Life insurance is a key component of planning when it comes to your family’s financial security. Whether you’re planning to cover daily living expenses, pay off outstanding debts, or gain financial security for the long term, choosing the right life insurance policy will help you reach your financial goals.

Best Life Insurance in British Columbia (2025): Vancouver, Victoria, Kelowna & Beyond

Shopping for life insurance in BC? This guide compares the top providers serving British Columbians, explains how taxes and probate work here, and shows you quick ways to get covered (often without a medical exam, depending on your age, amount, and health).

Top Life Insurance Options in BC (Our Shortlist)

1) PolicyMe — Best for Fast, Affordable Term (BC-friendly)

PolicyMe is a digital-first insurer with instant decisions for many applicants and competitive term pricing. Great for young families and homeowners who want $250k–$1M+ coverage without the paperwork headache. Availability: across BC.

2) BCAA Life Insurance — Local brand, member discounts

BCAA offers term life with BC-centric service and member savings. Underwriting is handled by a national life company; expect a simple online quote and advisor support.

3) RBC Insurance — Strong online journey + big limits

RBC Simplified® Term provides $50,000 to $1,000,000 coverage with a quick application (no medical may be required for eligibility). Easy to convert to permanent later.

4) Sun Life — Big-brand choice with digital tools

Sun Life offers term, whole, and universal options plus riders (e.g., critical illness). Solid pick if you want a long-standing national provider.

5) Manulife — Rewards for healthy living

Manulife has broad product choice and the optional Vitality program that can reward healthy habits with premium savings.

6) iA Financial (Industrial Alliance) — No-medical pathways

Access Life offers simplified/no-medical routes (questionnaire-based) with coverage amounts and eligibility depending on age and health.

7) Canada Life — Flexible term + easy convertibility

Canada Life combines strong financials with convertibility to permanent coverage later—useful for long-term estate planning.

8) Empire Life — Quick e-applications; guaranteed-issue option

Empire Life is known for fast e-apps and also offers Guaranteed Life Protect (ages 40–75; no questions), a niche fit for harder-to-insure applicants.

9) Pacific Blue Cross — Trusted BC brand

Pacific Blue Cross primarily known for health/dental also provides life insurance options in BC via Blue Cross Life.

10) Wawanesa Life — Straightforward value

Wawanesa Life offers well-priced term/permanent policies with a reputation for solid service.

Bonus: Work with a BC Broker

Prefer guidance and multi-carrier quotes? A BC-licensed broker can shop the market for you. Always verify the license first.

Life Insurance in Vancouver, Surrey, Burnaby, Victoria & Kelowna

Rates don’t change much by city, but your coverage need does (mortgage size, childcare, business debt). Use this quick formula: (10–15× annual after-tax income) + mortgage/loans + future education − liquid savings. Then compare a 20- or 30-year term if your biggest risk is the mortgage/child-rearing window.

BC Taxes, Fees & Probate: What to Know

• Premium taxes: You won’t see GST/HST at checkout; life premiums are tax-exempt. BC applies a 2% insurance premium tax to life policies at the insurer level.
• Probate planning: Name a beneficiary (not your estate) so the payout is typically tax-free and skips probate (saving roughly ~1.4% probate fees on amounts that would otherwise flow through the estate). Always add a contingent beneficiary.

In British Columbia, you’ll find the usual big national insurers, as well as local BC-based providers that provide a selection of term, whole and universal life insurance policies. There are several factors such as coverage type, pricing, customer service and financial stability which will help you choose the right provider.

Below is a breakdown of the types of life insurance available in BC.

Term Life Insurance – Provides coverage for a set period (e.g., 10, 20, or 30 years) at an affordable price. A perfect fit for families and homeowners who are looking for an insurance option that would pay off their mortgage in case of their passing.

Whole Life Insurance – Offers lifetime coverage with a guaranteed payout and a cash value component that grows over time.

Universal Life Insurance – Life insurance along with investment options allows the policyholders to build wealth and secure their financial position.

Life Insurance Without Medical Exam – This is meant for people who have health issues and would like to get approved without a medical test.

We’ve compiled a list of the top 10 best life insurance providers in British Columbia to help you find the best one, including top national insurers and BC-based providers with rates, customer service, and policies to suit your needs.

