Navigating the insurance world can be overwhelming, especially if you’re new to it. Selecting the right insurance company is a pivotal decision that directly impacts the coverage you receive.
If you are in search of the best insurance companies in Canada that cater to your unique needs and financial objectives? If you are tired of dealing with excessive paperwork and high premiums? Then you’ve come to the right place.
Whether for your home, vehicle, life, business, or health, securing the services of the finest insurance companies in Canada is paramount. In this article, we will simplify your quest by reviewing the top insurance companies in Canada.
We’ll help you streamline the process, enabling you to easily compare and shop for the best insurance quotes in the country. Let’s embark on this journey together and ensure you make an informed choice for your insurance needs.
22 Top Insurance Companies in Canada
Embarking on the search for the right insurance companies in Canada can be overwhelming. To aid you in this important endeavour, we’ve meticulously curated this comprehensive guide highlighting the 22 biggest insurance companies in Canada.
These top insurance companies have consistently demonstrated their commitment to safeguarding your interests, offering tailored solutions, and providing peace of mind.
Here is a list of how we grouped our 10 top insurance companies in Canada to choose from:
- Best Life Insurance Companies in Canada
- Best Car Insurance Companies in Canada
- Best Pet Insurance Companies in Canada
- Best Disability Insurance Companies in Canada
- Best Travel Insurance Companies in Canada
- Best Health Insurance Companies in Canada
- Best Home Insurance Companies in Canada
- Best Rated Insurance Companies in Canada
Best Life Insurance Company in Canada
If you are looking for the best and biggest life insurance companies in Canada, there are so many options out there that it’s easy to get lost and overwhelmed while trying to sort through your choices.
Instead, be as informed as possible and focus on finding a great life insurance policy to help you achieve your financial goals and protect the ones you love most.
1. Manulife Financial Corp
- Product Offerings: Life insurance, health insurance and travel insurance
- Target Audience: Den Y
Manulife Financial (MFC) is Canada’s biggest insurance company and financial service provider. Headquartered in Toronto, Manulife Financial earned $61 billion in revenue in 2019 in Canada and $47 billion in the US. This covers insurance premiums and investment profits.
The company is best known for its permanent life insurance, as they have a long history of experience. Their variety of permanent life insurance products is wide and offers critical illness, disability and travel insurance.
Pros
- Multiple products
- M Best “A” rating
- Attention to detail
- History of financial stability
- Wealth of resources
- Competitive rates
Cons
- No instant approval
- Lesser term insurance options
2. Sun Life Financial
- Product Offerings: Health insurance, life insurance, family insurance, mortgage protection insurance
- Target Audience: People over the age of 45 and young Canadians
Established in 1865, Sun Life Financial (SLF) is the oldest insurance provider in Canada, located in Toronto. Its services include investment products, health insurance, and wealth management. The firm has customers in North America, Asia, and the United Kingdom.
Sun Life earns revenue from administrative services-only (ASO) agreements. This is in addition to providing insurance management services. This company is best if you are looking for term life insurance products.
They offer their products offline through in-person meetings. Though their customer service is lacking.
Pros
- M Best “A” rating
- History of financial stability
- No-exam coverage available
- Easy access
Cons
- No online quotes
- Limited policy information on its website
3. Canada Life
- Product Offerings: Life insurance, Critical illness, life, disability insurance, health and dental insurance, Creditor insurance
- Target Audience: All Canadians
The Canada Life Assurance Firm, sometimes called Canada Life, is a financial service and insurance company based in Winnipeg, Manitoba. The Great-West Life Assurance Firm, London Life Insurance Company, and The Canada Life Assurance Company merged in 2020 to become the present company.
In addition to critical illness, life, disability, and health insurance, the company offers dental and medical insurance. Their insurance products include various term life insurance that you can easily customise to your needs and financial situation.
The company has a history of financial stability and strength spanning over 170 years.
Pros
- Multiple insurance policies
- Multiple financial products
- M. Best “A” rating
- History of financial stability
Cons
- No online policy access
4. TD Insurance
- Product Offerings: Life insurance, Car insurance, travel insurance, and many others.
TD Insurance offers services to people who want to purchase insurance for critical accidents and critical care plans. This is a bold step they have taken to make a difference.
Moreso, they cover accident and sickness hospitalisation services. They have just chosen to streamline their health care insurance.
Pros
- TD Insurance offers clear term life insurance and permanent life insurance (until age 100)
- Has coverage up to $10 million
- You can get coverage up to $500,000 instantly approved
- Strong and recognisable brand name in the insurance industry
Cons
- Limited term life coverage options for term 10 and term 20 life insurance products.
