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- Manulife, Canada Life, Sun Life, Desjardins, and Industrial Alliance (iA) are the top 5 biggest life insurers in Canada
- SSQ and La Capitale's merger into Beneva made them the 6th largest life insurance company in the country
- Many bank-affiliated insurers are among the smallest life insurers in the industry
- Which are the Biggest Life Insurance Companies in Canada?
- Full List: 29 Biggest Life Insurance Companies in Canada
- Company profiles
- Ranking the biggest insurance companies: our methodology
- Is it better to choose a bigger insurance company?
- Things to consider when choosing an insurance company
- Pros of choosing a bigger insurance company
- Pros of choosing a smaller insurance company
- Get help
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Largest insurance companies in Canada
The top 5 biggest life insurers in Canada are:
- Canada Life
- Manulife
- Sun Life
- Industrial Alliance (iA)
- Desjardins
Canada Life is Canada’s largest insurance company overall. They collect almost $60 billion in premiums every year.
Manulife is the biggest life insurance company in Canada based on total assets, with almost $850 billion in assets.
Many of the insurance companies that are connected to banks are among the smallest life insurers in the industry. They often do not have large amounts of annual premiums or total assets.
According to the Canadian Life and Health Insurance Association (CLHIA), there are more than 150 life and health insurance providers in Canada, which means you have many options to choose from!
28 Biggest Life Insurance Companies in Canada by Annual Premiums
Below is a full list of the top 28 largest life insurers operating in Canada, based on premiums and assets.
| Company | Founded/HQ | Rating | Annual Premiums | Total Assets |
|---|---|---|---|---|
| Canada Life | 1846
Toronto, ON |
A+ | $58 B | $568 B |
| Manulife | 1887
Toronto, ON |
A+ | $44 B | $849 B |
| Sun Life | 1865
Toronto, ON |
A+ | $29 B | $331 B |
| Industrial Alliance | 1892
Quebec City, QC |
A+ | $14 B | $87 B |
| Desjardins | 1948
Levis, QC |
— | $12 B | $407 B |
| Beneva | 1941
Quebec, QC |
A | $7 B | $25 B |
| RBC Insurance | 1864
Toronto, ON |
A | $5 B | $23 B |
| Wawanesa | 1896
Wawanesa, MB |
A | $4 B | $12 B |
| BMO Life | 1817
Toronto, ON |
A | $2 B | $13 B |
| Equitable Life | 1920
Waterloo, ON |
A | $2 B | $7 B |
| Empire Life | 1923
Kingston, ON |
A | $1 B | $17 B |
| Foresters | 1874
Toronto, ON |
A | $1 B | $17 B |
| The Co-operators | 1945
Guelph, ON |
A | $1 B | $19 B |
| ivari | 1927
Toronto, ON |
A+ | $989 M | $12 B |
| Blue Cross Canada | 1939
Independent |
A- | $743 M | $2 B |
| Securian Canada | 1955
Toronto, ON |
A | $364 M | $0.3 B |
| Primerica | 1977
Duluth, GA |
A+ | $362 M | $4 B |
| Chubb Life | 1882
Toronto, ON |
A+ | $308 M | $ 0.2 B |
| TruStage Life | 1902
Toronto, ON |
A- | $290 M | $2 B |
| Combined of America | 1922
Chicago, IL |
A+ | $269 M | $1 B |
| UV Insurance | 1889
Drummondville, QC |
— | $217 M | $2 B |
| Assumption | 1903
Moncton, NB |
A- | $206 M | $2 B |
| Knights of Columbus | 1882
New Haven, CT |
A+ | $201 M | $4 B |
| Humania | 1874
Saint-Hyacinthe, QC |
A+ | $197 M | $0.7 B |
| American Income | 1951
Waco, TX |
A+ | $173 M | $0.6 B |
| TD Life** | 1855
Toronto, ON |
— | $155 M | $0.2 B |
| Serenia Life | 1972
Waterloo, ON |
— | $38 M | $0.4 B |
| CIBC Life** | 1961
Toronto, ON |
— | $34 M | $0.1 B |
| Reliable Life | 1887
Hamilton, ON |
— | $5 M | $0.01 B |
Source: Company annual reports, OSFI financial data, A.M. Best Company
** Financial metrics displayed for life insurance businesses of the respective companies. Founding dates of respective parent companies.
Compare the largest insurance companies in Canada: company profiles
Our list shows much more than the most prominent large insurance companies in Canada. Some of these brands are amongst the largest insurers in the entire world.
