Top 9 Life Insurance Providers in Ontario

Having life insurance offers peace of mind and financial security to you and your family in the event of an unforeseen event. Life insurance is availed by most Canadians. About 74% of Canadians had life insurance coverage in 2022.

There are many life insurance providers in Ontario, including major ones such as Manulife and Sun Life Financial. Term, whole, universal and no-medical exam life insurance are provided by these companies to meet various financial situations and risk profiles.

To assist you in selecting a life insurance provider, here are the top 9 life insurance companies operating in Ontario, including national and local insurers that are equally reliable, affordable and flexible.

Top 9 Life Insurance Providers in Ontario

1. PolicyMe

Best Overall Term Life Insurance Provider

Why Choose PolicyMe?

• The firm offers some of the most competitive rates among insurance providers
• The application is streamlined and hassle-free
• Comprehensive coverage amounts up to $5 million
• Policies are underwritten by Canadian Premier Life Insurance Company, which is a well-established and a financially stable firm
• No medical exams with annual renewals

PolicyMe makes obtaining life insurance extremely convenient. They don’t like excessive paperwork or medical exams like most providers and have a completely online application process. The company offers comprehensive coverage amounts ranging from $100,000 to $5 million.

PolicyMe is a great choice for individuals and families. Parents receive an added benefit—$10,000 in free life insurance for each child at no extra cost. Plus, couples applying together can enjoy lower premiums in their first year.

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

2. Canada Protection Plan (Ontario-Based)

Best for No-Medical Exam Life Insurance

Why Choose Canada Protection Plan?

• Headquartered in Toronto, Ontario so has local expertise and customized solutions
• Specializes in no-medical exam and simplified issue life insurance
• Offers term and permanent life insurance options
• Ideal for high-risk applicants with pre-existing health conditions
• Fast approval with minimal underwriting

Canada Protection Plan is a Toronto-based insurer that specializes in no medical exam life insurance and is therefore a good option for people with health concerns or those who want instant coverage. Their simplified issue policies mean you won’t need to undergo medical tests and you will get approval quickly if you may have a hard time getting coverage from the traditional insurers.

They provide term and permanent life insurance products, covering amounts from $50,000 up to $1 million. If you are looking for hassle-free approval and quick protection, Canada Protection Plan is one of the best choices in Ontario.

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

Comprehensive Life Insurance With Strong Digital Tools

Key Features

• Canada’s largest and most reputable insurer
• Offers term, whole, and universal life insurance
• Online tools for quotes and policy management that are easy to use
• Flexible coverage options for individuals, families, and business owners
• Additional riders for critical illness and disability coverage

Sun Life is a well-established insurance provider and has a strong presence in Ontario. Young families and individuals who need temporary coverage will find their term life insurance policies affordable and flexible.

Their whole life and universal life insurance policies provide for cash value accumulation and investment options. They also have online tools that make your policy management easier and customizable riders to add to coverage including critical illness and disability insurance.

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.

4. Manulife Financial

Rewards for Healthy Living With the Vitality Program

Key Highlights

• Offers term, whole, and universal life insurance
• The Vitality Program gives policyholders rewards for a healthy lifestyle
• Financially strong with competitive pricing
• Additional riders available for critical illness and disability coverage
• Available throughout Ontario

Manulife is one of the most innovative insurers in Ontario. The company offers a Vitality program that provides rewards for healthy habits.

They also provide flexible and affordable term life plans, as well as whole and universal life plans for wealth accumulation and tax-efficient savings growth. For those who want good rewards for healthy living, Manulife is a good choice.

5. Ontario Blue Cross (Ontario-Based)

Affordable Life Insurance With Health and Travel Coverage

Why Choose Ontario Blue Cross?

• Ontario-based insurer with a strong local presence
• Offers term and whole life insurance
• It can be bundled in with health, dental and travel insurance.
• No-medical exam options available

Ontario Blue Cross is known across Ontario for its excellent health and travel insurance offerings. They provide affordable life insurance policies with customizable options. The bundle discounts make it a great choice for those looking to combine multiple insurance needs.

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6. Canada Life

Reliable Coverage With Strong Financial Stability

Key Highlights

• One of Canada’s oldest insurance companies
• Offers term, whole, and universal life insurance
• Additional critical illness and disability riders
• Strong financial reputation

Canada Life is a well-known provider in Ontario with flexible and customizable life insurance solutions. Customers can transition their convertible term policies to permanent coverage later without further medical exams.

They also offer investment-linked universal life insurance that gives policyholders a chance to build savings over time.

7. Empire Life (Ontario-Based, Headquartered in Kingston)

Simple Life Insurance With Quick Approvals

Why Choose Empire Life?

• Ontario-based insurer with headquarters in Kingston
• Offers term, whole, and universal life insurance
• Simplified applications with fast approvals
• No-medical exam options available

Empire Life is a trusted name in Ontario offering fast approval and customer-friendly policies. Their simplified underwriting makes it easier to qualify and their universal life insurance comes with investment components for wealth-building.

Empire Life is a strong option if you want a no-fuss application process and reliable coverage.

8. BMO Insurance

Affordable Term Life Insurance From a Major Bank

Key Highlights

• Cost-effective term life insurance options
• No-medical exam available for select policies
• Convertible term policies for lifelong coverage
• Available through BMO branches and financial advisors

BMO Insurance is a good choice for budget-conscious customers. They also offer no medical exam options for their customers who are looking for hassle free approval.

BMO Insurance is a good pick if you prefer a well-established insurer in Ontario.

9. RBC Insurance

Comprehensive Coverage With Strong Banking Support

Why Choose RBC Insurance?

• Flexible term, whole, and universal life insurance options
• Customized policies for professionals and business owners
• Additional critical illness and disability riders available
• Strong financial backing from RBC Bank

RBC Insurance is one the most comprehensive life insurance providers in Canada. The company offers a wide range of policies to individuals, families and business owners. The firm’s Universal life insurance includes investment options, which means that the policyholder builds wealth over time.

Final Thoughts

Picking the right life insurance provider depends on what your financial goals are, what your health condition is, and what type of coverage you require. PolicyMe remains our top pick but we recommend assessing your own unique needs and the services offered by each insurance provider to select the right option for yourself.