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Top 10 Best Life Insurance Companies in Toronto, CA in 2023

After reading this guide on the top life insurance companies in Toronto, you’ll be prepared to ask all the right questions before deciding what type o
Top 10 Best Life Insurance Companies in Toronto, CA in 2023


Because life insurance protects your family and your finances if something were to happen to you, it’s important that you get the best life insurance coverage possible. But how do you go about choosing which one is best? This post will give you the top ten best Toronto life insurance companies to choose from.

Your life insurance policy is one of the most important financial instruments you can own, but it’s often an afterthought when it comes to actually purchasing one. However, with the right knowledge about different life insurance policies and the companies that offer them, you can make the right decision to ensure your family is protected and taken care of should something happen to you unexpectedly. After reading this guide on the top life insurance companies in Toronto, you’ll be prepared to ask all the right questions before deciding what type of policy you need and which company to purchase it from.

If you’re looking to protect your family and your finances in the event of your death, purchasing life insurance could be a smart financial move for you. However, with so many different life insurance companies on the market today, it can be hard to figure out which one best fits your needs. To help you make the best decision, we’ve put together this top 10 list of life insurance companies in Toronto that are based on their policy effectiveness, consumer protection, level of customer service and claim experience ratings.


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What is Life Insurance and How Does it Work?

Life Insurance is an agreement between you, the policy owner, and an insurer who agrees to pay a specified amount of money to someone else (usually a spouse or dependant) when you die. Life Insurance is also known as Death Benefit Insurance, as it pays out only after death. Life Insurance can be purchased as either Term Life Insurance or Whole Life Insurance. Term Life provides coverage for a set period of time (such as 10 years), while Whole Life insurance covers you throughout your entire life. You'll want to consider things like age and health before deciding on the type of policy that's best for you. You'll also need to determine how much money will provide enough coverage for your family.


What Types of Life Insurance Are There?

Life insurance comes in many different forms, depending on what you need. Some of the most common types are listed below. 

  • Permanent Life Insurance- This is a type of life insurance that you can buy for a set period of time, such as 20 years or until you reach the age of 65. You will pay an annual premium for this policy during the duration of the contract; however, once it is up, the premiums stop and so does coverage. If you die before the policy expires, then your beneficiary will be paid out based on the sum insured amount. 
  • Term Life Insurance- This type of life insurance is often cheaper than permanent policies because they only last for a certain number of years (usually 10 or 30). The monthly payments are much smaller too because they usually just cover one year at a time instead of an entire lifetime like with permanent policies; but the downside is that if you don’t make it to the end of your term, then no payout will occur. 
  • Universal Life Insurance- A universal life insurance policy has a mix of both fixed and variable rates over its lifespan. Variable rates depend on how well interest rates do while fixed rates remain steady throughout all parts of the plan. One important thing to keep in mind with these types of policies is that if you decide to cancel them early, then you may have to pay hefty penalties. 
  • Whole Life Insurance- With whole life insurance, your beneficiaries get everything from the cash value account as well as the death benefit when you pass away. It is important to know though that these plans cost more per m"onth because they offer more coverage than other plans typically do.


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6 reason why should need a life insurance 

1. Life insurance is necessary if you have dependents who rely on you financially. 

2. Life Insurance can replace lost income that may be needed to cover living expenses, education, or other costs for dependents. 

3. Life Insurance provides a safety net for those who are no longer able to work because of death or disability, providing them with income until they are able to return to the workforce. 

4. Life insurance can help cover medical bills not covered by health care plans. 

5. Life Insurance helps protect against rising funeral costs and future inflation. 

6. If you have children under 18, life insurance will help pay for their college education when the time comes. 


Top 10 life insurance companies in Toronto Canada: Protect your family and finances


There are a number of factors to consider when looking for the right life insurance company. Some considerations include what type of coverage, how much coverage, and which company has the best rates. The following are some of the top 10 life insurers in Toronto that can help you find what you need.


#10 - Sun Life Financial

Sun Life Financial is one of the top 10 life insurance companies in Canada. Sun Life Financial is one of the top life insurance companies in Canada because it offers both term and permanent insurance. The company offers some of the best permanent products on the market, including annuities, lifetime income riders, and universal life. They offer a variety of options for all stages of life, such as protection for children, retirement income, estate planning, or even to protect your company. Sun Life Financial offers you access to advice from professionals who can help you find the right coverage for your needs.