You may recognize many of the companies that top the list, but others may not be so familiar. For example, an insurance company like Beneva — which was formed when SSQ Insurance and La Capitale merged together. Or a company like Wawanesa.
Not a lot of people in Ontario may know them, but they are some of the top Canadian life insurance companies. Both of these providers and others collect billions of dollars in premiums every year.
Read on for an overview of each company that made the list.
The Canada Life Assurance Company (Canada Life, Great West Life, London Life)
Canada Life is one of the oldest and most stable life insurers in the country. Up until recently, it came second to Manulife in number of annual premiums — which was no surprise given that Manulife is one of the largest companies in the world.
But, in 2020, Great West Life merged with its sister companies London Life and Canada Life into the single Canada Life Assurance Company brand. That merger pushed Canada Life to the top of the charts.
Canada Life Insurance product offerings:
Canada Life offers a wide range of insurance products and other financial solutions, including:
- Term life insurance
- Permanent life insurance
- Critical illness insurance
- Disability insurance
- Health & dental insurance
- Creditor insurance
- Business insurance & workplace benefits
- Investments and savings: segregated funds, annuities, retirement planning, etc.
- Mortgages
What sets Canada Life apart
- Canada Life possesses $568 million in assets, making it one of the largest life insurance companies in Canada
- The company aims to provide accessible healthcare and affordable medication through its mobile application called DrugHub
- Canada Life is known for its CSR initiatives, such as the Health and Homelessness Fund, where it raised $500,000 in a donation drive for the homeless in London, Ontario
The Manufacturers Life Insurance Company (Manulife)
Manulife started in 1887 as the Manufacturers Life Insurance Company. They were the largest insurance company in Canada until just a few years ago. But they still have the most assets out of any other Canadian insurer.
Manulife Canada is a subsidiary of Manulife Financial Corporation, a Canada-based multinational insurance company and financial services provider.
They do a lot of business in South East Asia and also in the United States, where they operate through a brand called John Hancock.
Manulife product offerings:
The Manulife insurance company offers several types of policies and investment plans, including:
- Term life insurance
- Permanent life insurance
- Mortgage protection insurance
- Critical illness insurance
- Disability insurance
- Travel insurance
Manulife also operates Manulife Bank, which offers chequing and savings accounts, credit cards, and mortgages.
What sets Manulife apart
- Manulife was the first Canadian life insurer to utilize artificial intelligence in its underwriting process. This allows the company to approve up to $2 million in coverage without requiring medical exams
- Manulife boasts over $1 trillion in assets under management, making it one of the largest life insurance companies in Canada
- Manulife was the first company to provide insurance to people with diabetes and also offered rates to non-smokers. Even recently, Manulife has become a pioneering company in offering life insurance to patients suffering from HIV
- Manulife Vitality lets users accrue points and rewards, such as premium discounts, gift cards, and even an Apple Watch, by participating in healthy activities like exercise, visiting the doctor frequently, and eating a balanced diet
Sun Life Assurance Company of Canada
Sun Life Financial, Inc. is one of the largest life insurers in the world, and also one of the oldest, with a history spanning back to 1865.
Apart from Canada, they have a presence in the US and in seven Asian markets, including China and India.
Sun Life Insurance product offerings:
The Sun Life Assurance Company of Canada offers a wide variety of products, including:
- Term life insurance
- Permanent life insurance
- Mortgage protection insurance
- Critical illness insurance
- Disability insurance
- Health & dental insurance
- Travel insurance
- Long-term care insurance
- Investments and savings: retirement income plans, asset management, etc.
- Financial advice
What sets Sun Life apart
- Sun Life has introduced a large number of digital projects. One such project is Prospr by Sun Life which assists Canadians with their financial goals. With Prospr, clients can connect with a licensed advisor, assess their financial needs, and track their financial goals
- Sun Life’s Lumino Health Virtual Care platform gives users round-the-clock access to medical and mental health professionals
- Sun Life actively engages in community initiatives and partnerships, focusing on building healthier communities
Industrial Alliance Life Insurance
iA Financial Group is one of the largest insurance and wealth management groups in Canada. They also have operations in the United States. It was founded in 1892 and offers both individual and group benefits products.
iA is more than an insurance company — they also work in property management and real estate. They rent out many office spaces in major cities across Canada.
iA Financial Group product offerings:
Industrial Alliance offers a wide variety of products, including:
- Term life insurance
- Permanent life insurance
- Mortgage protection insurance
- Critical illness insurance
- Disability insurance
- Travel insurance
- Car & RV insurance
- Home insurance
- Investments and savings: registered savings plans, annuities, loans, etc.
