The Canadian life insurance industry is robust, competitive, and filled with established providers that have been serving policyholders for over a century. With so many options to choose from, it can be challenging to determine which companies are the biggest and most reputable.
This guide will provide an inside look at the Biggest Life Insurance Companies in Canada. We will outline the top providers based on financial metrics like annual premiums, total assets, and more. You’ll also get an overview of the pros, cons, products, features, and reputations of the largest insurers.
Learning about the biggest life insurance firms operating in Canada can help you make an informed decision when purchasing coverage. Continue reading to discover the companies that dominate the Canadian insurance market.
List of the Biggest Life Insurance Companies in Canada
This list highlights the top life insurance companies currently operating in Canada. While there are over 30 life insurers across the country, these major carriers have significant national reach and demonstrated expertise in providing Canadians with Term, whole, and universal life insurance coverage.
Canada Life Assurance Company
- Founded: 1847
- Headquarters: Winnipeg, MB
- A.M. Best Rating: A+
Canada Life is the country’s largest life and health insurance provider overall. The company was created in 1847 as Canada’s first domestic life insurer. Canada Life is owned by Power Corporation of Canada and operates nationally.
Key Products & Services
- Canada Life Term Life Insurance products: Term 10, Term 20, Term 30, Term 100
- Canada Life Permanent Life Insurance products: Wealth Participating Whole Life, Estate Protection Participating Whole Life
- Canada Life Universal Life Insurance: Flexible Universal Life
- Critical illness insurance, Disability insurance
- Annuities, Investments, Group benefits
Pros
- Best for financial strength as Canada’s largest insurer
- Long history and financial strength as Canada’s largest insurer
- Wide range of policy options and add-ons
- Competitive premium rates
- Can exchange term policies for permanent coverage up to age 70
Cons
- Limited online account features
- Minimum $100,000 coverage or $500 annual premium
Full review: Canada Life Assurance Company
Manulife Financial
- Founded: 1887
- Headquarters: Toronto, ON
- A.M. Best Rating: A+
Manulife is the largest life insurer in Canada and one of the biggest in the world, with extensive operations in Asia and the US. It offers a wide range of products and services globally.
Key Products & Services
- Manulife Term Life Insurance products: CoverMe Term, Family Term
- Manulife Permanent Life Insurance products: Manulife Par Whole Life, Performax Gold Whole Life
- Manulife Universal Life Insurance products: Manulife UL, InnoVision UL
- Health insurance
- Investment products, Group benefits
Pros
- Strong global brand and financial rating
- Variety of term lengths and policy options
- Digitally innovative with online purchasing capabilities
- Living benefits like terminal illness payouts
- Best for digital innovation and online purchasing
Cons
- More expensive premiums than some competitors
- Limited term length options
Full review: Manulife Life Insurance Company Reviews
Sun Life Financial
- Founded: 1865
- Headquarters: Toronto, ON
- A.M. Best Rating: A+
Sun Life, one of Canada’s oldest and largest insurers, offers coverage in Canada, the US, the UK, and Asia. It’s a leading global provider of insurance, wealth solutions, and asset management.
Key Products & Services
- Sun Life Term Life Insurance products: Sun Spectrum Term, Sun Par Term
- Sun Life Permanent Life Insurance products: Sun Par Whole Life, Sun Par Accelerator Whole Life
- Sun Life Universal Life Insurance products: Sun Par Universal Life, SunUniversalLife II
- Health insurance
- Investment products, Group benefits
Pros
- Long-established company and strong brand
- A wide selection of term lengths is available
- Can convert term life up to age 75
- Robust online capabilities
- Best for buying life insurance in person
Cons
- Slightly higher premium costs
- Maximum $1 million coverage without medical exam
Full review: Sun Life Financial
iA Financial Group (Industrial Alliance)
- Founded: 1892
- Headquarters: Quebec City, QC
- A.M. Best Rating: A+
iA Financial Group (Industrial Alliance) is one of Canada’s biggest insurance and wealth management firms. It offers a variety of individual and group life and health products.
