Top 10 Life Insurance Companies in Canada

Insurance has become a vital part of individuals’ regular lives because of the services this provides to all types of users in various sectors of life.

Insurance companies worldwide have recently merged with brokerage firms, banks, and other financial institutions to provide their clients with a wider range of services. That is unquestionably the case for the Canadian insurance sector, which has recently seen several mergers and acquisitions.

Life Insurance Companies in Canada
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According to the most recent data from the Canadian Life and Health Insurance Association, more than 150 life and health insurance companies are operating in Canada (CLHIA). With a combined coverage of $5.1 trillion, about 80 of these offer life insurance policies to the estimated 22 million Canadians.

What Are The Top 5 Life Insurance Companies In Canada?

Canada is the home of several significant life insurance businesses. Our experts have evaluated each provider using various criteria, including each provider’s length of operation, financial standing, written premiums, and overall assets, to determine which ones serve the most clients. Based on annual premiums, the following list is ordered. According to our experts, these are Canada’s top ten life insurance companies.

1.   Manulife Financial Corp.

In addition to providing financial services, Manulife Financial (MFC) is Canada’s largest insurer. The Toronto-based business generated $61 billion Canadian (or $47 billion US) in revenue in 2019, which includes insurance premiums and investment profits.

Through its subsidiary John Hancock, Manulife conducts business not only in the United States but also in Canada, Asia, and Europe. Nearly 98,000 agents and 38,000 employees worked for the organization as of the end of 2019. Manulife managed 920 billion US dollars out of its $1.2 trillion Canadian worth of assets.

Pros

  • Customers can save money on premiums and accrue points with a rewards program.
  • Offers a completely digital fulfilment method.
  • Acceptance, even in the absence of medical underwriting
  • Provides term strategies for families.
  • Affordable options for permanent life insurance.

Cons

  • Term life insurance policies cost higher than those of competitors.
  • Delays in the process for non-medical applications.
  • Only has a limited-term option.

2. Sun Life Financial

One of the first insurance companies, Sun Life Financial (SLF), was founded in 1865 and had its headquarters in Toronto. It provides services for wealth management, investment products, and health insurance. The business serves customers in North America, Asia, and the United Kingdom.

By the end of 2019, Sun Life Financial had more than 40,000 workers and around 126,000 advisors.

Assets managed by Sun Life were $1.1 trillion Canadian (almost $850 billion US). Including insurance premiums and segregated fund deposits, which are life insurance products housed inside mutual funds, revenue from insurance-related products was over $38 billion Canadian ($29 billion US) in 2019.

Pros

  • Accessible and flexible term insurance
  • Less customer complaint
  • A rating of excellent financial strength
  • Covers big businesses

Cons

  • Details of the product are limited online.
  • Supports Group Insurance only.

3.  Desjardins Group

At the end of 2019, Desjardins managed $313 billion Canadian ($241 billion US) in total assets, including financial services and insurance products. In Canada, Desjardins has more than 48,000 employees and seven million clients.

In 2019, insurance premiums brought in a total of $9.4 billion Canadian ($7.2 billion American).

Pros

  • Acknowledged for providing cheap insurance rates.
  • Gives customers a variety of supplementary coverages and logical reductions.
  • The company has received strong credit ratings from a number of rating agencies.

Cons

  • Customer feedback is not favourable on independent insurance review websites, such as InsurEye and the Better Business Bureau (BBB)
  • The biggest complaints centre on the difficulties in processing claims and the lack of prompt customer support.

4.  Great-West Lifeco

Great-West Lifeco, Inc. is a Canadian corporation that offers financial services. It serves as a holding company for six subsidiaries that offer insurance to clients in North America, Europe, and Asia.

Life, health, and disability insurance are just a few options provided by Great-West Lifeco.

By the end of 2019, the business had advisor partnerships serving 30 million customers and employed about 24,000 individuals.

Great-West manages the $772 billion Canadian ($594 billion US) in assets.

In 2019, Great West earned close to $50 billion in Canadian revenue (about $38 billion in American dollars), which came from insurance premiums, deposits, and earnings from investments, including dividends.

Pros

  • Numerous financial and life insurance options are available.

Cons

  • There is no online resource where you may find information or quotes. You must contact them by phone.

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5.  iA Financial Group

Under the name IA Financial Group, Industrial Alliance Insurance and Financial Services (IAG.TO) runs its operation. The company offers corporate and private customers a wide range of insurance and financial services.

The business started concentrating on expanding its US clientele in 2015. The business was established in 1892, and its main office is in Quebec City.

IA Financial Group earned $11.4 billion Canadian ($8.8 billion American) in premiums and deposits in 2019 out of the total $189 billion Canadian ($145 billion American) assets under administration.

More than 8,000 people work for Industrial Alliance, which has 25,000 representatives serving four million clients.

Pros

  • The life insurance plans available are more than typical, at $10,000,000.
  • Access a website to view your customer account (post-application).
  • Possibility of requesting shared insurance with a partner (for first-to-die and last-to-die policies).
  • Compared to other Canadian life insurance providers, IA typically offers the lowest prices for people like smokers.
  • Instead of choosing from a list of term lengths, you can select any term length you like.

Cons

  • You cannot get your policy online because there is no such option. Consequently, you will have to do more administrative work and paperwork.
  • If you are a generally healthy, non-smoker candidate, policies are not priced reasonably (compared to other providers).
  • There aren’t many unique selling points that would make premium pricing worthwhile for a non-smoker.

Conclusion

One’s particular needs and preferences determine which insurance to work with because various insurers offer various coverages. Canadians need to consider several variables to choose which life insurers can offer the best policies that suit their needs.

Some of these variables include Longevity, Customer Service, Products Offerings etc.

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