List of Canadian Life Insurance Companies By TIP Services

There is a large list of Canadian Life Insurance Companies. With the number of companies to choose from it can be challenging sometimes to know which company is right for your needs. Below is a list of companies and where they are strongest.

In 2020 the top Canadian insurance companies were Canada Life, Manulife, and Sun Life. This is based on sales volume of term life insurance, whole life insurance, universal life insurance, critical illness policies, disability policies, group benefits, annuities, segregated funds, and Guaranteed Minimum Withdrawal Benefits.

Most companies on the list below offer a large range of products. As always, a list like this one can change. Its always best to understand what it is you re looking for, and what companies going to be best at the time of purchase.

Canada Life

Canada Life offers a large variety of products with a long track record. London life and Great west Life are subsidiaries of Canada Life. One thing special about Canada Life (great west life) is their reality fund. Where you can purchase a fund based on Real Estate holdings not based on stocks or bonds. This fund provides returns from both income and capital which, as you can imagine, has helped investors diversify their portfolios.

Manulife 

Manulife is also one of the largest companies in Canada, which also offers a large variety of products. Being one of the first companies to offer up to $1,000,000 in coverage via a non-face-to-face term application. Because COVID 19 limited the number of times people spent in front of one and another, this option became very important for consumers.

SunLife 

SunLife for many years had been only available to their in house advisors. Meaning if you owned life insurance through Sunlife it was because you worked with a Sunlife advisor. However, in recent years they have opened up their product line up to the broker level. Now you can purchase Sunlife products through brokers as well as in-house advisors.

Desjardins 

Desjardins in Canada is one of the largest Canadian insurance companies. When looking at sales volume not only in Canada but in North America as a whole Desjardins outperforms many of the other insurance companies.

Canada Protection Plan

Canada protection plan is best when it comes to guaranteed issue policies and final expense policies. CPP offers a non-face-to-face application with fast approval times. Guaranteed issue policies are great for people with health concerns that other traditional policies wouldn’t be approved for.

BMO Insurance

BMO or Bank of Montreal doesn’t have a massive focus on life insurance. However, when looking at term insurance BMO is priced highly competitive for people age 35-45. Depending on the coverage amount you are looking for BMO might be one of the most affordable options.

Equitable Life

Equitable Life is the last mutually owned insurance company. Where all the other companies are owned by their stockholders Equitable Life is owned by their policyholders.

Assumption Life

Assumption Life is very competitive with CPP. Both Assumption Life and CPP offer guaranteed issue policies. Assumption life offers some whole life insurance policies that CPP does not. Thus, giving them the edge in that category.

Empire life

Empire Life has a very strong Guaranteed Minimum Withdrawal Benefit. For clients who are several years away from retirement and looking to convert a portion of their assets into something that can produce an income for life, Empire Life is a company worth looking into.

Foresters 

Foresters is another insurance company that offers some living benefit options and is also strong when it comes to their term life insurance pricing. If you are looking for a term life insurance quote and are between ages 20-33 expect Foresters to be one of the more competitively priced companies.

Humania 

Over the past 75 years, Humania (formerly LS Mutual) has grown to become one of the leaders in guaranteed insurance. Humania offers good coverage with a fast application process that can be done completely over the phone.

Industrial Alliance 

IA has a very unique RESP product. For parents who are looking to put some money away for their Childs education, IA offers additional credits over and above what you would get from your government grants.

Ivari 

Formerly known as TransAmerica, Ivari has a strong lineup. They do not offer a whole life insurance product but they have a Universal Life product that can be used as a level cost insurance thus giving you permanent protection. Where they are strongest is they have term 30 options, great for covering your mortgage. To see a full review of Ivari Term 30 CLICK HERE to read the article.

La Capitale

La Capitale has a very easy application process. You can apply using an IPAD (which is still relatively rare for the life insurance space). Their term prices are fairly competitive, although not the most affordable in many situations.

RBC Insurance

RBC offers specific term length on their term policies. Meaning, if you need coverage for exactly 23 years, you can get a 23-year term. Where most companies offer standard Term 10, 20, and 30.

SSQ Insurance

Very competitive in the Critical Illness space. Not only do they have a larger number of conditions but also very competitive on price. This is one good reason to look into this Quebec based company, SSQ.

Specialty Life Insurance 

Great when it comes to final expense insurance.  Many Canadians wait too long when it comes to getting life insurance. Specialty Life Insurance offers affordable final coverage to cover the cost of a funeral.

Wawanesa 

Very easy application process. Wawanesa offers some great guaranteed issue products. Pricing wise, they are competitive with CPP and Assumption life.