- They are more expensive than plans from other big-brand insurance companies.
- They render only non-participating whole-life products.
- They have riders or optional add-ons to augment coverage.
- Max age is 80 years old compared to 85 years others offer.
5. Foresters Canada
- Product Offerings: Life insurance
- Target Audience: People with diabetes
Established in 1874, Foresters Financial is owned by the Independent Order of Foresters, which benefits its members. With its merger with the Canadian Protection Plan, Foresters offers several simplified issue plans, life insurance, and critical illness insurance.
You can rely on Foresters for your financial future due to the company’s 140-year financial strength and stability history. Foresters Life Insurance Company and Independent Order of Foresters received “A” ratings from A.M. Best.
Pros
- History of financial stability
- M Best “A” rating
- Affordable rates
Cons
- Limited insurance policies
- No online access
6. Ivari
- Product Offerings: Life and critical illness insurance
- Target Audience: Canadians looking for life and critical illness insurance
Ivari offers a complete line of insurance products, including life and disability insurance, through a network of thousands of independent advisors across Canada.
With over 80 years of experience in the Canadian market, it’s no wonder that the people, products, and services that make up Ivari have stood the test of time.
Transamerica was formerly a division of the American Transamerica insurance firm, but it was purchased by Wilton Re, a reinsurance company, and renamed Ivari.
Its headquarters is in North York, Ontario. In its role as an insurer, Ivari knows the importance of a healthy and long life. Because of this, Ivari supports programs that equip children and teens with the knowledge and skills they need to live healthy lives.
Pros
- History of financial stability
- M Best “A” rating
- Flexible Term 30 options
- 5 joint insurance option
Cons
- Limited insurance policies
- Expensive term life insurance
- No electronic or online access
Best Car Insurance Company in Canada
7. Desjardins Group
- Product Offerings: Car insurance, Life and health insurance, recreational vehicle insurance, home insurance, travel insurance, group insurance, loan and credit insurance
- Target Audience: International market
Desjardins Group is a Canadian cooperative financial services company. It is the largest credit union confederation in North America. In 1900, Alphonse Desjardins founded the company in Lévis, Quebec.
The company provides a variety of health and life insurance, savings, and investments. With over five million customers in Canada, the company won’t let you down with its solid expertise and people-focused approach.
The company offers a range of term life insurance to cover fixed-term needs like mortgages, lifestyle protection, or your children’s education.
Pros
- History of financial stability
- Multiple financial products
- Multiple insurance policies
Cons
- Limited information on its website
8. State Farm
- Product Offerings: Auto insurance, Life insurance, home insurance, and others.
- Target Audience: Young, adults and other diverse groups.
State Farm has different plans and products unique for each individual in Canada. Their personal health care plans have the same features as a group plan. Those interested in the alternative care coverage from State Farm always purchase it.
Cons
- They operate good, natural health care, but it can be expensive.
9. Aviva Canada
- Product Offerings: Car insurance, Travel insurance, home insurance, etc
- Target Audience: Canadians
Aviva offers coverage for the home, car insurance, and other insurance policies that suit individual needs. They render many discounts to homeowners who own property in Canada to make insurance premiums more affordable.
Pros
- It gives bundling and many premium discounts.
- Has online quotes available for its products like home, vehicle, and travel insurance
- Has access to international reach outside of Canada
- Operates on a large broker network
- It comes with lots of policy customization and optional add-ons
- Many leisure insurance policies
Cons
- Poor customer service
- Has a high renewal premiums
Best Pet Insurance Company in Canada
10. CAA
- Product Offerings: Pet insurance, auto, home, travel, life, health, and dental insurance
- Target Audience: Canadians
Their plan begins with basic health care, which is a good thing. They deal in vehicle insurance services and also health care insurance. Each age bracket has its own plan unique to them.
However, they offer services through Manulife health insurance companies. Any individual can benefit depending on their age group.
Pros
- Membership comes with a 10% discount on travel insurance packages.
- Easy to apply for coverage
- Simple to file a claim online
- Deep coverage for emergency medical intervention.
- Comes with 24/7 customer service
Cons
- Special discounts are given to CAA members only
11. Petsecure Canada
- Product Offerings: Pet insurance, accident, illness, wellness, and dental needs of your dog or cat.
- Target Animal: Dogs and cats
They are the overall best for Complete Coverage, including Wellness Plans in Canada. Their plans offer hospitalisation, surgery, hereditary conditions, diagnosis, prescriptions, and dental coverage. Their payout is 80% of actual veterinarian bills.