Sun Life Insurance Details 

Sun Life is a Canadian insurance company with headquarters in Toronto, Ontario. They were established in 1865 and have a financial strength rating of A+. The company offers life insurance products and annuities to individuals and groups in Canada and the United States, as well as to governments and not-for-profit organizations around the world. Their products include universal life insurance, whole life insurance, variable universal life insurance, permanent life insurance, variable annuities and fixed annuities. Sun Life operates through a network of more than 13,000 employees across Canada and the United States and has annual premiums of $20.9 billion with total assets of $173.2 billion.


#9 - The Co-operators

The Co-operators has been providing Canadians with quality life insurance for over 75 years. The company is recognized for its customer care, financial stability, and excellent products. The Co-operators offers a variety of term life insurance options to meet your specific needs. 

With the right coverage at the right price, you can rest assured knowing that you have done everything possible to provide peace of mind for yourself, as well as your loved ones.

Co-operators Insurance Details 

Co-operators Insurance is a Canadian insurance company founded in 1945 and headquartered in Guelph, Ontario. They are the second largest co-operative in Canada with total assets of $6.5 billion and an A+ rating from Standard & Poor’s Financial Services. Co-operators Insurance provides personal and commercial insurance to Canadians through a network of brokers and insurance agencies across the country.


#8 - Industrial Alliance Insurance and Financial Services Inc.

Industrial Alliance Insurance and Financial Services is one of the top ten life insurance providers in Canada. They offer a variety of products, including whole life, universal life, term-life, critical illness and accident coverage. Industrial Alliance is also unique because they have their own claims department which makes them more efficient than other providers that outsource this service to third parties.

Industrial Alliance (iA) Insurance Details 

Industrial Alliance is a Canadian insurance company that was founded in 1892 and is headquartered in Québec City. Industrial Alliance has an A+ financial strength rating and offers both property and casualty insurance as well as life and health insurance products to customers across Canada. The company has annual premiums of $8.6 billion and total assets of $58.3 billion.


#7 - Manulife Financial Corporation

Manulife Financial Corporation is a Canadian company that provides financial products and services, including life insurance. Founded in 1847, Manulife operates as one of the top 10 largest publicly traded general insurers worldwide. They offer various types of coverage such as term, universal, whole or group policies for individuals, families and groups. The company employs over 31,000 people around the world with about 6500 employees located in Canada alone.

Manulife Insurance Details 

Established in 1887, Manulife Insurance is a leading global financial services company and one of the largest providers of life insurance in the world. In Canada alone, it holds over 20% of the market share for individual life insurance and nearly 30% for group insurance. The company has a long history of providing sound financial advice and stability to clients, with a current rating of A+. Annual premiums are $39.2 billion and total assets are $200 billion.


#6 - State Farm Canada

State Farm Canada is one of the top 10 life insurance companies in Canada, providing protection for you and your loved ones. Life Insurance can cover expenses that would otherwise be financially devastating. If you're looking for a reliable company with a long history of excellent service, then contact State Farm Canada today. State Farm's products are available as group plans or individual plans. They offer both term and permanent policies to help suit different needs.

State Farm Canada Insurance Details 

State Farm Canada is the Canadian division of State Farm Mutual Automobile Insurance Company and a member of the State Farm group of companies. Headquartered in Toronto, Ontario, State Farm Canada has more than 500 agents and approximately 2 million customers across Canada and Puerto Rico. Financial strength ratings are supplied by A.M. Best Co., Moody's Investor Services and Standard & Poor's Corporation.


#5 - Desjardins Group

Desjardins Group is a top 10 life insurance company in Canada because they have a simple, yet comprehensive plan to offer customers. The Desjardins Group is one of the largest financial groups in Canada. The group offers many types of insurance, including life, critical illness, disability, travel medical, and more. If you are looking for a company that provides both traditional products as well as innovative ones then this company is a good choice. Desjardins has been voted among the best Canadian employers for several years running. The company offers different levels of coverage, but they all have the same basic features such as universal life, term and whole. 

The rates are also competitively priced so that people can get the best coverage at the lowest cost. 

Plus, Desjardins offers its customers valuable extras like funeral services and even an emergency card for those who are travelling abroad.

