If you are shopping for life insurance right now, you are probably wondering which life insurance company is the best.
Well, it would be difficult to name a “best company” as each one offers something different, depending on what you need from your insurance coverage.
Every year, life insurance companies strive to update their suite of insurance products, improve their customer service and price, and innovate to attract more clients.
These constant changes bring more variety and ultimately makes life insurance shopping more confusing for many people.
Fortunately, insurance brokers are here to make the task of choosing the right life insurance and insurance company easier!
If you are not sure of the type of life insurance you should buy, fill out the form on this page to connect with an insurance broker or an insurer that is one of our partners.
You will receive A NO OBLIGATION QUOTE to help you choose the right protection for your needs.
The life insurance industry in Canada is huge and complex, making it challenging for the average individual to navigate.
Sure, you can easily pick a life insurance product based on the cheapest price that suits your budget and hope for the best.
You could end up paying handsomely for this folly when the time comes around that your family direly needs your insurance funds and your policy is inadequate or useless.
There are insurers who have teamed up with banks, brokerages, or other financial institutions to offer their life insurance products to consumers.
Before you start shopping for life insurance, it is important to take the first step and understand what your needs and goals are.
To be able to choose your life insurance wisely, you must first assess what your financial goals are. Majority of Canadians buy life insurance to:
The face amount, also called death benefits, of your insurance policy must be enough to replace the net income your dependents would have enjoyed if you lived.
It is designed to replace your income in the event of your death so that your dependents will not have to sacrifice their quality of life.
Experts will tell you that when you are buying life insurance, the first and most important consideration is the type of life insurance you need.
Do you buy whole life insurance or term life insurance?
The life insurance company you decide on is primarily based on the insurance product you prefer. Keep in mind that policies will differ from one insurance company to another.
But then again, when you do choose a life insurance product, it is important to make sure that you are covered by a trustworthy and reputable insurance company.
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There are many life insurance companies offering insurance products to Canadians. However, only a select number of insurers have made it to the top because of their asset value, revenues, profits, premium income, and reputation.
Below is the list of the top 20 life insurance companies across Canada to help you compare insurers and take you one step closer to finding the right insurance for your needs.
This list was arranged in no particular order or rank.
La Capitale is a Quebec-based insurer with more than 70 years under its belt and is now going national. It reported $1,666,822,000 in revenues, $50,496,000 in profits, $4,327,508,000 in assets, and $1,353,612,000 in premium income.
The company offers a variety of financial products including term life insurance, whole life and universal life insurance, disability insurance, critical illness insurance, no medical life insurance, long- term care insurance, and group insurance, among others.
La Capitale Financial Group has more than 2,440 employees and representatives and has exceeded the solvency requirements of the regulating authorities for companies in Quebec.
As a life insurance company, it has made its mark with 1,526,000 policies in effect and about 485,000 insured.
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RBC Insurance is the name for the insurance operations of the Royal Bank of Canada, one of North America’s biggest financial services companies.
It is also one of the biggest Canadian bank-owned insurance companies.
With more than 4 million clients around the world and 2,500 employees, it is a force in the insurance industry.
RBC Insurance offers life, health, home, auto, travel, and business insurance solutions.
It is one of a few companies offering a simplified process for obtaining term life insurance of up to $500,000.
As one of the top life insurance companies in Canada, It earned $1,727,154,000 in revenue.
$1,108,977,000 in premium income, $39,317,000 in profit and $7,527,043 in assets.
EQUITABLE LIFE INSURANCE
This is one of Canada’s biggest mutual life insurance companies.
In 2017, it surpassed its previous records on all financial aspects, most significantly earning $106 Million, an increase of 33% compared to the previous year’s net income and resulting in a policyholder equity return of 16.8%.
Its individual life and critical illness insurance business also had a remarkable growth with sales of $101 million.
As a mutual life insurance company, it is owned by participating policyholders.
This enables the company to be personalized in their services and focused on their clients’ well-being and security.
The company offers its life insurance products through independent brokers across the country.
The Co-operators Group Limited is a leader in diversified, multi-line, and integrated insurance and financial services with 3 main areas of operation- property and casualty insurance, life insurance, and institutional investments.
It has over $48 billion in assets and has 4,992 employees and a financial advisor network consisting of 2,753 licensed insurance professionals from around the country.
It serves some 300 credit unions with over 5.5 million members.
It was originally founded by farmers to take care of their insurance needs in 1945.
Today, it serves millions of customers in Canada and continues to grow by leaps and bounds.
