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Life insurance can be a very beneficial asset to have, especially for those with loved ones who depend on them financially.

Choosing a life insurance policy isn’t always an easy thing to do. There are lots of avenues to choose from and many insurance quotes to consider.

Finding a policy that is affordable isn’t just a case of asking and receiving. Insurance companies take a lot of things into account before they decide on a quote for a specific person.

Some of the factors that play into their quotes include a person’s age, gender, medical history and lifestyle. Shopping around for quotes is the best way of finding the most affordable price and most beneficial policy.

For those who are looking for life insurance, there are more than 30 insurance companies in Ontario alone. To help make shopping around easier, the following are the top 6 life insurance companies in Ontario:

  1. The Manufacturer’s Life Insurance Company


Coming in at number one is the Manufacturer’s Life Insurance Company, also known as Manulife. This company was founded in 1887 and has since grown to be one of the strongest and most secure insurance companies in the world.

With more than 26 million customers worldwide, Manulife employs 34,000 people and has 74,000 agents. The current premiums total more than 4.5 million and their total assets equal more than 227 million.

Manulife is the largest Canadian insurance company by total assets, and the value of insurance premiums in Canada total $49.3 billion USD.

People often choose Manulife for its longstanding success and stability in the industry. Not only does the company support the unique needs of its customers, but it also supports its communities.

Customers can trust that they’re investing with a company that won’t disappear before their term life insurance does.

  1. Sun Life Assurance Company of Canada 


Sun Life ranks second in the top life insurance companies in Ontario. Founded in 1865, Sun Life is one of the oldest and most successful insurance companies in the world.

In 2016, the business reported a revenue of more than $28 billion CAD, with expectations to see that number rise.

Total premiums equaled a little more than $4.3 million, with total assets coming in at approximately $211 million.

As a very forward-thinking business, Sun Life has solutions for every stage of life. Whether a client is just starting out, building their life, or retiring, there are options for everyone.

  1. London Life Insurance Company

London Life

 Founded in London, Ontario in 1874, London Life is one of the oldest insurance companies in the province. The company is best known for its “Freedom 55” slogan, which encourages people to save enough that they could retire by the age of 55.

Their flexible policy plans reflect the current needs of every client, while also keeping an eye on future financial goals. They also encourage smart savings plans, such as RRSPs, mutual funds and segregated funds depending on the situation.

In terms of direct written premiums, London Life currently provides approximately 1.5 million, with assets totaling almost 86 million.

Products range from individual insurance and businesses to group benefits, group retirements and wealth management.

  1. The Canada Life Assurance Company 

Canada Life

The Canada Life Assurance Company was founded in 1847 and offers a range of health, life, and disability policies for groups and individuals.

This company is active in helping individuals, families, and businesses with a range of policy products. Whether someone is looking for insurance or investment opportunities, Canada Life has something for them.

Aside from supporting their clients, this insurance company also supports initiatives across the country. The goal is to support programs that strengthen communities, including arts and culture programs, health and wellness, and social services.

Direct written premiums amassed by the company total more than 2 million, and total assets total more than 62.5 million.

  1. The Great-West Life Assurance Company

Great West Life

At the 5th spot for the top life insurance companies in Ontario, is the Great-West Life Assurance Company. The business was founded in 1891 in Winnipeg and was meant to go up against the eastern-based competition.

In terms of direct written premiums, the Great-West owns slightly more than the Canada Life Company 2.7 million. Assets for the company total approximately 53 million.

The Great-West puts a huge emphasis on saving for retirement and offers a lot of helpful advice and guidance for choosing a retirement plan.

Aside from retirement, life and health insurance policies are available including term life, universal life and participating life insurance options. Both clients who want to save and those who want to invest will find products for their needs.

The website also happens to be very convenient and easy to use. It is filled with informative articles and simplistic access to personal information that can be updated online.

  1. Industrial Alliance Insurance and Financial Services Inc.

industrial alliance

In the sixth spot is Industrial Alliance, which was founded in 1892. Its main headquarters are located in Quebec City, and the prospering business employs more than 5,000 individuals.

In 2010, the company made Forbes Magazine’s “Global 2000” list, after the company began expanding into the US market.

The list of policies and wealth management options seem almost limitless, with IA offering a wide range of coverages. Some of the policies to choose from include:

  • Life insurance
  • Home insurance
  • Critical illness
  • Personal accident insurance
  • Travel insurance
  • …and more.

IA considers all of the various stages of life and works with clients to find the best options for their current situations and future financial goals.

The company has more than 1.2 million direct written premiums and almost 50 million in total assets.

Choosing a Life Insurance Company  

With more than 30 companies to choose from in Ontario, it’s not always necessary to go with one of the best. However, these companies have some of the longest-standing businesses and offer the stability that insured clients need.