Desjardins Insurance Details 

Desjardins Insurance is the largest private insurance company in Canada and the 5th largest financial institution in the country. Established in 1948 and headquartered in Lévis, Québec, Desjardins Insurance has over 13 million customers and total assets of $39.8 billion CAD ($27.7 billion USD). The company holds an A+ financial strength rating with Moody's Investors Service and Standard & Poor’s Global Ratings and has annual premiums of $9.2 billion CAD ($6.6 billion USD).


#4 - Great West Life Assurance Company

Great West Life Assurance Company is one of the top ten most popular life insurance providers in Canada. Originally known as Western Canadian Life, Great West Life offers a variety of different plans to suit your needs. For example, for $1,000 a year you can receive $500,000 worth of coverage.

Great West Life Insurance Details 

Great West Life Insurance is a life insurance company headquartered in Québec City, Québec. They have an A+ financial strength rating and charge annual premiums of $2.3 billion. With total assets of $6 billion, Great West Life Insurance is a well-established and financially stable company that has been providing quality coverage to their customers for over 150 years.


#3 - Aviva Canada

Aviva Canada is a subsidiary of Aviva Group, one of the largest insurance and financial services groups in the world. One of the most popular product lines is their term life insurance which offers coverage for a specified period of time. Aviva also offers accidental death or dismemberment coverage, providing protection in the event that you are involved in an accident and lose limbs. If you are looking for basic life insurance coverage, this company may not be the best option as they only offer one type of policy. However, if you're looking for more comprehensive life insurance policies to protect both yourself and your family, this company has it all!

Aviva Canada Insurance Details 

Aviva Canada Insurance is the largest insurer in Québec and the third largest in Canada. They provide car, home, life and other insurance products to more than 3 million customers across Canada. Aviva Canada Insurance has a headquarters in Québec City and is rated A+ by financial strength ratings agency AM Best for its high level of safety and reliability.


#2 - Canada Life

With Canada Life, you can choose from term, whole, or universal life insurance policies. Term plans offer the lowest premiums and are designed to cover you for a specific period of time. Whole plans have lower monthly premiums but higher premiums when you buy the policy. Universal is a mix of both term and whole plans. It has lower monthly premiums than whole but higher premiums than term.

Canada Life Insurance Details 

Canada Life Insurance is a publicly traded company with A+ ratings from the major financial services companies. Canada Life provides both personal and commercial insurance products to Canadians through its branches and agents across the country. Canada Life Insurance was founded in 1846 and has been providing Canadian customers with a variety of products ever since. They are headquartered in Winnipeg, Manitoba and have A+ ratings from the major financial services companies. Canada Life provides both personal and commercial insurance products to Canadians through its branches and agents across the country.


#1 – RBC Life Insurance Company

Known as Canada's most trusted brand, RBC Life Insurance Company offers a range of protection options that are customizable to fit the needs of you, your loved ones, and your financial goals. With a comprehensive range of products that include whole life, term life, universal life and long-term disability insurance plans there is something for every stage of your life. RBC Life Insurance offers affordable coverage for Canadians across the country with a focus on excellent customer service.

RBC Insurance Details

RBC Insurance Details RBC Insurance was established in 1864 and has been providing Canadian families with financial protection for over 150 years. The company offers home and auto insurance as well as life insurance products. As a member of the global RBC Financial Group, RBC Insurance is backed by more than 100 years of experience and a strong financial strength rating of A+. The company offers a wide variety of coverage options at competitive prices and has the largest team of experts to help answer any questions customers may have.


What is life insurance Simply? 

Life insurance is a contract between you and an insurer (usually an insurance company). The insurer agrees to pay a sum of money on a periodic basis to someone designated by the policyholder if the policyholder dies during the term of the policy. 


The Number One Mistake People Make

One of the most common mistakes people make when buying life insurance is that they don't buy enough coverage. That's why it's important to speak with an expert about how much coverage you need, and how much you can afford. Life insurance may seem expensive at first, but if you get sick or injured, it will save your loved ones from a financial nightmare. They have helped many families achieve peace of mind by providing quality protection for their loved ones. 


What to do if you can’t afford it right now

If you can't afford the policy right now, it may be worth looking into a term policy. Term policies will give you the coverage for a set period of time - usually 10 years, 20 years or 30 years. These policies are cheaper than whole life because they don't build up any cash value and the premiums are lower.


How Much Life Insurance Do I Need?

The best way to figure out how much life insurance you need is by calculating the income replacement. This can be done by simply multiplying your current annual salary by the number of years until retirement. For example, if you're 40 years old and want to retire at 65, then you multiply 40 x 20, which equals $80000. That's how much money you'll need annually in order to maintain your standard of living.


