List of Canadian Life Insurance Companies (2024)
What is a life insurance company?
In Canada, a life insurance company is a type of business that provides life insurance products and services to individuals and families. Life insurance companies offer policies that provide financial protection to policyholders and their beneficiaries in the event of the policyholder’s death.
Canadian life insurance companies offer different types of life insurance policies, such as term life insurance, whole life insurance, universal life insurance, and variable life insurance, among others. These policies differ in their premium payments, death benefit amounts, investment options, and other features.
These insurance companies tend to offer additional types of of insurance policies, such as short- and long-term disability, critical illness insurance, health insurance, auto insurance, home insurance, and commercial insurance, among others.
Life insurance policies can be purchased through agents, brokers, or directly from insurance companies. Before purchasing a life insurance policy, it is important to carefully review the policy terms and conditions and consult with a financial advisor to determine the appropriate type and amount of coverage needed for individual circumstances.
How do insurance companies make money?
Life insurance companies make a profit by charging premiums to policyholders, which are typically paid on a regular basis, such as monthly or annually. The premiums paid by policyholders are invested by the insurer to generate additional income. This investment income, along with the premiums collected, are used to cover the costs associated with running the insurance company.
Additionally, life insurance companies use actuarial calculations to determine the premiums they charge, which are based on factors such as age, gender, health, and lifestyle habits.
In addition to money earned through premiums and investment, insurance companies make profit by denying life insurance claims and benefits for people who legitimately need to access them.
LEARN MORE
• List of Long-term Disability Insurance Companies in Canada
• Critical Illness Insurance Companies in Canada
What should I do if my life insurance claim is denied?
If the insurance company denies or cuts off your life insurance claim, you should contact a Canadian life insurance lawyer at Samfiru Tumarkin LLP immediately to find out what your rights are.
Insurers can deny claims for various reasons. They may also suggest you object to the denial through their internal appeals process. Our experienced and respected life insurance lawyers understand the stress a denial can add.
When the insurance company turns their back on you, Samfiru Tumarkin LLP is ready to provide you with support and solutions.
List of Life Insurance Companies in Canada
The following is a list of the largest and most notable insurance companies offering life insurance policies in Canada in 2024:
- AMA Insurance
- Beneva (formerly La Capitale and SSQ Insurance)
- Blue Cross
- BMO Insurance
- Canada Life
- Chubb Canada
- CIBC Life
- Cigna Life
- The Co-operators
- CUMIS Life
- Desjardins
- Edge Benefits (BeniPlus)
- Empire Life
- Equitable Life
- First Canadian
- Humania Assurance
- Industrial Alliance
- ivari
- Knights of Columbus
- Manulife
- OTIP
- RBC Insurance
- SISIP Financial
- Sun Life
- TD Life
- Wawanesa
About the Author
Martin Willemse
Experience Martin Willemse is a partner at Samfiru Tumarkin LLP, and Western Canada Practice Leader of the Long-term Disability (LTD) and…
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