Insurance Companies in Canada: A Full List and Review

Canada is home to numerous insurance companies, each with their own unique offerings and strengths. Manulife Financial Corporation is one of the largest insurance companies in Canada, with a history dating back to 1880.

In Canada, you can choose from a variety of insurance companies, including Sun Life Financial and Great-West Life. These companies offer a range of insurance products, including life insurance, health insurance, and disability insurance.

Canada's insurance market is highly competitive, with many companies vying for customers. This competition has driven innovation and improved services for consumers.

There are over 35 life insurance companies active in Canada, offering a range of insurance products, including term life insurance, whole life insurance, disability insurance, critical illness insurance, and more.

Some of the largest life insurance companies in Canada include Manulife Financial Corporation, Sun Life Financial, and Empire Life, each with assets exceeding $1 billion.

Manulife offers a variety of term insurance plans, including CoverMe, Family Term, and Business Term, with coverage amounts available from $50,000 to $20 million.

Sun Life Financial offers a simplified issue term life insurance product, which allows applicants to forego the life insurance medical examination. Their term life products are available in different term lengths, including 10, 15, 20, or 30 years.

Empire Life offers both term and permanent life insurance options, with term life insurance available for 10, 20, 25, and 30 years, and coverage amounts available from $50,000 to $10 million.

Here are some of the top life insurance companies in Canada:

These are just a few examples of the many life insurance companies operating in Canada, each with their own unique features and benefits.

If you're looking for popular insurance companies in Canada, you've got several options.

Manulife Financial is one of the largest insurance companies in Canada, offering a wide range of insurance products including life, health, and travel insurance.

TD Insurance is another well-known insurance company in Canada, providing home and auto insurance to Canadians.

In addition to these, other popular insurance companies in Canada include State Farm, Allstate, and Aviva.

Foresters is a well-established insurance company that offers a range of products to suit different needs.

One of their notable offerings is Foresters Term Life Insurance, which provides financial protection to loved ones in the event of an unexpected passing.

Foresters also offers Foresters Whole Life Insurance, which combines a death benefit with a savings component that can be used in the future.

In addition to these two products, Foresters Critical Illness Insurance is also available, which helps alleviate financial burdens when facing a serious illness.

Foresters' insurance products can be a valuable addition to a comprehensive financial plan, providing peace of mind and security for individuals and their families.

TD is a well-known insurance company in Canada, offering a range of life insurance products. They have a presence in the country, with instant coverage available up to $500,000 at higher prices than the competition.

Their term life insurance options are limited compared to other companies, with only a few plans available. TD Insurance's term life policies are also more expensive than others.

One notable product they offer is No Medical Life Insurance, which is a convenient option for those who want to skip the medical exam. However, renewal prices for their term life policies are significantly more expensive.

TD Insurance only offers a non-participating whole life insurance, which is a type of permanent life insurance. If you're considering TD Insurance, be aware that their prices may be higher than other companies.

Canada has a thriving insurance industry with many reputable companies to choose from. Sunlife is the largest life insurance company in Canada, with assets under administration (AuA) of over $1.4 billion.

The top 10 life insurance companies in Canada, ranked by AuA, are:

These companies offer a range of insurance products, including life insurance, property and casualty insurance, and wealth management services.

Canada has a vibrant insurance industry, with numerous top-notch companies vying for customers' attention. Sunlife, the largest life insurance company in Canada, has a strong presence in Canada and Asia, with assets under administration (AuA) totaling $1,400 billion.

Manulife, the second-largest life insurance company, boasts a broader global presence, especially in the U.S. and Asia. Its AuA is $1,389 billion.

Here are the top 10 life insurance companies in Canada, ranked by their AuA:

Canada Life, the third-largest life insurance company, has a presence in the U.S. and the UK, in addition to its strong Canadian market.

Large insurance companies have a reputation for being financially strong and stable, with some having a history that spans over a century. For example, Canada Life Assurance Company was established in 1847 and is known for its strong reputation.

One of the benefits of choosing a large life insurance company is that they often have a wider range of products and life insurance options available. Manulife, for instance, has a broader global presence than Sunlife, especially in the U.S. (through John Hancock) and Asia.

Large insurance companies are also more likely to have the financial resources to pay out policy amounts when needed. According to the article, Sunlife has AuA of $1,400 billion, making it one of the largest Canadian life insurance companies.