Reviewing The Top 10 Life Insurance Providers in British Columbia

1. PolicyMe

Best Overall Term Life Insurance Provider

Why Choose PolicyMe?

• Competitive life insurance rates, making it one of the most cost-effective options in Canada
• Instant online approvals, eliminating the need for lengthy medical exams and paperwork
• Flexible coverage options ranging from $100,000 to $5 million
• 100% online application with a streamlined process
• 10% discount for couples who apply together in the first year
• Annual renewals without medical exams

PolicyMe is a digital-first life insurance provider offering affordable and straightforward term life insurance. Unlike traditional insurers, PolicyMe simplifies the process with a fully online application that delivers instant decisions for most applicants.

With coverage terms of 10 to 30 years, PolicyMe caters to individuals at different life stages, whether you’re a young professional, homeowner, or parent. A standout feature is its family-friendly perks, including $10,000 in free life insurance for each child and first-year discounts for couples applying together.

While PolicyMe specializes exclusively in term life insurance, making it a strong choice for those seeking affordable and flexible coverage.

To get an quote on you coverage needs, visit the online portal and get a quote instantly.

2. BCAA Life Insurance (BC-Based)

Best Local Life Insurance Provider with Exclusive Discounts

Why Choose BCAA?

• British Columbia-based insurer with strong local expertise
• Offers term, whole, and universal life insurance
• No-medical exam options available
• Exclusive discounts for BCAA members

British Columbia Automobile Association is widely known for its auto and home insurance. The firm also offers comprehensive life insurance solutions. The company is based in BC which ensures that policies specifically are designed for British Columbians with exclusive discounts for members.

For those seeking a local insurer with a good reputation and good customer service, BCAA is a good choice.

If you want to have a look at the top no medical exam insurance providers in Canada, have a look at our list of the Best 8 No Medical Life Insurance Companies in Canada.

3. Sun Life Financial

A Well-Established National Provider With Digital Convenience

Key Features

• Canada’s largest and most reliable insurance company
• Offers term, whole, and universal life insurance
• Online quotes and policy management digital tools
• Additional critical illness and disability riders

Sun Life is a trusted Canadian insurance provider. The company offers term life insurance that is affordable and flexible. Their term life insurance is a great option for families and individuals who need short term coverage.

The company’s whole and universal life insurance policies enable policy holders to grow cash value over time making them ideal for long-term financial planning. On top of that, Sun Life’s digital platform is easy to use and you can conveniently apply and manage policies online.

4. Manulife Financial

Life Insurance With Rewards for Healthy Living

Key Highlights

• Offers term, whole, and universal life insurance
• The Vitality Program gives discounts on premiums for healthy living.
• Investment-linked life insurance options for wealth-building
• Customizable riders for disability and critical illness coverage

Manulife is one of the top-rated insurers with flexible and customizable life insurance policies. One of its special features is the Manulife Vitality Program rewards the policy holders for staying fit by subsidizing the premium and rewarding healthy habits such as exercise and wellness check up.

Manulife is a good choice if you are looking for a provider that offers financial protection as well as rewards on healthy living.

5. Pacific Blue Cross Life Insurance (BC-based)

Trusted Local Provider provides with Flexible Coverage Options

Why Choose Pacific Blue Cross?

• BC-based insurer with deep local expertise
• Offers term and whole life insurance
• Life insurance can be bundled with health, dental, and travel insurance.
• Competitive prices for young families and professionals

Pacific Blue Cross is one of BC’s most trusted insurance providers. It is well-known for health and dental insurance but also provides life insurance products for BC residents.

If you already have health or travel insurance through Blue Cross, bundling your life insurance policy with them could save you money.

If you are a small business owner in Canada and are looking for small business insurance, read our guide on Top 20 Canadian Small Business Insurance Providers.

6. Canada Life

A Reliable National Provider with Strong Financial Stability

Key Offerings

• The largest and one of the oldest insurance companies in Canada
• Offers term, whole, and universal life insurance
• Additional critical illness and disability riders available
• Convertible term policies for lifelong coverage

Canada Life is a trusted insurance provider that offers a wide range of policies to suit a variety of financial needs. Their term life insurance provides budget-friendly options. You can use the money to pay bills, the mortgage, finance kids’ education or to keep your business running.

