Carrier Comparison
16 Canadian insurers, compared by what they do best
As an independent broker I work with 16 Canadian life insurers through PPI. No single company is best for every person — the right carrier depends on your age, health, province, coverage amount, and what you want the policy to do. Here's a plain-language look at where each carrier tends to shine.
Product categories in this comparison
Term lifeWhole lifeParticipating whole lifeUniversal lifeTerm 100Mortgage protectionBusiness / corporateSimplified issueGuaranteed issueCritical illnessDisability
Checkmarks show where a carrier is competitive — not the only option. Every insurer underwrites each case individually, so the best fit for you depends on your health, age, and goals.
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Equitable Life
- Consistently among the highest dividend scale interest rates for participating whole life
- Strong participating account history and a long track record of dividend payments
- Competitive Term 100 and whole life for estate planning
Term lifeWhole lifeParticipating whole lifeUniversal lifeTerm 100Business / corporate
Assumption Life (Assumption Mutual)
- Deep roots in Atlantic Canada and Francophone markets
- Simplified-issue products that suit hard-to-insure cases
- Bilingual service well suited to Acadian and Francophone families
Term lifeWhole lifeSimplified issueGuaranteed issueCritical illness
Canada Life
- Policy dividends paid every year since 1848 — the longest dividend history in Canada
- Large, diversified participating account and broad product shelf
- Strong conversion privileges and estate-planning features
Term lifeWhole lifeParticipating whole lifeUniversal lifeTerm 100Business / corporateCritical illnessDisability
Empire Life
- Competitive participating whole life with strong recent dividend scales
- Good value Term 100 and permanent estate-planning products
- Flexible universal life with solid investment options
Term lifeWhole lifeParticipating whole lifeUniversal lifeTerm 100Business / corporateCritical illness
RBC Insurance
- Strong brand recognition and broad product range
- Competitive term pricing for healthy applicants
- Solid critical illness and disability offerings
Term lifeWhole lifeUniversal lifeTerm 100Critical illnessDisabilityMortgage protection
Manulife
- One of the largest and most diversified participating accounts in Canada
- Industry-leading universal life with flexible investment options
- Strong accelerated underwriting for healthy applicants
Term lifeWhole lifeParticipating whole lifeUniversal lifeTerm 100Business / corporateCritical illnessDisability
Sun Life
- Large participating account with a long history of dividend payments
- Broad suite of permanent, universal life, and living-benefits products
- Excellent group-to-individual transition options
Term lifeWhole lifeParticipating whole lifeUniversal lifeTerm 100Business / corporateCritical illnessDisability
ivari
- Competitive term pricing, often strong for mid-range coverage amounts
- Solid Term 100 and whole life for estate planning
- Streamlined underwriting for straightforward cases
Term lifeWhole lifeTerm 100Universal lifeBusiness / corporate
Wawanesa Life
- Value-oriented term pricing for healthy applicants
- Straightforward whole life and Term 100 products
- Canadian roots with a conservative, stable balance sheet
Term lifeWhole lifeTerm 100Critical illness
Humania Assurance
- Specialist in simplified-issue and guaranteed-issue products
- Strong option for hard-to-insure and older applicants
- Fast issue with fewer medical requirements
Term lifeSimplified issueGuaranteed issueCritical illness
Desjardins Insurance
- Strong presence in Quebec and Francophone markets across Canada
- Broad product range including savings-oriented permanent products
- Solid critical illness and disability offerings
Term lifeWhole lifeUniversal lifeTerm 100Critical illnessDisability
iA Financial Group
- Competitive participating whole life with strong recent dividend scales
- Flexible universal life with good investment options
- Broad product range including living benefits
Term lifeWhole lifeParticipating whole lifeUniversal lifeTerm 100Critical illnessDisability
Canada Protection Plan
- Leading simplified-issue and guaranteed-issue specialist
- Excellent option for hard-to-insure, rated, or postponed cases
- Fast underwriting with minimal medical requirements
Term lifeSimplified issueGuaranteed issueWhole lifeTerm 100
Edge Benefits
- Specialist in disability and income-protection products
- Strong own-occupation disability definitions for professionals
- Good option for self-employed and business owners
DisabilityCritical illnessTerm life
BMO Insurance
- Competitive term pricing for healthy applicants
- Non-participating whole life with a Performance Bonus instead of dividends
- Strong universal life and estate-planning products
Term lifeWhole lifeUniversal lifeTerm 100Critical illness
UV Insurance
- Flexible product range with competitive term pricing
- Good option for mortgage-protection and family coverage
- Solid value for straightforward, fully underwritten cases
Term lifeWhole lifeTerm 100Mortgage protectionCritical illness
How I use these strengths for you
Because I'm independent, I don't work for any of these companies. I shop your case across the carriers most likely to offer the best combination of price, underwriting fit, and product features for your situation.
The cheapest insurer changes with age, amount, product, smoking status, and health class — there is no single "best" company. A health condition that one carrier rates heavily, another may approve at standard. That's why an independent comparison matters.
For participating whole life specifically, I publish a free annual report comparing the major insurers on published dividend scale interest rates, participating fund size, and capital ratios.
This comparison reflects each carrier's general market positioning as of 2026 and is for education only. It is not a quote, a recommendation, or a guarantee of approval or pricing. Product availability, underwriting guidelines, dividend scales, and features vary by insurer and change over time. The final premium and eligibility are set by the insurer's underwriting. Colin Touchie, A Better Broker (ABetterBroker.ca Inc.), is licensed in Ontario, Nova Scotia, and New Brunswick and works with these 16 Canadian insurers through PPI.
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