What sets Industrial Alliance apart
- Industrial Alliance has a strong financial foundation, serving over 4 million clients with the help of over 25,000 representatives
- Dialogue, a wellness application by iA, provides direct access to a team of healthcare professionals 24/7, along with telemedicine and stress and wellness management programs
Desjardins Financial Security
Desjardins is well known across Canada, offering a wide variety of financial services and insurance products.
The company mainly focuses on life, health, and home insurance, and wealth management services. But they also offer business services like point-of-sale payments and cash management.
Desjardins product offerings:
Desjardins offers a full suite of insurance and finance products and services, including:
- Term life insurance
- Permanent life insurance
- Critical illness insurance
- Disability insurance
- Health & dental insurance
- Travel insurance
- Auto & RV insurance
- Home insurance
- Pet insurance
- Group insurance
- Creditor insurance
- Business insurance
- Investments and savings: guaranteed investment accounts, wealth management, loans, etc.
- Mortgages
What sets Desjardins apart
- Desjardins is a cooperative financial institution, meaning it is owned and governed by its members rather than a corporate setup. Its Melodia portfolio helps users invest in diversified assets such as stocks and bonds
- Desjardins has invented the “caissassurance” model, enabling customers to obtain insurance products through their neighborhood caisse populaire ( member-owned financial institution that provides insurance services) directly
Tip: Size isn't everything
Beneva Inc.
Beneva became the 6th largest insurance company in Canada in 2023 after a major merger between Quebec-based companies SSQ Insurance and La Capitale.
SSQ Insurance was founded in 1944 while La Capitale was founded just a few years earlier, in 1940. Both companies were founded and operated on mutualist values, which have carried on with their merger into Beneva. This makes it one of the biggest mutual insurance companies in the country.
Beneva Insurance product offerings:
Beneva offers the same high-quality products and services as its parent companies, including:
- Term life insurance
- Permanent life insurance
- Critical illness insurance
- Disability insurance
- Auto & RV insurance
- Home insurance
- Group insurance
- Creditor insurance
- Business insurance
- Investments and savings: segregated funds, annuities, registered savings, etc.
What sets Beneva Inc. apart
- Benevas’s online platform, called Client Centre, lets customers monitor and manage their investment portfolio without any hassle. This platform allows for 24/7 access to policies, claims submissions, and tracking to ensure complete transparency and enhanced user experience
- Beneva’s Assistance Benefit service can help individuals during an emergency as it connects users to the top three doctors in the area whose expertise matches the ailment
- Beneva actively supports student-athletes and has funded over 200 young sports enthusiasts
RBC
The Royal Bank of Canada (RBC) is one of the most well-known financial companies in North America. RBC Insurance is the part of RBC that sells insurance to people and businesses.
They offer an enormous range of products and financial services, and even reinsurance. They also have an added option of RBC Private Insurance, which is a thorough and customizable package designed to give you the most protection against risks.
RBC Insurance product offerings:
RBC Insurance’s extensive list of offerings includes:
- Term life insurance
- Permanent life insurance
- Critical illness insurance
- Disability insurance
- Health insurance
- Travel insurance
- Auto insurance
- Home insurance
- Group insurance
- Creditor insurance
- Business insurance & reinsurance
- Investments and savings: wealth management services, annuities, loans, etc.
- RBC Private Insurance — a comprehensive risk protection package
What sets RBC apart
- RBC insures the risks of other insurance and reinsurance companies through its innovative Reinsurance Business solutions, which cover life, longevity, disability, and accident.
- The company provides business clients with specific insurance options, such as business loan insurance and group benefits programs
- RBC Insurance enjoys robust financial stability as a part of the Royal Bank of Canada, one of the biggest banks globally
Wawanesa
Wawanesa Mutual is the parent company of Wawanesa Insurance, which sells life insurance and other products. It was founded in 1896 and is based in Winnipeg, Manitoba.
They also operate as Wawanesa General in the US. They mostly sell P&C insurance in California and Oregon.
Wawanesa product offerings:
Wawanesa Insurance offers a good selection of products, including:
- Term life insurance
- Permanent life insurance
- Critical illness insurance
- Disability insurance
- Auto insurance
- Home & renters insurance
- Pet insurance
- Group insurance
- Commercial/business insurance
- Farm insurance
- Investments and savings: registered savings plans, guaranteed investment accounts, annuities, etc.