BMO LIFE INSURANCE
BMO Life Insurance is a member of the BMO Financial Group with a history that dates back to 1817.
It has proven its financial strength and stays on top by offering insurance products with flexible coverage, affordable rates, comprehensive benefits, and trustworthiness.
It is an A.M. Best Company with a Financial Strength Insurer Rating of A1, a testament to its excellence in meeting its obligations.
With $1,041,664,000 in revenue, $760,332,000 in premium income, $14,209,000 in profits, and $5,390,191,000 in assets, BMO Life Insurance is definitely one of the Canada’s biggest life insurance companies.
One of the top five life insurance companies is Desjardins Insurance.
They rank high among life and health insurance providers in Quebec.
They are among the top 5 with $5,264,900,000 in revenues, $3,271,500,000 in premium income, $225,500,000 in profits, and $18,272,800,000 in assets.
The company proudly offers a diverse product line consisting of Permanent insurance, Critical Illness, Health Insurance, and Disability Insurance.
This life insurance company is at the very top of the biggest life insurance companies in Canada.
They rank high because of their stellar performance with $29,898,000,000 in revenues, $17,293,000,000 in premium income, $2,118,000,000 in profits, and $238,768,000,000 in assets.
Its product line includes mortgage life insurance, disability insurance products, among others, that are competitive in the market.
The company has interests in life and health insurance, retirement planning and investment services, asset management, and reinsurance.
It has operations across Canada, Europe, and the United States.
Certainly one of Canada’s 100 largest companies, Industrial Alliance made $8,037,000,000 in revenues, $4,992,000,000 in premium income, $141,000,000 in profits, and $37,441,000,000 in assets.
The company was founded in 1892 and has a diverse line up of health insurance products, savings and retirement options (RRSP, TFSA, etc.), auto insurance, home insurance, and many other financial products.
It is also a publicly-listed company ranking one among the most well-known and the biggest Canadian insurance companies.
It manages over $172.9 billion in assets and serves more than 4 million customers through 6,500 employees and 25,000 representatives.
This life insurance company is very proud of its customer service, boasting a 95% customer retention rate. It offers a variety of insurance solutions for protection or investment.
The company earned $3,333,538,000 in revenues, $932,377,000 in premium income, $243,678,000 in profits, and $21,881,402,000 in assets.
It is Canada’s largest life insurance company and is a leader in the retirement market.
Aside from life and health insurance, the company also offers retirement plans, investment products, and wealth management services. In 2018, it was recognized as being among Canada’s Best Diversity Employers.
It acquired the Standard Life Assurance Company of Canada in 2015, adding another 1.4 million customers and assets totaling almost $20.5 billion.
EMPIRE LIFE INSURANCE
This life insurance company began in Toronto in 1923 and belongs to the top Canadian life insurance companies.
Today, its headquarters is located in Kingston, Ontario.
The company made $1.46 billion in consolidated revenue in 2014, with life insurance premium income at $300 million.
As of the 3rd quarter of 2018, the company has reported a common shareholders’ net income of $35.2 million.
Its product line includes individual insurance, group benefit plans, as well as wealth management products.
It has a wide range of life insurance options and critical illness insurance.
Power Financial is a management and holding company with interests in the financial services sector such as the insurance industry.
Its market cap is $21 billion and its primary insurance segment is LifeCo which provides a diverse range of retirement and investment products through life insurance.
SUN LIFE FINANCIAL
Sun Life Financial is a byword in the insurance market, with beginnings that go back 150 years ago.
It is certainly one of Canada’s biggest life insurance companies that have become part of the lives of millions of individuals and companies throughout the country.
It reported a net income of $2.1 billion and underlying net income of $2.5 billion in 2017. It was named 2018 Global 100 Most Sustainable Corporations in the World.
With the largest network of advisors in Canada (almost 4,000 advisors), it offers life, health, and investment services in Canada to help Canadians achieve financial security.
ASSUMPTION LIFE INSURANCE
Assumption Life provides a full range of life insurance options for financial planning for Canadians through its team of highly qualified partners and representatives.
Founded in 1903 in Massachusetts as a fraternal benefit society, it has grown bigger with the exception of protecting Canadian families.
It celebrated its 100th anniversary in 2003 and became a national company in 2007.
In 2017, it reported its third highest profit so far with a total revenue of $226 million.
Assets under its management grew to $1.8 billion, with individual insurance sales reaching $91 million.
The company’s headquarters is located in Moncton, New Brunswick.
