Life Insurance Companies in Canada

Many people starting their journey of learning about life insurance begin by researching life insurance companies.  There is a myriad of different life insurance companies on the market in Canada and it is difficult to know where to start.

Different Life Insurance Companies on the Market in Canada

One good way to start is by visiting the website www.assuris.ca.  Assuris is a non profit organization that protects policy holders, of member organizations, in the event that the life insurance company fails.

In the event that a life insurance company fails, Assuris will seek to transfer your policy to a solvent company.  Assuris will cover 100% of guaranteed benefits up to certain limits.  The death benefit limit is $200,000, the health expense limit is $60,000, the monthly income limit is $2,000/month, and the cash value limit is $60,000.  In cases where the policy holder’s guaranteed benefits exceed the prescribed maximum, Assuris will cover either 85% or the maximum limit, whichever is greater.  For investment products, Assuris will cover up to $100,000 of accumulated value.  This is similar to the CDIC (www.cdic.ca) coverage limit of $100,000.  The full list of CDIC member companies are listed below and can be found on the Assuris website (https://assuris.ca/how-am-i-protected/list-of-assuris-members/).

Canada Life Insurance Companies

A

Acadia Life

Aetna Life Insurance Company

Allianz Life Insurance Company of North America

Allstate Life Insurance Company of Canada

American Bankers Life Assurance Company of Florida

American Health and Life Insurance Company

American Income Life Insurance Company

Assumption Mutual Life Insurance Company

AWP Health & Life SA

AXA Equitable Life Insurance Company

B

Blue Cross Life Insurance Company of Canada

BMO Life Assurance Company

BMO Life Insurance Company

Brookfield Annuity Company

C

The Canada Life Assurance Company

The Canada Life Insurance Company of Canada

Canadian Premier Life Insurance Company

Canassurance Hospital Service Association

Canassurance Insurance Company

La Capitale Civil Service Insurer Inc.

La Capitale Financial Security Insurance Company

Chubb Life Insurance Company of Canada

CIBC Life Insurance Company Limited

CIGNA Life Insurance Company of Canada

Combined Insurance Company of America

CompCorp Life Insurance Company

Connecticut General Life Insurance Company

Co-operators Life Insurance Company

D

Desjardins Financial Security Life Assurance Company

E

The Empire Life Insurance Company

The Empire Life Insurance Company

F

First Canadian Insurance Corporation

Foresters, compagnie d’assurance vie

G

Green Shield Canada

H

Humania Assurance Inc.

I

Industrial Alliance Insurance and Financial Services Inc.

Ivari

J

Jackson National Life Insurance Company

L

Life Insurance Company of North America

LS-Travel, Insurance Company

M

The Manufacturers Life Insurance Company

Manulife Assurance Company of Canada

MD Life Insurance Company

Medavie Inc.

Metropolitan Life Insurance Company

N

National Bank Life Insurance Company

New York Life Insurance Company

P

Pavonia Life Insurance Company of Michigan

PBC Health Benefits Society o/a Pacific Blue Cross

Primerica Life Insurance Company of Canada

R

RBC Life Insurance Company

Reliable Life Insurance Company

S

Scotia Life Insurance Company

SSQ Life Insurance Company Inc.

Sun Life Assurance Company of Canada

Sun Life Insurance (Canada) Limited

T

TD Life Insurance Company

Trans Global Life Insurance Company

TruStage Life of Canada

U

The Union Life, Mutual Assurance Company

United American Insurance Company

V

Viaction Insurance inc.

W

The Wawanesa Life Insurance Company