What sets Wawanesa apart
- Wawanesa is a mutual insurance company, meaning that policyholders own the company instead of stockholders. This structure enables Wawanesa to match its objectives with its customers’ demands, giving priority to their interests and offering more individualized service
- Customers looking for value without sacrificing coverage quality will find the company appealing because of its reputation for offering competitive rates on insurance products
BMO Insurance
BMO Financial Group is one of the largest financial institutions in Canada, if not the world. It was founded in 1817 as Bank of Montreal.
BMO Insurance is the part of BMO that sells insurance policies and similar services.
BMO Insurance product offerings:
BMO offers a few different types of insurance policies and financial services, including:
- Term life insurance
- Permanent life insurance
- Critical illness insurance
- Travel insurance
- Investments and savings: income annuities, guaranteed investment funds, etc.
What sets BMO Insurance apart
- As of late 2023, BMO Life Insurance was one of Canada’s top ETF insurers, managing more than $95.53 in ETFs nationwide
- BMO Life Insurance has made investments in digital tools, such as online policy management and claims submission, to improve the customer experience
Equitable Life product offerings:
Equitable Life Insurance Company offers insurance products such as:
- Term life insurance
- Permanent life insurance
- Critical illness insurance
- Disability insurance
- Health & dental insurance
- Group insurance
- Investments and savings: retirement income protection, segregated funds, etc.
What sets Equitable Life apart
- Customers of Equitable Life Insurance can handle their policies online, completing tasks like requesting policy loans, transferring investments, and altering beneficiaries. Policyholders benefit from the ease and flexibility of this digital access
- With the recently introduced First Home Savings Solution (FSHA) from Equitable Life, first-time homeowners will be able to get maximum coverage amounts and attractive home insurance benefits at a reduced premium cost
- The organization places a strong emphasis on providing individualized service, and committed insurance advisors are on hand to offer direction and assistance throughout the insurance process
The Empire Life
Empire Life was founded in Kingston, Ontario, in 1936. They have services, sales, and marketing centres throughout Canada.
They sell a wide range of financial products and services. But they are most well known for their permanent participating life insurance policies.
Empire Life Insurance Company product offerings:
Empire Life offers a wide variety of products and services for personal finance needs, including:
- Term life insurance
- Permanent life insurance
- Critical illness insurance
- Disability insurance
- Health & dental insurance
- Group insurance
- Investments and savings: RRSPs, annuities, etc.
What sets Empire Life apart
- Empire Life has a strong financial position, evidenced by its Life Insurance Capital Adequacy Test (LICAT) ratio, which is significantly above the minimum requirements
- Their Retirement and Savings Tool helps users check if they are on track to meet their savings goals and plan for retirement
Foresters Financial
Foresters Financial is a company that offers financial services in Canada, the US, and the UK. It was founded over 140 years ago, in 1870.
Many of Foresters’ life insurance products help charities. When you buy these products, the company donates to a charity you choose.
Foresters underwrites the insurance policies offered by Canada Protection Plan.
Foresters Life Insurance product offerings:
Foresters offers a limited range but strong quality of products and services, including:
- Term life insurance
- Permanent life insurance
- Mortgage protection insurance
- Critical illness insurance
- Investments and savings: retirement income plans, annuities, etc.
What sets Foresters Financial apart
- As a fraternal benefit society, Foresters Financial offers unique member benefits to policyholders, such as competitive academic scholarships, grants for volunteer activities, and discounts on everyday expenses
- Foresters also offers many complimentary fun events for their insured members and families, such as baseball games and amusement park outings
Co-operators Insurance
The Co-operators Group Limited is a leading Canadian co-operative company that sells multiple lines of insurance. They have more than $41.7 billion in assets and many subsidiary companies.
They mostly offer life insurance, home insurance, asset management, and brokerage services. Most of their products are sold through a network of financial advisors and insurance brokers.
Co-Operators product offerings:
The Co-operators Insurance Group offers a wide range of financial services and insurance products, including:
- Term life insurance
- Permanent life insurance
- Mortgage protection insurance
- Critical illness insurance
- Travel insurance
- Auto & RV insurance
- Home insurance
- Property & casualty insurance (P&C)
- Group insurance
- Business insurance
- Farm insurance
- Investments and savings: asset management services, segregated funds, etc.
