Best Life Insurance Canada 2021

Top 10 Best Life Insurance Companies in Canada

Key Takeaways: (Life insurance market in Canada) We are sharing a list of top 10 life insurance companies (Biggest or Largest), ranked according to their total assets in Canadian ($)

1. Manulife
2. Sun Life
3. Empire Life
4. Humania Assurance
5. Canada Life
6. iA Financial Group
7. Desjardins Life Insurance
8. SSQ Insurance
9. RBC Insurance
10. BMO Insurance

Which life insurance company is the best in Canada?

Are you currently looking for life insurance? Would you like to know the best insurance companies in the country and the different services they offer? If so, the following article is for you!

The world of insurance is practically bottomless in every way, and the market of Canada is also home to some incredibly big names. It is important to be aware of who is in the insurance market in Canada. We are sharing a list of top 10 life insurance companies, ranked according to their total assets in Canadian dollars.

1. Manulife

The largest insurance company in Canada, the second largest in North America and the fifth largest in the world by market capitalization, Manulife was founded in 1887 and has remained forward-looking and committed to its customers.

Manulife specialize in offering a highly competitive product that combines life, critical illness and disability insurance into a single.

Standing at the top of the list is Manulife Financial, with a total asset value of a whopping CAD 750.27 billion! Manulife is among the largest providers of financial services in the world. Their solutions include insurance, wealth management, asset management and financial advice in a range of aspects. Their life insurance company practice has a massive portfolio. They cater to a wide range of clientele, including groups, companies, individuals and also institutions of multiple sectors. The company manages around trillion Canadian dollars' worth of assets. Their overall customer base is more than 20 million customers across the globe. So far, they have provided benefits to countless customers with a total worth of over CAD 25 billion during the year. With an obsession for customer satisfaction and thinking big, the company regularly ventures into new areas to provide solutions to their customers in every possible manner.

Term life insurance 

CoverMe® Term life insurance

Flexible and affordable life insurance

Help protect your family’s financial security by leaving a benefit to cover their expenses if something happens to you

Family Term™

Help protect your family with one affordable, flexible policy

Coverage that fits comfortably in your budget and adapts to your changing lifestyle, income and needs

Business Term®

Help protect your business with one affordable, flexible policy

Allows you the option to boost your insurance as your business grows, without medical evidence or business evaluations

Family Term with Vitality™

Help protect your family and earn rewards

Earn Vitality PointsTM when you complete educational, fitness and health-related activities. Have the opportunity to lower your premiums based on participation in the program for the first 10 or 20 years or until age 65 or 100.

Permanent life insurance

Manulife Par whole life insurance

Immediate growth of policy cash values and long-term protection

Coverage that starts at $100,000

Get guaranteed cash values in the early years and long-term protection

Choose how long you pay your premium and how frequently

Performax Gold® whole life insurance

Guaranteed permanent lifetime protection

Coverage starts at $25,000

Spread out premiums to age 100 or pay them all in 15 years

Get guaranteed cash values, and payment options

Universal Life insurance

InnoVision®

For your wealth accumulation and estate planning goals

Full-featured and flexible life insurance protection

Choose from over 50 investment accounts

Security UL®

Simple protection you can increase in the future

Coverage starts at $50,000

Choose the security of guaranteed minimum interest rates or link your policy’s growth to the equity markets

Manulife UL

Simple, straightforward and cost-effective

Choose from a wide range of investment account options or opt for the simplicity of one investment account linked to the Performax Gold Investment Fund

2. Sun Life

Sun Life has over 150 years of experience in delivering on its commitments to the community, its customers, its financial allies and its shareholders.

Sun Life Financial is an active company with the means to achieve its ambitions, thanks in part to its high quality credit ratings. Following the industry best management and ethical practices, Sun Life is also committed to sound risk management. Just as it is committed to working for the financial and physical health of its customers, the company strives to build relationships based on the well-being and sustainability of the communities with which it works.

With operations around the world, Sun Life's strength also lies in its diversified financial operations.

Sun Life Financial is one of the most trusted names in the Canadian life insurance market, and it is also a very successful life insurance company. With a total asset figure of CAD 271.83 billion, it is currently serving an incredibly large consumer base. Considering life insurance company reviews, Reader’s Digest voted it the “Most Trusted Brand of Life Insurance Company” for the 10th consecutive time this year! The company offers a range of life insurance options, including term life insurance, permanent life insurance, participating life insurance and universal life insurance. The company has a history of 150 years, during which time they have managed to create a reliable station for millions of customers, providing them with all the tools to create the policy of their choice and facilitating families at the time of death of policyholders.

3. Empire Life‍

This Canadian insurance company is nearly 100 years old. Empire Life was founded in 1923 in Toronto and is distinguished by its emphasis on respect in all its interactions with customers, business partners and employees. The company offers a wide range of life insurance products that are grouped into four broad categories: Guaranteed, Permanent, Term and Permanent pParticipating life insurance.

Empire Life had total assets under management of $18.1 billion.

Empire Life is considered to be among the successful insurance companies of the country. Empire Life provides life insurance, other multiple types of insurances and some other financial services as well. The company has a strong presence around the country and is one of the few organizations with a highly focused portfolio of services revolving around life insurance. The company has good repute, both as an insurance provider and also as an employer!

With the advent of technology, new businesses are also starting to enter the insurance race, and with key components like the complete online purchase of policies (like we do at Emma Life Insurance), a shift in dynamics is starting to occur. Whether or not all these giants opt for the new fast-paced life insurance offering is yet to be seen. It is quite clear, however, that the world is now moving rapidly towards such easy solutions!

