Insurance companies in Canada offer a range of products that cover unforeseen events that could potentially cause financial difficulties for you and your family.
Although every insurance company may vary in what specific coverage they offer, some of their most common services include insuring your car against damages and accidents, health insurance in case you fall ill, and life insurance in the unfortunate event of death.
This article covers the top insurance companies in Canada, well-established providers such as PolicyMe and Manulife, the most common types of insurance, and how to apply for insurance in Canada.
Key Takeaways
- The top insurance companies in Canada include Great-West Lifeco, Desjardins, Sun Life Financial, and iA Financial.
- Disability, auto, life, home, health, and travel insurance are among the most common insurance types in Canada.
- When choosing an insurance company, ensure that it offers the insurance types you need, provides enough coverage for your financial situation, and is financially stable.
Top Insurance Companies in Canada
1. PolicyMe
Backed by Securian Canada, one of Canada’s leading insurance providers, PolicyMe has provided more than $6 billion worth of insurance coverage to almost 10,000 Canadians since 2018.
It has two insurance products, Term Life Insurance and Critical Illness Insurance, each of which you can apply for in 20 minutes or less using its online platform.
2. Manulife
Founded in 1887, Manulife has established itself as one of the leading insurance companies, offering insurance coverage for your health, life, travel, and mortgage protection.
Manulife’s global headquarters is in Toronto; however, its operations span Canada, Europe, the United States, and Asia. It provides financial insurance to more than 35 million customers globally.
3. Great-West Lifeco
Trusted by over 38 million people, Great-West Lifeco is another renowned international financial services holding company that offers life and health insurance policies and financial services to help people invest, retire, and manage wealth.
It operates not just in Canada but also in Europe and the United States under the brand names Canada Life, Irish Life, and Empower, making it unsurprising that the consolidated assets under this company’s administration have exceeded $2.5 trillion.
4. Desjardins
With the range of insurance policies it offers, Desjardins definitely belongs to the top life insurance companies in Canada.
To name some of the products from this company, it offers damage insurance policies for your home and auto, individual insurance covering life, health, and travel, and lastly, credit insurance for your loans or credit balance.
5. Sun Life Financial
Sun Life Financial is one of the biggest life insurance companies in Canada, with over 150 years of experience providing financial services, including insurance and investments.
Its insurance offerings include those for term and permanent life, health, travel, and mortgage protection. Sun Life Financial also provides health-related insurance options, such as those covering dental, critical illness, and disability needs.
6. iA Financial
The iA Financial Group is one of the best wealth management and insurance groups in Canada. It currently has about $219 billion of assets and 5 million clients, which is a clear testament to how much the group has grown since it was founded in 1892.
iA Financial offers five types of life insurance, three types of health and disability insurance, and auto, home, and travel insurance policies.
7. Fairfax Financial
Fairfax Financial Holdings Limited has a long subsidiary list of insurance companies in Canada and globally, including Allied World and Northbridge.
Its subsidiaries, including the two mentioned, often focus on providing insurance tailored to businesses that need to cover their employees instead of individual clients.
8. Empire Life
With a mission to make it simple and easy for Canadians to build their wealth, Empire Life has been continuously regarded as one of the top 10 health insurance companies in Canada.
It offers numerous life insurance solutions, including term, permanent, and participating life insurance, as well as living benefits solutions, such as basic/comprehensive critical illness insurance and disability insurance.
9. Intact
Intact is not only one of the top 10 P&C insurance companies in Canada; it’s also a pioneer in commercial lines in Ireland and the UK and a leading global provider of specialty insurance.
For individuals, Intact offers vehicle and home insurance, and for businesses, this company provides property, liability, and commercial vehicle insurance coverages.
10. Co-operators
Co-operators is a client-driven Canadian financial services co-operative that allows you to manage all your insurance and investing needs in one place.
To help you protect what matters most, this company provides insurance covering everything from life, auto, home, business, and farmland to travel.
What These Insurance Companies Offer
The top life insurance companies in Canada listed above offer peace of mind and financial protection against unexpected events that can affect you, your assets, or your business. When an event covered by your insurance occurs, these companies will pay out the benefits on your insurance policy.
Keep in mind that every insurance company offers different insurance types, coverage, premium costs, and terms. Hence, it’s necessary to choose an insurance company that suits your financial needs and your life’s specific circumstances.
Types of Insurance in Canada
Let’s discuss the most common types of insurance in Canada:
- Disability insurance: Provides financial protection when you or your family can no longer work and earn income temporarily or permanently due to an injury or illness.
- Health insurance: Pays for the medical care expenses for you or your family that are not covered by regular health care plans.
- Life insurance: Financially supports your loved ones with a tax-free lump sum payment in the event of your death.
- Home insurance: Covers financial losses in case your home gets damaged, theft occurs, or there is a loss caused by other covered perils. It also pays for the extra living expenses elsewhere if you can’t live inside your home for a while due to covered damage or repairs.
- Car insurance: Mandatory insurance policy for all vehicle owners in Canada. It must cover liability, accident benefits, uninsured automobile coverage, and, for those outside Ontario, direct compensation.
- Travel insurance: Covers the medical bills for pre-existing medical conditions, medical evacuation, and even repatriation (in case of death) when travelling.
How to Get Insurance in Canada
In Canada, you can get insurance in person, online, or over the phone, depending on the exact requirements of the insurance company or insurance broker.
Once you meet the conditions and complete the necessary paperwork, you will receive the insurance policy.
How to Choose the Best Insurance Company for You
The best insurance company for you should be able to meet the following criteria:
- Be a financially stable company
- Offer the insurance types you need
- Provide excellent customer service
- Charge monthly premiums within your budget
- Provide coverage amount that’s tailored to your situation
More…
Which insurance company has the highest customer satisfaction in Canada?
The Co-Operators have one of the highest customer satisfaction ratings in Canada. J.D. Power, a global leader in consumer insights, determined this based on its online surveys.
Why are insurance rates so high in Canada?
Inflation is one of the primary reasons why insurance rates are so high in Canada. However, in the specific sector of auto insurance, the insurance rate tends to be higher for inexperienced drivers and decreases as they drive more and gain experience.
Is health insurance in Canada expensive?
Health insurance in Canada is relatively cheap compared to other insurance types, such as auto insurance. It usually costs less than $1000 annually to get covered by health insurance.
What is the oldest insurance company in Canada?
Canada Life is the oldest insurance company in Canada. It began providing services in 1847.
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