The 5 Best Life Insurance Companies in Ottawa
Having an insurance policy ensures that you and your loved ones are financially covered in the event of disability, illness, or death.
To help you find the best insurance for your needs and budget, this article covers the best insurance companies in Ottawa according to coverage options, policies, premium rates, among other important factors.
But first, let’s talk about the average cost of an insurance policy in Ottawa.
How Much Does Life Insurance in Ottawa Cost?
Generally speaking, the younger and healthier you are, the cheaper a life insurance policy will be.
In addition to this, a term policy with a coverage amount of $100,000 would be more affordable than a permanent policy for $1 million. Various factors also come into play in terms of how insurance providers determine an accurate cost for a life insurance policy.
Other factors can include whether or not you smoke, have a pre-existing health condition, or partake in any extreme sports.
To get an estimate quote that is specific to your needs, there are online tools you can use to find out exactly how much life insurance may cost for you.
The table below summarizes premium life insurance for a 20-year term that you can typically get in Ottawa. Take note that the ranges can vary depending on age, gender, and smoking history.
|For 20 to 30 years old, Male, Non-Smoker||$10 to $30 per month|
|For 20 to 30 years old, Male, Smoker||$15 to $60 per month|
|For 20 to 30 years old, Female, Non-Smoker||$8 to $22 per month|
|For 20 to 30 years old, Female, Smoker||$10 to $40 per month|
|For 30 to 40 years old, Male, Non-Smoker||$20 to $80 per month|
|For 30 to 40 years old, Male, Smoker||$35 to $225 per month|
|For 30 to 40 years old, Female, Non-Smoker||$15 to $60 per month|
|For 30 to 40 years old, Female, Smoker||$25 to $160 per month|
|For 40 to 50 years old, Male, Non-Smoker||$30 to $220 per month|
|For 40 to 50 years old, Male, Smoker||$70 to $580 per month|
|For 40 to 50 years old, Female, Non-Smoker||$20 to $150 per month|
|For 40 to 50 years old, Female, Smoker||$50 to $380 per month|
The Best Life Insurance Companies in Ottawa
Now that you’re familiar with the types and costs of insurance, let’s get to our list of the best and most trusted life insurance providers in Ottawa.
1. Empire Life
|SERVICES||Life Insurance, Living Benefits, Risk and Needs, Group Benefits|
|ADDRESS||259 King Street East Kingston, Ontario K7L 3A8 Canada|
|CONTACT DETAILS||Phone: +1 613 548-1881 |
Email: [email protected]
|OPERATING HOURS||Mondays to Fridays: 8:30 AM – 5:00 PM|
Empire Life Insurance is one of the most established and trusted insurance providers in Canada. The company offers a wide variety of life insurance products, group benefits, and financial services.
Empire Life offers 5 different term life insurance policy plans and a permanent life insurance policy.
The permanent life insurance policy will not only provide you with coverage for your entire life, but you can also take advantage of an investment component that comes with a cash value, which is the value of the policy that you can tap into for cash.
Empire Life also stands out as a life insurance provider in Ottawa for many reasons.
First, they have plenty of options to choose from and as mentioned earlier, you can take out a policy that helps you invest. Customers can cover all their bases by purchasing life and critical illness insurance bundles possibly at the cost of just one policy.
Second, Empire Life has a reputation for quick approvals. Compared to other insurance providers that may take weeks to get processed, Empire Life’s policy issuance can be immediate.
Third, customers can conveniently check the status of their life insurance policy online by logging into their account on the Empire Life website.
Fourth, customers have the ability to convert to longer-term policies, which is especially helpful if, at some point, a customer feels they need more coverage. Empire Life also offers annual renewable terms (ART), where life insurance policy renews every year.
- Provides some of the most versatile coverage options in Canada
- Ability to exchange shorter term policies into longer term policies
- Instant approval is possible
- Electronic contract delivery possible
- Highly competitive premiums
- Comprehensive offering of insurance riders
- Online account access
- Bilingual services
- Customers cannot get a quote online
- Health, auto, and travel insurance are not available
- Annual renewable term coverage tops out at $499,999
Check out these reviews about Empire Life Insurance below:
“Good insurance rates.”
“Operates much more efficiently as compared with other companies in Canada. Has some very knowledgeable and capable senior leaders and employees. Great culture. Makes everyone feel welcome, very empathetic towards everyone. Overall very positive minded people but things can be a bit slow and laid-back.”
