Finding Insurance Companies in Canada to provide you with life insurance is not going to be a problem. As there are plenty of these types of companies that are going to be willing to sell you their products. The challenge will be with finding the Company that is going to provide you with the life insurance that you need as an individual. Also, at the cost of premiums that is acceptable to you. Contrary to the belief of many, all insurance companies are not the same. Nor, are life insurance policies identical.

Biggest Life Insurance Companies In Canada

business

When one is set on buying life insurance, they may assume that the biggest life insurance companies are going to be the best ones to do business with. The biggest life insurance companies are;

  • Manulife
  • Great West Lifeco, Inc.
  • Sun Life Financial
  • IA Financial
  • RBC Insurance
  • Empire Life

Best Life Insurance Companies

Any time you are going to spend money, then you want to make sure you are getting good value for your money. This means dealing with the best company offering the best products. To start this life insurance buying journey one may want to look at what are considered to be the best life insurance companies in Canada. Just as importantly is why they are considered to be the best. It doesn’t just mean because they are the biggest they are automatically the best. The best life insurance companies are going to be those that can best suit each insurance shopper’s specific needs.

What Allows a Life Insurance Company to Be Rated as the Best?

It is a collection of attributes that push an Insurance Company into the best ratings:

  • Strong Financial Stability
  • High ratings from  Financial Institutions
  • High ratings from consumer Institutions
  • Have a reputation for paying out life insurance claims
  • Educate their clients on what they have to offer which allows them to make informed choices

Authorities Who Rate Life Insurance For Their Financial Strength

  • A.M. Best Company
  • DBRS Limited
  • Fitch Ratings
  • Moody’s Investors Service
  • Standard & Poor’s Ratings Service

Where to Buy Life Insurance in Canada

If you use this title as a search term what you are going to find is a list of insurance companies who serve those in Canada who want to buy life insurance.  The internet is a good resource for finding the resources for buying life insurance. But, doing a search like this should only be the beginning of your journey for buying life insurance.

The problems with stopping here are:

If you are going to use what you see in the search engines as your starting point there are going to be some challenges for you;

  • You are going to have to call each insurance company listed separately.
  • The time to call all of the insurance companies in Canada that may have something to offer you is going to consume a great deal of time.
  • Frustration is soon going to set in as you are going to have to fill out an application with each of them to get the quotes you are looking for.
  • Shopping for insurance this way is going to lead to confusion. Being as there are so many different types of life insurance products to choose from.

Your Options for Buying Life Insurance

Another great advantage that comes with buying life insurance in Canada is that there are options of where to buy this important insurance product.

Buying Direct

There are some insurance Companies in Canada that will let you buy your life insurance Product directly through them.

Advantages:

  • You don’t have to make any decisions as to who you want to choose as your insurance provider.
  • You don’t have to go through a third party.
  • The health-related questions may not be as intense when buying direct.

Disadvantages:

The disadvantages of buying insurance this way far outweighs the advantages;

  • The rates are normally higher.
  • There may be no opportunity for preferred rates.

Buying Insurance Through an Agent

agent

Some insurance companies prefer to sell their life insurance products through designated agents.

Advantages

  • The insured has one individual that they are dealing with.
  • The agent should be knowledgeable in the type of life insurance policy they are selling.

Disadvantages

  • The premiums may be higher due to lack of competition.
  • The agent may not be selling the best product specifically for the individual. They may have quotas that they have to meet based on specific life insurance products that they are selling.
  • The choices of different types of life insurance products may be limited.

Buying Through Independent Brokers

Another opportunity for buying life insurance is to buy through an independent broker. These brokers will team up with a select number of life insurance providers. Clients come to them with a life insurance need. The broker will obtain quotes only from those who they have affiliated with.

Advantages

  • These brokers can find lower insurance prices among those that they represent.
  • They may be able to offer more choices and options in life insurance products.
  • They have the choice of which insurance providers they want to represent.

Disadvantages

  • The brokers will only shop among those insurance companies that they are affiliated with.
  • The brokers may not be fully versed in the several different types of insurance products that are available.
  • These insurance brokers may not have the support they need to promote the best insurance deals to their clients.

Buying Insurance Through Quotes

buying

It can be hard to choose which method to use to buy life insurance. When all one wants to know is how much it is going to cost them. There is an easy way to speed up the process. It is by utilizing a good quality well-established life insurance quote provider.

Advantages

  • These quote providers have a large database of pertinent information that allows them to get the cheapest quotes. Based on the information that is provided to the quote finder.
  • It only means having to fill out an application once. To get a preliminary quote. Which helps to narrow down the choices. Although realistically the quotes could changed upon further investigation by the proposed insurance company.
  • It is a huge time saver. Nobody has the time to call multiple insurance companies and go through the initial process required for buying life insurance.
  • Insurance shoppers are going to get quick access to the lowest rates that are available. Plus, they get the chance to choose from the selection of quotes they are given.

Disadvantages

There are none to speak of except those that are commonly based on the choice of insurance company made from the quotes. For example, one may choose an Insurance company that deals through agents. Then there will be the disadvantages that are common with buying this type of insurance.

The important thing to remember is that you have options for buying life insurance in Canada. You should become informed about these options so you can get the best insurance based on your needs.

Resources:

https://www.investopedia.com/articles/markets/091615/6-biggest-life-insurance-companies-canada.asp
https://lsminsurance.ca/life-insurance-canada/2011/02/independent-vs-captive-pros-cons