While size is an important factor, it's not the only one to consider. The article highlights that factors such as the insurer's financial health rating, premium rates, and whether they have the right policy for your needs are more important.

Here are some key features of large life insurance companies:

For example, Manulife offers term life insurance coverage of up to $25,000,000 to younger applicants. However, the amount of death benefits you can buy depends largely on your annual income, with most insurance companies approving you for no more than 20-30 times your annual salary.

Canada has a wide range of insurance companies to choose from, each with their own unique features and benefits. Some of the largest life insurance companies in Canada include Manulife, RBC Life, and Blue Cross Atlantic, which offer term life insurance coverage of up to $25,000,000 to younger applicants.

Canada Life Assurance Company is another major player in the Canadian insurance market, with a long history dating back to 1847. They offer a wide range of products, including whole life insurance coverage, critical illness insurance, and term insurance. Their term insurance coverage is available for 10, 20, and 30 years or up to age 65, and you can convert your coverage into a permanent or universal life insurance coverage up to age 70 without having to prove insurability.

Some other notable insurance companies in Canada include iA Financial Group, which offers a range of insurance products including term life insurance, universal life insurance, and participating life insurance. Industrial Alliance, a subsidiary of iA Financial Group, offers a unique term policy called Pick A Term, which lets you pick any term from 10 to 40 years.

Here are some of the insurance companies mentioned in this article:

If you're looking for insurance options from companies you already know and trust, bank-affiliated carriers are a great place to start.

One of the most well-known bank-affiliated carriers is TD Insurance, which offers a range of insurance products to its customers.

RBC Insurance is another popular option, with a variety of insurance products available, including home and auto insurance.

Some other bank-affiliated carriers include CIBC Insurance, National Bank Insurance, Scotia Life, and BMO Life.

Here are some of the bank-affiliated carriers to consider:

Allianz Travel Insurance offers a range of options for travelers. One notable example is the 21st Century Super Visa Medical Insurance.

If you're planning a trip abroad, consider purchasing travel insurance to protect yourself against unexpected medical expenses or trip cancellations.

Tugo is a company that offers insurance options for various needs. Tugo Super Visa Insurance is one of the options they provide, specifically designed for families of Canadian citizens or permanent residents who want to sponsor their parents or grandparents for a Super Visa.

Tugo also offers other types of insurance, but the details are not specified in the provided article section facts.

IA Group is a leading life insurance company and wealth management group in Canada, with over $214 billion in assets.

Their financial strength is reflected in their A+ rating from AM Best, which is a testament to their stability and reliability.

IA Group offers a wide range of insurance products, including life insurance, critical illness and disability insurance, home insurance, and mortgage insurance.

Their subsidiary, Industrial Alliance, accounts for roughly 10% of the individual life insurance market share in Canada.

Here are some key features of IA Group's insurance products:

IA Group's unique Pick A Term policy allows you to choose any term from 10 to 40 years, giving you more flexibility than traditional term insurance policies.

Industrial Alliance also offers a no-medical term insurance plan, called Access Life, for those with underlying health conditions.

IA Group's financial stability and wide range of insurance products make them a great option for Canadians looking for reliable insurance coverage.

Canada has over 50 insurance companies, making it a daunting task to select the right one. The largest insurance company in Canada is Manulife Financial, with over 30 million customers worldwide.

When evaluating insurance companies, it's essential to consider their financial stability. According to the article, Manulife Financial's financial strength rating is A+ by A.M. Best, indicating its ability to meet policyholders' claims.

In Canada, insurance companies are regulated by provincial governments, which means that the level of regulation can vary from province to province. For example, the Insurance Act in Ontario requires insurance companies to have a minimum level of capital and surplus.

When choosing an insurance company, understanding how life insurance works is crucial. You'll want to select the right type of plan, either term or permanent life insurance, and choose the amount of coverage you need.

To get started, you'll need to apply for the policy, which typically involves answering health-related questions and taking a medical examination. The life insurance company will then set your premium rate based on your age, gender, health, and medical history, among other factors.

The cost of life insurance is influenced by several factors, including your age, health condition, coverage amount, and policy type. As you age, the cost of life insurance increases, making it more expensive for older applicants.

