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Our Top 5 Life Insurance Picks in Calgary

Trusting Tomorrow: Our Top 5 Life Insurance Picks in Calgary

Acclaimed director Steven Spielberg holds the world’s costliest insurance policy at a staggering $1.2 billion, rivalling the blockbuster figures of his renowned cinematic creations.

But you don’t have to be a celebrity to ensure your loved ones are financially protected. In this review, we’ll explore the best life insurance options in Calgary for your needs.

How much does life insurance in Calgary cost?

Life insurance costs in Calgary, like elsewhere, vary based on factors such as age, health, lifestyle, coverage amount, and policy type. Typically, it ranges from C$15 to C$100 per month. 

The low end of the range affords you a basic term life insurance policy with a smaller coverage amount, suitable for young, healthy individuals, and the high end of the range purchases extended coverage and additional riders and may accumulate cash value in the case of a permanent policy.

Different insurance providers may have varying pricing structures and underwriting criteria too.

How We Picked

Financial Stability of the Insurance Company – We researched the financial stability ratings from independent agencies to ensure the company is reliable.
Riders and Add-ons – Can the policy’s coverages be customized to meet your specific needs? Additional riders or features can enhance your policy, such as critical illness riders or disability riders.
Policy Exclusions and Limitations – Policy limitations, adjustments, and conversions should be transparent from the outset.
Underwriting Process – We looked into the underwriting process of the insurance company, including how they assess risk, as this can affect the cost and availability of coverage.

1. Manulife

Address: 200 Bloor St E, Toronto, ON M4W 1E5, Canada (Google Maps)

Contact: +1 416-926-3000

Hours: 1-888-626-8543, weekdays, 8 AM – 8 PM, EST 



Manulife has been in the insurance industry since 1887. It’s one of the largest insurance companies globally with assets exceeding a trillion dollars and a significant presence in Canada and Asia.

Its insurance rates are ideal for coverage under $400,000, particularly favouring those in robust health. It offers a trio of permanent life insurance options—whole life, universal life, and guaranteed issue life insurance.

Manulife’s whole life insurance combines a death benefit with a growing cash value, offering policyholders protection for loved ones and financial flexibility for needs such as retirement or education expenses.


  • Good range of life insurance options
  • Universal life insurance is ideal for long-term financial security
  • Robust financials


  • No specialized life insurance type offered (such as for smokers or critical illness)

Customer Review

No long wait times for phones

“Way better than Canada Life. No long wait times for phones and easy to submit claims. Got my money back fast..”

– Sarah, Google review

2. Canada Life

Address: 330 University Ave, Toronto, ON M5G 1R8, Canada (Google Maps)

Contact: +18882521847 

Hours: Support line 1-800-724-3402, weekdays, 8 AM – 8 PM, EST



Established in 1847, The Canada Life Assurance Company currently has $219 billion in assets. It offers whole life, universal life, and term life insurance.

Canada Life allows customizable policies enriched with various riders. Its Canada Life My Term policy has terms that can be tweaked from 5 to 50 years and a $100,000 minimum death benefit. It covers individuals up to age 85. 

It also offers personalized life insurance coverage with modifiable options. Clients can adjust a single or joint policy to match their specific needs, ensuring they always have sufficient coverage.


  • 10-year term policy convertible to a 20-year term without underwriting or medical review
  • Good range of life insurance products
  • Life insurance policy can be tweaked with multiple riders


  • No BBB accreditation

Customer Review

Can’t thank you enough for resolving our issue

“After 3 or 4 days of troubleshooting – IT Technical support individual named Joe was an epic help today. I can’t thank you enough for resolving our issue. Thank you.”

– Dave Dawson, Google review

3. Desjardins Group

Address: 1020 Rue du Marché Central, Montréal, QC H4N 1K4, Canada (Google Maps)

Contact: 514-383-0180 or 1-844-866-9930 

Hours: Advisory services: Mondays, Tuesdays, and Fridays, 9 AM – 5 PM; Wednesday to Thursday, 9 AM – 8 PM; Saturdays, 10 AM – 4 PM



Desjardins Group offers a diverse range of life insurance solutions. Notably, its plans seamlessly renew at expiration, with the flexibility to convert to a permanent solution and adjust death benefits as needs evolve. 

Available term life plans range from 10 to 30 years or coverage until age 65. Insurance price estimates can be quickly gauged via an online tool. 

It also offers a unique life insurance policy for ages 50–75. This requires only four health questions for eligibility, featuring coverage options of $5,000 to $20,000. 


  • Wide range of life insurance products
  • Quick online insurance price estimates
  • Offers life insurance for 50 to 75-year-olds


  • No BBB accreditation

Customer Review

Have found their customer service is awesome

“Wonderful experience, my sister works there and she says they are awesome. You are not kept on hold for hours like some companies. They bought out State Farm Insurance and my sister says what a difference (in a good way). I have life insurance benefits from them and have found their customer service is awesome. Highly recommend. Might switch my banking over to them too heard they are pretty good at finance!”

– CM, Trustpilot review

4. RBC Insurance

Address: 6880 Financial Drive, West Tower P.O. Box 515, Station A Mississauga, Ontario L5A 4M3 (Google Maps)

Contact: +19052865099

Hours: Monday to Thursday, 9 AM – 5 PM; Fridays, 10 AM – 5 PM



Established in 1864, Royal Bank of Canada (RBC) entered the insurance realm with RBC Insurance. It currently provides a spectrum of options, from participating whole life to no-medical policies. 

There is coverage for individuals aged 18 and above to ensure eligibility for all applicants. Guaranteed Acceptance and Term 100 Life Insurance offer lifelong coverage too. 

RBC’s life insurance lineup includes whole life, permanent life, universal life, and various riders. Its YourTerm plan provides specific-year term life coverage, while its Simplified Term plan offers coverage up to $1,000,000 without a medical exam.


  • Ages 40–75 automatically qualify for Guaranteed Acceptance policy
  • Lifetime coverage for Term 100 Life insurance
  • Offers several insurance riders


  • Not ideal for smokers and those with long-term health issues
  • No cash value accumulation for Term 100 and Guaranteed Acceptance policies (doesn’t build a cash or investment component over time)

Customer Review

She offered genuine assistance and is always just a phone call away

“My insurance advisor, Julia was amazing and helped me through the set-up process very quickly. She was able to answer all my questions and concerns quickly and was so easy to communicate with. She offered genuine assistance and was always just a phone call away. Thanks, Julia, I really appreciate it!.”

– Z, Google reviews

5. Equitable Life of Canada

Address: 1 Westmount Rd N, Waterloo, ON N2J 4C7, Canada (Google Maps)

Contact: +15198865210

Hours: Monday to Friday, 8.30 AM – 5 PM



Founded in 1920 as The Ontario Equitable Life, it later became The Equitable Life Insurance Company of Canada in 1936. It offers a trio of term life plans—10-year, 20-year, and 30-year.

The convertible 10-year plan offers the ability to add riders like one for child protection. Meanwhile, its Term 30/65 plan is convertible to permanent life insurance up to age 65 without medical underwriting.

The company also encourages clients to download the Equitable EZClaim app. This speeds up refunds for group benefits plan members submitting claims through their iOS or Android devices. 


  • Term or whole life can be combined with illness insurance in one policy
  • Has exhibited longevity in the insurance trade
  • Clients can access policies online


  • Offers only three Term Life plans

Customer Review

Will stand in the customer’s point of view to solve the problem

“It is a reliable and good company, it will stand in the customer’s point of view to solve the problem, consider for the customer.”

– Felicia Feng, Google review

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