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5 Best Canadian Life Insurance Plans in 2021

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COVID-19 made Canadians reconsider the buying of life insurance to make their families financially secure. Before you put in money, you must know the basics of insurance, plan cost, and eligibility.

Canadian life insurance

Source: Freepik

Are you looking for the best life insurance for you and your family in Canada? Before putting down your money, you need to ask a few questions. Let’s break it all here for you. 

What is Life Insurance and Why is it Important?  

It is a contract between you (insured) and an insurance provider (insurer). In life insurance, you pay monthly/quarterly/yearly payments, called “premiums”.  

The beneficiary gets the maturity benefit in the event of your death. The beneficiary can be your family member or whoever you name in the policy.

What is the Cost of Life Insurance in Canada? 

Life insurance premiums can range from $13 to $100 per month.  

What causes such a large disparity in cost?  

That is because of the customization of the policy features. The buyers often customize the Life insurance plans as per their needs. The more customization, the higher would be the premium. Also, your current debt and the risk of death influence the plan’s cost. 

What Amount of Life Insurance do you Require? 

The average life insurance done in Canada is $200,000. However, many experts believe this amount is insufficient.  

The general rule is to invest 10 times your annual income. If your annual income is $60000, buy life insurance of $60000*10=$600,000. 

Best Life Insurance Plans in the Most Trusted Insurance firms 

1. Equitable Life of Canada

The insurance company provides a variety of low-cost life insurance options. It includes both term and whole life insurance. These plans are ideal for growing families. 

Benefits 

  • You can add the optional critical illness and other term life plans to your policy. 
  • Convert Term policies into a comprehensive range of permanent Equitable plans, regardless of health. 
  • By including a child term rider, you can build a family plan. 
  • You can access your insurance policy account online using internet. 
Insurance benefits
Source: Freepik

2. Industrial Alliance Life Insurance

The insurer offers one of the best term life insurance policies attributed to its flexibility. It allows applicants to choose their coverage term from a range of 10-to-40 years. It is based on their unique requirements and financial situation. 

Benefits 

  • You can create personalized coverage by leveraging the flexibility the plans offer. 
  • When combined with the declining coverage option, the optional disability rider creates an appealing mortgage protection plan. 
  • Account access via the internet 
  • Underwriting at Industrial Alliance can be more flexible than at other companies. 

3. RBC Life Insurance 

RBC Insurance provides best-in-class term life insurance at extremely low premiums. It frequently outbids the competition on price alone. Experts consider it as a value-for-money life insurance policy. 

Benefits 

  • Premiums for term life insurance are among the lowest in the market. 
  • Coverage up to $25 million is available. 
  • With a wide choice of term durations and coverage amounts, you can be as creative as you want. 
  • The flexibility of coverage enables you to develop a ladder strategy (only pay for life insurance coverage you truly need and manage down your average premium cost). 

4. Humania Life Insurance

Most policies (over 65 percent) are insured on the spot in less than 45 minutes, with many being completed within 15 minutes. So, if you are looking to get your insurance issued quickly, this is the place to go. 

Benefits 

  • Ability to convert a short-term plan into longer-term coverage to meet changing insurance needs. 
  • This is one of the few digital policies that offers digital or e-policies in Canada. 
  • The coverage is automatically approved for people with standard health, critical illness, and debt disability. 

5. Manulife Life Insurance

Manulife’s commitment to leading the way in digital innovation in life insurance has resulted in one of the top insurance products in the country. 

Benefits 

  • Offers a fully electronic, digital fulfillment. 
  • If the insured is diagnosed with a terminal illness, the company will give them a cash advance. 
  • Shorter-term products (Term 10, Term 20) can be traded in for longer-term options (Term 20, or Term 65). 
Insurance policy
Source: Pexels

For life insurance, we all can have unique demands. There is no dearth of insurance companies offering specialized plans for individuals facing difficulties getting covered. This is because of their health conditions, travel and lifestyle history, or unusual hobbies. 

When choosing an insurance company and looking for life insurance quotes, some consumers consider the firm’s size, financial strength ratings, and technology offerings. This is a good way to evaluate the insurer’s standings before buying the policy from them. 

We hope we could give you the information that you were looking for. If you want to know more about any other insurance-related topic, please read our other topics to get answers to your query from the insurance experts. 

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