2. Desjardins Insurance Agent
|SERVICES||Life Insurance, Auto Insurance, Motorcycle Insurance, Property Insurance, Identity Coverage, Liability Insurance, Business Insurance|
|ADDRESS||2285 St. Laurent Blvd Unit D-3, Ottawa, ON K1G 4Z7, Canada|
|CONTACT DETAILS||+1 613 737-5095|
|OPERATING HOURS||Mondays to Fridays: 9:00 AM – 5:00 PM|
Desjardins is another top insurer in Canada, frequently ranked among the world’s 50 safest banks and financiers. Aside from being one of the globally trusted companies for insurance, we included Desjardins for many reasons.
One of them is that the company offers plenty of term life insurance options to cover fixed-term needs such as lifestyle protection, mortgage coverage, or providing for your children’s education.
They also offer insurance options that are focused on affordability or lifelong protection and cash value for their customers.
Another reason is that they also have multi-policy discounts which can add up to significant savings during the course of coverage.
For customers looking for insurance for the entire family, they also allow multiple applicants on the same policy, where one policy can cover the needs of the entire family.
Aside from life insurance, Desjardins also provides home, auto, travel, and pet insurance. They also have personal claims assistance that is available 24/7.
- 24/7 personal claims assistance
- Comprehensive plans for different client needs
- Offers auto, home, life, health and business insurance products.
- Provides online resources on insurance and investments
- Offers multiple add-on riders and benefits
- Allows multiple applicants on the same policy, ideal for families
- Ability to convert shorter-term products into longer-term products
- Offers multi-policy discounts
- Provides online account access
- Bilingual services
- Limited term options with only four predetermined options to choose from
- No advertised life insurance bundle packages
- More expensive straight term
Patrons of Desjardins left these feedback:
“We have had the pleasure of dealing with Linda as our agent for years. Linda has provided us with excellent customer care and is extremely knowledgeable, always looking out for our families best interest. We highly recommend using Linda for all your insurance needs!”
“ Excellent customer service from Customer Service Joyce. I thought that banking institutions no longer made phone calls to their members, but here was a very nice surprise by a call from Joyce this week. I was very impressed with his efficiency and professionalism. Thank you and Bravo!”
3. Canada Protection Plan
|SERVICES||Life Insurance, Critical Illness Insurance, Health & Dental Insurance, Travel Insurance|
|CONTACT DETAILS||Phone: +1 877 851-9090|
|OPERATING HOURS||Mondays to Fridays: 8:30 AM – 4:30 PM|
Canada Protection Plan (CPP) is one of the leading providers of non-medical life insurance and simplified issue life insurance products in Canada. This means no medical exams, doctor’s notes or blood and urine samples needed to get approved, and policies are issued immediately.
CPP is also ideal for citizens having difficulty finding insurance or who have been rejected for life insurance in the past.
Another helpful service CPP provides is if a customer has previous conditions or needs speedy coverage, they can get guaranteed acceptance to a whole range of both term and permanent life insurance policies.
For example, CPP provides four kinds of critical illness insurance specifically customized to cardiac conditions and cancer diagnoses.
However, if a customer is in good health and doesn’t mind the few weeks of waiting period which often accompanies medical underwriting, a lower-priced life insurance policy may be available to them.
As a side note, term life insurance is ideal for those who know how long they need coverage for, such as over the life of a mortgage or while their children are still in school. CPP offers term life insurance for 10-, 20-, 25-, and 30-year terms, and premiums remain fixed throughout the term.
All CPP plans can be renewed and can provide coverage up to the age of 80. Once the term expires, customers can convert their term plan to a permanent plan up until the age of 70, no matter what their health status is at the time that they make the changes.
In addition to term life insurance, CPP also offers whole life insurance, travel insurance, and health and dental insurance.
- Offers terms that include 10, 20, 25, and 30-year coverage
- Multiple products offering simplified
- Most products are available through an online application without medical tests
- Affordable coverage pricing
- Available to temporary residents such as those on a student or work visa
- Customers can pay annual premiums by credit card
- All plans are convertible to permanent coverage until age 70
- Decreasing term option available, ideal for covering mortgage debt
- Can be more expensive since the company accepts higher risk applicants
- Coverage amounts are limited to a maximum of $1 million
- Coverage ends at age 80 versus age 85 for other providers
Here are some reviews about Canada Protection Plan:
“Working with Canada Protection Plan to obtain a policy was very easy and I was definitely educated throughout the process to better understand life insurance.”