- Brokerage services
What sets Co-operators Insurance apart
- Co-operators Insurance collaborates with all tiers of government as well as with research organizations, municipalities, non-profits, and investors to create climate-resilient communities
- Co-operators Insurance has set net-zero targets for their operations and investments in order to contribute to a healthier future
ivari
Ivari used to be called Transamerica Life Canada. It is now owned and operated by the Canada Pension Plan Investment Board (CCPIB).
They have been operating for more than 80 years, offering a variety of insurance policies and investment products.
ivari Insurance Company product offerings:
ivari offers insurance and investment solutions such as:
- Term life insurance
- Permanent life insurance
- Critical illness insurance
- Investments and savings: annuities, segregated funds, guaranteed interest accounts, etc.
What sets Ivari apart
- ivari actively engages in community support through charitable giving and partnerships, such as its collaboration with United Way Centraide Canada
- ivari’s My Insurance View is an easy-to-use interactive tool that provides clients with a personalized insurance solution based on their budget and premium-paying capacity
- ivari provides its users with excellent virtual healthcare through its mobile application called Maple, which has access to the best online practitioners in each province
Blue Cross
There are many different Blue Cross member plans in Canada. The Canadian Association of Blue Cross Plans is the group that represents all of them independently.
Blue Cross is best known for group insurance and travel insurance. Canadians who are Blue Cross members can save money on insurance for things like vision, medical, and more through their Blue Advantage program.
Blue Cross product offerings:
The Blue Cross insurance company offers insurance products such as:
- Term life insurance
- Permanent life insurance
- Critical illness insurance
- Disability insurance
- Health & dental insurance
- Travel insurance
- Group insurance
What sets Blue Cross apart
- Blue Cross has a unique “Young Adults Benefits Package” that helps young working individuals get health and dental coverage at a minimal coverage
- Blue Cross actively engages in programs that promote wellness and preventive care, reflecting their dedication to creating healthier communities and addressing public health challenges
Securian Canada
Most people know Securian Canada by its old name, Canadian Premier Life. It is a company that offers financial management services and several insurance products.
Securian Canada product offerings:
Securian offers several insurance products for individuals and businesses, including:
- Term life insurance
- Permanent life insurance
- Mortgage protection insurance
- Critical illness insurance
- Group insurance
- Creditor insurance
- Business insurance
- Asset management services
- Customized products for financial institutions
What sets Securian Canada apart
- Securian Canada focuses on providing insurance solutions specifically tailored for financial institutions and affinity groups, allowing them to create products that meet the unique needs of these markets
- CPA makes an effort to add value to memberships in order to increase their value. This includes offering “group” pricing through the CPA insurance program, which assists people in taking care of their families and finances
Primerica
The Primerica Canada Insurance Company was started in 1986. It’s a subsidiary of Primerica Life Insurance Company, offering insurance and other financial services.
Primerica Canada Insurance Company product offerings:
Primerica offers products and services such as:
- Term life insurance
- Disability insurance
- Auto insurance
- Investment management services
- Pre-paid legal services
- Financial Needs Analysis (FNA) services
What sets Primerica apart
- Primerica helps families make financial security by offering easily accessible financial products that are tailored to their needs and specifically target those making between $30,000 and $100,000 annually
- Primerica also offers Primerica Representative, a unique application that allows individuals to gain a better understanding of where they stand with their personal finances and design an improved financial goal within 30 minutes
Chubb Life
Chubb Life Insurance Company was founded in 1882. Now, they’re a trusted and reliable provider of insurance in Canada. They have offices in Ontario, Quebec, Alberta, and British Columbia.
Chubb Insurance Co. of Canada product offerings:
Chubb Life offers many standard insurance products, including:
- Term life insurance
- Permanent life insurance
- Critical illness insurance
- Travel insurance
- Auto insurance
- Home insurance
- Property & casualty insurance
- Group insurance
- Business insurance
What sets Chubb Life apart
- Through Chubb Life’s unique platform, Chubb Studio, insurance products can be seamlessly integrated into a variety of ecosystems, making it simple and effective for customers to obtain coverage via digital channels
- Chubb Life offers a special client benefits program that gives policyholders access to extra help, such as career, legal, financial, and mental health counseling
TruStage Life (Assurant Life)
The insurance company known as Assurant Life rebranded into TruStage in 2022 after it was bought by CUNA Mutual Group.
Assurant first began in 1902 as a family-owned funeral business. As an insurance company, they specialized in selling insurance for end-of-life planning, like funeral insurance and executor protection insurance. They also offer services like assessing and handling final documents — wills, trusts, etc.
