The Top 10 Life Insurance Providers In Canada for 2023

Canada Life, Manulife, Industrial Alliance, Sun Life, and Desjardins are the largest Canadian life insurance companies in terms of assets. 

Even though most people know they are big names, choosing an insurance company can be difficult. The truth is Canada is a hotbed for the insurance industry. 

The largest insurance companies in Canada all compete with one another to offer you an array of services. This includes insurance services, financial services, coverage and more. Knowing how to go about choosing the right insurance company is challenging because of how much competition there is among large insurance companies. 

The Largest Canadian Insurance Companies

We’ll discuss the top 10 insurance companies in Canada. Some of the ones that have made it onto the list are considered to be the biggest insurance companies in the world. With that said, read on to learn more. 

  1. TD Insurance

One of the most well-known financial companies in Canada is TD Canada Trust, which TD Insurance is part of. TD Insurance offers several options to those who want term life insurance. They also offer things such as car insurance, credit protection, home insurance, condo insurance and motorcycle insurance, to name a few. 

  1. Manulife 

Manulife is short for the Manufacturers Life Insurance Company, which is part of the Manulife Financial Corporation. The company is a financial services provider and an insurance company that has a strong presence throughout the United States and in South East Asia. In the States, they operate via their subsidiary John Hancock. 

The company was incorporated as the Manufacturers Life Insurance Company back in 1887. Since then, they’ve grown to become the biggest insurer in Canada. They offer an array of investment plans, personal insurance products, and group insurance plans. 

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  1. The Canada Life Assurance Companies

This company was created when the sister companies of Great West Life merged in 2019. They offer creditor insurance, disability, term life, and critical illness insurance. Furthermore, they offer consumers savings and investment solutions such as mortgages, segregated funds, business insurance, and annuities.

  1. Blue Cross Life

Throughout the country, the Canadian Association of Blue Cross represents those who have Blue Cross plans. This company specializes in individual health benefits, dental benefits, travel insurance, and group insurance. Members of the Blue Cross also receive a number of discounts on products such as medical products, vision care and more.

  1. Equitable Life Insurance Company of Canada

In Canada, this company is the largest federally regulated company of its kind. They sell group benefits, retirement solutions and savings solutions. They also sell health and life insurance products.

  1. BMO Life Assurance Company

This company was founded in 1817, and they are among the largest financial companies in the country. In fact, BMO could very well be the largest one in the world. They offer permanent and term life insurance, critical illness insurance, travel insurance, and accident insurance. Guaranteed investment funds and income annuities are also offered by BMO Insurance.

  1. Desjardins Financial Security

Desjardins is a big name in the life insurance industry, and the main products they offer are life and health insurance, but they also offer wealth management services, home insurance, as well as casualty coverage. Not only that, but they provide POS payments and cash management services to businesses.

  1. Canada Protection Plan

In 1992, the Canada Protection plan was launched. The company is an insurance intermediary that is privately owned. They offer an array of insurance products to consumers throughout Canada. 

The company is known for designing plans for individuals based on their needs. In fact, they are known for being a unique company in the marketplace. The products they offer are simple, but they are high-quality products. This is why more and more consumers are turning to Canada Protection Plan for their life insurance needs. 

Also, the Canada Protection Plan rates are competitive. They even cater to those who have been refused coverage in the past. Canada Protection Plan can also offer plans to those with pre-existing conditions.

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  1. RBC Life Insurance

Royal Bank of Canada operates RBC Insurance, which is considered one of the best financial services companies in North America. They offer products such as car insurance, health insurance, and travel insurance, to name a few. They also provide reinsurance advice, wealth advice and much more. 

  1. Industrial Alliance Life Insurance

Industrial Alliance Life Insurance is one of the biggest companies in the industry, and they also do business in America. It was launched in 1892, and they provide products to groups and individuals. IA prides itself on being much more than just an insurance company. 

The company deals with real estate, as well as property management. Not only that, but they offer investment plans and savings plans. This includes an array of securities and registered plans. 


When it comes to your financial security, there are lots of reasons to choose a large insurance company. Large companies are typically able to provide you with more choices. The chances are that a large insurance provider will easily meet your needs, so go ahead and decide which company you want to do business with.