Previously in our articles, we have equipped you with the meaning of insurance, types of insurance, why you should opt in to be insure and various insurance companies in the United States of America. Today, let’s bwalkbyou through the 31 top Canadian insurance companies as follows:
There are several insurance companies currently active in Canada. Below you will find a list of companies from which you can make your choice.
In 2021, the following three life insurance companies were the largest in Canada: Manulife Financial (including the previous brands: Standard Life, Maritime Life and John Hancock in the US), Sun Life Financial and Canada Life (including the brands Previous Businesses: Great-West Life, Canada Life, and London Life).
Please note that in 2020 SSQ Insurance and La Capitale merged into Canada’s largest mutual insurance company, Beneva.
Most insurance companies offer a wide range of insurance products, including: life insurance, whole life insurance, disability insurance, critical illness insurance, long-term care insurance, no medical life insurance, group insurance, And many more.
1. VIRTUAL LIFE
Founded in 1903, Assumption Life is a life and livelihood benefits company headquartered in Moncton. Assumption Life is one of very few joint venture companies, i.e. owned by policyholders, with a good product mix of life, critical illness, group benefits and investment products. It is one of the very few companies that offer coverage up to the age of 85.
2. BLUE CROSS
The Canadian Association of Blue Cross Plans represents seven independent plans for Blue Cross members operating in regions across the country. Blue Cross members focus on travel, health, dental, and group benefit plans.
3. BMO LIFE INSURANCE COMPANY
BMO Insurance is a bank based insurance company (Bank of Montreal). It was incorporated in June 2009 with BMO buying AIG Life Insurance Company of Canada (AIG Life of Canada). Offers a wide range of life and critical illness insurance products.
4. CANADIAN LIFE INSURANCE COMPANY
Canada Life has merged with two other brands: Great-West Life and London Life and currently operates under one Canada Life brand offering a very wide range of lifestyle and living benefits products. It is one of the three, by far, largest life insurance companies in Canada. Their disability product is particularly powerful with a unique feature, Lifetime Benefit.
5. CANADIAN PROTECTION SCHEME
Established in 1992, Canada Protection Plan focuses on no life medical insurance and is known as a third party official, that is, it uses Foresters as an underwriting insurance company, so the Canada Protection Plan policy is issued by Foresters. On October 2, 2020, it was announced that the Canada Protection Plan and Foresters would merge under the Canada Protection P brand.
6. OUR LIFE INSURANCE PARTNERS
Co-Operators Life Insurance began as a prairie farmers’ cooperative in 1945. The firm now offers life insurance, group insurance, and wealth management products as well as property and casualty products. The group owns several entities, including Co-Operators Life Insurance Co. , Co-Operators General Insurance Co, CUMIS, Edge Benefits Inc, Premier Group of Companies, Sovereign Insurance and others.
7. DESJARDINS FINANCIAL INSURANCE
Desjardins Insurance is a Quebec-based company (a subsidiary of the Desjardins Group) that offers life, disability, critical illness and group benefits, as well as insurance for cars, homes, travel and pets through its property and casualty division. Desjardins also offers a wide range of investment products. In 2018, the Desjardins Group acquired State Farm Canada and merged it under the umbrella of Desjardins.
8. EMPIRE LIFE INSURANCE COMPANY
Empire Life is a Kingston-based lifestyle and living benefits company, offering a wide range of lifestyle and living benefits. It also offers guaranteed issuance plans for hard-to-secure Canadians. Established in 1923, it has long be merged with several other companies, and in 1968 became the operating company of Empire Life Financial Corp. as a holding company.
9. FAIR LIFE INSURANCE
Started in 1920, it is one of the very few mutual insurance companies (ie policyholders owned) remaining in Canada. They offer typical life insurance products, for example long term, full and comprehensive life insurance and critical illness insurance. They also offer group benefit plans. Fair life is mainly competitive in the whole life market.
10. FAITHLIFE FINANCIAL
FaithLife Financial is a smaller life insurance company located in Waterloo, Ontario, which was renamed in 2008. It was established as a fraternal benefit community (originated from the United States). 12. Forest Corporation of Canada
Foresters Financial is a fraternal organisation, founded in 1874, owned by The Independent Order of Foresters (an association of fraternal benefit). Foresters offer a wide range of products including life and critical illness insurance, and as they are integrated with the Canada Protection Scheme, there are many simplified problem plans.
13. GREAT-WEST LIFE ASSURANCE COMPANY
Great-West Life has merged with two other brands: Canada Life and London Life and currently operates under one brand. Canada Life offers a very wide range of individual and group living benefits products. Canada Life is one of the three, by far, largest life insurance companies in Canada. Canada Life is a leader in long-term disability plans and offers some unique features.