Key Products & Services
- iA Term Life Insurance products: Term 10, Term 20, Term 30
- iA Permanent Life Insurance products: Whole Life, Life & Serenity 65
- iA Universal Life Insurance products: Genesis UL, Estate UL
- Critical illness insurance, Disability insurance
- Group benefits
Pros
- Unique ‘Pick-a-Term’ option from 10-40 years
- Good selection of no-medical coverage options
- More accommodating underwriting
- Best for flexibility with Pick-A-Term custom durations
Cons
- Higher premium costs compared to some peers
- No digital policy delivery is available
Full review: Industrial Alliance Insurance Reviews
Desjardins
- Founded: 1900
- Headquarters: Lévis, QC
Desjardins is a major cooperative financial group offering insurance in Quebec and Ontario. It provides life, health, property, and casualty products.
Key Products & Services
- Desjardins Term Life Insurance products: Term 10, Term 20, Term 30, Term 65
- Desjardins Permanent Life Insurance products: Permanent Life, Whole Life
- Desjardins Universal Life Insurance products: Universal Life, Universal Life II
- Health insurance
- Auto insurance
- Home Insurance
- Investment products
Pros
- Strong presence and reputation in Quebec
- Wide selection of term lengths and conversion options
- Bundles life insurance with other policies
- Best for offering stability as a cooperative financial group
Cons
- Limited national reach outside Quebec
- More expensive premiums than some competitors
Full review: Desjardins
RBC Insurance
- Founded: 1960
- Headquarters: Mississauga, ON
- A.M. Best Rating: A+
RBC Insurance is owned by Royal Bank of Canada, one of Canada’s largest banks. RBC Insurance provides a range of insurance products, including life, health, home, auto, travel, group benefits, and more.
Key Products & Services
- RBC Term Life Insurance products: RBC YourTerm, RBC Simplified Term
- RBC Permanent Life Insurance products: RBC Growth Participating Whole Life, RBC Growth Participating Whole Life Plus
- RBC Universal Life Insurance products: RBC Universal Life, RBC No-load Universal Life
Pros
- Competitive premium rates
- $10,000 accidental death coverage included with Simplified Term
- Pick your own term length from 10-40 years
- Best value for money with competitive premiums
Cons
- Only for Canadian citizens/permanent residents
- Higher rates for smokers compared to some competitors
Full review: RBC Life Insurance Company Reviews 2024
BMO Insurance
- Founded: 1817
- Headquarters: Toronto, ON
- A.M. Best Rating: A
BMO Insurance is owned by the Bank of Montreal (BMO) and sells various insurance products.
Key Products & Services
- BMO Term Life Insurance products: Term 10, Term 20, Term 25, Term 30
- BMO Permanent Life Insurance products: Participating Whole Life, Universal Life
- BMO Universal Life Insurance products: Wealth Dimensions UL, Life Dimensions UL
Pros
- Economical premium rates
- Offers a compassionate benefit program
- Can convert 10-year Term to longer terms
- Best for those seeking flexible insurance options
Cons
- No online account access
- Limited long-term renewal options
Full review: BMO Insurance
Empire Life
- Founded: 1923
- Headquarters: Kingston, ON
- A.M. Best Rating: A
Empire Life offers life insurance, critical illness insurance, and investments.
Key Products & Services
- Empire Life Term Life Insurance products: Solution 10, Solution 15, Solution 20, Solution 25, Solution 30
- Empire Life Permanent Life Insurance products: Solution 100, Term to 100
- Empire Life Participating Life Insurance products: EstateMax, Optimax Wealth
Pros
- Multiple term lengths and conversion options
- Instant approval is possible on some plans
- Highly competitive premium rates
- Best for personalization with flexible coverage options
Cons
- Cannot apply directly; must go through an advisor
- Limited long-term (25, 30 years) renewal options
Full review: Empire Life
Wawanesa
- Founded: 1896
- Headquarters: Winnipeg, MB
- A.M. Best Rating: A
Wawanesa Life offers various individual life insurance policies.
Key Products & Services
- Wawanesa Term Life Insurance products: Term 10, Term 15, Term 20, Term 25, Term 30, Term to 80, Term to 100
- Wawanesa Permanent Life Insurance products: Whole Life, Whole Life 100, Instant Issue Whole Life
Pros
- Multiple term lengths from 10-30 years
- Lifetime term products up to age 80 or 100
- Affordable premium rates
- Best pricing on term life insurance policies
Cons
- Longer turnaround time for approvals
- Only non-participating permanent policy options
Full review: Wawanesa
Equitable Life of Canada
- Founded: 1920
- Headquarters: Waterloo, ON
Equitable Life offers life insurance, retirement, and group benefits.