You will enjoy $1,000–to Unlimited coverage limits at Petsecure Canada.
Pros
- It comes with the trip cancellation coverage
- Has a lost pet reward features
- Offers burial curial services
- Renders multi-pet (3+) discount
cons
- Pets over the age of 8 will need to have a physical exam, blood profile, and urinalysis
12. Trupanion Canada
- Product Offerings: Pet insurance, accident, illness, wellness, and dental needs of your dog or cat.
- Target Animal: Dogs and cats
They offer illness, injuries, and hereditary and congenital conditions. Other miscellaneous expenses, including medications and diagnostic tests, are available. You can get a payout of 90% of actual costs paid directly to the vet and no lifetime limit.
Pros
- Has features like Homeopathy, naturopathy, chiropractic, acupuncture, and rehab.
Cons
- It has a 30-day waiting period
- The maximum enrollment age is 14 years
13. Petplan Canada
- Product Offerings: Petplan products cover domestic cats and dogs
- Target Animal: Dogs and Cats
Petplan Canada provides good medication, testing, hospital stays, and non-routine exam coverage. Get a payout plan of 70% – 90% of actual veterinarian bills. The coverage limit for the annual routine is $2,500 to Unlimited, with no lifetime or per-condition limits.
Pros
- Enjoy features like lost pet reward, boarding fees, loss because of theft
Cons
- Your pets over the age of 6 will undergo a physical exam.
Best Disability Insurance Company in Canada
They include:
- Manulife
- Sun Life Financial
- State Farm
- TD Insurance
- and others like:
14. iA Financial Group
- Product Offerings: Life insurance, RV insurance, home insurance, car insurance, travel insurance, health and disability insurance and mortgage insurance
- Target Audience: Canadian public
iA Financial Group is one of Canada’s leading insurance and assets management companies with US operations. Founded in 1892, the company has its headquarters in Quebec City. In 2015, the company began focusing on building its presence in the U.S.
Individuals and businesses can find a range of insurance and financial services from the company.
IA Financial Group earned $11.4 billion in premiums and deposits in 2019. It currently has more than $197.5 billion in assets under management. Approximately 8,000 employees provide services to 4 million customers through IA Financial Group.
Pros
- History of financial stability
- M Best “A” rating
- Multiple insurance policies
- Multiple products
- Insurance tools
Cons
- High rates
- No online policy access
15. Blue Cross
- Product Offerings: Disability insurance, medical care, vision care, prescription and many other products
- Target Audience: Canadians
This Blue cross in Canada has many plans. Most of these plans contain basic insurance products.
The plans include the blue choice, basic Plus, and the blue Choice Balance or the Blue Choice. Most of these plans are packages.
The blue choice allows people to select and use different coverage.
16. Great West Life
- Product Offerings: Disability insurance, life insurance, health insurance, retirement, and investment
- Target Audience: Canadians
You can find the core, core plus, core elite packages and plan directly for retired people. These plans have unique features, including enhanced health care for individuals and families, even those with pre-existing medical conditions.
Canada’s life swallowed them, and they now operate as one.
Best Travel Insurance Company in Canada
They include:
- Manulife
- Sun Life Financial
- Desjardins
- Blue Cross
- and others like:
17. Scotia Life Health & Dental Insurance
- Product Offerings: Travel insurance, health insurance, dental, and other products
- Target Audience: Canadians
This health insurance company offers extended health care with many extended health plans. Family and individuals alike can purchase their insurance packages. But people over sixty (60) years old have a different rule that governs their own plan.
Cons
- They are strict with those having pre-existing conditions.
18. GMS Health and Travel Insurance
- Product Offerings: Travel insurance, Medical insurance, Health insurance, etc
- Target Audience: Canadians
GMS health insurance has extended health care with a variety of products. These products include medical supplies and equipment and variation in medical specialists.
They have the OmniPlan and ExtendaPlan. Moreover, other plans like the Basic plan are for individuals looking for just simple insurance with other plans.
19. Green Shield Canada
- Product Offerings: Travel insurance, dental, Health insurance and others.
- Target Audience: Canadians
Green Shield Canada has two unique plans: the Zone and Link. The Zone is for individuals new to the private health care system. The Link is for those who are transitioning and leaving a private health care plan.
However, they have several other unique plans with their own benefit. So people retiring and wishing to continue private coverage can do so.