TD Insurance is a member of the TD Bank Group, one of the largest Canadian financial services organizations.
It specializes in general insurance and life and health insurance.
As of 2017, its total assets reached $1.279 billion and reported a total revenue of $36.149 million.
It offers 10-year term life insurance, 20-year term life insurance, and 100-year term life insurance.
Ivari employs a network consisting of thousands of independent advisors to offer a wide range of insurance products for Canadians.
For more than 80 years, the company has proven itself in the Canadian insurance market.
It offers universal life insurance, term life insurance, and critical illness insurance.
The company is rated A.M. Best with an A+ (Superior) Financial Strength Rating, and an “aa-” Long-Term Issuer Credit Rating, with an outlook of Stable.
Ivari has assets of $12.421 billion.
This mutual insurance company has been serving Quebec since 1889 but in 2004, it expanded to Ontario and Brunswick.
Due to its sound management practices, its financial condition has become the envy of many competitors.
It has a vast network of 2,000 independent financial security advisors.
The company offers products including life insurance, critical illness insurance, group insurance, and savings and retirement investments.
Its total assets reached $1.7 billion and the company has a net income of $16.4 million.
RELIABLE LIFE INSURANCE
Reliable Life Insurance dates back to the 19th century when the Canadian Order of Chosen Friends was established.
Today, it is part of the Old Republic International Corporation in the US.
The company specializes in niche insurance solutions for individuals, groups, and organizations.
It used to offer term life insurance in the 1990s but now limits its offerings to student and snowbird travel insurance, vacation, business, long-term disability insurance for blue collar workers, and other sickness insurance products.
It has total assets of $49.715 million and a net income of $1.399 million.
PRIMERICA LIFE INSURANCE
Primerica Canada offers life insurance, debt consolidation, and other financial products.
It has about 6 million customers and 100,000 representatives around the world.
Based in Mississauga, Ontario, the company specializes in term life insurance.
It is a leader in using technology in the insurance field.
In 2005, it began using its own app to allow their representatives to file life insurance applications electronically and obtain insurance quotes.
In 2011, it launched its own Primerica app that allows their sales force to provide insurance quotes to clients without the need for internet connectivity.
Its total assets reached $3.586 billion as of December 2016. It has an AM Best Rating of A+ (Superior).
FORESTERS LIFE INSURANCE OF CANADA
Just like other insurance companies, Foresters offers various insurance products tailored to different types of consumers.
This Toronto-based insurance company offers traditional insurance solutions and term life insurance, whole life and universal life insurance, long-term care insurance, no medical life insurance, in its product line-up.
It officially became Foresters Life Insurance in 2012.
It used to be Unity Life Insurance way back in 2002 when Western Life Assurance and Toronto Mutual Life merged.
Its assets reached $1.569 billion as of December 2016.
CANADA LIFE INSURANCE COMPANY
This insurance company is a subsidiary of Great-West Life Assurance and offers its clients diverse solutions for groups and individuals.
Its most popular product is participating Life insurance which offers a combination of lifetime protection and tax benefits for an investment component.
If the premiums are paid up, you are guaranteed lifetime protection.
It is also a leader in credit insurance, offering mortgage insurance and other loans that are tailored to customers’ needs, with offices located in Regina, Saskatchewan.
The company’s total assets reached $42.59 billion and reported a net income of $1.1 billion.
It has an AM Best Rating of A+ (Superior).
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Now that you know which insurers you can trust for your life insurance plan, it is critical to evaluate what type of life insurance you should buy.
There are basically two major types of life insurance: term life insurance and permanent life insurance.
Understand the major differences between these two types to make the best selection based on your needs and avoid regrets in the future.
Features of Term Life Insurance
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Term life insurance is advisable if you are buying life insurance while you are still young such as in your 20s or 30s.
It is also advisable if you need insurance only now such as until your mortgage is paid in full.
Keep in mind that at the end of your term life insurance, your premiums will rise due to increased age and deteriorating health.
You could also lose your insurability if your health has worsened or your premiums could be very expensive.
|Features of Permanent Life Insurance|
|Period of Coverage||
How can you protect your family and achieve your financial goals? Depending on your personal circumstances, one or both could be ideal for you. It is best to speak to an insurance specialist or a financial security advisor to make the best decision.
Obtain your life insurance quote by filling out the short online form on this page to connect with one of our partners from our network (they are all insurers and insurance brokers).
