The Best Insurance Companies in Canada - bestinsuranceonline.ca

The insurance market of Canada is home to some massive names. However, when searching for the best insurance company, you should consider numerous factors other than its size.

For 2021, we have ranked the best insurance companies in Canada based on price and available plans. Read further to find out which Canadian insurance company fits your criteria the most!

Top Insurance companies in Canada

#1 Manulife

Our top choice is Manulife – the largest insurance company in Canada, with over 30 million customers worldwide. The company’s goal is to give customers confidence in life to spend time on what matters. Customers can consider Manulife’s vast selection of high-quality insurance plans for both individuals and groups.

Pros:

  • An insurance company with a long and prestigious brand history
  • A wide selection of products
  • Among the small group that provides e-delivery of policy documents
  • Excellent website user experience and easy access to information

#2 Sun Life

Sun Life Financial has over 150 years of experience in the insurance industry. They started with the sale of insurance and then expanded to wealth solutions and health programs for customers. Sun Life provides four high-quality insurance products: personal health, critical illness, long-term care, and disability. Their premium price, on the other hand, may be a financial burden.

Pros: 

  • Fast service.
  • Customizable policies for yourself and your family
  • Medical and non-medical insurance available
  • Ability to convert into robust whole life insurance and universal life insurance plan
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#3 Canada Life

Another well-known Canadian insurance company – Canada Life, is now the second-biggest insurer in Canada. The company offers various products with four different term lengths to cater to all needs and financial situations. However, Canada Life premium plans appear to cost clients more money than other options.

Pros:

  • It is among the most stable life insurance companies in Canada
  • Four different term life insurance options
  • Options for single and joint policies

#4 Desjardins

Desjardins frequently makes its place among the world’s safest banks and financial groups. One word to describe this insurance company would be “stability.” Their product selection now includes health, travel, auto, home and group insurance, with standard benefits.

Pros: 

  • Ability to convert into longer-term policies.
  • Multiple extra benefits, bonuses, and riders.
  • Beneficial insurance plans for whole life, severe illness and disability.

#5 iA Financial Group

We consider iA Financial Group a long-standing insurance company with the best flexibility. They offer abundant customizable plans for many life events, from moving in together to retirement. Besides, you can also consider the Industrial Alliance if you have mild health issues such as diabetes, smoking.

Pros:

  • Excellent user experience
  • Average rates
  • Large selection of products, with policy length from 10-40 years
  • Non-medical insurance plans available
  • Electronic contract delivery

#6 RBC Insurance

RBC Insurance Company has been a leading insurer among insurance companies Canada has since the 60s thanks to its large selection and affordable premiums. RBC’s customers can define their coverage based on their personal needs. Other attractive features of this insurance company include friendly insurance premiums, laddered coverage, and renewability.

Pros:

  • Most competitive price
  • Various attractive product types
  • Customizable policy
  • Abundant term lengths and coverage amounts

#7 BMO Insurance

Cost is always one of the critical factors when choosing an insurance company, and BMO certainly has the most competitive pricing. BMO Insurance Company also features the unique Compassionate Benefit Program that allows customers to get their policy’s death benefit in advance to cover the needed costs.

Pros:

  • Very affordable term life insurance rates
  • Five term coverage options available
  • Ability to convert term life policy into a permanent policy
  • Compassionate Benefit Program

#8 Empire Life

Empire Life was awarded Life and Health Insurer of the Year in 2018 and 2019, so it’s no surprise that they earned the seventh-best insurance company. They provide affordable solutions which clients can renew up to age 100. Customers can choose from a wide range of life insurance products in four categories: Guaranteed, Term, Permanent, Permanent Participating.

Pros: 

  • Diverse coverage options
  • Short approval time
  • Ability to convert short-term to long-term policy
  • Electronic contract delivery available

#9 Equitable Life

2020 marked the 100th year of Equitable Life insurance company in business. Clients’ satisfaction is the top priority of Equitable Life Insurance. They offer great insurance plans that cover a variety of needs, from basic household to business protection. Moreover, Equitable Life is also an ideal insurance company for families, with coverage under the same contract and policy fees.

