Which are the best and most reliable insurance companies in Canada?
The insurance company’s reliability is crucial for every buyer, and it takes research to ensure company reliability. According to industry statistics, approximately 22 million Canadians owned life insurance in 2019. That is a total of 60% of the population, and the amount paid per year in premiums is CAD 117 billion. The Canadian Health and Life Insurance Association figures show that Canadians own $4.7 trillion life insurance coverage, which works out on average to $417,00 for every household.
Canada has over 160 health and life insurers competing for a share in the market. Some of these are domestic, and others are foreign; however, all the top insurers offer diversified financial services, including life insurance.
These six companies are among those with the most considerable assets, but they also offer a wide range of services that cover their clients’ insurance needs.
Manulife Financial insurance company
Measured by revenue, Manulife Financial is the largest Canadian insurance company. The company is also active in the USA and generated an income of $61.4 million in 2019.
Manulife offers diverse life and health insurance products and has group benefits, retirement plans, investment products, and wealth management services. Their business operations span the North American continent, Asia, and include global real estate.
Sun Life Financial insurance company
Sun Life Financial is a global insurance and financial services company with a large share in the Canadian market. Its net income in 2019 was $30 billion, but it also has operations in the USA, the UK, Ireland, and in countries across Asia. Besides life insurance, it also offers health, dental, and disability cover, retirement savings products, investment products, and financial planning services.
Great-West Lifeco insurance company
Headquartered in Canada, Great-West Lifeco does not limit its presence here. It also has a presence in the USA, Europa, and Asia from its six subsidiary companies such as London life, Canada life and Great-West life that offer insurances, financial services products, and international reinsurance. Their products include life and health insurance, and they also have options for disability and critical illness cover. Great-Wes Lifeco also offers investment services, retirement income products, savings, pension plans. Management services and wealth protection.
RBC Insurance insurance company
The Royal Bank of Canada is the biggest in Canada, and RBC Insurance is a subsidiary of theirs. With a market capitalization of approximately $151 billion, the bank is one of the world’s largest. Included in RBC Insurance offers are a wide variety of domestic insurance products, health policies, and auto and travel insurance. People with eligible mortgages can also get credit protection plans, loans, and credit on credit cards through the Royal Bank of Canada. Additionally, they have wealth management programs, retirement plans, and segregated funds products. RBC Insurance also offers annuity, accident, life, and health reinsurance products on a global scale.
IA Financial Group insurance company
Almost all the business of IA Financial Group is conducted in Canada, and in 2019 they collected over $11.4 billion in premiums. Industrial Alliance reported that their premiums from the US market were $651 million in the same year.
IA Financial Group offers life and health insurance, property and casualty insurance, and savings, retirement, Disability insurance, critical illness, and investment products. Also, they have group pension plans, and they offer financial planning services. The lending arm of the company offers various loans, including mortgages.
Empire Life insurance company
This subsidiary of E-L Financial Corp Ltd. operates mostly in Canada. The main products of Empire Life are categorized into three groups. The first is their individual insurance products, including a selection of life insurance plans and critical illness cover. The employees’ health care needs and owners of small and medium-sized businesses are met through their group benefit plans. Lastly, they offer wealth management products that include savings plans, mutual funds, annuities, and segregated funds.
In conclusion, there are many insurance companies across Canada. Among them are many great companies with an excellent reputation, and we have mentioned a few of them in this article. When choosing an insurance company to buy from, you must consider their reliability, premium prices, and product strength. Every company has its strength, and depending on your needs and the product that you are purchasing; you should pick an insurance company to buy from.
AplusWealth is here to help you find the right life insurance company and protect your family.
Finding the right Life insurance policy with the proper coverage amount at the right price is complicated and overwhelming. Our expert advisers are fully qualified to help you work out the coverage that will meet your family’s needs by taking your age and health, liabilities, and financial goals into consideration. At Apluswealth, you can get a quote, compare quotes, and find the life insurance quotes from the most reliable companies that make you feel confident in your purchase.
Contact our expert advisers today and find out which is the best life insurance for you. We are here to help you cover your liabilities and find a suitable life insurance product. Our life insurance advisors will provide you with quotations and the most appropriate policy types.
The purchasing life insurance process from Apluswealth is designed to be super easy, online, and fast. If you know what type and amount of coverage you are looking to get, get your quote using our software and click apply online. However, if you require assistance from our expert advisors, we will set up an online or in-person meeting with you to review your needs analysis and assist you with making your decision.
Depending on the amount of coverage and the life insurance provider you have chosen, you may or may not be required to complete a medical examination. Once the medical review and the underwriting process are complete, you will be offered your insurance coverage, and the process is completed. Start covering your family from today.
Email: Contact@apluswealth.com
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