Top 11 Life Insurance Providers in Alberta

Financial planning is an essential part of life and life insurance is one of the important things to consider when planning your future. Life insurance gives you some safety net for your loved ones if a sudden life event happens. About 30 million people are covered by Canada’s insurers. It includes 27 million with health insurance, 23 million with life insurance and 10 million with retirement annuities.  Many Canadians have access to more than one product. In 2022, the life insurance industry paid out a total of $1.7 billion in benefits in Alberta, which represents about 11 percent of the total life insurance benefits paid out in Canada.

Choosing the Right Life Insurance Provider

The decision to select the right insurance provider in Alberta is determined by many factors. There are many insurance partners who provide customized plans but very few of them are designed to suit an individual’s needs. Below are some things to consider when you select a life insurance provider.

• What kind of life coverage do you need – permanent or term?
• Can you pay the premium payments for a long time?
• Financial Stability: Does the insurer have a strong operating track record?
• Policy Riders: Do you require extra coverage such as disability insurance?
• Feedback from customers: What is the feedback from customers?

These factors would make you select a provider that fits your financial goals and family’s security.

Top 11 Life Insurance Providers in Alberta

1. PolicyMe

Affordable Term Life Insurance with Instant Approval

Why Choose PolicyMe?

• Canada-wide provider offering some of the lowest rates in the industry
• Instant online approvals with no medical exams required for most applicants
• Coverage options from $100,000 to $5 million with terms of 10 to 30 years
• 100% digital application process for a quick and hassle-free experience
• 10% discount for couples applying together in the first year
• Annual renewal options with no additional medical exams

PolicyMe is a fully digital life insurance provider focused on offering affordable and accessible term life insurance. Unlike traditional insurers that require extensive paperwork and medical assessments, PolicyMe simplifies the process with an easy-to-use online application that provides instant decisions for most applicants.

With flexible term options and high coverage limits, PolicyMe is a great choice for individuals at different life stages, including young professionals, families, and homeowners. While PolicyMe specializes in term life insurance and does not offer permanent coverage options, its affordability, simplicity, and quick application process make it one of the top choices for those seeking reliable life insurance in Canada.

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

2. Alberta Blue Cross

Affordable Life Insurance with Localized Expertise

Why Choose Alberta Blue Cross:

• Alberta-based insurer with strong local presence
• Offers term life and whole life insurance options
• No-medical life insurance option available
• Can be bundled with health and dental plans

Alberta Blue Cross remains a well-known insurance provider throughout Alberta. The organization maintains its main focus on providing health and dental coverage to customers. The firm extends customized life insurance policies to residents of Alberta. The insurance offers adaptable coverage solutions that suit both family groups and business entities and senior citizens. The company provides no-medical life option enabling users to find a simple life insurance solution.

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

Trusted Coverage with Digital Convenience

Some Highlights:

• Sun Life Financial stands as one of the largest insurance providers in Canada.
• Offers term, whole, and universal life insurance
• Sun Life Financial provides online quote generation and digital policy administration features.
• Flexible options for individuals and families

Sun Life Financial operates as a well-known provider that maintains a significant presence in Alberta. The company provides both term life coverage and whole life coverage and universal life insurance policies at affordable rates. Policyholders who have convertible term life insurance from the company can transition into permanent coverage without needing to undergo medical examinations.

If you are looking for business insurance in Alberta, check out our article on Top 8 Business Insurance Companies in Alberta.

4. Manulife Financial

Comprehensive Life Insurance with Health Incentives

Key Features of Manulife Financial:

• Offers term, whole and universal life insurance
• The Vitality program gives customers premium discounts for maintaining healthy lifestyles.
• Strong customer support
• Additional riders available for disability and critical illness

Manulife maintains a leading position among the leading insurance providers in Alberta. Policyholders who stay healthy can earn premium discounts through the Vitality Program offered by the company. The term life insurance from Manulife offers flexibility and its permanent policies also contain investment features that build long-term wealth.

5. Canada Life

Reliable Life Insurance With Customizable Options

Why Choose Canada Life?

• Longstanding reputation in the Canadian market
• Flexible term and permanent life insurance policies
• Additional riders like critical illness and disability insurance
• Strong customer service

Canada Life is one of the country’s largest life insurance providers. The company offers convertible term life insurance and investment-linked whole and universal life policies. The company’s solid operating history and reputation make it a reliable choice for Albertans.

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. Western Financial Group

Local Insurance Brokerage With Multiple Providers

Why It Is a Good Option for Albertans:

• Alberta-based broker offering policies from multiple insurers
• The company specializes in providing life insurance, home, auto and business insurance coverage.
• It provides customized insurance services through local expert brokers.
• Flexible term and permanent life insurance options

Western Financial Group operates as an Alberta-based insurance brokerage that helps customers find top life insurance providers. People who want personalized services delivered by experts in their local area will find Western Financial Group suitable. Through its platform Western Financial Group assists Albertans to find the optimal insurance policy among different national and local Alberta-based insurers.

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7. iA Financial Group

Fast and Affordable Coverage

Key Features:

• Competitive term and whole life insurance options
• No-medical exam policies available
• Strong reputation and solid customer support
• Various investment-linked insurance products

People who need quick approval and affordable life insurance coverage should consider iA Financial Group as their insurance provider. No-medical exam policies from the company provide suitable coverage to people who have existing health issues.

8. BMO Insurance

Affordable and Flexible Life Insurance Coverage

Highlights:

• Cost-effective term life insurance policies
• Convertible policies for lifelong coverage
• No-medical exam options for quick approvals
• Strong reputation as a major Canadian financial institution

BMO Insurance provides affordable term life insurance coverage which customers can convert into permanent insurance at a later date. Life insurance applicants who struggle with health issues can obtain coverage through the no-medical exam options.

9. RBC Insurance

Reliable Life Insurance From a Trusted Bank

Why Choose RBC Insurance?

• Term, whole and universal life insurance available
• Life insurance coverage is accessible through both RBC branches and their network of advisors.
• The company develops specialized insurance solutions for business owners as well as professionals.
• Critical illness and disability insurance riders available

RBC Insurance delivers adjustable life insurance plans that suit various financial needs. RBC Insurance offers term life insurance at competitive rates. Their universal life insurance combines investment components for wealth accumulation.

10. Sharp Insurance

Independent Broker Offering Tailored Solutions

Key Features:

• Alberta-based independent insurance brokerage
• Works with multiple life insurance providers
• The company provides specialized insurance solutions for individuals and businesses through its life insurance offerings.
• Personalized consultation and support

Sharp Insurance is an Alberta-based broker that provides customers with personalized life insurance coverage from both national and local insurance providers. The advantage of choosing Sharp Insurance as an independent broker is that you receive expert guidance and personalized insurance policies.

11. Equitable Life of Canada

Mutual Ownership With Personalized Service

Some Highlights:

• Offers term, whole and universal life insurance
• Mutual company structure means profit benefits policyholders
• Strong customer service
• Wide range of policy riders for extra protection

Mutual insurance company Equitable Life exists as a member-owned organization. This means that the company tends to distribute better dividends alongside providing customers with more personalized service.

Final Thoughts

Making a life insurance purchase represents a crucial financial decision that you will ever make. The insurance gives you serenity because it protects your family members from unexpected situations.

Your unique circumstances and requirements would decide which one among our list of top 11 Alberta life insurance companies fit the best for you. PolicyMe remains our top pick for its coverage, rates, and overall service.