16 years to 80 years old. From 16 to 64 years of age, protection of $50,000 or more is available, while people aged 65 to 80 can have protection of $25,000 or more.
There is also a Joint and Last Survivor option, which covers both the policy holder and spouse. The benefit is paid out after the death of the second individual.
With Whole Life, the policyholder can have the added benefit of accessing cash values. It accumulates within the policy plan and is accessible to the policyholder. The policyholder can also share in dividends by leaving it in the policy to accrue interest, buy additional paid-up insurance or using it for premium payments.
20-Pay Whole Life is similar to Whole Life, however, payments end after 20 years. This policy is suitable for any adult looking to buy a life insurance policy for a child. The cash value increases and the child has guaranteed life coverage. It also allows sharing in dividends.
Along with Empire Life, FaithLife Financial offers some of the best life insurances in Canada. They have a variety of policy options to choose from, each catering to an individual’s specific needs.
Wawanesa Insurance’s subsidiary, Wawanesa Life, offers permanent and term life insurance policies.
Wawanesa Life offers term life insurance covering periods of 10, 15, 20, 25 and 30 years, as well as a policy term until the age of 80. They offer affordable premiums and gives the individual the choice to add additional policies for multiple coverage. They offer up to $10 million coverage.
Wawanesa Life offers the following policies:
The policy holder pays premiums up until he or she is 100 years old.
You pay premiums on the policy for only a period of 20 years. All Whole Life premiums stay consistent, meaning they never increase.
Instant Issue Life Insurance is aimed at people of a certain age group (from 45 to 75 years old). The premium is usually paid over a period of 20 years.
According to the insurer, if the death is non-accidental the premium amount will be returned. If the non-accidental death happens within the first 24 months, 10% interest will be added to the return of the premium. If the policyholder dies after the period of 24 months of the effective contract date, the death benefit includes the face amount.
If the policyholder is under the age of 75 and the death is accidental, the death benefit will amount to twice the face amount. If the policyholder is 75 years of age or older, only the face amount will be paid out. The death benefit is paid after 20 years or when the policyholder reaches the age of 85, whichever event is the later.
From the above it is clear that there are many factors to consider prior to choosing a life insurance plan.
PolicyMe seems to be the best life insurance option for people looking to take out a term life insurance policy, and not permanent insurance policies. It is affordable, convenient, quick, electronic and easy. There is no paperwork or lengthy interviews involved. However one of its drawbacks is that these life insurance policies are only available in select locations in Canada. From the above it may be reasonably asserted that FaithLife Financial and Empire Life are the best insurance companies you can choose from in Canada.
Both offer a vast selection of life insurance policies at reasonable prices. It is advisable that a person searching for layered policies or a comprehensive permanent life insurance policy approach other FaithLife Financial or Empire Life. One of these insurance companies is sure to exceed any potential policy holder’s expectations.
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