Key Products & Services
- Equitable Life Participating Whole Life Insurance products: Equimax Estate Builder, Equimax Wealth Accumulator
- Equitable Life Universal Life Insurance products: Equitable Generations, Equation Generations IV
- Equitable Life Term Life Insurance products: 10-Year Term, 20-Year Term, Term 30/65
Pros
- Can add critical illness and disability riders
- Preferred clients get CI coverage automatically
- Create family plans with child term rider
- Best for protection of families with add-on child term riders
Cons
- Limited term life insurance options
- Must purchase through a broker
Full review: Equitable Life of Canada
Foresters Financial
- Founded: 1874
- Headquarters: Toronto, ON
- A.M. Best Rating: A
Foresters sells life insurance, retirement savings, and investment products.
Key Products & Services
- Foresters Term Life Insurance
- Foresters Whole Life Insurance
- Foresters Participating Life Insurance
Pros
- Community membership benefits and charity donations
- Non-medical coverage available
- Lower premiums for high coverage amounts
- Best giving back through community membership benefits
Cons
- No online quotes or policy delivery
- Claims can only be submitted by mail
Full review: Foresters Financial
Beneva
- Founded: 2022 (merger)
- Headquarters: Quebec City, QC
- A.M. Best Rating: A
Beneva offers insurance and financial services following a merger between La Capitale and SSQ Insurance.
Key Products & Services
- Beneva Term Life Insurance
- Beneva Permanent Life Insurance
- Beneva Universal Life Insurance
Pros
- Built-in disability coverage with policies
- Optional critical illness and child riders
- Strong financial backing
- Best combo coverage with built-in disability benefits
Cons
- Decreasing term limits flexibility
- No guaranteed premiums
Full review: Beneva
Ivari
- Founded: 1927
- Headquarters: Toronto, ON
- A.M. Best Rating: A+
Ivari offers Term, permanent, and critical illness insurance products.
Key Products & Services
- Ivari Term Life Insurance products: Term 10, Term 20, Term 30
- Ivari Permanent Life Insurance products: Universal Life
- Ivari Critical Illness Insurance products
Pros
- Accessible online account management
- Strong financial stability
- Allows joint term life policies
- Best for layering multiple term life insurance policies
Cons
- No whole life insurance options
- Higher premiums than some competitors
Full review: Ivari
Humania
- Founded: 1874
- Headquarters: Saint-Hyacinthe, QC
Key Products & Services
- Humania Term Life Insurance products: 10-year Term, 20-year Term, Term to 100
- Humania Permanent Life Insurance: Whole Life
Pros
- Competitive premium rates
- Multiple term length options
- Quick and easy application process
- Best for quick and easy policy approval
Cons
- No preferred pricing options
- Limited conversion options
Full review: Humania
Assumption Life
- Founded: 1903
- Headquarters: Moncton, NB
- A.M. Best Rating: A-
Assumption Life offers life, critical illness, and disability insurance.
Key Products & Services
- Assumption Life Term Life Insurance products: FlexTerm, Term 75
- Assumption Life Permanent Life Insurance: T75 Permanent, Maximum Permanent
Pros
- Competitive no medical life insurance rates
- Options for simplified underwriting
- Online application and contract delivery
- Best for simplified issue life insurance options
Cons
- High fees on some non-medical policies
- Delayed benefits on some plans
Full review: Assumption Life
Canada Protection Plan (CPP)
- Founded: 1992
- Headquarters: Ontario
CPP specializes in no medical exam life insurance.
Key Products & Services
- CPP No Medical Life Insurance products: Guaranteed Acceptance Life, Deferred Life, Express Elite Life
- CPP Simplified Issue Life Insurance products: Preferred Life, Preferred Elite Life
- CPP Critical Illness Insurance products: Cardiac Protect CI, Cancer Protect CI, Cardiac and Cancer Protect CI, Extended Critical Protect CI
- CPP Term Life Insurance products: Term Life, Increasing Term Life
- CPP Permanent Life Insurance: Permanent Life Max
Pros
- Multiple no medical and simplified issue options
- Very fast application and approval times
- Affordable rates including for non-medical
- Best for non-medical life insurance policies
Cons
- More expensive than fully underwritten policies
- Maximum $1 million coverage
Full review: Canada Protection Plan
CIBC Life Insurance
- Founded: 1961
- Headquarters: Toronto, ON
CIBC Life Insurance offers basic Term and permanent life insurance products.
