stmAre you searching online for Canada life insurance companies? You’ve come to the right place. This article features the top 10 life insurance companies in Canada. Read on!
Life is full of unforeseen circumstances. It is essential to buy life insurance to help protect your immediate family from the potentially devastating financial losses that could result if something bad happens to you.
Life insurance provides your spouse and children with financial security, helps them pay off debts and also pay living expenses. Interestingly, it also helps you pay any of your medical or final expenses.
Your life insurance policy can deliver a specific sum of money upon your death or when needed for an emergency. Your spouse and children will receive your policy payout immediately. And the death benefit is generally not subject to taxes by the government.
Types Of Life Insurance In Canada
There are a lot of life insurances in Canada, it is paramount to know the type of life insurance that is right for you. Below is a list of the types of life insurance in Canada
1) Term Life Insurance: Term life insurance is a cheap life insurance that protects you for a period of time, say 10 or 20 years. When that time is up, your life insurance coverage is renewed at an expensive cost if you don’t cancel your coverage.
With Term Life Insurance, you can also convert your coverage to permanent life insurance without having to answer questions about your health.
2) Participating Life Insurance: This is sometimes called permanent life insurance, it’s called participating life insurance because the premiums you pay for your coverage go into a participating account. The insurance company’s team manages this account for you by investing to increase its value.
3) Universal Life Insurance: This is similar to participating life insurance, universal life insurance is permanent (i.e it lasts until you die) as long as you pay the premiums. Universal life insurance combines the benefits of a permanent insurance with a tax-advantaged investment alongside lifelong policy.
According to the above list, the best life insurance would depend on what you can afford. For most people, term life insurance is the ideal choice because it is affordable and simple. Statistics shows that about 44% of insured individuals in Canada chose to buy term life insurance.
Here’s The Top 10 Canada Life Insurance Companies
We know that it can be difficult to choose a company to patronize when it comes to life insurance, we’ve taken our time to write down a list of the top 10 life insurance companies in Canada, this list is based on the company’s total assets.
| Rank | Company | Total Assets (2021) |
| 1 | Manulife | $200 B |
| 2 | Canada Life | $219.7 B |
| 3 | Sun Life | $173.2 B |
| 4 | Desjardins | $39.8 B |
| 5 | Industrial Alliance | $58.3 B |
| 6 | RBC Insurance | $15.1 B |
| 7 | SSQ | $12.4 B |
| 8 | BMO Life | $11.2 B |
| 9 | La Capitale | $6.8 B |
| 10 | Co-operators | $6.5 B |
Conclusion
Before buying an insurance coverage from a particular company, it is important to know how they operate and their total assets, so they can redeem your claims.
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