In 2014, industry figures recorded that about 20 million Canadians were owners of life insurance. Also that same year, about 97 private life insurers were in competition within Canada’s insurance market, and this included both foreign and domestic companies.
These life insurers are financial service companies with diverse customer offerings that go beyond only life insurance.
That said, we’ll be looking at top life insurance companies in Canada, their product offerings, and their market position.
If you use revenue as a yardstick, Manulife Financial stands as the largest company offering life insurance in Canada. However, if you use premium local life insurances as measurement, then it will come in the second place.
Manulife Financial comes with a wide variety of health and life insurance. But that’s not all! The company also offers retirement and group benefits plans, services for wealth management, and investment products.
The company also has a Manulife Bank which is regulated federally and serves customers in all Canadian territories and provinces. Also, Manulife runs a global reinsurance business as well as a global real estate company.
Now, when you talk about a foreign financial services mogul with headquarters in Canada, you just have to mention Great-West Lifeco.
Great-West Lifeco is a holding organization for six affiliate companies that deal in the marketing of financial and insurance services products within Northern America, Asia, and Europe.
Talking about the insurance space, the affiliates of Great-West Lifeco offer an array of options for health and life insurance like critical illness, disability, and general health insurance products.
Sun Life Financial
If you’re looking for the top three life insurance companies in Canada, Sun Life Financial sure comes in 3rd place with a reported combined revenue of about $19.5billion as well as up to $1.7billion premium income from Canadian life insurance in 2014.
The company is known for its international financial services and notable operations in the UK, Ireland, and North America. Sun Life Financial also operates esteemed businesses in the Philippines, China, India, as well as numerous other regions. Plus, the company also uses private agents to make its products available in different other countries.
Coupled with its life insurance product, Sun Life Financial also offers financial planning services, retirement savings and investment products, and disability, dental, and health insurance.
IA Financial Group
Okay, this is a bit different from the other insurance companies listed above. Operating under the brand of the Industrial Alliance Financial Group, IA Insurance, and Financial Services operates more than 90% of its entire business within Canada.
Asides its health and life insurance products, IA Financial Group also serves customers with casualty and property insurance. The company also deals in marketing investment and savings products, as well as services for financial planning.
Additionally, IA Financial Group also runs different types of loans like mortgages and so on.
The RBC Insurance company is a company owned affiliate of the Royal Bank of Canada, offering a wide variety of local insurance products like travel insurance, auto, and home policies, and also health and life policies.
Also, the company offers wealth management services that fit into requirement planning needs such as separate funds products and annuities.
With Empire Life Insurance being an affiliate company of E-L Financial Corp. Ltd, the company offers a mixture of products categorized into wealth management services, plans for group benefits, and individual insurance products.
Empire Life also offers wide variety options for life insurance as well as insurance for critical illness. With plans for group benefit, small and mid-sized businesses have flexible options that can their health care requirements.
Wrapping it up
If you’re within Canada and you’re using for a life insurance company with amazing options to choose from, you can easily pick from any of the companies highlighted above and start enjoying their benefits.