Best Health Insurance Company in Canada
They include:
- Manulife
- Sun Life Financial
- Blue Cross
- Equitable Life of Canada
- Desjardins
- State Farm
- TD Insurance
- and others like:
20. Great-West Lifeco
- Product Offerings: Life and health insurance
- Target Audience: International investors
Great-West Lifeco is a holding providing financial services across Canada. People in Europe, Asia and North America can also get insurance through this company. Insurance policies from Great-West Lifeco include health, life, and disability policies.
The company had about 24,000 employees and 30 million customers by the end of 2019. Assets under management at Great-West are $772 billion Canadian (US$594 billion). Great-West also raked in close to $50 billion in Canadian dollars in revenue.
Investments such as dividends and insurance premiums were among these assets in 2019.
Pros
- History of financial stability
- Multiple products
Cons
- No online quotes
- Fewer insurance policies
- Limited policy information on its website
21. Canada Protection Plan
- Product Offerings: Health and dental insurance., no medical life insurance, critical illness insurance and travel insurance
- Target Audience: Canadians aged between 18-80
Canada Protection Plan is a prominent supplier of Life Insurance with No Medical Assessment and Simplified Issues. This company offers life and critical illness insurance at no additional charge through over 25,000 licensed advisors across Canada.
It is a third-party administrator that was founded in 1992. This means that a Canada Protection Plan policy is issued by Foresters, which is their underwriting insurance company.
Foresters Financial Company received approval to merge with Canada Protection Plan on Oct. 2, 2020.
Pros
- History of financial stability
- Quick quote
- No medical exams on most plans
- Simplified underwriting processes
Cons
- High rates
- Limited coverage amount ($1-million)
Best Auto Insurance Company in Canada
22. Co-operators Life Insurance Company
- Product Offerings: Life insurance, auto insurance, home insurance, travel insurance, business insurance, event insurance, group insurance and farm insurance
- Target Audience: All Canadians
The Co-operators Life Insurance Company offers a wide range of insurance, investment, and financial advice that helps build financial strength and security in Canada. This company provides financial solutions and security with over $56 billion in assets under management.
These assets include life insurance, investment management, institutional asset management, and brokerage operations. Member organizations, including credit unions, co-operatives, and representative farm organizations, govern Co-operators Life Insurance Company.
It was founded in 1945 by a group of farmers who wanted to provide for their families and communities when traditional insurers could not help them.
Currently, Co-operators Life Insurance Company has over 600 locations in the U.S., 6,000 employees, and more than 2,500 licensed insurance agents as Financial Advisors.
Pros
- History of financial stability
- Multiple insurance policies
- Better Business Bureau “A” rating
- 24/7 claims
Cons
- No online policy access
How I Reviewed the Top Insurance Companies in Canada
Here’s how we choose the above best insurance companies in Canada.
- Competitive Rates: The above insurance companies have the best rates compared to other insurance companies in Canada. This helps you save more on premiums while getting the coverage you need.
- History of Financial Stability: The insurance companies above have demonstrated years of industry experience. They are tested and trusted by millions of people as the best insurance companies in Canada.
- Specialization and Expertise: The insurance companies above specialize in insurance policies with proven records. They have the knowledge and experience to help you find the perfect policy for your needs.
- Reputation: Most of the above insurance companies are “A” rated by the A.M Best and BBB. While others have excellent ratings from other platforms. This means they are trustworthy, reliable and recommendable.
How to Choose the Top Insurance Company in Canada
Each of the above insurance companies has a speciality that distinguishes it from others. So not all insurance companies provide the type of policy you need.
Consider the following factors when choosing the top insurance company in Canada:
- Coverage and Exclusions: Life insurance, health insurance, auto insurance, home insurance, and critical insurance are some common insurance policies. However, some insurance companies specialize in one or a few insurance policies, while others have broad coverage. So pay close attention to the insurance company’s speciality, coverage and exclusions to ensure that you are fully covered.
- Reputation: The industry is full of ambitious companies, but it is essential to be acquainted with the one with the best reputation. When an insurance company has a good reputation, it means a trusted number of customers acknowledge its good performance. And also, the reliable services delivered over the years by the insurance company are recognized.
- Easy Access: One of the easiest ways to choose the top insurance company in Canada is to consider how easy it is to become a policyholder and claim coverage. The above Canadian insurance companies are accessible any time of the day or night.
- Deductibles: Before deciding which company to choose, make sure you compare several companies’ deductibles. Choose the insurance company with the deductible that suits your budget and savings goals.
Final Thoughts On Best Insurance Companies in Canada
Selecting a top insurance company in Canada can be time-consuming as many options exist. However, the above top insurance companies have gained a great reputation over the years because of their long-standing client confidentiality and loyalty.
