List & Ranking of Life Insurance Companies in Ontario Canada

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Life Insurance Companies in Ontario Canada

Life Insurance Companies Operating in OntarioDirect Written Premiums (Ontario Business)Total Assets (Total Company)
THE MANUFACTURERS LIFE INSURANCE COMPANY4,565,809227,064,082
SUN LIFE ASSURANCE COMPANY OF CANADA4,330,344211,704,090
THE GREAT-WEST LIFE ASSURANCE COMPANY2,730,92453,687,613
THE CANADA LIFE ASSURANCE COMPANY2,033,95562,546,289
LONDON LIFE INSURANCE COMPANY1,515,39385,880,837
INDUSTRIAL ALLIANCE INSURANCE AND FINANCIAL SERVICES INC.1,229,24449,489,026
DESJARDINS FINANCIAL SECURITY LIFE ASSURANCE COMPANY818,31233,321,054
RBC LIFE INSURANCE COMPANY814,91111,696,830
THE EMPIRE LIFE INSURANCE COMPANY451,34613,837,928
BMO LIFE ASSURANCE COMPANY424,4478,015,626
THE EQUITABLE LIFE INSURANCE COMPANY OF CANADA310,0463,462,582
IVARI20288,71610,946,662
CO-OPERATORS LIFE INSURANCE COMPANY237,0026,006,134
SSQ, LIFE INSURANCE COMPANY INC.227,9029,433,188
LA CAPITALE INSURANCE AND FINANCIAL SERVICES INC.170,0851,344,721
PRIMERICA LIFE INSURANCE COMPANY OF CANADA141,0773,240,839
ASSURANT LIFE OF CANADA126,4811,652,625
AMERICAN BANKERS LIFE ASSURANCE COMPANY OF FLORIDA113,648209,556
ACE INA LIFE INSURANCE99,465138,161
CANADIAN PREMIER LIFE INSURANCE COMPANY87,810226,946
FORESTERS LIFE INSURANCE COMPANY77,0291,523,238
BLUE CROSS LIFE INSURANCE COMPANY OF CANADA68,451984,588
WESTERN LIFE ASSURANCE COMPANY63,455222,192
CUMIS LIFE INSURANCE COMPANY63,2381,262,701
TD LIFE INSURANCE COMPANY57,825158,599
COMBINED INSURANCE COMPANY OF AMERICA38,954818,846
NEW YORK LIFE INSURANCE COMPANY34,751488,969
AMERICAN INCOME LIFE INSURANCE COMPANY33,772297,281
SUN LIFE INSURANCE (CANADA) LIMITED29,21616,917,073
CIGNA LIFE INSURANCE COMPANY OF CANADA28,740118,704
ASSUMPTION MUTUAL LIFE INSURANCE COMPANY28,2931,567,250
FIRST CANADIAN INSURANCE CORPORATION27,054534,636
LA CAPITALE FINANCIAL SECURITY INSURANCE COMPANY26,792527,150
THE WAWANESA LIFE INSURANCE COMPANY24,8211,064,809
STANDARD LIFE ASSURANCE LIMITED23,5546,527
SCOTIA LIFE INSURANCE COMPANY23,052158,516
CIBC LIFE INSURANCE COMPANY LIMITED20,477103,164
RELIABLE LIFE INSURANCE COMPANY17,31352,720
BMO LIFE INSURANCE COMPANY13,911707,938
NATIONAL BANK LIFE INSURANCE COMPANY11,474179,104
LIFE INSURANCE COMPANY OF NORTH AMERICA9,71670,075
THE UNION LIFE MUTUAL ASSURANCE COMPANY (UNION LIFE)7,9312,031,721
LS-TRAVEL, INSURANCE COMPANY6,85321,672
CANASSURANCE INSURANCE COMPANY196,459206,710
PAVONIA LIFE INSURANCE COMPANY OF MICHIGAN4,02556,708
AMERICAN HEALTH AND LIFE INSURANCE COMPANY3,32845,077
HUMANIA ASSURANCE INC.2,735501,349
CONNECTICUT GENERAL LIFE INSURANCE COMPANY2,028161,714
GERBER LIFE INSURANCE COMPANY1,60644,412
TRANS GLOBAL LIFE INSURANCE COMPANY1,0997,214
LIBERTY LIFE ASSURANCE COMPANY OF BOSTON53615,574
UNITED AMERICAN INSURANCE COMPANY14713,722
GIRAFFE & FRIENDS LIFE INSURANCE COMPANY1366,795
VSP CANADA VISION CARE INSURANCE929,824
AETNA LIFE INSURANCE COMPANY7680,898
AXA EQUITABLE LIFE INSURANCE COMPANY3373,519
ACADIA LIFE29209,942
ALLIANZ LIFE INSURANCE COMPANY OF NORTH AMERICA1571,749
JACKSON NATIONAL LIFE INSURANCE COMPANY310,607
AXA INSURANCE INC.00
ALLSTATE LIFE INSURANCE COMPANY OF CANADA03,788
COMPCORP LIFE INSURANCE COMPANY010,000
MD LIFE INSURANCE COMPANY03,199,764
THE STANDARD LIFE ASSURANCE COMPANY OF CANADA2100
HARTFORD LIFE INSURANCE COMPANY2208,073
METROPOLITAN LIFE INSURANCE COMPANY230108,421
PHOENIX LIFE INSURANCE COMPANY02,738
PRINCIPAL LIFE INSURANCE COMPANY014,920
STATE FARM INTERNATIONAL LIFE INSURANCE COMPANY LTD048,260

FAQ About Life Insurance Companies

The following is a list of very common questions that come to our minds when we purchase a life insurance policy.