Which is better, Term Life or Whole Life?

Term Life Insurance is a solution for people with a lower risk of death, or who only require coverage for a specific amount of time. As the name suggests, Term Life Insurance provides coverage for an agreed upon period of time or until the term ends. The premium is also based on how much coverage you need and how long it will last. If you die during this time frame, the beneficiaries receive a payout that varies depending on which policy you have. With Whole Life Insurance, it is not dependent on when you die but rather if there are any conditions that cause your death to be covered. For example, if someone has cancer they can still get insured under Whole Life because they are technically at higher risk of dying than someone without cancer.


Who can be the beneficiaries of a life insurance policy?

Life insurance is not just for old people. It's also for young parents, as well as those who have children or other dependents that rely on them financially. To find the best life insurance company to suit your needs, you should take a look at our list of the top 10 life insurers in Toronto.


What are the largest life insurance companies in Canada?

The top five largest life-insurance companies in Canada are Manulife, Great West Life, Sun Life Financial, Industrial Alliance, and The Co-operators. These five companies have over two million Canadian customers combined. There are many reasons to purchase a life insurance policy including protecting your family from unexpected expenses such as paying for funeral costs or keeping up with mortgage payments.


What should Canadians look for in a life insurance company?

When choosing a life insurance company, it's important to keep these things in mind: what type of coverage you need, how much you want to pay for it, who will be receiving the benefits, and whether or not the company offers dividends. The best way to find a company that meets your needs is to compare quotes from many different providers.

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How To Get A Discount On Your Policy

To get a discount on a policy, consider shopping around for quotes. There are plenty of sites that offer comparison tables to help you find the best deal. This is an important step because rates can vary widely depending on factors like age and health. You may even be able to find a rate that's less than what you're currently paying, which could save you money while also providing the coverage you need.


Things You Need To Know When Choosing An Insurer

There are many factors to consider when choosing an insurer, such as what type of coverage you want, how much coverage is needed, and if you have any pre-existing conditions. Some other considerations include the company's financial stability and customer service record. Check out these top 10 best life insurance companies for more information about some of the options available.


How Do I Decide If I Need A Death Benefit Rider?

The death benefit is the amount of money that will be paid out to the beneficiary when the insured dies. The death benefit can be a lump sum payment or an annuity, which is a series of payments. Some people only need a death benefit rider if they have dependents who will rely on their income after they die. A death benefit rider can provide financial stability for a person’s loved ones, but it comes with an additional cost.


Should I Buy Additional Riders?

When it comes to life insurance, there are a lot of options. But which one is right for you? Your answer will depend on what you want the policy to provide. For example, if you're looking for disability coverage, it might be a good idea to add that rider onto your policy. If you don't have any dependents (kids), then it may not be necessary to pay for a children's or spouse's rider.


Other Features To Consider

Selecting the right life insurance policy will take some research on your part. Here are some points you'll want to consider before buying a policy: 

* The cost of premiums may vary depending on the company, benefit amount, duration of coverage, age of beneficiary and type of policy. 

* Some policies will have a waiting period before they pay out benefits while others may start paying out right away. You'll also want to think about what happens if the insured person develops a condition that makes them uninsurable like high blood pressure or diabetes during the waiting period. Your final decision should be based on what kind of cover you need at this time as well as your future needs and current financial situation


How to choose best Life insurance in Toronto, Canada

When it comes to determining how much coverage you need, it really depends on what your goals are. 

Do you want enough coverage so that all of your dependents will never have any financial worries? Do you want enough coverage so that they won’t struggle? Or do you just want enough coverage to get by? 

Life insurance is an important decision and one we hope none of us has to make soon.


Is Life insurance protects my family from financial hardship?

Life insurance protects you and your family from financial hardship if you pass away or become disabled. The most common type of life insurance is term, which typically lasts for 10, 20 or 30 years. Term life insurance builds up a cash value, but it does not accumulate any interest over time. You can also purchase whole-life or universal-life policies that build up a cash value as well as an investment account with an interest rate.


List of The Cheap life insurance companies in Toronto

#10-Sun Life Financial: Sun Life Financial is known for its competitive rates, coverage options and user-friendly site. It also offers a handy calculator that lets you estimate how much life insurance coverage you need. 