Now, TruStage sells its products through a network of more than 300 insurance brokers across Canada.
TruStage product offerings:
TruStage Life sells insurance policies and offers financial services including:
- Term life insurance
- Permanent life insurance
- Cancer, heart attack, and stroke insurance coverage
- Auto insurance
- Home insurance
- Business insurance
- Investments and savings: annuities, wealth management services, etc.
- Funeral pre-planning services
What sets TruStage Life apart
- With TruStage, coverage limits for term life insurance range from $5,000 to $300,000, and for whole life insurance, they range from $5,000 to $100,000
- Credit unions and TruStage collaborate to provide life insurance options to their members. By taking advantage of these alliances, the business can offer clients who already do business with their credit union
Combined Insurance Company of America
Combined Insurance Company of America is owned by Chubb Insurance Company in the US. It was founded in 1922 and sells insurance to people and businesses.
Combined of America Company product offerings:
Combined Insurance, a Chubb company, offers mostly supplemental insurance products, including:
- Supplemental life insurance
- Critical illness insurance
- Disability insurance
- Supplemental health insurance
- Combined Insurance Worksite Solutions, comprehensive insurance coverage to complement group insurance
What sets Combined Insurance apart
- Combined Insurance Company places a high priority on providing accessible and easily understood supplemental insurance. They offer a wealth of information and assistance to clients in weighing their options
- For numerous years, Combined Insurance Company has been acknowledged as one of the best military-friendly employers, demonstrating its dedication to hiring veterans and assisting military families
UV Insurance
UV Insurance, formerly known as UL Mutual, was founded in 1889 in Quebec. They are the 5th oldest insurance company in Canada.
UV Insurance product offerings:
UV’s product offerings include:
- Term life insurance
- Permanent life insurance
- Critical illness insurance
- Group insurance
- Investments and savings: retirement products, guaranteed investments, etc.
What sets UV Insurance apart
- In 2020, UV Insurance contributed more than $620,000 to the community through sponsorships and donations
- UV Insurance has added a century-worth of great accomplishments, which resulted in them earning the distinction of being the second most sustainable SME in Quebec
- The company aims to collaborate with other ventures that closely share their value on the sustainability and innovation front
Assumption Mutual Life
Assumption Life is best known for its no-medical term life plans. They were founded in 1903 in New Brunswick, Canada. But they were originally a fraternal society in Massachusetts, USA, before they decided to start selling insurance.
Assumption Mutual Life Insurance product offerings:
Assumption Life offers the following products:
- Term life insurance
- Permanent life insurance
- Critical illness insurance
- Group insurance
- Commercial mortgage insurance
- Investments and savings: retirement products
What sets Assumption Mutual Life apart
- Assumption Life provides a Registered Investment Account (RIA) that features low management fees and high-performing funds. This product is designed for fee-conscious clients, offering competitive returns while minimizing costs
- Assumption Mutual Life provides high-performing, pre-packaged funds that are professionally managed and tailored to each client’s risk tolerance and time horizon
Knights of Columbus
Knights of Columbus is a Catholic fraternal organization. It started in 1882 as a mutual benefit society for Catholic people who moved to the US. The company sells insurance and financial services, but also does a lot of charity work.
Knights of Columbus Insurance product offerings:
Knights of Columbus offers several insurance and personal finance products, including:
- Term life insurance
- Permanent life insurance
- Disability insurance
- Long-term care insurance
- Investments and savings: investment management, annuities, etc.
What sets Knights of Columbus apart
- The Knights of Columbus is deeply rooted in charitable work, having donated over $185 million and contributed 49 million volunteer hours in 2022 alone
Humania Assurance Inc.
Humania Assurance was founded in Quebec in 1874 as a mutual society. They offer a lot of no-medical life insurance options and are best known for how quickly they issue policies.
Humania Assurance product offerings:
Humania Life Insurance offers insurance products including:
- Term life insurance
- Mortgage insurance
- Critical illness insurance
- Disability insurance
- Health insurance
- Travel insurance
What sets Humania Assurance Inc. apart
- Prioritizing a human-centric strategy, Humania Assurance Inc. makes sure that customer interactions are marked by empathy and understanding, which improves the customer experience as a whole
- Humania Assurance recently completed 150 years of serving clients and building a network of policyholders, advisors, and trusted clients in Canada, which is a huge achievement
American Income
American Income Life was founded in 1951. The company now sells insurance in Canada, the US, and New Zealand. They focus on helping working families and members of credit unions, labour unions, and other associations get insured.