“They offer free C-Credits for your licence renewal. All applications can be done online. Always there to lend a helping hand.”
4. BMO Insurance
|SERVICES||Life Insurance, Creditor Insurance, Mortgage Protection Insurance, Travel Insurance, Financial Planning|
|ADDRESS||269 Laurier Ave W, Ottawa, ON K1P5J9|
|CONTACT DETAILS||Phone: +1 613 564-6424|
|OPERATING HOURS||Mondays to Fridays: 8:30 AM – 4:30 PM|
BMO Insurance makes it to the list for being another reliable provider for both term and permanent life insurance.
BMO Insurance’s term life insurance is particularly a great option for individuals and couples. It can cover mortgage payments, funeral expenses, and provide for dependents.
For business owners, their term life insurance plan can be used to protect businesses and their key employees.
Their term life insurance policies also offer terms ranging from 10 to 30 years. All term life plans can be converted to a permanent life insurance policy at any time before age 70.
Another great feature of BMO Insurance is its unique Compassionate Benefit Program. This is a non-contractual cash benefit offered by the company to term life policyholders with a limited life expectancy who may require a source of funds to help them manage their unexpected financial costs and medical bills.
Another thing to keep in mind is that since BMO is also a bank, a customer already banking with them and is considering getting life insurance might find it beneficial to purchase life insurance from them to achieve continuity among their financial portfolio.
BMO also offers insurance bundles for those looking to take advantage of multiple insurance plans while also saving money at the same time. BMO currently offers bundle packages on life and critical illness insurance.
- Offers terms that include 15, 20, 25, and 30-year coverage
- Multiple term life insurance coverage options available
- Ability to exchange 10-year policy into longer term
- Offers compassionate benefit program
- Options to convert into a permanent life insurance policy
- Electronic contract delivery
- Multi-policy discount available
- No online account
- Only issues paper policies, no digital option
- Longer-term life insurance policy not renewable
Reviews and testimonials about BMO Insurance are below:
“BMO offers a professional service, they have a fantastic new website that makes shopping for insurance easy, and their premiums and offerings are both competitive and comprehensive. I have been extremely satisfied with their service.”
“Service was perfect. The price I am paying for the insurance is competitive.”
5. Canada Life
|SERVICES||Life Insurance, Critical Illness Insurance, Disability Insurance, Health & Dental Insurance, Creditor Insurance|
|ADDRESS||112 Kent St unit 710, Ottawa, ON K1P 5P2, Canada|
|CONTACT DETAILS||Phone: +1 613 748-3455|
|OPERATING HOURS||Mondays to Fridays: 8:00 AM – 4:30 PM|
Founded in 1847, Canada Life was the first domestic life insurance company in Canada. This makes Canada Life one of the country’s largest life insurers.
The company’s strong capitalization and diverse insurance offers make it a go-to provider for not only the community of Ottawa but also millions of consumers and businesses across the country.
Like most of the best insurance companies, Canada Life’s insurance products include a variety of term life insurance policies that can be customized according to the needs and financial situation of their customers.
Canada Life also offers term life insurance with several options which include level premium convertible term policies, and fixed-term non-renewable policies.
Customers who are particular about high credit ratings for their insurance providers can rest assured that Canada Life has been rated as very strong (AA) by three well-known credit rating agencies that measure companies by how prepared an insurance provider is to meet any financial liabilities.
Canada Life also has plenty of online resources that can help out anyone new. Their website offers insight and advice about insurance and how its products work.
- Offers term lengths from 5 to up to 50 years
- Offers multiple rider options for single and joint policies
- Can convert into a permanent life insurance policy
- Minimum $100,000 coverage or $500 annual premium required
- Limited digital policy or access to online account features
Check out some reviews left by customers about Canada Life:
“When my mother passed away from ALS, Canada Life was very easy to deal with and accommodating. They worked with my brother and me to get an advanced payment based on her diagnoses and the expected time left. She ended up passing away before we received advanced payment but Jeff was very easy to work with in getting us the full payment instead of the advanced payment when the time came.”
“Great company, they value their employees as the most valuable assets. They invest in their employees by providing training, promoting professionalism, respect and so on.”
FAQs on Life Insurance
Getting life insurance is a big step towards getting peace of mind for you and your family. We hope that our list of the best life insurance companies in Ottawa helped you find the best policy and where you can get them.
Know any other great life insurance companies in Ottawa? Let us know so we can check if they qualify to be on this list.
If you’re specifically looking for car insurance, be sure to check the best car insurance providers in Ottawa.