One of the most common objections people raise about term life insurance is that it doesn’t pay anything unless you die within the term. Actually, when you take out term life insurance, you keep your fingers crossed that you don’t collect on the insurance.
While term life insurance doesn’t give any cash surrender value (your premiums are gone forever if you outlive the term), it provides protection to your loved ones and gives you the funds for final expenses in the case of death.
Term life insurance remains to be the most popular type of life insurance in Canada, with a majority of insured individuals owning a term life insurance policy.
It is the most affordable insurance protection in the market and it is designed to do one thing only: protect your loved ones.
Term life insurance makes sense if you:
✓ Need only temporary protection
✓ You can’t afford permanent life insurance
✓ You want peace of mind now for your family’s future
✓ You don’t need a savings or investment option
✓ You want no-nonsense insurance coverage
Are you ready to secure your family’s future?
While shopping for life insurance, you may have questions you want answers to before making a decision. Of course, understanding as much about life insurance as possible will enable you to make a well-informed choice.
Below are some frequently asked questions about life insurance in Canada.
Who needs life insurance?
Most people need insurance because they have loved ones or family who depend on them, or debts to repay like a mortgage, or a business. Even single individuals need life insurance for final expenses and to cover debts. Life insurance can take care of many things in life such as to ensure children’s higher education, or secure the future of a special-needs dependent in case something happens to you. In short, if you are a breadwinner of your family, an entrepreneur, a homeowner paying for a mortgage, a parent, a husband or wife contributing to your household income, you need life insurance.
What is the best age to buy life insurance?
There really is no best age to buy life insurance but ideally, it should be while you are young and healthy. For instance, if you buy a term life or permanent life insurance in your 20s, it would cost you far less than if you buy when you are 40 years old. Generally, your health condition is best while you are young. A younger age and good health will mean a lower monthly premium for your life insurance.
What is the best life insurance?
The best life insurance would depend on what your financial goals are and how much you can afford to pay. For most people, term life insurance is the ideal choice because they want affordability and simplicity. For about 44% of insured individuals in Canada, they chose to buy term life insurance. However, if you want lifetime coverage and you can afford to pay a higher premium, you may want to consider permanent life insurance. Consider comparing multiple insurance products and prices to see what your best options are or speak to a financial security advisor or insurance broker.
How much life insurance do I need?
If you have children, there are various factors to think about to calculate how much insurance you need. If your children are very young, the rule of thumb is to calculate how much it would cost to raise your child up to the age of 18. Aside from food and housing, you need to consider the cost of their education, health care, child care, etc. If you have a mortgage, you must also add your mortgage amount as well as any other debts such as credit cards, student loans, and personal loans. Finally, you also need to consider your final expenses.
Can life insurance protect my mortgage?
Life insurance can protect many things, including your mortgage. You can take out a term life insurance for the duration of your mortgage and for the amount of your mortgage. If you die, your policy will pay for your mortgage and give the excess benefits to your chosen beneficiaries. In contrast, mortgage life insurance recommended by banks and lenders only pay the mortgage and protects the lender. The cash benefit decreases as the capital of your mortgage goes down even though your premium remains level.
Why should I speak to a life insurance broker before buying life insurance?
Although it is possible to buy life insurance individually, the life insurance market is so vast and complex that it can be confusing to navigate. How can you make sure to buy the right life insurance policy for the best price? Keep in mind that your insurance is your gift of love to your dependents. Thus, it is important to speak to an expert to know your best options based on your personal circumstances. After all, a broker’s service to find life insurance is free of charge and is guaranteed to help you find the best life insurance within your budget.
You may be wondering, “Where should I buy life insurance?”
The fact is that you can obtain life insurance from many sources – direct, online, or through an insurance broker.
You can find an insurance representative within your neighborhood, your office, and most everywhere! But that doesn’t mean you should buy one that easily. It is critical that you COMPARE, COMPARE, COMPARE!
When you buy insurance direct or online, you fail to compare multiple quotes from different insurers. This means you won’t be able to compare product features and benefits, and most importantly, the cost.
Furthermore, it can be very confusing to understand the fine print for each of these insurance products and you can end up choosing the wrong type of plan.
Insurance premiums can be expensive in the long run so it is best to compare prices to save on insurance.
When you buy life insurance from a broker, he will recommend to you several insurance policies from different insurers to give you more choices.
He will analyze your personal circumstances to come up with a solution for you.
Best of all, you benefit from his expertise and advice, FREE OF CHARGE!
When it comes to protecting your loved ones and planning your financial security, there is no room for mistakes.
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