Top Canadian Life Insurance Companies – Why use a Broker?

December 17, 2019

We get to enjoy all sorts of benefits from living in Canada. We have freedoms and options for almost anything, and this is especially true with Canadian life insurance.

We’ve compiled a list of the top Canadian life insurance companies for you. But first, let’s talk about the insurance industry and how life insurance works.

How does life insurance work?

As you’re probably aware, the life insurance contract involves you, the consumer, paying premiums to a life insurance company. In doing so, they then agree to pay out a death benefit to your self appointed beneficiary when you die.

Simple right?

Well, yes and no. The process is simple. In contrast, however, there are many things affecting it, such as the requirement of a medical exam for traditional life insurance. Also, there is a process called underwriting, which life insurance carriers use to decide if they will cover you and how much your premiums will be.

They base these criteria on a number of things. They include age, health, lifestyle, pre-existing health conditions, and dangerous occupations and/or hobbies.

This is where it gets tricky.

There are hundreds of different types of life insurance policies under the following umbrellas. Most noteworthy are – term life, permanent life insurance (whole and universal), and no medical life insurance.

That’s simple enough. But each of the companies in the list of top Canadian insurance companies has a different process. The industry changes constantly. As a result, companies are always changing their product selection and criteria.

This is why it’s important to use a broker. They know about everything listed above—they know what types of products each company sells, what their underwriting process is like, and their rates. And if they don’t know, they have the resources to find out quickly.

List of 20 Top Canadian Life Insurance Companies*

*in Alphabetical Order

  1. Assumption Life
  2. BMO Life Assurance Company (formerly AIG Life Insurance)
  3. Canada Life Insurance Company of Canada
  4. Canada Protection Plan
  5. Co-operators Life Insurance Company
  6. Desjardins Financial Security Life Insurance
  7. Empire Life Insurance Company
  8. Equitable Life Insurance Company
  9. Foresters Canada
  10. Great-West Life Assurance Company
  11. Humania Assurance Inc. (previously LS Mutual)
  12. Industrial Alliance Life Insurance
  13. IVARI (formerly Transamerica Life Canada)
  14. La Capitale Life Insurance
  15. London Life Insurance Company
  16. Manulife Financial/Manulife Life Insurance
  17. RBC Life Insurance
  18. SSQ Life Insurance Company Inc. (formerly AXA Life Insurance Inc.)
  19. Sun Life Assurance Company of Canada
  20. Wawanesa Life

*There are Canadian life insurance companies that did not make our Top 20 List. Above all, due diligence should always be used in selecting a life insurance provider.

At Shelter Bay Financial Corp., we are expert life insurance brokers and can answer all your questions. We also offer our clients services and advice online or on the phone. We can even complete your application via screen share.

To learn more, please call toll free 1.888.498.5288.

This article was originally published on June 9, 2017, and has been updated.

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