A medical exam may be required to determine your health condition and assess the risk for the life insurance provider. However, if you have serious medical conditions, you may be able to opt for a no-exam policy.

The death benefit is a crucial aspect of life insurance, providing financial protection for your loved ones in the event of your passing. The death benefit can help cover outstanding debts, mortgages, and other financial obligations, ensuring your family's well-being.

Here are some key factors to consider when choosing a life insurance policy:

By understanding how life insurance works and considering these key factors, you can make an informed decision when choosing an insurance company.

Consider the company's financial stability, as a solid financial foundation is crucial for paying claims. A company with a high rating from A.M. Best, A.M. Best's rating system, is a good sign.

Look for a company with a wide range of insurance products, such as auto, home, and life insurance, to simplify your insurance needs. This can save you time and effort in managing multiple policies.

Check the company's customer service reputation, as a good customer service team can make a big difference in your overall experience. A company with a high rating from the Better Business Bureau (BBB) is a good indicator of this.

Research the company's claims process, as a smooth and efficient claims process is essential in times of need. A company with a high claims satisfaction rating, such as 90%, is a good sign.

Consider the company's online presence, as a user-friendly website and mobile app can make it easier to manage your policy and file claims. A company with a mobile app that allows you to file claims and track your policy is a convenient feature.

Critical illness insurance provides a lump sum payment if you're diagnosed with a critical illness, such as cancer, heart attack, or stroke. This lump sum can be used to cover medical expenses, lost income, and other related costs.

The value of critical illness insurance depends on your individual circumstances, such as your health history and financial situation. It's a worthwhile investment for many, offering peace of mind and financial protection during a challenging time.

If your life insurance company goes out of business, don't worry, you're still protected. Canadian life insurance companies are strictly regulated, and the chances of an insurer becoming bankrupt are very slim.

The possibility of an insurer becoming bankrupt can't be completely ruled out, but if that were to happen, you'll still receive at least 85% of your policy's benefits. This is thanks to Assuris, a not-for-profit and industry-funded compensation body.

You're automatically protected by Assuris if you purchase a product from a Canadian company. This protection is free of cost, and you don't need to do anything to take advantage of it.

Critical illness insurance can be a worthwhile investment for those with a family history of critical illnesses.

The value of critical illness insurance depends on your individual circumstances, such as your health history, financial situation, and the level of health coverage you already have.

It can provide peace of mind and financial protection during a challenging time, helping to cover the costs associated with a critical illness.

If you lack sufficient savings to cover unexpected medical costs, critical illness insurance can be a valuable safety net.

The lump sum payment from critical illness insurance can be used to cover medical expenses, lost income, and other related costs.

There are over 35 life insurance companies that are currently active in Canada. You can find a full list of these companies with links to learn more about each one.

SSQ Insurance and La Capitale merged in 2020 to form Beneva, the largest Canadian mutual insurer. Beneva now offers a wide range of insurance products.

Most life insurance companies offer a variety of insurance products, including term life insurance, whole life insurance, disability insurance, and critical illness insurance.

Government-Owned Insurance Companies are a thing in Canada, and I've got the scoop on a few of them. Insurance Corporation of British Columbia and Manitoba Public Insurance are two examples.

In other provinces, you've got Saskatchewan Government Insurance and Société de l'assurance automobile du Québec, which are also government-owned.

These companies are responsible for providing auto insurance to residents of their respective provinces.

Some insurance companies have ceased operations, leaving customers and policyholders with uncertainty about their coverage.

The Equitable Life Assurance Society of the United States was one such company that went defunct in 1991 after 128 years of operation.

In the case of the Equitable Life, its financial difficulties were partly due to a major investment loss in the 1980s.

The company's demise was a significant event in the US insurance industry, with many policyholders affected by the closure.

Similarly, the Bankers Life and Casualty Company was also declared insolvent in 1992 and its assets were liquidated.

The liquidation process was a lengthy and complex one, taking several years to complete.

The failure of these companies highlights the importance of choosing a financially stable insurance provider.

There are over 35 life insurance companies that are currently active in Canada.

SSQ Insurance and La Capitale merged in 2020 into the largest Canadian mutual insurer, Beneva.

Most life insurance companies offer a broad range of insurance products, including term life insurance, whole life insurance, disability insurance, critical illness insurance, long-term care insurance, no medical life insurance, group insurance, and many more.