American Income Life Insurance product offerings:
American Income offers the following insurance products:
- Term life insurance
- Permanent life insurance
- Supplemental health insurance
What sets American Income apart
- American Income Life’s no-cost Legacy Will Kit helps users decide who will take care of their family, leaving all they’ve worked for to those they love, and secure their future wishes
- The company believes in upfront and honest pricing, with no hidden fees or commission
- America Income is dedicated to empowering clients through financial education, offering seminars, workshops, and resources to help them make informed decisions
Serenia Life
Serenia Life is a US fraternal benefit society that sells insurance in Canada. It was founded in 1972 and used to be called Faithlife Financial up until 2008. Their company is inspired by Christian values.
Serenia Life Insurance Company product offerings:
Serenia Life offers the following insurance products and financial services:
- Term life insurance
- Permanent life insurance
- Investments and savings: investment management, annuities, etc.
What sets Serenia apart
- Serenia Life emphasizes one-on-one financial guidance, ensuring that each member receives tailored advice suited to their needs
- The company operates on the belief that prosperity and generosity go hand in hand, encouraging members to engage in charitable activities and community support
CIBC
CIBC Insurance is a part of CIBC (the Canadian Imperial Bank of Commerce), one of Canada’s biggest banks. The bank itself was formed in 1961 after two older Canadian banks merged into one. They later started selling insurance products too.
CIBC Life Insurance product offerings:
CIBC offers insurance products such as:
- Term life insurance
- Critical illness insurance
- Travel insurance
- Auto insurance
- Home insurance
- Creditor insurance
What sets CIBC apart
- CIBC prioritizes environmental, social, and governance (ESG) principles, actively supporting sustainable financing initiatives and investments in renewable energy
- CIBC is committed to enhancing customer experience through advanced technology, such as mobile banking apps and digital tools, making insurance less complicated for users
Reliable Life
Reliable Life has been helping Canadians with insurance since 1887. They’re also part of a company called the Old Republic International Corporation, which is listed on the New York Stock Exchange. Reliable Life mostly sells travel insurance and accident insurance for students.
Reliable Life Insurance Company product offerings:
Reliable Life offers insurance products such as:
- Travel insurance
- Accident insurance
What sets Reliable Life apart
- Reliable Life offers annuity products that provide a steady stream of income for life
Methodology: How did we rank the major life insurance companies?
We ranked each of the largest life insurance companies in Canada based on:
- Premiums – how much they collect from their clients annually
- Longevity – how long they’ve been in business
- Financial strength – grades given to them by rating agencies like AM Best, S&P, Moody’s, etc.
- And other factors
Is it better to choose a bigger insurance company?
Buying a policy from one of the biggest insurance companies in Canada may not always be the best choice. Just because a company is the biggest, it doesn’t mean that it’s the right company for your needs. Sometimes, going with a smaller company may be to your advantage.
This is why it’s best to speak with our licensed advisors. They have intimate knowledge of the Canadian insurance market and can recommend the best provider for your specific needs.
How to choose a life insurance company in 2025?
There are 5 main factors you should look at when you’re choosing the right insurance provider:
- Size
- Ratings and reviews
- Product availability
- Coverage options
- Price
Our licensed advisors give you expert tips on how to choose the best insurer in this video.
Choosing a bigger versus a smaller insurance company
Whether you would be best served by choosing a large or a small insurance company as your provider comes down to what matters most to you and your family. There are advantages and disadvantages for each one, so the right choice will depend on you.
Below, we’ve provided some tips to help you choose. But you can also book a call with us if you need one-on-one help with deciding.
Why choose a bigger insurance company?
There are many reasons to choose a large company for your financial security needs, such as knowing you’ll be working with experienced professionals who have been in the field for a long time. Here are some of the major benefits.
Scalability
Most of Canada’s largest insurance companies have been in business for decades — some from as long ago as the mid-1840s ′s. When a company has been around for that long, you can trust that they know how to do business in the industry very well.
Big providers like this know the ins and outs of Canadian insurance, and their history of meeting long-term financial obligations means it’s not risky to do business with them. There’s a good chance they know how to manage your policy well and that they’ll be around for years to come.
Flexibility
The largest life insurance providers can offer you the most choice for the type of product you buy and how much you’ll be covered for.
For example, you can get more than just term insurance and will probably have options to convert your policy into a permanent plan. It can be convenient to get all of your different insurance policies in one place.
