Life Insurance In Quebec – Why you can trust: We created our reviews using publicly available price data from WinQuote, financial health ratings from A.M. Best online customer reviews and official information from insurer websites. Using this data, we categorized each company as “best” for a specific persona or strategy.
How much will these life insurance policies cost you? Our chart below shows the life insurance numbers. Whole life policies cost five to 10 times more.
Life Insurance In Quebec
Key Point: This is one of the most affordable options for life insurance in Canada. Family-friendly features such as free childcare, discounts for joint applications and a simple online application process make it a great choice for parents and couples.
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Company Profile: is a Canadian online insurance solution based in Toronto, Ontario. Founded in 2018, it secured $18M in Series A funding and received $8.5M in additional funding from Securion Canada in 2023. By the end of 2022, they added critical illness coverage and now have $5 billion in coverage across Canada.
Key points: Estimated life is known in the industry for a no-doctor/no-fluid plan with minimal health questions. It also has easy qualifications for new immigrants. In general, if you are denied coverage by a traditional provider, or you are not a citizen or PR holder, assumption is a good option.
Company Information: Assumption Mutual Life is a Canadian life insurance and asset management company. In 2021, credit rating agency A.M. BEST has given Assumption Life an A- (Excellent) credit rating for the 22nd year in a row.
Key Info: BMO is known for its comprehensive range of life insurance products. They have many different options for both term and permanent life insurance. Best suited for customers who want more options when choosing their policy.
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Company Information: Bank of Montreal (BMO) is a multinational investment bank founded in Montreal, Quebec, but currently operating in Toronto. Their products focus on various personal banking services. In 2022, BMO announced it was working to close a $16.3 billion deal to acquire California Bank of the West.
Individuals between the ages of 16 and 50 can receive up to $2 million without a medical exam, but must complete a remote interview.
In 2018, an 82-year-old woman was told by BMO that if she canceled her policy, she would receive nothing. A CBC investigation found that he actually had to get his money back.
The woman has already paid $3,780 on her $3,200 policy, $580 more than it was worth. The plan required payments until she was 95, although the death benefit would be $3,200. This is why he wanted to cancel!
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Key Features: Known for being the largest participating fund in Canada. Best for those with fund management experience. They also offer life insurance products specifically for business owners.
Company Information: Canada Life is Canada’s second largest insurer with a financial strength rating of A+ and $220B in assets. Canada Life was founded in 1846 and is currently headquartered in Toronto. Canadian insurance company Great-West Life bought Canada Life in 2003.
Those with health or lifestyle issues can get better rates for permanent policies through Canada Life’s ASTRA plan.
Largest (par) participating fund in Canada, approximately $49B. Business owners want to withdraw from accumulated cash.
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Canada Life My Term™ renews on an annual basis at the end of your term, at a lower introductory rate than other Canadian term products.
Telephone wait times and claim processing times are the subject of many complaints at Insureye (on all Canadian life products).
Highlights: Canada Security Plan is our most popular option for seniors, especially those with health conditions that have caused them to be turned down by another provider or charged sky-high. Most CPP plans allow you to skip medical exams, blood tests or medical reports, although you will pay higher premiums as a result.
Company Information: Canada Protection Plan (CPP) is Canada’s leading provider of non-medical and basic life insurance. In 2020, CPP merged with Foresters Financial. CPP is an accredited member of the Better Business Bureau with an A+ rating.
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The Express Elite Term product allows select Canadians to get up to $500,000 of coverage within days without a medical exam.
If you can’t afford “regular” term insurance, a simple or guaranteed issue policy can be a good way to get some protection and a small death benefit for your family.
The option to get a free quote online or over the phone, making it easy for you to compare prices.
There is usually a limit to the amount of coverage you can get, especially if you go with a guaranteed issue plan.
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For most of their life insurance products, you have to fill out a medical questionnaire with about 20 questions. However, this is the standard in the industry.
Coverage is available up to age 80, which is lower than some competitors that go up to age 85.
Some plans are deferred for two years, meaning there is no death benefit if you die within that period.
“Thank you [CPP] for helping my client who was unable to be approved for a regular plan due to heart problems.”
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Key points: CIBC only has 10- and 20-year term policies, although there is an option to convert to a term-100 plan. They have a guaranteed approval product for those who cannot get approval elsewhere.
Company Information: Canadian Imperial Bank of Canada (CIBC) is a multinational banking company founded in Toronto in the 1960s. According to credit rating agency Fitch Ratings, CIBC has a strong business outlook. CIBC is Canada’s fifth largest bank by loans, deposits and market capitalization.
Option to change the period from 10 years to 20 years to 75 years, 100 years to 65 years.
Option to receive 50 percent of your sum assured up to $250,000 if you are diagnosed with a terminal illness and have less than 12 months to live.
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Premiums do not change for any period of time. A renewed term may have higher premiums, but those premiums will remain the same throughout the term.
Only 10 and 20 year terms are available for their term products; Usually you can reach 30 years.
Life insurance policy is very expensive. First apply for a non-medical policy with a company like Canada Protection Plan (CPP).
Highlights: Cover Direct seems to offer simple and affordable coverage, but there’s a lot of fine print. Their main offering seems to be permanent life insurance that starts cheap, then increases in price each year. You can also choose a standard policy of 10 to 30 years with the same premium.
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Company Information: Cover Direct is a relatively new insurance provider specializing in quick issue and no medical life insurance. Their headquarters are located in Alberta. Cover Direct is underwritten by Canadian Premier Life Insurance Company.
No medical examination or blood test is required to get coverage. You will have to answer some questions about health and lifestyle.
Their permanent life insurance premiums increase every year. A 35-year-old non-smoker would pay $17 a month for $500,000 in premiums. When he turns 55, the price will be $89.45 per month.
Other reviewers say pricing is difficult to understand or more expensive than what they’ve seen with other insurers.
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“It was nice to talk there but I always try to start high, although I only want a small premium package, all in addition to good service!”
Key Takeaway: Desjardins Group offers the most affordable life insurance for children in Canada. Their 5 payment options are unique; This allows the grandparent to pay the grandchild premium over five years to efficiently transfer the property.
Company Information: Founded in Quebec in 1900, Desjardins Group is the largest credit union organization in North America. Desjardins Group is often listed as one of the 50 safest banks and financial companies in the world.
The Desjardins Whole Life Guaranteed to 100 policy has a fixed lifetime premium and a guaranteed cash surrender value from the fifth year onwards.
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Several riders can be added such as child accident coverage and insurance coverage for a fee.
A one-stop-shop for coverage. Add critical illness, disability or long-term care coverage. Also get discounts in various ways.
An automatic rate reduction plan for those with health or lifestyle issues who would normally pay more for a permanent plan.
Sun Life’s term life plans have a higher interest rate (DSIR) of 6.25 percent compared to Desjardins’ 5.75 percent, but Sun Life’s premiums start much higher.
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A child life protection policy that can be converted to a permanent plan, although the coverage only goes up to $20,000.
Their tenure is only 10, 20 or 30 years and you can buy only till the age of 65.
There is no option to get a quote or apply online, you must speak to an advisor over the phone.
We do not recommend buying whole life insurance for children; If you want to know why, read our post on life insurance for children. That said, Desjardins, Empire and Wawanesa are the most affordable lifetime options for kids in Canada.
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Highlights: Emma Insurance is an online insurance company targeting young families. they