Equitable Life

Below is how I’d shortlist life insurance companies in Canada in 2026 if the goal is: “reputable, widely used, easy to actually buy, and not some obscure product.”

Quick answer: the top Canadian life insurance brands to compare

Best mainstream picks for most Canadians buying term life:

1. Manulife — best big-brand all-rounder; look at Family Term or Family Term with Vitality Plus.
2. Sun Life — best big-brand option for flexible term lengths; look at Sun Life Go Term or Sun Life Evolve Term.
3. Canada Life — excellent established carrier; look at Canada Life My Term.
4. RBC Insurance — strong direct/online option; look at RBC YourTerm or RBC Simplified Term.
5. iA Financial Group / Industrial Alliance — very strong for flexible/custom terms; look at Pick-A-Term.
6. Empire Life — often competitive for straightforward term; look at Solution 10/15/20/25/30.
7. BMO Insurance — good term option, especially if pricing comes in well on your quote.
8. Beneva — worth comparing, especially in Quebec and for price-sensitive term shoppers.
9. Canada Protection Plan / Foresters — best-known option for no-medical / harder-to-insure applicants.
10. Equitable Life — very popular for participating whole life, especially Equimax.

The “big three” people actually use are Manulife, Sun Life, and Canada Life. In the latest market-share data I found, they represented 66.9% of Canadian life-and-health insurance revenue, with Manulife at 25.3%, Sun Life at 21.6%, and Canada Life at 20.0%; iA, Beneva, Desjardins, RBC Life, Empire Life, and BMO also appeared in the top 10. (cdnc.heyzine.com)

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My practical recommendations by situation

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Best individual picks

1. Manulife — best big-brand all-rounder

Manulife is the largest player by Canadian life-and-health insurance revenue in the market-share data above, and it has strong financial-strength ratings: The Manufacturers Life Insurance Company is listed with AA- from S&P, Aa3 from Moody’s, A+ from AM Best, and AA from Fitch. (cdnc.heyzine.com)

For products, Manulife’s term lineup includes Family Term with Vitality Plus, Family Term, CoverMe Term 10, CoverMe Term 20, and CoverMe Easy Issue; the Vitality angle can be attractive if you actually use the wellness/rewards program. (manulife.com)

Best for: people who want a large, established Canadian insurer, advisor access, broad product choice, and optional wellness rewards.

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2. Sun Life — best big-brand flexible term option

Sun Life is another dominant Canadian insurer, with 21.6% of the life-and-health market revenue in the 2024 data. Its financial-strength ratings page lists Sun Life Assurance Company of Canada at AA from S&P, Aa3 from Moody’s, A+ from AM Best, and AA from DBRS. (cdnc.heyzine.com)

Sun Life’s term products include Sun Life Go Simplified Term — $50,000 to $100,000, 10 years, no medical exam — Sun Life Go Term — $100,000 to $1 million, 10 or 20 years, online — and Sun Life Evolve Term, which offers 5- to 40-year terms and coverage up to $25 million through an advisor. (sunlife.ca)

Best for: people who want a top-tier brand, online or advisor options, and especially those needing a non-standard term length.

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3. Canada Life — best established “safe default”

Canada Life is the third of the Canadian big three, with 20.0% of 2024 Canadian life-and-health insurance revenue in the market-share data. Its current financial-strength ratings include A+ from AM Best, AA from DBRS, AA from Fitch, Aa3 from Moody’s, and AA from S&P. (cdnc.heyzine.com)

Its key term product is Canada Life My Term, and Canada Life is also a major name in participating whole life insurance. (canadalife.com)

Best for: someone who wants a very established carrier, strong conversion/permanent-insurance options, and broad advisor support.

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4. RBC Insurance — best bank-owned direct term option

RBC Insurance is a good option if you want to buy directly from a familiar bank-owned brand and compare online. RBC’s term lineup includes RBC YourTerm Life Insurance and RBC Simplified Term Life Insurance, and RBC notes different free-look periods for those products. (rbcinsurance.com)

RBC Life Insurance Company’s AM Best financial-strength rating was affirmed at A Excellent in July 2026. (news.ambest.com)

Best for: people who want direct/online term life and a familiar financial institution.

