The Top Insurance Companies in Canada

Top life insurance companies in Canada like Manulife, Canada Life, Desjardins, and newcomer PolicyMe offer a broad range of insurance products that provide financial security to families and businesses.?

These top insurers offer extensive insurance solutions that serve diverse client needs. Whether you seek the simplicity and affordability of term life insurance or the long-term protection of permanent life insurance, you'll find comprehensive coverage options.?

In this article, we'll discuss the top insurance companies in Canada, what they offer, and how to choose the best insurer that will secure your financial well-being.?

Top Insurance Companies in Canada?

Below is the list of insurance companies in Canada, including some of the largest in the industry.?

PolicyMe

PolicyMe is a Toronto, ON-based online insurance solution created to give families a simple and affordable life insurance option. Backed by insurance giant Canadian Premier, it offers life insurance premiums that are more affordable than similar term life policies. If you're eligible, you can apply for a policy online in 20 minutes or less.?

The coverage amount of a PolicyMe plan ranges from $100,000 to $5 million, with policy lengths of 10-30 years. A PolicyMe plan comes with several benefits, including:

• Rates locked in for the full-term
• A couple's discount of 10% in the first year
• Free $10,000 in child coverage
• 100% tax-free payout to beneficiaries
• A grace period of 30 days for missed payments
• No-fee cancellation at any time

PolicyMe offers a streamlined process and more affordable term life insurance quotes that helps plan holders get more coverage at a better price.?

Visit PolicyMe.

Manulife?

Founded in 1887, Manulife is one of the biggest life insurance companies in Canada, having $849 billion in total assets and annual premiums of $44 billion.

Headquartered in Toronto, ON, it offers term life insurance, permanent life insurance, CoverMe life insurance, and Manulife Synergy combination insurance. It operates across all provinces and territories across Canada.

Canada Life

Formerly Great-West Lifeco, Canada Life is one of the country's major insurance companies, holding $701.4 billion in assets. Established in 1847, the insurance giant offers term life and permanent insurance plans, which come in participating and universal life options.

Canada Life, with headquarters in Winnipeg, MB, operates in all provinces and territories across Canada, serving over 13 million clients.??

Sun Life Financial

Founded in 1865 and with headquarters in Toronto, ON, Sun Life Financial has total assets of $331 billion, with $29 billion in annual premiums. The company offers a broad array of term life insurance and permanent life insurance products, with coverage options ranging from $5,000 to $25 million.?

Empire Life

Empire Life, founded in 1923, has total assets of $17 billion and $1 billion in annual premiums. With headquarters in Kingston, ON, this Canadian-owned and operated insurance giant offers various term life insurance, permanent life insurance, permanent participating life insurance, and guaranteed issue life insurance.

Empire serves more than 550,000 individual customers and 171,000 group plan members across Canada.

Desjardins Group

With $407 billion in total assets and $12 billion in annual premiums, the Desjardins Group is North America's largest federation of credit unions. It offers term life insurance, permanent life insurance, life insurance over 50, participating life insurance, and universal life insurance.

Desjardins serves over 5 million customers across Canada.?

Types of Insurance in Canada

As with most other countries, Canada has a wide range of insurance types suited for various customer needs. Below are some of the most common types (in addition to life insurance):

• Auto insurance. A must if you own a vehicle, auto insurance covers any repairs if your car gets damaged in an accident, and protects you from liability claims, such as vehicle damage and personal injury.
• Health insurance. This covers the cost of various health-related services, such as prescription medications, paramedical services, dental care, eye exams, etc.
• Travel insurance. This comes in two forms: travel medical and premium travel insurance. Travel medical insurance offers financial protection for doctor and hospital visits abroad. Premium travel insurance provides protection during travel medical incidents.?

How to Choose the Best Insurance Company

Several factors come into play when you're choosing an insurance company. Here are a few tips to make the choice easier for you:

• Comparison shopping. Shop around, obtain quotes, and compare insurance plan details, such as cost and coverage. Check special rates for group coverage.
• Financial strength. Check if the insurer is financially stable, not just in the present but also in the coming years. Its long-term financial health is crucial to your protection.
• License. Dealing with an insurance company with a federal, provincial, or territorial licence ensures you have protection when your insurer fails.?
• Customer service. Insurance can be a complicated topic for many. Find a company with a dedicated customer care centre that assists customers 24/7, especially in claims reporting.?

Related:

• PolicyMe review
• How to register a business in Ontario

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