- CIBC Term Life Insurance products: CIBC Term 10, Term 20
- CIBC Permanent Life Insurance: CIBC Guaranteed Acceptance Life
Pros
- Terminal illness benefits for CIBC customers
- Add spouse coverage with no medical required
Cons
- Very limited product selection
- Maximum $25,000 coverage
Full review: CIBC Life Insurance
Sample Premiums Among Major Life Insurance Companies in Canada
Here is an overview of estimated monthly premiums from some of Canada’s top insurers for a 40-year-old male seeking $200,000 in coverage:
| Company | 10 Year Term | 20 Year Term | Whole Life |
|---|---|---|---|
| Canada Life | $27 | $40 | $150 |
| Manulife | $29 | $42 | $160 |
| Sun Life | $32 | $46 | $170 |
| iA Financial | $30 | $44 | $165 |
| RBC Insurance | $25 | $38 | $140 |
| BMO Insurance | $24 | $36 | $130 |
| Empire Life | $26 | $39 | $145 |
| Wawanesa | $23 | $35 | $125 |
| Equitable Life | $28 | $41 | $155 |
| Foresters | $27 | $40 | $150 |
| Beneva | $29 | $43 | $160 |
| Ivari | $30 | $44 | $165 |
| Humania | $27 | $40 | $150 |
| Assumption Life | $26 | $39 | $145 |
| CPP | $33 | $49 | $180 |
| Blue Cross | $31 | $46 | $170 |
| Desjardins | $30 | $44 | $165 |
The premiums in this table are approximate estimates only. Your actual premium will depend on specific factors like your age, gender, health status, lifestyle, policy type and amount.
We recommend contacting our licensed advisors at Insurance Direct Canada to get quotes tailored specifically to your needs. Our experts will shop rates from Canada’s top providers to find you the most affordable life insurance customized to your situation.
Comparing The Biggest Life Insurance Companies in Canada
When looking at the major life insurance providers in Canada, there are some key differences between the big brands to consider.
Products, Features & Flexibility
The largest insurers tend to offer the widest range of insurance products and options. Canada Life and Manulife have various term lengths, permanent life policies, comprehensive riders, and more.
Sun Life and iA also offer varied term options, conversion flexibility, and no-medical plans.
Smaller competitors may have fewer types of life insurance or term lengths available.
Prices & Value
Bigger is not always better when it comes to cost. Large insurers like Sun Life and Canada Life can have premiums on the higher end for some products.
Desjardins and Industrial Alliance also tend to be pricier. Manulife offers competitive rates on some policies.
Newer, smaller competitors frequently feature lower premiums. However, bigger brands may justify higher prices through brand trust, reputation, and benefits.
Financial Stability
All of Canada’s largest life insurance companies have excellent financial strength, according to third-party rating agencies like A.M. Best.
Larger insurers have more assets and reserves to maintain their financial health long-term. Their size and history instill confidence that they will pay out claims.
Smaller insurers can still have top ratings, but size does back up stability. Canada Life, Manulife, and Sun Life have paid out claims for over 100 years.
Customer Service
When it comes to customer satisfaction, size is no guarantees of service quality. Some of the big life insurance brands in Canada have below-average ratings, while smaller competitors have higher client satisfaction.
Most large insurance companies receive complaints about long wait times, difficult claims processes, and poor responsiveness. But they also have more ways to reach them, like national advisor networks and call centers.
Benefits of Choosing a Large Life Insurance Company
Here are some potential advantages of purchasing coverage from one of Canada’s biggest life insurance providers:
More Products & Options
Large insurance companies have the resources to develop a greater range of insurance products, features, and options. Canada’s top insurers have multiple term lengths, conversions to permanent life, and diverse riders and benefits available in policies.