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5. iA Financial Group — best for custom term lengths

iA’s Pick-A-Term is one of the better-known flexible term products in Canada: iA describes it as coverage for 10 to 40 years, designed for families with financial commitments such as mortgages, lines of credit, and other loans. iA also offers Access Life, a no-medical-style term product for people who may have difficulty getting insured. (ia.ca)

iA is also the fourth-largest life-and-health insurer in the revenue data, at 6.1% market share. (cdnc.heyzine.com)

Best for: matching a policy exactly to a mortgage, debt, or “kids are dependent until roughly year X” timeline.

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6. Empire Life — strong term contender

Empire Life’s Solution term lineup includes Solution 10, 15, 20, 25, 30, and ART, with Solution 25 positioned around mortgage-length needs and Solution 30 as its longest term option. (empire.ca)

Broker comparisons often rank Empire Life highly for term life; PolicyAdvisor’s 2026 term-life list places Empire Life, Manulife, RBC, BMO, and Canada Protection Plan among its top term picks. (policyadvisor.com)

Best for: straightforward term life where Empire comes in cheaper or has better conversion/renewal features for your case.

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7. BMO Insurance — good term quote to include

BMO Term Life offers coverage from $100,000 to $30 million, terms of 10, 15, 20, 25, or 30 years, and renewal/conversion options. (bmo.com)

Best for: people comparing term quotes and wanting another established, bank-owned insurer in the mix.

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8. Beneva — good price-sensitive and Quebec-friendly option

Beneva is worth including in a quote comparison, especially if you’re in Quebec or your broker says Beneva is pricing well for your profile. Beneva itself has said its newer pricing structure was designed to offer “some of the lowest premiums on the market,” and PolicyAdvisor’s 2026 cheapest-life-insurance review also names Beneva among the cheaper term options. (beneva.ca)

Best for: price shopping, especially in Quebec, but compare conversion options carefully.

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9. Canada Protection Plan / Foresters — best for no-medical

Canada Protection Plan is a major Canadian no-medical brand; its site says its Foresters Financial suite is available to Canadians 18–80 and can provide no-medical coverage with fast approval, sometimes in as little as 24 hours. (cpp.ca)

Best for: people with health issues, recent declines, anxiety about blood/urine tests, or applicants who need a simplified route. Expect higher premiums than fully underwritten term if you’re healthy.

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10. Equitable Life — standout for participating whole life

For permanent life insurance, Equitable’s Equimax Estate Builder and Equimax Wealth Accumulator are among the most commonly discussed Canadian participating whole life products. Equitable says Equimax ranked first in participating whole life policy sales and fourth in total premium market share in LIMRA Q1 2026 data. (equitable.ca)

Best for: high-income families, incorporated professionals, estate planning, tax/legacy planning, and people who genuinely need permanent insurance — not someone who just needs cheap mortgage protection.

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What I’d actually do if buying in Canada

For most families, I’d start with 20-, 25-, or 30-year term life from Manulife, Sun Life, Canada Life, RBC, iA, Empire, BMO, and Beneva. Term is usually the cheapest type because it’s temporary and doesn’t include the savings/investment component found in whole life. (policyadvisor.com)

If you have medical issues or have been declined, don’t apply randomly online; use a broker and compare Canada Protection Plan, Assumption Life, iA Access Life, Beneva simplified, and Sun Life Go Simplified. Assumption Life, for example, specifically markets no-medical-exam/no-blood-test coverage and products for people with health problems or prior refusals. (assomption.ca)

If you’re considering whole life or universal life, slow down and get a second opinion from an independent broker or fee-for-service planner. Permanent products like Equitable Equimax, Canada Life participating whole life, and Sun Par Protector II can be useful for estate planning, but they’re much more complex than term and are often oversold. (equitable.ca)

Also, Canada has a policyholder protection system: authorized life insurers are required to be members of Assuris, which helps protect policyholders if a life insurer fails. (acp.canadalife.com)

Best short list to quote

If you want a clean, practical quote list, ask for:

• Manulife Family Term
• Sun Life Evolve Term
• Canada Life My Term
• RBC YourTerm
• iA Pick-A-Term
• Empire Life Solution 20/25/30
• BMO Term Life
• Beneva Term Life

Then choose based on premium, term length, conversion options, underwriting result, and whether the policy is personally owned term life — not mortgage creditor insurance from a bank.

