If there is one thing Canadians do not have is enough choice when it comes to life insurance. There are currently over 100 life insurance companies that sell policies so you can be forgiven if you’re feeling a little overwhelmed. For those looking for whole life insurance, the question becomes even more confusing. Despite the fact there are so many insurance companies, not all of them offer whole life insurance plans. The reason is that because whole life insurance is a much more involved and complex product. So how do you find a company that offers whole life insurance and how do you know if it’s a good company to invest with.
The following list features companies that are among the largest life insurance brands in Canada. All of them offer whole life insurance.
Canada Life Financial Corporation
BMO Life Assurance Company
Desjardins Financial Corporation
Empire Life Financial Corporations Limited
Great West Life Assurance Company
Industrial Alliance Insurance and Financial Services Incorporated
Manulife Financial Corporation
Sun Life Financial Incorporated
The Maritime Life Insurance Company
Wawanesa Mutual Insurance Company
For the majority of people, being insured with a large company is a good bet. The test of time is a pretty good predictor that an insurance company will continue to exist well into the future.
It is important to note that any life insurance company in Canada are members of Assuris which guarantees that any death benefits are paid out even if the company were to collapse. This is a legal requirement for all insurance companies must adhere to in order to offer life insurance in Canada. In the event of a company’s financial collapse, your policy would be transferred to a solvent insurance company and your coverage would continue. This is not the ideal, but can afford you peace of mind, especially given the recent global economic turmoil. Any reputable broker or insurance professional will be dealing with companies backed by Assuris. For those who would like to extra sure, Assuris.ca has a list of its member companies published on its website.
If you would like to get a personalized whole life insurance quote, we can help. Our nationwide network of affiliate brokers represent these companies, plus many other established companies. Speaking with a qualified professional is the first step and helping you take it is our speciality. Experience the free service that more Canadians are taking advantage of everyday and see how easy getting insured can be with LifeCover.ca.