If you are looking for life insurance, it is important to choose a company that is financially stable and has a good reputation. In Canada, there are many life insurance companies to choose from. To help you make the best choice, we have compiled a list of Canada’s top 10 life insurance companies.
The list is based on a number of factors, including financial stability, and customer satisfaction. We hope this list will help you narrow down your choices and find the best life insurance company for your needs.
Top 10 Life Insurance Companies In Canada
#1. Manulife Canada
An international insurance firm and provider of financial services with its headquarters in Canada, Manulife Financial Corporation owns Manulife Canada. Both in South East Asia and the United States, where they conduct business through their insurance provider John Hancock, Manulife has a sizable presence.
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#2. Great West Life
The sister businesses of Great West Life, London Life and Canada Life, were combined to form the single Canada Life brand in 2019. Term life, disability, critical illness, and creditor insurance are just a few of the personal insurance options provided by The Canada Life Assurance Company.
Mortgages, business insurance, and investment and savings options such segregated funds and annuities are also provided by Canada Life.
#3. Sun Life Insurance
The largest insurance providers in the world include Sun Life Financial. Sun Life operates outside of Canada in several nations, including the US, the UK, and Australia. Numerous term life products, including a simplified issue that lets you skip the life insurance medical test, are available from Sun Life Financial. Selling life and health insurance products is the main objective of Sun Life’s business.
#4. Industrial Alliance Life Insurance
Industrial Alliance Financial Group is one of Canada’s biggest insurance and wealth management companies, and they also have operations there.
It was established in 1892 and provides both individual and group benefits. They are more than just an insurance provider; in addition to insurance, they also work in real estate and property management, leasing out space in Canada’s largest cities.
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#5. Rbc Insurance
One of North America’s top-ranked, diversified financial services providers, Royal Bank of Canada, or RBC, is the insurance operating company of the bank. A wide range of wealth and reinsurance advice and solutions are available from RBC Insurance, along with life and health insurance, house, auto, and travel coverage.
#6. Wawanesa Mutual
Executive offices for Wawanesa Mutual were established in Winnipeg in 1896. It is Wawanesa Insurance’s parent firm, offering life insurance services and products across Canada. Along with commercial business insurance, Wawanesa also provides coverage for homes, farms, and cars.
#7. Empire Life
With more than $18 billion in assets, Empire Life is Canada’s prominent life insurance provider. Along with numerous life insurance plans, the insurer also provides a variety of financial management products. They offer both types of term and permanent life insurance. Term life insurance is available for maturities of 10, 20, 25, and 30 years.
#8. TD Insurance
The home office of TD Insurance is in Toronto, Ontario, and it offers life insurance all across Canada. Since TD Insurance’s premiums are higher than those of other insurers in Canada, it is challenging to discern what makes them unique.
#9. La Capitale
With more than $18 billion in assets, Empire Life is Canada’s prominent life insurance provider. Along with numerous life insurance plans, the insurer also provides a variety of financial management products. They offer both types of term and permanent life insurance. Term life insurance is available for maturities of 10, 20, 25, and 30 years.
#10. BMO Life Assurance Company
The home office of TD Insurance is in Toronto, Ontario, and it offers life insurance all across Canada. Since TD Insurance’s premiums are higher than those of other insurers in Canada, it is challenging to discern what makes them unique.
#11. Co-Operators Insurance Company
With $41.7 billion in assets under management, The Co-operators Group Limited is one of Canada’s top multi-line insurance and financial services cooperatives. Their affiliated businesses offer services in four main categories: brokerage activities, institutional asset management, property and casualty insurance (including house insurance), and life insurance.
#12. Foresters Financial
A company called Foresters Financial offers financial services in the US, the UK, and Canada. They were established more than 140 years ago, in 1870, and offer solutions for life insurance, savings, retirement, and investments. Many of Foresters’ products contain a charitable benefit component whereby Foresters donates money to the charity of the policyholder’s choosing on their behalf.
Conclusion
Life insurance helps your family lessen the financial strain of your passing. But what if your insurance provider unexpectedly goes bankrupt and cannot pay the claim? Fortunately, the Canadian insurance market is tightly controlled, so the likelihood of an insurer going bankrupt is highly remote.
Nevertheless, it is impossible to rule out the possibility totally. You’ll be relieved to learn that even then, not all of the promised benefits would be lost. Though they might be reduced, benefits will still be provided even if there is a casualty.