Best Life Insurance Companies in Canada (2026)

Here's a breakdown of the top providers most Canadians actually consider and buy from, based on market share, financial strength, and product type.

🏆 The "Big Five" (Largest, Most Trusted)

These companies dominate the Canadian market and consistently show up across nearly every comparison:

Manulife, Sun Life, Canada Life, iA, and Beneva rank among the five biggest life insurance companies in Canada in 2026. The Canadian market exhibits significant concentration at the top, with five companies—Canada Life, Manulife, Sun Life, Industrial Alliance, and Desjardins—accounting for the majority of the premium volume.

Manulife – Manulife Financial dominates Canadian life insurance with 4.8 million policyholders, A+ Superior ratings from AM Best, and claim approval rates of 96.3%. It's known for a strong digital/online platform.

Sun Life – One of the most recognized brand names in Canada; Toronto residents value Manulife and Sun Life for superior online platforms enabling instant quote retrieval and policy management.

Canada Life – Founded in 1847, The Canada Life Assurance Company was Canada's first domestic life insurance company. In 2013, Canada Life merged with Great-West Life Insurance and London Life Insurance. It collects over $36 billion in insurance premiums each year, offering diverse insurance options, supported by a network of 23,000 advisors.

iA Financial (Industrial Alliance) – Great for budget-conscious healthy applicants. iA Financial consistently offers rates 10–15% below the big three for preferred health class at ages 30–50 (roughly $24–$29/mo for $500K / 20-year term at age 35).

Beneva – formed in 2023 through the merger of La Capitale and SSQ Insurance, creating one of Canada's largest mutual insurance companies, and as of 2026 manages $30.3 billion in assets with a strong solvency ratio of 163%. Strong presence in Quebec.

💰 Best for Whole/Permanent Life Insurance

Top providers for whole life insurance in Canada include Equitable Life, Manulife, Empire Life, Sun Life, and Foresters. Empire Life is a strong choice for balanced performance with dependable lifetime guarantees through its EstateMax and Optimax plans, while Equitable Life is ideal for those who want the benefits of a true mutual company where policyholders share ownership. Sun Life is often the best option for high-net-worth individuals, providing large coverage amounts and flexible whole life features.

🩺 Best for No-Medical-Exam / Hard-to-Insure Applicants

If you have health issues or want fast approval:

• Canada Protection Plan – stands out for its no-medical-exam life insurance, offering coverage up to $1,045,020 with both term and permanent policies, with quick approval times ranging from instant to just a few days.
• Assumption Life – has earned strong ratings for its specialized no-medical policy options, with its Platinum Protection Term product covering up to $348,340 for clients aged 18-70.

🏦 Bank-Affiliated Options

If you prefer bundling with your bank: RBC Insurance and BMO Life Insurance are popular for their convenience — RBC Insurance is often noted as a best option for comprehensive coverage, while BMO life insurance is best for those seeking flexible options.

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🎯 My Practical Recommendation

• Most people (healthy, want simple term coverage): Start with iA Financial or **Manul

If you want the most commonly recommended, widely used life insurers in Canada, the safest shortlist is Manulife, Sun Life, Canada Life, iA Financial Group, and RBC Insurance. If you want the best product fit rather than just big-brand strength, the most commonly cited standouts are RBC YourTerm for term life, Manulife and Sun Life for whole life/permanent coverage, and Canada Protection Plan or Assumption Life for no-medical coverage.

Here’s a practical Canada-focused shortlist:

If you want the most “real-world” answer, Manulife and Sun Life are the safest all-around names to check first, RBC Insurance is a strong term-life contender, and Canada Life / iA Financial are also repeatedly listed among the top national brands in Canada. For people who may have health issues or want no-medical coverage, Canada Protection Plan and Assumption Life come up repeatedly as practical options.

A few useful points when choosing in Canada:

• There is no single best company for everyone; the right pick depends on age, health, coverage amount, and whether you want term or permanent insurance.
• Big, established insurers are often preferred because they combine financial strength, broad product ranges, and nationwide availability.
• Independent brokers are commonly recommended because they can compare several insurers side by side instead of only one brand.

If you want, I can also give you a top-5 list by use case:

• cheapest term life
• best whole life
• best no-medical
• best for families
• best for seniors