Life insurance is something that everyone should have irrespective of their marital status. Insurance is helpful for your loved ones because, in the event of your death, they get your insurance money and this way you can ensure that their life after you are secured.

A good insurance plan can ensure that any mortgage, education, or loan is taken care of even with you not around. There are many life insurance companies available in Canada for 2020 that offer various types of insurance plans that can be perfect for you.

Best Life Insurance Companies in Ontario Canada to consider before buying life insurance.

Manulife Financial

Being one of the biggest insurance companies in Canada, Manulife Financial has made a revenue of $58.4 billion. It was established in 1887 and is one of the oldest insurance companies. The company offers various health and life insurance plans such as group benefits, wealth management services, retirement plans, and investment products. It also has a global estate and reinsurance business. The company has spread out its services across Asia and North America.

Headquarters: Toronto, Canada
CEO: Roy Gori (1 Oct 2017–)
AUM: CA$935 billion (2015)
Subsidiaries: Manulife Bank of Canada, Manulife Philippines

Contact Details:
Address: 200 Bloor Street East
Toronto, Ontario, Canada M4W 1E5
Phone: +1 416-926-3000


Great-West Lifeco, Inc.

Great-West Lifeco, Inc. is one of the biggest international financial service company based in Canada. It was founded in 1847 and is valued at more than $260 billion with a revenue of more than $10 billion. Through its various subsidiaries, the company offers financial and insurance services in Asia, Europe, and North America.

As part of the insurance services, the company offers a wide range of health and life insurance services that include disability, general health, and insurance for critical health. Apart from insurance, the company also offers wealth management and protection, savings, investment, and retirement plans.

Headquarters: Winnipeg, Canada
Number of employees: 19,000 (2008)
Subsidiaries: The Great-West Life Assurance Company, MORE
Parent organizations: Power Financial, Power Corporation of Canada.

Contact Details:
Address: 100 Osborne Street North
Winnipeg, Manitoba R3C 1V3, Canada.
Phone: +1 204-946-1190


Sun Life Financial

With the revenue of almost $30 billion, Sun Life Financial is one of the major life insurance companies in Canada. Established in the year 1865, the company has gained its trust with its services in different countries around the world. The company has its financial services spread out throughout many countries such as the Philippines, China, India, United Kingdom, North America, etc. It offers insurance services of health, disability, dental, etc. along with investment, retirement, savings, and financial planning services.

Customer service: 1800 270 7000
Headquarters: Toronto, Canada
Revenue: 2,699.7 crores CAD (2018)
Subsidiaries: MFS Government Markets

Contact Details:
Address: 1 York Street
Toronto, Ontario M5J 0B6, Canada
Phone: 416-979-9966


IA Financial Group

IA Financial Group is yet another international insurance company that was founded in 1892 in Canada. The company offers various health and life insurance and financial services. The IA Financial Group has many divisions that cater to various services and products. It offers mutual funds, life and health insurance, bonds, securities, home and auto insurance, etc. The company has said to have collected a premium of $10 billion premiums in 2018 alone. The total revenue of the company is more than $3 billion in a year.

Headquarters: Quebec City, Canada
AUM: $71.516 bil Jun11 16.2%
CEO: Denis Ricard (1 Sep 2018–)
Subsidiaries: Industrial Alliance Securities Inc

Contact Details:
Address: 1080 Grande Allée West PO Box 1907, Station Terminus
Quebec City, Quebec G1K 7M3
Phone: 1-844-442-4636


Empire Life Insurance

Founded in 1923, Empire Life Insurance is one of the leading life insurance and financial service companies. It offers individual and group life, investment, and health products. The company also offers wealth management products. The insurance products include critical illness, special plans for employees or group insurance for companies, etc.

Also Read: Best Car Insurance Companies in Canada

It also offers insurance in case of accidents for both individuals and companies. As part of the wealth management services, the company offers portfolio and segregated funds, mutual funds, Guaranteed Interest Options, retirement saving plans, etc.