Hopefully, choosing the best insurance company in Canada will no longer be a problem for you.
So what are you waiting for? I would like to know which insurance company you are going to within the comment section.
Are you looking for the best insurance companies in Canada that can offer the best policies for your needs and financial goals? Or do you need insurance companies that offer insurance policies without unnecessary paperwork and at an affordable premium? If so, you’ve come to the right place.
When it comes to finding a quality insurance company, beginners often find it challenging. Besides, choosing the right insurance company is crucial in getting the right coverage.
Whether you are looking for coverage for your home, auto, life, business or health, getting the best insurance companies in Canada is the most important thing. This article reviews the best insurance companies in Canada and lets you shop and compare the best insurance quotes in Canada.
22 Top Insurance Companies in Canada
Open a window to the insurance world and compare a selection of top insurance companies in Canada. Discover their specialities, rates and policies, and choose the plan that reflects your needs.
The varied and comprehensive list of insurance providers who made our top picks should make the process easier than ever, while the information in our guide will better equip you to find the right fit. Here is a list of how we grouped our 10 top insurance companies in Canada to choose from:
- Best Life Insurance Companies in Canada
- Best Car Insurance Companies in Canada
- Best Pet Insurance Companies in Canada
- Best Disability Insurance Companies in Canada
- Best Travel Insurance Companies in Canada
- Best health insurance companies in Canada
- Best home insurance companies in Canada
- Best Rated Insurance Companies in Canada
Best Life Insurance Company in Canada
In buying life insurance, stick to the basics. There are so many options out there that it’s easy to get lost and overwhelmed while trying to sort through your choices. Instead, be as informed as possible and focus on finding a great life insurance policy to help you achieve your financial goals and protect the ones you love most.
1. Manulife Financial Corp
- Product Offerings: Life insurance, health insurance and travel insurance
- Target Audience: Den Y
Manulife Financial (MFC) is Canada’s biggest insurance company and financial service provider. Headquartered in Toronto, Manulife Financial earned $61 billion in revenue in 2019 in Canada and $47 billion in the US. This covers insurance premiums and investment profits.
The company is best known for its permanent life insurance, as they have a long history of experience. Their variety of permanent life insurance products is wide and offers critical illness, disability and travel insurance.
Pros
- Multiple products
- M Best “A” rating
- Attention to detail
- History of financial stability
- Wealth of resources
- Competitive rates
Cons
- No instant approval
- Less term insurance options
2. Sun Life Financial
- Product Offerings: Health insurance, life insurance, family insurance, mortgage protection insurance
- Target Audience: People over the age of 45 and young Canadians
Established in 1865, Sun Life Financial (SLF) is the oldest insurance provider in Canada, located in Toronto. Its services include investment products, health insurance, and wealth management. The firm has customers in North America, Asia, and the United Kingdom.
Sun Life earns revenue from administrative services-only (ASO) agreements. This is in addition to providing insurance management services. This company is best if you are looking for term life insurance products.
They offer their products offline through in-person meetings. Though their customer service is lacking.
Pros
- M Best “A” rating
- History of financial stability
- No-exam coverage available
- Easy access
Cons
- No online quotes
- Limited policy information on its website
3. Canada Life
- Product Offerings: Life insurance, Critical illness, life, disability insurance, health and dental insurance, Creditor insurance
- Target Audience: All Canadians
The Canada Life Assurance Firm, sometimes called Canada Life, is a financial service and insurance company based in Winnipeg, Manitoba. The Great-West Life Assurance Firm, London Life Insurance Company, and The Canada Life Assurance Company merged in 2020 to become the present company.
In addition to critical illness, life, disability, and health insurance, the company offers dental and medical insurance. Their insurance products include various term life insurance that you can easily customize to your needs and financial situation.
The company has a history of financial stability and strength spanning over 170 years.
Pros
- Multiple insurance policies
- Multiple financial products
- M. Best “A” rating
- History of financial stability
Cons
- No online policy access
4. TD Insurance
- Product Offerings: Life insurance, Car insurance, travel insurance, and many others.
TD Insurance offers services to people who want to purchase insurance for critical accidents and critical care plans. This is a bold step they have taken to make a difference.
Moreso, they cover accident and sickness hospitalization services. They have just chosen to streamline their health care insurance.
Pros
- TD Insurance offers clear term life insurance and permanent life insurance (until age 100)
- Has coverage up to $10 million
- You can get coverage up to $500,000 instantly approved
- Strong and recognizable brand name in the insurance industry
Cons
- Limited term life coverage options for term 10 and term 20 life insurance products.