Customers can convert their convertible term policies to permanent coverage later without medical exams. This flexibility makes them a great option for someone who may want permanent coverage in the future but starts with term life insurance.

If you are a startup founder and are looking for a business loan. Check out our list of 10 Startup Business Loans Available in Canada for 2025.

7. Empire Life (National Provider With BC Presence)

Fast, Simplified Life Insurance With No-Medical Exam Options

Why Choose Empire Life?

• Offers affordable term and whole life insurance
• Simplified application process with quick approvals
• No-medical exam options available
• Investment-linked universal life insurance available

Empire Life is known for its speedy approval process and its easy applications, which makes it a great choice for those who need life insurance coverage quickly.

Empire Life is a good choice if you prefer an easy to understand policy with minimal hassle.

8. RBC Insurance

A Leading Bank-Backed Insurer With Strong Coverage Options

Why Choose RBC Insurance?

• Flexible term, whole, and universal life insurance options
• Provides specialized policies for professionals and business owners
• Additional critical illness and disability riders available
• Backed by RBC’s strong financial reputation

There are various term and permanent life insurance policies offered by RBC Insurance, which can be tailored to meet your financial goals. If you bank with RBC, you may also be able to bundle your insurance products for added benefits.

9. Wawanesa Life (National Provider With BC Presence)

Competitive Pricing With Excellent Customer Service

Key Highlights

• Affordable term and permanent life insurance
• Solid customer service and claims processing.
• No-medical exam options available
• A long-standing Canadian insurer with a strong reputation

Wawanesa Life is a national insurance provider that has a history of excellent service. They offer affordable pricing and a simplified application process, making them suitable for families looking for cost effective life insurance.

10. Western Coast Insurance (BC-Based Broker)

BC Based Insurance Brokerage offering customized insurance solutions

Key Features:

• British Columbia-based insurance brokerage
• Works with multiple life insurance providers
• Provides custom individual and business life insurance policies.
• Personalized consultation and support

If you’re unsure which provider is best for you, working with a BC-based independent broker like Western Coast Insurance can help you find the best coverage at the most competitive rates.

Final Thoughts

The selection of a life insurance provider in BC depends on your budget, health condition and coverage need. PolicyMe offers the most comprehensive and affordable life insurance coverage making it our top choice for obtaining life insurance in the province.

If you prefer a local provider, then BCAA or Pacific Blue Cross might fit your needs. It is advisable to do a thorough assessment of your specific requirements before selecting the right insurance provider.

Life Insurance in BC: Frequently Asked Questions

Is life insurance taxable in BC?

Premiums are generally GST/HST-exempt in Canada. BC also levies a 2% insurance premium tax on life insurance, but that tax is paid by insurers (it’s embedded in pricing, not added like sales tax). Death benefits are typically received tax-free by named beneficiaries.

Does a life insurance payout go through probate in BC?

If you name a beneficiary (not your estate), the proceeds usually bypass probate and pay out directly. If you name your estate, they’ll pass through probate and fees apply. Consider adding contingent beneficiaries, and get legal advice for complex estates.

Do I need a medical exam for life insurance in BC?

Not always. Many BC applicants qualify via accelerated or simplified underwriting—answering health questions and data checks without an exam—depending on age, coverage amount, and health. Guaranteed-issue options exist for harder-to-insure cases (typically lower face amounts and a waiting period).

What type is best for most BC families: term, whole, or universal?

Term life is usually the best value for mortgage/child-raising years (10–30 years). Consider whole/universal if you want lifetime coverage, estate planning, or cash value.

How much coverage do I need in Vancouver?

A quick starting point is 10–15× after-tax income plus debts (mortgage, loans) minus liquid savings. With higher housing costs, many Vancouver homeowners prefer $750k–$1.5M 20–30-year terms.

Can I buy life insurance online in BC?

Yes. Several providers (e.g., RBC, PolicyMe) allow online quotes and applications with instant or near-instant decisions for eligible applicants.

How do I verify my advisor in BC?

Use the Insurance Council of BC licensee directory and confirm the insurer is authorized by BCFSA.