Life Insurance Companies In Canada
Now here Top 10 (2024) Life Insurance Companies In Canada. Many life insurance companies in Canada offer different types of policies and rates. According to one source, the 10 largest insurance companies in Canada by total assets are:
- Manulife
- Canada Life
- Sun Life
- Desjardins
- Industrial Alliance
- Beneva
- RBC Insurance
- BMO Life
- Co-operators Group
- Foresters
However, the size of an insurance company may not be the only factor to consider when choosing a policy. You may also want to compare the cost of coverage, the types of products available, the financial strength rating, the user reviews, and the ease of application.
For example, another source suggests that PolicyMe is one of the best life insurance companies in Canada for affordable life insurance. PolicyMe offers online applications, instant quotes, and no medical exams for most applicants. The cost of a 10-year term life insurance policy with $500,000 coverage for a 40-year-old non-smoker male is $26.55 per month.
Of course, your situation and needs may vary, so it is advisable to do your own research and compare different options before making a decision.
1: Manulife
Manulife is Canada’s largest insurance company by total assets and annual premiums. It provides financial advice, insurance, wealth, and asset management solutions for individuals, groups, and institutions. It also offers a variety of products and services, such as:
- Life insurance
- Health insurance
- Travel Insurance
- Investment funds
- Retirement plans
- Banking services
- Group benefits
- Group retirement solutions
You can visit their website to learn more about their offerings or sign in to your account with your Manulife ID.
2: Canada Life
Canada Life is one of the largest insurance companies in Canada by total assets and annual premiums. It offers a range of products and services, such as:
- Life insurance
- Health insurance
- Disability insurance
- Critical illness insurance
- Retirement plans
- Investment funds
- Group benefits
- Group retirement solutions
You can visit their website to learn more about their offerings or sign in to your account with your email and password.
3: Sun Life
Sun Life is one of the largest insurance companies in Canada by total assets and annual premiums. It offers a range of products and services, such as:
- Life insurance
- Health insurance
- Disability insurance
- Critical illness insurance
- Retirement plans
- Investment funds
- Group benefits
- Group retirement solutions
Visit their website to learn more about their offerings, get an insurance quote, or find an advisor. You can also sign in to your account with your Sun Life ID to manage your benefits, savings, and investment plans online. You can also download their mobile app to submit claims, check coverage, and view your investments anytime, anywhere.
4: Desjardins
Desjardins is a Canadian financial service cooperative and the largest federation of credit unions in North America. It provides financial services to people and businesses, such as:
- Insurance
- Mortgage
- Loans
- Credit cards
- Savings and investments
- Retirement plans
- Group benefits
- Business Solutions
Their website visit to learn more about their offerings, rates and returns, rewards program, and contests. You can also sign in to your account with your Desjardins Access Card number or your AccèsD Affaires username to manage your finances online. You can also download their mobile app to access your accounts, pay bills, transfer funds, and more.
5: Industrial Alliance
Industrial Alliance is one of the largest insurance and wealth management groups in Canada, with operations in the United States. It operates under the business name and trademark of iA Financial Group. It offers a range of products and services, such as:
- Individual insurance
- Group insurance
- Individual wealth management
- Group savings and retirement
- Dealer services
- Auto and home insurance
- Auto Financing
To learn more you can visit their website for their offerings, get a quote, find an advisor, or make a claim. You can also sign in to your account with your email and password to access your online services. You can also download their mobile app to manage your insurance and savings products anytime, anywhere.