14. HUMANITY GUARANTEE
Humania was founded as The Union Saint-Joseph (L’Union Saint-Joseph de Saint-Hyacinthe) in 1874. In 2012, the renamed company became Humania Assurance.Provides critical illness, life, health, and disability insurance products.
15. HUNTER MCCORQUODALE INC.
Founded in 1997, the company’s focus from the start has been to underwrite hazardous life, accident and health insurance products not offered by other traditional insurers. For an application that is out of the ordinary, it is definitely worth asking a broker to look into it.
16. INDUSTRIAL ALLIANCE FINANCIAL GROUP
Founded in 1887, and headquartered in Quebec, Industrial Alliance (iA) was rebranded as Industrial Alliance Financial Group in 2015. It provides individual life insurance, group insurance, individual wealth management, and group savings and retirement plans. iA acquired Hollis Wealth Management in 2017. It is one of very few insurance companies to offer a diminishing term plan.
Transamerica was initially an arm of American Transamerica Insurance but was acquired by Wilton Re, a reinsurance company, and rebranded as Ivari in North York, Ontario. They offer many comprehensive and general term life plans, critical illness insurance, as well as investment products. The company also has a solution for uninsured children.
18. LA CAPITAL LIFE INSURANCE
La Capitale was founded in 1940 and is headquartered in Quebec City and traces its origins to a mutual fund. In 2020, La Capitale merged with La Capitale to form one of the largest insurance companies in Quebec, Beneva, offering property and life insurance products.
19. LONDON LIFE INSURANCE COMPANY
The firm has merged with two other brands: Great-West Life and London Life. Currently operating under one brand, Canada Life offers a very wide range of lifestyle and living benefits products. The firm is one of three, by far, the largest life insurance companies in Canada.
20. MANULIFE FINANCIAL
Manulife offers a wide range of life and livelihood benefits products and warrants the products of many other companies. It is one of the three, by far, of the largest life insurance companies in Canada and one of the largest financial services organizations in North America including its subsidiary John Hancock.
21. MIDAVIE BLUE CROSS
Medavie Blue Cross is a Moncton-based mid-sized lifestyle and living benefits provider focused primarily on group insurance. The company also operates several government-sponsored health programs on behalf of provincial and federal governments. It is a non-profit organization and a member of the Canadian Association of Blue Cross Planners.
22. PRIMERICA LIFE INSURANCE
Primerica is part of the Primerica Corporation of North America that is widely known for providing only term life insurance products. They operate through a network of agents who are often a part-time sales force. They also recruit new agents through their own sales efforts as well as public seminars.
23. RELIABLE LIFE INSURANCE COMPANY (FOCUS NAME SINCE 1943) WORKS WITH SISTER COMPANY, THE OLD REPUBLIC INSURANCE COMPANY. Their focus is on specialty insurance, custom and private label products.
24. SCOTIALIFE FINANCIAL
ScotiaLife Financial is a bank based insurance company (Scotiabank). It offers a range of relatively simple life and livelihood benefits products. Some of their products, for example Accident Death Insurance, are insured by other providers such as Chubb Life Insurance Canada.
26- SPECIALTY LIFE INSURANCE (SLI)
Special Life Insurance (SLI) is a boutique life insurance company focused on life insurance products for people who have difficulty obtaining traditional coverage. Their main focus is on simplified case and secured life insurance.
27. SSQ INSURANCE
SSQ Insurance was founded in 1944, and is headquartered in Quebec City. In 2020, SSQ Insurance merged with La Capitale to form one of the largest insurance companies in Quebec, Beneva, offering both property and life insurance products.
28. STANDARD LIFE INSURANCE COMPANY
Standard Life was a company offering a range of insurance, investment, retirement and financial protection products. In 2015, it was acquired by Manulife, one of the three, by far, of the largest life insurance companies in Canada.
29. CANADIAN SUN LIFE INSURANCE
Sun Life offers a wide range of life and living benefits products and warrants the products of many other companies. In the past, it has acquired several insurance companies, for example Clarica Insurance in 2002. Sun Life is one of the three, by far, largest life insurance companies in Canada.
30. UV INSURANCE
UV Insurance (formerly UL Mutual Company) is a company based in Drummondville, QC, founded 130 years ago. It offers individual insurance, group insurance, investment and retirement products. It provides both long-term and permanent life insurance, and critical illness coverage.
31. WAWANESA LIFE INSURANCE COMPANY
Established in 1896 in Manitoba, created by and for farmers. Wawanesa began selling life insurance in 1961. It offers a wide range of products, including term and whole life plans, immediate life issues, and express critical illness insurance. Wawanesa Insurance also sells several property and casualty products.