#9 - Manulife: Manulife has been around since 1847, making it one of the oldest insurers in Canada. With an A+ rating from A.M. Best, it's a company you can trust to provide both financial security and peace of mind for generations to come. 

#8 - Great West Life Assurance Company: One of the largest providers in Canada, Great West Life offers its clients comprehensive coverage with flexible payments. 

#7 - Royal Bank Of Canada Group Insurance: The Royal Bank of Canada Group Insurance was founded on January 1st 1988 by Royal Bank of Canada. 

#6 - CAA Manitoba Group Benefits: CAA Manitoba Group Benefits specializes in providing benefits solutions to Canadian families and employers across the country. They're accredited with top ratings from AM Best and Standard & Poor's, so you know they'll be there when you need them most. 

#5 - Aviva Canada: Aviva provides a number of products designed to suit different needs such as income replacement, long-term care or critical illness protection. Aviva has a proven history of delivering innovation and helping people through tough times. 

#4 - Desjardins General Insurance Co.: Desjardins General Insurance Co. is committed to helping Canadians protect their livelihoods, retirement goals, assets and memories throughout their lives. As Canada’s leading cooperative insurer and 2nd largest provider of auto insurance in the country, Desjardins has built a reputation for excellence by partnering with customers who share our values. 

#3 - RBC Insurance: RBC Insurance helps manage risk by offering a range of products and services including home, health and auto insurance. For more than 100 years, we've helped make sure Canadians are always protected. 

#2 - Great-West Lifeco Inc.: In addition to being one of the leading providers of life insurance in Canada, Great-West Lifeco Inc., offers wealth management services as well as owning some very popular brands like Investors Group and London Life.

#1- Which Company are think Please Tell us on Comment ☺ 


Frequently Asked Questions 

What is life insurance?

Life insurance is a contract between you and an insurer which pays you benefits in the event of death or permanent disability to provide for those who depend on you financially or otherwise.

What are the different types of life insurance policies?

There are many different types of policies, but some include whole-life, term-life, universal, or accidental death.

What do I need to know before purchasing a life-insurance policy?

Before purchasing any life-insurance policy, it’s important to understand what type of coverage will best suit your needs. You may want to consider whether you’re buying life insurance for yourself or for your family and how much coverage will be necessary. It's also important to ask questions about who will get the proceeds from the policy, when they'll receive them, and other details. Once you've determined which type of life-insurance policy is right for you, use Bankrate's comparison tool to find out which companies offer the cheapest rates in Toronto.

How much do I need?

You should get enough coverage to replace at least six months' worth of income, plus any outstanding debts, such as mortgage payments or loans from family members, that would have to be paid if you died suddenly. It's also important to buy enough coverage so your beneficiaries will not have financial difficulties.

Will my rates go up over time?

Yes, rates generally increase with age because older people are more likely to die than younger people due to health risks like heart disease or cancer. However, premiums can rise and fall based on the information you give when applying for coverage. For instance, smoking cigarettes can make your rates jump by 50%. There are ways to reduce this risk, but sometimes the best course of action may be to wait until later in life before buying coverage. Generally speaking, it’s wiser to protect yourself now while you’re young and healthy rather than regretting it later on when your health has deteriorated and you no longer qualify for preferred rates.

What are some of the best life insurance companies in Toronto?

Some of the top-rated Canadian insurers are Aviva, The Co-operators Group Limited (The Co-operators), Manulife Financial Corporation (Manulife) and Sunlife Financial Inc. (Sunlife).

Who offers whole life insurance?

Whole life insurance provides a guaranteed lifelong payout, regardless of how long the policyholder lives and regardless of what happens to interest rates or other factors affecting traditional investments. Premiums for whole life insurance remain level throughout the policyholder's lifetime and never change except for inflation adjustments.

Why should I buy term instead of whole life insurance?

With term insurance, the death benefit amount is specified for a specific period of time – say 10 years or 20 years. You can decide whether you want protection for a shorter period of time (say five years) or a longer period of time (up to 30 years). If you choose 20 years, then after 20 years the coverage ends and no further premiums are required. Your beneficiary receives only one lump sum payment at that point.


Bottom Line

The best way to find the right life insurance company is by checking out what types of products they offer, how much coverage you want, the type of coverage (term or whole), and how much it will cost. Once you've narrowed down the list to a few that seem like good options for you, make sure to read their reviews on sites like Yelp or Google.

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