Annual Premiums List of the Top 10 Life Insurance Companies in Canada-2023
| S.No | COMPANY | FOUNDED | HEADQUARTERS | FINANCIAL STRENGTH Rating* | ANNUAL PREMIUMS | TOTAL ASSETS |
| 01 | Manulife | 1887 | Toronto, ON | A+ | $39.2 B | $200 B |
| 02 | Canada Life | 1846 | Toronto, ON | A+ | $36.4 B | $219.7 B |
| 03 | Sun Life | 1865 | Toronto, ON | A+ | $20.9 B | $173.2 B |
| 04 | Desjardins | 1948 | Levis, QC | — | $9.2 B | $39.8 B |
| 05 | Industrial Alliance | 1892 | Quebec City, QC | A+ | $8.6 B | $58.3 B |
| 06 | Beneva | 1941 | Quebec, QC | A | $6.6 B | $26.8 B |
| 07 | RBC Insurance | 1864 | Toronto, ON | A | $4.2 B | $15.1 B |
| 08 | BMO Life | 1817 | Toronto, ON | A | $2.0 B | $11.2 B |
| 09 | Co-operators | 1945 | Guelph, ON | A | $1.3 B | $6.5 B |
| 10 | Foresters | 1874 | Toronto, ON | A | $1.3 B | $2.6 B |
6: Beneva
Beneva is Canada’s largest insurance mutual, with more than 3.5 million members and customers, over 20 billion CAD in assets under management, and employing over 5,000 people. Beneva results from the merger between two insurance companies, La Capitale and SSQ Insurance, announced in July 2020. The company’s head office is located in Quebec City. It offers a range of products and services, such as:
- Car and recreational vehicle insurance
- Home Insurance
- Commercial vehicle insurance
- Commercial Insurance
- Group insurance
- Life and health insurance
- Savings and investments
So, you can visit their website to learn more about their offerings, get a quote, find an advisor, or make a claim. In hand, you can also sign in to your account with your email and password to access your online services. You can also download their mobile app to manage your insurance and finances anytime, anywhere.
7: RBC Insurance
RBC Insurance is a subsidiary of RBC Royal Bank, one of Canada’s largest banks and financial services providers. It offers a range of insurance products and services, such as:
- Auto insurance
- Home Insurance
- Life insurance
- Health insurance
- Travel Insurance
- Leisure and lifestyle insurance
- Credit and loan protection
- Group benefits
On the insurance web, you can visit their website to learn more about their offerings, get a quote, find an advisor, or make a claim. You can also sign in to your account with your username and password to access your online services. You can also download their mobile app to manage your insurance policies anytime, anywhere.
8: BMO Life
BMO Life is a subsidiary of BMO Financial Group, one of Canada’s largest banks and financial services providers. It offers a range of life insurance products and services, such as:
- Term life insurance
- Permanent life insurance
- Universal life insurance
- Whole life insurance
- Term 100 insurance
- Credit and loan protection
- Group benefits
Now you can visit their website to learn more about their offerings, get a quote, find an advisor, or make a claim. Here you can also sign in to your account with your username and password to access your online services. Here. you can also download their mobile app to manage your insurance policies anytime, anywhere.
9: Co-operators
Co-operators is a Canadian financial service co-operative that offers insurance and investment products, services, and advice to individuals, groups, and businesses. It was founded in 1945 by a group of farmers who wanted to protect their families and communities. You know it has over $56 billion in assets under management and provides property and casualty insurance, life insurance, investment management, institutional asset management, and brokerage operations. It is governed by member organizations, including cooperative organizations, credit union centrals, and representative farm organizations. Also supports various social and environmental causes, such as financial literacy, mental health, flood safety, and sustainability. You can visit their website to get a quote, find a financial representative, or sign in to your account.
10: Foresters
Foresters is an international financial services provider that offers life insurance and investment products, as well as member benefits and well-being programs. It is a fraternal benefit society that was founded in 1874 by Dr. Oronhyatekha, a Mohawk physician and activist. More than three million clients and members throughout Canada, the United States, and the United Kingdom. It also supports various community and charitable causes. Such as education, health, environment, and disaster relief. You can visit their website to get a quote, find an agent, or sign in to your account.
Summary
Here is a summary of the top life insurance companies in Canada:
- Life insurance is a contract between you and an insurance provider. That pays a certain amount to your beneficiaries. When you die, in exchange for regular premiums.
- Life insurance is meant to provide financial security and protection for your dependents, covering expenses. Such as funeral costs, debt repayment, income replacement, education, and charitable donations.
- There are different types of life insurance, such as term life. Whole life, universal life, and variable life. Each with its own features, benefits, and drawbacks.
- The cost of life insurance depends on various factors. Such as your age, health, lifestyle, coverage amount, policy type, and insurance provider.
- The biggest life insurance companies in Canada are Manulife, Canada Life, Sun Life, Desjardins, and Industrial Alliance. Based on the annual premiums they collect from their policyholders. Other large insurers include Beneva, RBC Insurance, BMO Life, Co-operators, and Foresters.
- The best life insurance company for you may depend on your personal needs, budget, and preferences. You can compare different policies and quotes online or with the help of an agent or broker. You can also check the financial strength ratings and reviews of different insurers to assess their reliability and reputation.