When it comes to life insurance, there are always so many questions. There are currently dozens of life insurance companies in Canada, each offering a variety of different policies. So how do you know exactly which policy is right for you?
The first step would be to understand the different types of life insurance policies available. The most prevalent sorts of life insurance are term, whole life, and universal life insurance. Let’s have a more in-depth look at these policy types.
Types of Life Insurance Policies
Term Life Insurance
The most basic sort of life insurance is term life insurance. It provides coverage for a specific period of time, typically 10, 20, or 30 years. Your beneficiaries will receive a death benefit if you happen to pass on during the term of the policy. If you make it to the end of the contract, your policy will be terminated and you will no longer be covered.
Whole Life Insurance
Whole life insurance is a form of long-term life insurance. It spans the rest of your life, provided you pay your premiums on time. Whole life insurance includes a cash value component, which essentially grows over time and can be used to cover expenses in retirement or during a financial emergency.
Universal Life Insurance
Universal life insurance is a type of permanent life insurance that offers flexibility in how you use it. You can choose to increase or decrease your coverage, and you can use the cash value component to help cover any existing or future expenses.
Top Canadian Life Insurance Companies
Now that you understand the different types of life insurance available, you can compare policies from different companies. Below is a list of some of the top life insurance companies available in Canada.
Manulife
Manulife is one of the largest life insurance companies in Canada. They offer a plethora of life insurance policies, and the best insurance for digital innovation. Manulife also has a strong focus on customer service, with 24/7 assistance available for policyholders.
Sun Life
Sun Life is another large life insurance company in Canada. They offer a wide range of policy types, and offer the best insurance packages for in-person purchase . Sun Life has a number of unique policies, such as their combined policy packages.
PolicyMe
When you’re ready to start comparing life insurance policies, PolicyMe is the best place to start. The company makes it easy to compare quotes from different companies, find the right policy for your needs, and apply for coverage online. Plus, the smart tools and resources can help you understand everything you need to know about life insurance so you can make the best decision for yourself and your family.
Industrial Alliance Insurance and Financial Services Inc.
Industrial Alliance is a leading provider of life insurance in Canada. They provide a good range of policy types, and the best kind of insurance for a full suite of products. Industrial Alliance has a number of unique policies, such as their no medical life insurance policy.
Great-West Life
Great-West Life is one of the largest life insurance companies in Canada. They have a substantial number of policy types, and offer a quick and easy online application without the need for a medical test. Great-West Life also has a number of unique policies, such as their mortgage life insurance policy.
Desjardins Insurance
Desjardins Insurance is one of the largest life insurance companies in Canada. They offer a variety of policy types, including term life, whole life, and universal life. Desjardins Insurance has a number of unique policies, such as their survivorship life insurance/joint life insurance policy.
Canada Life
Canada Life is one of the oldest and largest life insurance companies in Canada. They offer a variety of policy types, including affordable policy coverage pricing. Canada Life also has a number of unique policies, and remains one of the best options for combo coverage.
Western Life Assurance Company
Western Life Assurance Company is a leading provider of life insurance in Canada. They offer a range of policy types that come standard with immediate coverage. Western Life Assurance Company has a number of unique policies, such as their no medical life insurance and credit life insurance policies.
RBC Insurance
RBC Insurance is one of the largest life insurance companies in Canada. They offer a variety of policy types, and the best value for money packages. RBC Insurance has a number of unique policies, such as their variable life insurance packages.
Co-operators
Co-operators is a leading provider of life insurance in Canada. They offer a variety of policy types, including term life, whole life, and universal life. Co-operators also have a number of unique policies, such as their credit life insurance policy.
The Bottom Line
There are a lot of life insurance companies in Canada, and each offers a variety of policy types. Use this guide to understand the different types of life insurance available and compare quotes from multiple companies. It will help you find the right policy for your needs and budget. As mentioned, there are a variety of different policy types available, and it’s important to choose one that suits you.
These are just a few of the top life insurance companies in Canada; there are so many more out there. Learn more by reading life insurance reviews, use an online life insurance quote tool to compare policies before you decide and make sure you get the coverage that suits you best.
Disclaimer: This article contains sponsored marketing content. It is intended for promotional purposes and should not be considered as an endorsement or recommendation by our website. Readers are encouraged to conduct their own research and exercise their own judgment before making any decisions based on the information provided in this article.