- They are more expensive than plans from other big-brand insurance companies.
- They render only non-participating whole life products.
- They have riders or optional add-ons to augment coverage.
- Max age is 80 years old compared to 85 years others offer.
5. Foresters Canada
- Product Offerings: Life insurance
- Target Audience: People with diabetes
Established in 1874, Foresters Financial is owned by the Independent Order of Foresters, which benefits its members. With its merger with the Canadian Protection Plan, Foresters offers several simplified issue plans, life insurance, and critical illness insurance.
You can rely on Foresters for your financial future due to the company’s 140-year financial strength and stability history. Foresters Life Insurance Company and Independent Order of Foresters received “A” ratings from A.M. Best.
Pros
- History of financial stability
- M Best “A” rating
- Affordable rates
Cons
- Limited insurance policies
- No online access
6. Ivari
- Product Offerings: Life and critical illness insurance
- Target Audience: Canadians looking for life and critical illness insurance
Ivari offers a complete line of insurance products, including life and disability insurance, through a network of thousands of independent advisors across Canada.
With over 80 years of experience in the Canadian market, it’s no wonder that the people, products, and services that make up Ivari have stood the test of time.
Transamerica was formerly a division of the American Transamerica insurance firm, but it was purchased by Wilton Re, a reinsurance company, and renamed Ivari.
Its headquarters is in North York, Ontario. In its role as an insurer, Ivari knows the importance of a healthy and long life. Because of this, Ivari supports programs that equip children and teens with the knowledge and skills they need to live healthy lives.
Pros
- History of financial stability
- M Best “A” rating
- Flexible Term 30 options
- 5 joint insurance option
Cons
- Limited insurance policies
- Expensive term life insurance
- No electronic or online access
Best Car Insurance Company in Canada
7. Desjardins Group
- Product Offerings: Car insurance, Life and health insurance, recreational vehicle insurance, home insurance, travel insurance, group insurance, loan and credit insurance
- Target Audience: International market
Desjardins Group is a Canadian cooperative financial services company. It is the largest credit union confederation in North America. In 1900, Alphonse Desjardins founded the company in Lévis, Quebec.
The company provides a variety of health and life insurance, savings, and investments. With over five million customers in Canada, the company won’t let you down with its solid expertise and people-focused approach.
The company offers a range of term life insurance to cover fixed-term needs like mortgages, lifestyle protection, or your children’s education.
Pros
- History of financial stability
- Multiple financial products
- Multiple insurance policies
Cons
- Limited information on its website
8. State Farm
- Product Offerings: Auto insurance, Life insurance, home insurance, and others.
- Target Audience: Young, adults and other diverse groups.
State Farm has different plans and products unique for each individual in Canada. Their personal health care plans have the same features as a group plan. Those interested in the alternative care coverage from State Farm always purchase it.
Cons
- They operate good, natural health care, but it can be expensive.
9. Aviva Canada
- Product Offerings: Car insurance, Travel insurance, home insurance, etc
- Target Audience: Canadians
Aviva offers coverage for the home, car insurance, and other insurance policies that suit individual needs. They render many discounts to homeowners who own property in Canada to make insurance premiums more affordable.
Pros
- It gives bundling and many premium discounts.
- Has online quotes available for its products like home, vehicle, and travel insurance
- Has access to international reach outside of Canada
- Operates on a large broker network
- It comes with lots of policy customization and optional add-ons
- Many leisure insurance policies
Cons
- Poor customer service
- Has a high renewal premiums
Best Pet Insurance Company in Canada
10. CAA
- Product Offerings: Pet insurance, auto, home, travel, life, health, and dental insurance
- Target Audience: Canadians
Their plan begins with basic health care, which is a good thing. They deal in vehicle insurance services and also health care insurance. Each age bracket has its own plan unique to them.
However, they offer services through Manulife health insurance companies. Any individual can benefit depending on their age group.
Pros
- Membership comes with a 10% discount on travel insurance packages.
- Easy to apply for coverage
- Simple to file a claim online
- Deep coverage for emergency medical intervention.
- Comes with 24/7 customer service
Cons
- Special discounts are given to CAA members only
11. Petsecure Canada
- Product Offerings: Pet insurance, accident, illness, wellness, and dental needs of your dog or cat.
- Target Animal: Dogs and cats
They are the overall best for Complete Coverage, including Wellness Plans in Canada. Their plans offer hospitalisation, surgery, hereditary conditions, diagnosis, prescriptions, and dental coverage. Their payout is 80% of actual veterinarian bills.