Pros:

  • An insurance company with affordable rates
  • Focus on long-term growth and satisfying clients
  • Attractive family plans
  • Electronic contract delivery available

#10 Canada Protection Plan

For anyone diagnosed with a severe health condition and prefers a small death benefit for your family, Canada Protection Plan may be the insurance company you need. Here, most of their insurance plans are available with no medical exams or doctor reports. However, for those in good health, CPP can be much more costly than other traditional insurers.

Pros:

  • Leading provider of no medical life insurance plans
  • An insurance company ideal for customers with high-risk health conditions
  • Quick and easy application
  • 30 years long coverage

#11 Wawanesa

Wawanesa Life has always been a favourite insurance company in Canada. They offer diverse product categories, with terms last up to 30 years. Wawanesa is also famous for providing the most affordable options for their customers’ needs.

Pros:

  • Low term life insurance rates for all age groups
  • Multiple term life options available
  • A laddered policy with multiple coverages at different policy lengths
  • Digital policy documents delivery
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Through this article, we hope you will be able to pick one out of the best insurance companies Canada houses for you and your family. Although all of the above companies are excellent insurers, there are various more factors that you should take into account.

Take number 6 – RBC Insurance and number 8 – Empire Life, for example. A 20-year-term plan for a 45-year-old non-smoker male, offering a $500,000 amount of insurance, would cost $819 annually if he chooses RBC Insurance. Meanwhile, the same policy of Empire Life would be up to $935 annually.

For further expert advice and great offers from the best Canadian insurance companies in 2021, update our latest news at our site or head to Insurance Direct Canada to get quotes and expert advice.

Frequently Asked Questions

1. Why should I get life insurance?

Today’s society is constantly developing, and the environment is getting more polluted, making it easier for us to suffer from serious health problems. Along with that, dangerous accidents that we cannot anticipate can happen at any time. Therefore, we must always find ways to protect ourselves, our family, and our property against unexpected mishaps. One of the most secure measures is Life insurance.
Life insurance cannot prevent accidents or cure illnesses. Still, it can protect you and your loved ones from financial risks such as paying for hospital bills and treatment when those unwanted situations happen. Especially when you are the main breadwinner in the family, your loved ones all depend on your main source of support. But if the unfortunate happens, who will take care of the future of your child’s education? Who will pay the monthly debt and living expenses? It would help if you got a financial protection plan for your family as soon as possible before those risks can occur.

2. What factors should I consider when choosing a life insurance company?

Up to this year, there are over 150 life and health insurance companies in Canada, which provides customers with abundant choices. But how to narrow down and pick the right company, the right plan for ourselves? Here are some criteria that can help you determine which insurance company is suitable for you:
– Experience and financial ability: Choosing a large insurance company with a long history, a solid and stable financial base, and a reputation in the market helps ensure that you are always guaranteed in the occurrence of unforeseen events.
– Benefits and costs of insurance: You can choose a life insurance product package that is right for you by considering your monthly and annual income. From there, you will have a specific way to calculate your spending and compare the costs of insurance premiums. You should also find out carefully about the benefits that an insurance plan brings. 
– Service quality: Service is an essential factor to help evaluate whether an insurance company is professional or not. Customers need to consider and refer to the compensation settlement method, the contract process, and even the attitude of the customer care staff.

3. How much life insurance do I need?

How much life insurance you need depends on how much you can afford. You will have to consider your family’s expenses, future needs, current debts and mortgage, costs associated with your death, etc. Then it will come to you which amount of coverage you should opt for.
Another quicker way to determine this is by multiplying your annual salary by the number of years you have left until you retire. For instance, if a 50-year-old currently earns $15,000 annually, he will need 15 years x $15,000 = $225,000 in life insurance

4. What does life insurance premium mean?

“Premium” is the amount of money you pay your insurance company to receive your coverage. The older you are, the longer your term, the larger your payout, the higher your premiums will be. Premiums for insurance policies can be paid annually, quarterly, or monthly, depending on your insurer. It is important to choose a policy with an affordable premium since you will not receive life insurance protection if you fail to pay your premium.

5. How does life insurance work in Canada?

Simply put, you pay your premiums to your insurance company for an agreed period. As long as you are still paying premiums, your insurance company has to give your family a death benefit sum (totally tax-free) should anything unfortunate happen to you. This payment will support your loved ones with their living expenses and future needs despite your absence.

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