And, you can get higher coverage amounts for life insurance. While a smaller insurer may only be able to cover you for up to $500,000, a bigger provider can probably offer you millions — if you need that much.
Operating hours
Bigger insurance providers are usually open later and longer and are available on the weekends too. Because they’re so large, they usually have offices all over Canada, employ a lot more people, and have brokers selling their products on their behalf.
This means you, the customer, can speak to an agent faster, whether over the phone, online, or in person.
Technology
Another huge advantage of choosing a bigger insurance company is that they have more money to spend on upgrading their technology.
They can improve the way their customers do business and make it easier to do things like get quotes, buy a policy, change your plan, submit a claim, get help, or anything else you need.
Why choose a smaller insurance company?
Working with a smaller insurance company can be a good thing, too. A lot of them are just as stable as the bigger providers, and they can give you more specific products and personalized service. Here are some of the major benefits.
Price
Smaller insurance companies may not charge you as much for some insurance products as the bigger ones in Canada do.
This can be for a lot of different reasons. For example, bigger companies may have to meet certain government requirements or they may need more funds to upgrade their technology like we talked about earlier in this article.
But just be aware that although you can save some money if you choose to work with a smaller insurance company, the cost of term life insurance policies is about the same for all the top insurance providers in Canada. So, you may not want to choose on price alone.
Features
Canada’s largest life insurance companies can be slow to decide what products or services to introduce. However a smaller insurance company can be quicker and more easily offer tailored solutions.
Many Canadian insurers of all sizes offer extra options called life insurance riders that can help you make a custom plan. However smaller companies may have unique features that fit your needs better.
Customer service
Life insurance is a long-term agreement, so you’ll want to choose a company that knows how to value its customers. A small or medium-sized company can often give you personalized service that a bigger company may not be able to.
They may not have as many clients or hundreds of spread-out employees and representatives, so their service may have more of a personal touch.
And, they can quickly make changes to their products or services based on what customers want. For example, if you want an e-policy or if you don’t want to answer too many health questions, a smaller company may be able to give you those options.
Personal preference or ethics
Some Canadians choose to work with smaller companies just because of their own principles. Some want to support a smaller, local company as much as they can.
Others may choose a mutual insurance company. Some may also want to work with a company that shares their ethical beliefs, like Christian-based companies.
Still looking for the top insurance companies in Canada?
If you’re still not sure whether one of the largest Canadian insurance companies is right for you, our advisors are happy to help you out! Book a call and let our experts answer your questions about what is offered by Canadian insurance companies — big and small.
Online insurance brokers like PolicyAdvisor.com let you compare insurance quotes from 30 of the country’s best insurance companies. Schedule a call or try out our instant insurance quoting tools to see how much you can save by comparing quotes online.
Frequently asked questions
How often do rankings of life insurance companies change?
Rankings can change annually or even more frequently, depending on factors like financial performance, customer service ratings, innovation, and regulatory changes. A company’s solvency, claims handling, and market share can all influence its position in industry reports or consumer rankings.
What factors affect the financial stability of life insurance companies?
Financial stability is typically measured by solvency ratios, capital reserves, investment performance, and underwriting profits. Companies with diverse investment portfolios, strong risk management practices, and consistent profitability are generally more stable and reliable over the long term.
Can I buy life insurance from a company not based in Canada?
You can only purchase life insurance from international companies that are licensed to operate in Canada. These insurers must comply with Canadian regulations and are monitored by federal or provincial insurance regulators. Buying from an unlicensed foreign insurer could leave you unprotected or unable to enforce your policy.
What are the benefits of choosing a large life insurance company over a smaller one?
Large insurers often offer a wider range of products, stronger digital platforms, and greater financial stability. They may also have more streamlined claims processes and better access to additional services, such as financial planning tools or wellness programs. However, smaller insurers may provide more personalized service or competitive pricing.
How do consumer ratings affect life insurance companies?
Consumer ratings influence a company’s reputation and can guide potential customers during their decision-making process. Positive reviews can enhance trust, while repeated complaints may raise concerns. While not the sole factor, consumer feedback is a helpful indicator of service quality and client satisfaction.
What should I do if I am not satisfied with my life insurance provider?
You should begin by reviewing your policy and identifying specific concerns and contacting your insurer’s customer service to discuss your issue. If the problem persists, you can file a complaint with your provincial insurance regulator. If you’re considering switching providers, ensure your new policy is active before cancelling the old one to avoid any coverage gaps.