You will enjoy $1,000–to Unlimited coverage limits at Petsecure Canada.
Pros
- It comes with the trip cancellation coverage
- Has a lost pet reward features
- Offers burial curial services
- Renders multi-pet (3+) discount
cons
- Pets over the age of 8 will need to have a physical exam, blood profile, and urinalysis
12. Trupanion Canada
- Product Offerings: Pet insurance, accident, illness, wellness, and dental needs of your dog or cat.
- Target Animal: Dogs and cats
They offer illness, injuries, and hereditary and congenital conditions. Other miscellaneous expenses, including medications and diagnostic tests, are available. You can get a payout of 90% of actual costs paid directly to the vet and no lifetime limit.
Pros
- Has features like Homeopathy, naturopathy, chiropractic, acupuncture, and rehab.
Cons
- It has a 30-day waiting period
- The maximum enrollment age is 14 years
13. Petplan Canada
- Product Offerings: Petplan products cover domestic cats and dogs
- Target Animal: Dogs and Cats
Petplan Canada provides good medication, testing, hospital stays, and non-routine exam coverage. Get a payout plan of 70% – 90% of actual veterinarian bills. The coverage limit for the annual routine is $2,500 to Unlimited, with no lifetime or per-condition limits.
Pros
- Enjoy features like lost pet reward, boarding fees, loss because of theft
Cons
- Your pets over the age of 6 will undergo a physical exam.
Best Disability Insurance Company in Canada
14. iA Financial Group
- Product Offerings: Life insurance, RV insurance, home insurance, car insurance, travel insurance, health and disability insurance and mortgage insurance
- Target Audience: Canadian public
iA Financial Group is one of Canada’s leading insurance and assets management companies with US operations. Founded in 1892, the company has its headquarters in Quebec City. In 2015, the company began focusing on building its presence in the U.S.
Individuals and businesses can find a range of insurance and financial services from the company.
IA Financial Group earned $11.4 billion in premiums and deposits in 2019. It currently has more than $197.5 billion in assets under management. Approximately 8,000 employees provide services to 4 million customers through IA Financial Group.
Pros
- History of financial stability
- M Best “A” rating
- Multiple insurance policies
- Multiple products
- Insurance tools
Cons
- High rates
- No online policy access
15. Blue Cross
- Product Offerings: Disability insurance, medical care, vision care, prescription and many other products
- Target Audience: Canadians
This Blue Cross in Canada has many plans. Most of these plans contain basic insurance products.
The plans include the Blue Choice, Basic Plus, and the Blue Choice Balance or the Blue Choice. Most of these plans are packages. The Blue Choice allows people to select and use different coverage.
16. Great West Life
- Product Offerings: Disability insurance, life insurance, health insurance, retirement, and investment
- Target Audience: Canadians
You can find the core, core plus, core elite packages and plans directly for retired people. These plans have unique features, including enhanced health care for individuals and families, even those with pre-existing medical conditions.
Canada’s life swallowed them, and they now operate as one.
Best Travel Insurance Company in Canada
17. Scotia Life Health & Dental Insurance
- Product Offerings: Travel insurance, health insurance, dental, and other products
- Target Audience: Canadians
This health insurance company offers extended health care with many extended health plans. Family and individuals alike can purchase their insurance packages. But people over sixty (60) years old have a different rule that governs their own plan.
Cons
- They are strict with those having pre-existing conditions.
18. GMS Health and Travel Insurance
- Product Offerings: Travel insurance, Medical insurance, Health insurance, etc
- Target Audience: Canadians
GMS health insurance has extended health care with a variety of products. These products include medical supplies and equipment and variations in medical specialists.
They have the OmniPlan and ExtendaPlan. Moreover, other plans like the Basic plan are for individuals looking for just simple insurance with other plans.
19. Green Shield Canada
- Product Offerings: Travel insurance, dental, Health insurance and others.
- Target Audience: Canadians
Green Shield Canada has two unique plans: the Zone and Link. The Zone is for individuals new to the private health care system. The Link is for those who are transitioning and leaving a private health care plan.
However, they have several other unique plans with their own benefit. So, people retiring and wishing to continue private coverage can do so.
Best Health Insurance Company in Canada
20. Great-West Lifeco
- Product Offerings: Life and health insurance
- Target Audience: International investors
Great-West Lifeco is a holding providing financial services across Canada. People in Europe, Asia and North America can also get insurance through this company. Insurance policies from Great-West Lifeco include health, life, and disability policies.