Number of employees: 900
Headquarters: Kingston, Canada
Parent organization: E-L Financial Corp. Ltd.
Subsidiaries: Empire Life Investments Inc.

Contact Details:
Address: 259 King Street East, Kingston,
Ontario, K7L 3A8, Canada

Phone: 1+ (613) 548-1881


RBC Insurance

A subsidiary of the Royal Bank of Canada, which is one of the biggest banks in Canada, RBC Insurance is one of the leading insurance companies in Canada. It provides a wide range of insurance services such as reinsurance, auto, home, wealth, health, travel, and life. It also offers business and creditors insurance services.

As part of the credit insurance, the company offers services for mortgage, credit card balances, and loans. The company is said to have a capital of $114 billion with a revenue of around $31 billion. It has spread its services not only in Canada but across the globe.

Headquarters: RBC Royal Bank
CEO: Neil Skelding
Subsidiaries: Royal Bank of Canada

Contact Details:
Address: 6880 Financial Dr, Mississauga, ON L5N 7Y5, Canada
Phone: 1-800-769-2568, +1 905-286-5099


BMO Life Insurance

The company is a subsidiary of BMO Financial Group that was established in 1817. The company offers insurance plans such as term life, flexible permanent life insurance, and multiple coverage insurance plans. There are different advantages of each plan and almost all of them are cost-effective.

Apart from these three categories, the company also offers accidental death benefits, travel insurance, guaranteed hospital cash, retirement programs, etc. Hence, you can choose the kind of insurance you need for your family and you.

Headquarters: Ontario, Canada
CEO: Peter McCarthy

Contact Details:
Address: 60 Yonge Street Toronto, Ontario M5E 1H5

Phone: +1-855-422-8690


ScotiaLife Financial

An insurance subsidiary of Scotia Bank in Canada, ScotiaLife Financial offers various kinds of insurance products to individuals and families. The insurance plans include health insurance, life insurance, auto insurance, travel insurance, and creditor insurance. The company offers insurance plans based on the needs and requirements of its customers.

Health insurance includes hospitalization, critical illness, and dental insurance. The company also offers auto and home insurance that includes property damaged due to fire, theft, water, vehicle accidents, etc. One can get quotes from the company through their website.

Headquarters: Ontario, Canada
CEO: Mark Cummings
Subsidiaries: Scotia Bank Canada

Contact Details:
Address: 100 Yonge Street, Suite 400
Toronto, Ontario, M5H 1H1

Phone: +416-866-7075


TD Life Insurance

TD Life Insurance is one of the leading companies in the insurance sector that was established in the year 2001. The company is known for its various insurance products and services that it offers. The company has two categories of insurance products, i.e. general insurances and health and life insurances.

The company offers protection from unfortunate circumstances for homes and automotive at a most reasonable price. The insurances are customized according to the needs of the customers. Its quality products and customer relations have made the company one of the top insurance companies in Canada.

Headquarters: Ontario, Canada
CEO: Bharat Masrani

Contact Details:
Address: 320 Front St W, Toronto, ON M5H 1T1, Canada

Phone: +1 888-756-5666


Equitable Life Insurance

Equitable Life Insurance was established in 1920 in Canada. The company offers its customer’s customized services and financial security. It offers a wide range of products such as insurance policies, investment packages, and insurance for critical illnesses. The company offers term life insurance plans for various age groups.

Headquarters: Ontario, Canada
CEO: Ronald Beettam

Contact Details:
Address: 1603, Stn Waterloo
Waterloo, Ontario N2J 4C7

Phone: 519.886.5110

Toll-Free: 1.800.722.6615

If you want to choose this plan for your family, then the company can customize it for you as per your needs. Permanent life insurance will give you guaranteed premiums, death benefits, and cash values. Many such insurance plans offered by these companies are quite beneficial.