Can Life Insurance Companies Access Medical Records?

medical bills

Yes. It is possible for Life Insurance Companies to access medical records but only with your consent. You may authorize doctors to give your insurance company only certain relevant medical information. Some insurance companies may ask you to give a subject access request. This will allow those insurers to get access to all medical records and not just relevant ones. If you decide to check the medical information or tamper with it in any way the insurance company may refuse to offer you a policy.

Can Life Insurance Companies Raise Premiums?

money increase

Life insurance companies may increase your premiums due to various factors. Some of the reasons for such an increase are due to changes in interest rates, mortality rates and rising company administrative expenses etc. In most cases, term life insurance increase premiums during renewal. If you meet with a serious accident disabling you or there is a significant medical condition that you suffer from then your insurer may increase premiums.

As a matter of fact, life insurance premiums rates increase by 10% every year that you age. Your actual age and insurance age may vary since insurers may round off your age as per your closest age. So, for a person born on Jan 1 1957, the insurance company may consider your age as 61 years and not 60 years. There is a simple way to work around this problem. What you may have to do is to start new policy coverage and cancel the old policy. Another important aspect is to check if you are indeed benefiting from doing so when you calculate the cancellation terms. So, this solution could work in your favor or may not if you pay more cancellation charges than you save with the new policy.

Can Life Insurance Companies Refuse To Pay?

money

There are many reasons for a life insurance company to refuse to pay out your policy.

  1. The type of life insurance policy that you purchased may not match your needs. Unfortunately, this may be something that your beneficiaries find out after you are gone.
  2. If you die after the end of your policy term then it could be a reason for your life insurance company to not pay out.
  1. Attempting suicide or taking your own life is a good enough reason for the life insurance company to invalidate the claim.

Policy Exclusions

  1. When you die while participating in an adventurous sport that is very dangerous and life-threatening then your insurer may you’re your claim. These may include sports such as skydiving or some sort of dangerous acrobatic sport. Usually, the policy will have specific wordings of exclusion about such sports.
  2. In case you died in a war-torn country and were killed by terrorists or any such restricted activity, the insurer may not pay out. This also includes countries where you may just visit and unfortunately some kind of political unrest killed you.
  3. You did not give honest answers while filling up the insurance company questionnaire. Whether it is about your medical condition, or a lifestyle habit, during claim time everything matters. The insurance company will only look for loopholes to deny the claim. You were dishonest in your answers when you filled up the insurance form or questionnaire. For example, if you were a smoker and did not say so on your application then it could be a reason for denial.

Non-Payment of Premiums

  1. You did not pay the premium and the policy lapsed despite many reminders. So, there is no policy in place if you did not pay up even after the 30 day grace period. Or, the only possibility could be if you died during the grace period. In such a case the insurer may deduct the unpaid premium from the benefit amount.
  2. The beneficiary on your life insurance is a minor.

Can Life Insurance Companies Tell If You Smoke?

The insurance companies may test your urine, blood or saliva by a mouth swab to determine if you smoke. This could be over a certain span of time and may look for nicotine or cotinine.

How Does Life Insurance Companies Make Money?

The main source of money for the life insurance companies is from underwriting premiums. When the insurer collects premiums from the insured, they do not expect all of them to put in a claim. So, for a year if the amount that an insurance company pays out less amount in claims then the premiums then they make a profit.

Why Do Life Insurance Companies Take Blood?

doctors

Life insurance companies take blood to check if the applicant has any serious or life-threatening diseases. These tests help them to know if there is a potential for a medical issue to come up in the near future. They check for blood tests linked to the functioning of major organs. These may include heart, arteries, liver, kidney, bladder, pancreas etc. Apart from these, they may also check for HIV, STD, and any abusive drug use.

Who Regulates Life Insurance Companies in Ontario?

The Financial Services Commission of Ontario regulates the life insurance companies along with many other companies in Ontario. RIBO (Registered Insurance Brokers Association of Ontario) regulates the insurance brokers in Ontario.

Which Life Insurance Companies Are the Best

Life insurance products may be very different from company to company. You may look at company market share, ratings, company reviews by customers and income resources.  The company performance also shows which ones are reliable and trustworthy since insurance is an industry where trust matters.

Resources:

https://www.fsco.gov.on.ca/en/about/annual_reports/Pages/ar2015-superintendent.aspx#life

https://www.fsco.gov.on.ca/en/insurance/Pages/default.aspx

 

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