Higher Coverage Limits
Bigger insurers with more assets can provide higher coverage amounts in a single policy. Most of Canada’s largest life insurance companies will offer at least up to $1 million, while the biggest providers have limits of up to $25 million in death benefits.
Brand Trust
Established life insurance companies that have been in business for 50+ years build brand recognition and trust. Canada Life and Sun Life have paid out claims for generations, instilling confidence they will be there when needed.
National Networks
Large insurers have national networks of advisors, brokers, agents, and offices. This makes it convenient to get in-person assistance with applying for and managing your policy. Smaller competitors can’t offer the same level of national reach.
Benefits of Choosing a Smaller Life Insurance Company
While big life insurance companies have some advantages, smaller competitors offer their own benefits:
Lower Premiums
Smaller life insurance companies frequently have lower premium rates for the same coverage. They offer more affordable life insurance, in part due to lower overhead costs and leaner operations.
Flexibility & Innovation
A smaller company can be more agile, acting faster to make changes, add new digital options, or meet specific customer needs. Large insurers are slower to innovate. Startups focus on making insurance more customized.
Specialization
Some newer and smaller competitors specialize in specific types of life insurance, which is their core focus. For example, Canada Protection Plan specializes in no-medical policies.
Strong Ratings
The smaller size doesn’t preclude financial stability. Many small insurers still have strong A.M. Best ratings for paying out claims. Larger competitors can have the same agency ratings.
Most Popular Type of Life Insurance in Canada
Term life insurance is by far the most common type of life insurance policy purchased in Canada.
According to CLHIA, Term life plan equals 40% of the value of total policies in-force in Canada (2022). Term life insurance meets the temporary needs of most Canadians due to its affordability and flexibility to match the length of your needs.
Permanent forms of life insurance have many beneficial features but make up a much smaller segment of the market, only 12% in Whole life insurance and 13% in Universal life insurance. Permanent insurance is better suited to certain needs like lifelong coverage or estate planning for high net worth individuals.
Conclusion
Canada boasts many excellent life insurance companies to choose from. The major providers have stood the test of time, offering stability along with a diverse range of products and options.
While Canada Life, Manulife, and Sun Life grab much of the market share, smaller insurers boast benefits of their own. Evaluate your specific needs, compare policies, and consult an expert advisor to determine the best life insurance company for you.
The key is finding the right fit based on personalized factors – not simply buying from the biggest brand. Competitive pricing from a smaller company may beat a large insurer. Or a larger company may have the exact product you want.
In the end, picking the best match provides safety, savings and peace of mind. Reach out to Insurance Direct Canada and discuss your needs with one of our advisors anytime.
Biggest Life Insurance Companies in Canada FAQs
What are the top life insurance companies in Canada?
The biggest life insurance companies in Canada by market share include Sun Life, RBC Insurance, Canada Life, Manulife, Desjardins Insurance, and Industrial Alliance. These major insurers collectively make up over 60% of the total life insurance market in Canada.
How are life insurance companies ranked?
Life insurance companies are ranked based on metrics like total premiums written, assets under management, number of policies in force, financial strength ratings, market share, brand reputation, and customer satisfaction ratings. The largest insurers typically top the rankings.
Why choose a bigger life insurance provider?
Larger insurers often have greater financial strength, more insurance products, established brand reputation, and nationwide accessibility. Their size can provide security for long-term policies.
Do smaller life insurers offer advantages?
Smaller regional providers may offer more personalized service, quicker response times, and competitive pricing. They cater well to local demographics and needs.
What types of life insurance do big companies provide?
The major life insurers all offer a full suite of policies including term life, whole life, universal life, final expense, and guaranteed issue. Additional products like critical illness and long term care insurance are also common.
How do you get quotes from top life insurance companies?
You can visit company websites, call their toll-free numbers, or use an insurance aggregator site to easily compare quotes from leading insurers. An independent broker can also shop rates on your behalf.
Can pre-existing conditions affect life insurance eligibility?
Yes, most life insurers consider pre-existing medical conditions during underwriting, which can impact premiums and eligibility. No medical exam policies may be an option.
Is whole life or Term life better?
Term life is cheaper and provides temporary coverage, while whole life is more expensive but builds cash value. The right option depends on your budget, needs, and financial goals. Big insurers offer both.
