Top 5 Life Insurance Companies in Canada and its Features

It doesn’t matter whether you are single or you are married; every Canadian should do Life
Insurance. We all know the fact that life is uncertain; therefore, it is our duty towards our family and loves ones to live a burden-free life. They should lead a life where they don’t have to bother about mortgage, loan, education, and day-to-day expenses. Therefore, we urge every Canadian citizen to contribute your saving in Life Insurance.

Now, there are numerous life insurance companies, which are fantastic in their way. We, however, will discuss the top 5 life insurance companies which we believe to be the best in Canada right now. We will also explain briefly, why do we think so. So, without further ado, let’s dive in:

1. BMO Life Insurance

BMO Life Insurance is one of the renowned companies which is a subsidiary of BMO Financial Group built in 1817. It has, however, made its own identity in providing quality Term Life, Permanent, and 3-in-1 insurance plans. With over 200 years of expertise, you can rest assured you are choosing one of the best insurance companies in Canada right now. It has two flexible term-life plans to choose from – the regular Term Life Insurance, that covers from $100-thousand to $5-million, and the insureNOW, that covers from $50-thousand to $5-million. When it comes to the permanent life insurance plans, they offer EasyOne Life, covers up to $50-thousand, Guaranteed Life Plus, for people aged 40 to 75, and PureTerm 100, that covers from $50-thousand to $5-million. Finally, they also offer a 3-in-1 insurance plan that covers Life Insurance, Critical Illness Insurance, and Accidental Disability Insurance.

2. Empire Life Insurance

Next, on our list is Empire Life Insurance, is often considered as Canada’s most helpful insurance and investment company. They offer mainly three types of insurance plans – Individual Insurance, Investments, and Group Benefits. The Individual Insurance plan is straightforward; so, you can easily understand, and it also balances the Term Insurance, Permanent Life Insurance, Permanent Participating Life Insurance, and Critical Illness Insurance just the way you want. The best thing is you can personalize and create an insurance plan that fits your need. Therefore, you should consider Empire as your life insurance company.

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3. Equitable Life Insurance

Based in Waterloo, Equitable Life Insurance is often considered as one of the best in mutual life insurance. They have excellent Term Life Insurance plans like 10-year term, 20-year term, and Term 30/65 plan. The 10-year term renews at every ten years till you are 85 years of age. Similarly, 20-year term renews at every 20 years. The Term 30/65 plan has the lowest overall cost, and the premium is payable for 30 years. They are not very far behind in Permanent Life Insurance either; offering Equimax Estate Builder and Equimax Wealth Accumulatoris. Both these plans are fascinating as the first one focuses on higher long-term value and the second on a higher cash value. They also have a Critical Illness Insurance as well that covers up to $50,000.

4. Great-West Life Insurance

If you want to tackle all your insurance faucets of your life, choose Great-West Life Insurance. They are often considered one of the most trustworthy insurance companies in Canada; mainly because of their fantastic Term Life policy. It is an ideal product for people who have a financial restraint as it has minimal premium cost and coverage for 10-year or 20-year terms. Now, if you want to earn tax-free money, their Participating life insurance policy is best for you. However, if you wish to combine traditional life insurance along with the tax-advantaged investment part, the Universal life insurance policy from Great-West Life Insurance is more suited to you. Apart from general insurance policies, they are also one of the best in Disability, Critical Illness, and Health + Dental Insurance plans. Not only that, they offer Finance plans as well.

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5. Manulife Financial Life Insurance

If you are looking for a dynamic and progressive financial organization, you should consider Manulife Financial Life Insurance. After a millennium of services, they have over 20,000 employing providing services all around the world. The Term Life Insurance plan they offer is flexible and affordable to both family households and businesspeople, whereas, their Universal Life Insurance plan helps people to increase their long-term wealth by combining permanent life protection and tax-advantaged investment opportunities. They also offer a Whole Life Insurance plan that is designed to build cash values throughout your lifetime. Apart from that, they offer specific insurance plans like Critical Illness Insurance, Disability Insurance, Long Term Care Insurance, and Synergy Insurance, which are all essential in their particular way.

The conclusion

All these life insurance companies are different from what they are offering and who they believe are their targeted customers. So, you should choose whichever company you like based on your preference, and not what they are offering.