4. Humania Assurance‍

Humania was created in 2012 following the dissolution of La Survivance, a mutual life insurance company. Humania distinguishes itself with HuGO Vie, an intelligent insurance online platform. The platform significantly accelerates the life insurance subscription process: nearly two-thirds of customers (more than 65%) receive an immediate positive response and get their contract in the mail within days.

5. Canada Life‍

Did you know Canada Life is Canada's first ever insurance company? Founded in Hamilton, Ontario, the company has been following the CLHIA Code of Ethics for the past 30 years prioritizing customer focus, privacy, transparency and competency.

Canada Life Company, which holds total assets worth CAD 246.61 billion as of last year. The company is the primary asset manager for more than 13 million customers in Canada along, and up till now, more than nine billion dollars' worth of benefits have been paid to policyholders by the company. The company has been providing its services for the last 125 years and is now a very well established name across Canada. The company offers a wide range of life insurance options, both for individuals and groups/companies. The company has a strong belief in meeting the needs of the customers in the swiftest way possible. The company is a subsidiary of the Great-West Lifeco and adheres to their rules and regulations every step of the way.

6. iA Financial Group

Founded in the last decade of the 19th century, iA Financial Group manages more than $100 billion in assets today, making it one of the largest insurance companies in the country.  In the early 2010's, the company decided to adopt the principles of continuous improvement and turned to the Lean work philosophy in order to better meet the needs of its clients.

As of last year, Industrial Alliance Insurance has had total assets worth CAD 63.54 billion under its management and administration, and it is also found frequently listed in life insurance company reviews. The company provides three different types of life insurance products to its customers, which include term life insurance, permanent life insurance and universal life insurance. Managed under the name of iA Financial Group, its overall portfolio includes four million customers who are serviced by a team of 25 thousand customer representatives and nearly seven thousand employees. The company has a strong belief in utilizing the Lean management system to provide the best possible service to its clients with constant improvement. The company is also operational in the United States and provides other asset management services as well.

7. Desjardins Life Insurance‍

Desjardins Life Insurance was founded in 1999 by Desjardins Group when the Québec giant decided to add personal insurance to its product line. The group controls hundreds of offices and agencies that offer financial advice and services across Canada, mainly in Quebec and Ontario. Desjardins Insurance continues to expand its service offering, which now includes health, travel, auto, home and group insurance.

Desjardins Group counts as one of the biggest financial institutions in all of Canada, with its total asset holding standing at CAD 295.5 billion last year. The major portion of that belongs to their life insurance practice, which falls under a subsidiary company named Desjardins Insurance. The company is home to both health and life insurance products in addition to investment solutions as well. The company held $110.3 billion in total assets under their own administration and management. The company is home to over five million customers who have bought their policies and entrust them with their wealth and life. Their keen eye for eliminating any possible errors is quite famous, and their practitioners are all highly trained and experienced to deal with customer requirements. The company has offices all across Canada and can be reached at any of their locations.‍

8. SSQ Insurance + La Capitale

‍SSQ Insurance is one of Canada's largest financial institutions. SSQ Insurance represents:

• More than 3million clients
• More than 2,000 employees
• 12 billion in assets under management.

Founded in 1944 in Quebec City, SSQ Insurance is a mutual insurance company that has always been committed to its community. With $12 billion in assets under management, SSQ is a flagship of the Quebec economy and one of the largest insurance companies in Canada.

La Capitale has been providing financial security to government employees and individuals for more than 40 years through the exclusive benefits offered to its members. The user-oriented client space allows users to easily access the very complete range of products offered by the insurer, to receive an offer in just 3 minutes (for car and home insurance) and to consult various forms online.

9. RBC Insurance‍

RBC Insurance has been a leader in the Canadian life insurance market since the 1960s, thanks to its wide range of insurance products, some of which are very attractive. For example, the Family-friendly pricing program offers term life insurance for as little as a dozen dollars per month to clients who already have car and home insurance. RBC Insurance also offers recreational, health, dental, travel and other types of insurance to suit your needs.

RBC company is Canada's biggest bank and one of the top banks in the world, with about $46 CAD billion in revenue. Market capitalization = $151 billion.

RBC Insurance offers a wide variety of insurance products, including several types of life and health products, as well as car and home policies and also travel insurance products.

RBC Insurance offers credit protection plans for eligible mortgages, loans and credit card balances held with the RBC. Further more, RBC Insurance is a global reinsurance business offering health and life reinsurance products.

10. BMO Insurance‍

BMO Financial Group has the distinction of being the oldest chartered bank in the country. It offers a wide range of insurance coverage and policies, including critical illness, travel, hospitalization and accident for clients who already have auto and home insurance.

Special mention | Life insurance company

Blue Cross was founded in 1939 and brings together 7 not-for-profit regional insurance companies covering approximately 7 million Canadians. Blue Cross offers a unique plan: Tangible Hybrid Protection. This plan offers dual protection through its long term care coverage starting at age 56 as well as its $1,000,000 coverage. Blue Cross is also known for its prompt payment of claims.

UV Insurance was founded in 1889. Formerly UV Mutual, it is one of the oldest life insurance companies in Canada. It has succeeded in distinguishing itself through its financial strength and impeccable customer service. UV Assurance offers several products in life and critical illness insurance, group insurance and investments.

Equitable Life Insurance of Canada has one goal in mind: the satisfaction of their clients. This insurance company sells attractive life insurance and investment products.

Assumption Life is a company that advocates mutual aid, integrity, modernization and the greatest possible commitment to its community.

We are fortunate to have top-notch insurance companies in Canada. Take full advantage of their products and services!

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