There are many life insurance companies in Canada. By many, it means that more than 20 million people in Canada have life insurance based on 2019. The count keeps increasing even in 2020. Canadian market benefits from 160 life and health insurers and that include both domestic and foreign companies. If you are a Canadian and want to invest money in life insurance companies, it will take a while for you to sieve out the best life insurance company. Here is a list of 4 best companies in Canada.
1. Manulife Financial
Almost everyone is familiar with Manulife as it is Canada’s largest insurance company. The company operates real estate and reinsurance businesses. It generated $61.4 billion in 2019. And in 2018, the company generated a whopping 5.6 billion in core earnings for its market. The core earnings for 2019 was USD 462 million in the U.S market.
Manulife offers group benefits and retirement plans for its clients. The company also offers investment products and wealth management services. They operate business operations in North America and Asia.
2. Great-West Lifeco, Inc.
Looking for an international financial service that offers its services in most parts of the world such as North America, Europe, and Asia? Great-West Lifeco, Inc is your answer. The company and its subsidiaries market insurance and financial services products. They also offer life and health insurance policies like general health, illnesses, and disability. They also grant investment services, retirement income, pension plans, wealth protection, and many more benefits.
3. Sun Life Financial
Sun Life Financial is a global financial service company with branches worldwide. Sun Life not only has the main office in Canada but also in North America, the UK, Ireland, India, the Philippines, and China as well. The company reports almost $30 billion in net income in 2019. They offer services like health, dental, and disability insurances and investments. Like Great-West Lifeco, they also offer retirement services.
4. RBC Insurance
RBC Insurance is a subsidiary of the Royal Bank of Canada. So, if you are a client of the bank you are going to reap the benefits of RBC Insurance. The Bank is Canada’s biggest bank and one of the largest banks in the world. The bank generated 46 billion Canadian dollars in 2019 and a market capitalization worth $151 billion. RBC Insurance provides domestic insurance products, home/auto policies, and travel insurance. They also proffer retirement and wealth management services, credit protection plans, loans, and mortgages. In short, you are getting all benefits under one roof.
The insurers altogether in Canada collect $117 billion per year. If you are seeking the best life business insurance in Toronto Canada to get sorted, Manulife Financial and RBC Insurance are your best place. Being the largest life insurance Manulife will provide you various facilities. On the other hand, for credit cards, loans as well as life insurances you have RBC Insurance.