The company had about 24,000 employees and 30 million customers by the end of 2019. Assets under management at Great-West are $772 billion Canadian (US$594 billion). Great-West also raked in close to $50 billion in Canadian dollars in revenue.
Investments such as dividends and insurance premiums were among these assets in 2019.
Pros
- History of financial stability
- Multiple products
Cons
- No online quotes
- Fewer insurance policies
- Limited policy information on its website
21. Canada Protection Plan
- Product Offerings: Health and dental insurance., no medical life insurance, critical illness insurance and travel insurance
- Target Audience: Canadians aged between 18-80
Canada Protection Plan is a prominent supplier of Life Insurance with No Medical Assessment and Simplified Issues. This company offers life and critical illness insurance at no additional charge through over 25,000 licensed advisors across Canada.
It is a third-party administrator that was founded in 1992. This means that a Canada Protection Plan policy is issued by Foresters, which is their underwriting insurance company.
Foresters Financial Company received approval to merge with Canada Protection Plan on Oct. 2, 2020.
Pros
- History of financial stability
- Quick quotes
- There are no medical exams on most plans
- Simplified underwriting processes
Cons
- High rates
- Limited coverage amount ($1-million)
Best Auto Insurance Company in Canada
22. Co-operators Life Insurance Company
- Product Offerings: Life insurance, auto insurance, home insurance, travel insurance, business insurance, event insurance, group insurance and farm insurance
- Target Audience: All Canadians
The Co-operators Life Insurance Company offers a wide range of insurance, investment, and financial advice that helps build financial strength and security in Canada. This company provides financial solutions and security with over $56 billion in assets under management.
These assets include life insurance, investment management, institutional asset management, and brokerage operations. Member organizations, including credit unions, co-operatives, and representative farm organizations, govern Co-operators Life Insurance Company.
It was founded in 1945 by a group of farmers who wanted to provide for their families and communities when traditional insurers could not help them.
Currently, Co-operators Life Insurance Company has over 600 locations in the U.S., 6,000 employees, and more than 2,500 licensed insurance agents as Financial Advisors.
Pros
- History of financial stability
- Multiple insurance policies
- Better Business Bureau “A” rating
- 24/7 claims
Cons
- No online policy access
How I Reviewed the Top Insurance Companies in Canada
Here’s how we choose the above best insurance companies in Canada.
- Competitive Rates: The above insurance companies have the best rates compared to other insurance companies in Canada. This helps you save more on premiums while getting the coverage you need.
- History of Financial Stability: The insurance companies above have demonstrated years of industry experience. They are tested and trusted by millions of people as the best insurance companies in Canada.
- Specialization and Expertise: The insurance companies above specialize in insurance policies with proven records. They have the knowledge and experience to help you find the perfect policy for your needs.
- Reputation: Most insurance companies above are “A” rated by the A.M Best and BBB. While others have excellent ratings from other platforms. This means they are trustworthy, reliable and recommendable.
How to Choose the Top Insurance Company in Canada
Each insurance company has a speciality that distinguishes it from others. So, not all insurance companies provide the type of policy you need.
Consider the following factors when choosing the top insurance company in Canada:
- Coverage and Exclusions: Life insurance, health insurance, auto insurance, home insurance, and critical insurance are some common insurance policies. However, some insurance companies specialize in one or a few insurance policies, while others have broad coverage. So pay close attention to the insurance company’s speciality, coverage and exclusions to ensure that you are fully covered.
- Reputation: The industry is full of ambitious companies, but it is essential to be acquainted with the one with the best reputation. When an insurance company has a good reputation, it means a trusted number of customers acknowledge its good performance. And also, the reliable services delivered over the years by the insurance company are recognized.
- Easy Access: One of the easiest ways to choose the top insurance company in Canada is to consider how easy it is to become a policyholder and claim coverage. The above Canadian insurance companies are accessible any time of the day or night.
- Deductibles: Before deciding which company to choose, make sure you compare several companies’ deductibles. Choose the insurance company with the deductible that suits your budget and savings goals.
Final Thoughts On Best Insurance Companies in Canada
My quest to find the best insurance companies in Canada has been an enlightening journey. From coast to coast, I’ve scoured the web, sifted through customer reviews, and weighed the pros and cons. Canada boasts a wealth of top-notch insurance providers, each with their unique strengths.
So, explore these top contenders further, request personalised quotes, and compare them side by side. Feel free to contact their customer support teams to get all your questions answered.
Ultimately, the best insurance company in Canada is the one that offers you the coverage you need with exceptional service at a price that suits your budget. So, take the next step and secure your financial future.
