- 1 Life Insurance Companies in Ontario Canada
- 2 FAQ About Life Insurance Companies
- 2.1 Can Life Insurance Companies Access Medical Records?
- 2.2 Can Life Insurance Companies Raise Premiums?
- 2.3 Can Life Insurance Companies Refuse To Pay?
- 2.4 Policy Exclusions
- 2.5 Non-Payment of Premiums
- 2.6 Can Life Insurance Companies Tell If You Smoke?
- 2.7 How Does Life Insurance Companies Make Money?
- 2.8 Why Do Life Insurance Companies Take Blood?
- 2.9 Who Regulates Life Insurance Companies in Ontario?
- 3 Which Life Insurance Companies Are the Best
- 4 Resources:
Life Insurance Companies in Ontario Canada
|Life Insurance Companies Operating in Ontario||Direct Written Premiums (Ontario Business)||Total Assets (Total Company)|
|THE MANUFACTURERS LIFE INSURANCE COMPANY||4,565,809||227,064,082|
|SUN LIFE ASSURANCE COMPANY OF CANADA||4,330,344||211,704,090|
|THE GREAT-WEST LIFE ASSURANCE COMPANY||2,730,924||53,687,613|
|THE CANADA LIFE ASSURANCE COMPANY||2,033,955||62,546,289|
|LONDON LIFE INSURANCE COMPANY||1,515,393||85,880,837|
|INDUSTRIAL ALLIANCE INSURANCE AND FINANCIAL SERVICES INC.||1,229,244||49,489,026|
|DESJARDINS FINANCIAL SECURITY LIFE ASSURANCE COMPANY||818,312||33,321,054|
|RBC LIFE INSURANCE COMPANY||814,911||11,696,830|
|THE EMPIRE LIFE INSURANCE COMPANY||451,346||13,837,928|
|BMO LIFE ASSURANCE COMPANY||424,447||8,015,626|
|THE EQUITABLE LIFE INSURANCE COMPANY OF CANADA||310,046||3,462,582|
|CO-OPERATORS LIFE INSURANCE COMPANY||237,002||6,006,134|
|SSQ, LIFE INSURANCE COMPANY INC.||227,902||9,433,188|
|LA CAPITALE INSURANCE AND FINANCIAL SERVICES INC.||170,085||1,344,721|
|PRIMERICA LIFE INSURANCE COMPANY OF CANADA||141,077||3,240,839|
|ASSURANT LIFE OF CANADA||126,481||1,652,625|
|AMERICAN BANKERS LIFE ASSURANCE COMPANY OF FLORIDA||113,648||209,556|
|ACE INA LIFE INSURANCE||99,465||138,161|
|CANADIAN PREMIER LIFE INSURANCE COMPANY||87,810||226,946|
|FORESTERS LIFE INSURANCE COMPANY||77,029||1,523,238|
|BLUE CROSS LIFE INSURANCE COMPANY OF CANADA||68,451||984,588|
|WESTERN LIFE ASSURANCE COMPANY||63,455||222,192|
|CUMIS LIFE INSURANCE COMPANY||63,238||1,262,701|
|TD LIFE INSURANCE COMPANY||57,825||158,599|
|COMBINED INSURANCE COMPANY OF AMERICA||38,954||818,846|
|NEW YORK LIFE INSURANCE COMPANY||34,751||488,969|
|AMERICAN INCOME LIFE INSURANCE COMPANY||33,772||297,281|
|SUN LIFE INSURANCE (CANADA) LIMITED||29,216||16,917,073|
|CIGNA LIFE INSURANCE COMPANY OF CANADA||28,740||118,704|
|ASSUMPTION MUTUAL LIFE INSURANCE COMPANY||28,293||1,567,250|
|FIRST CANADIAN INSURANCE CORPORATION||27,054||534,636|
|LA CAPITALE FINANCIAL SECURITY INSURANCE COMPANY||26,792||527,150|
|THE WAWANESA LIFE INSURANCE COMPANY||24,821||1,064,809|
|STANDARD LIFE ASSURANCE LIMITED||23,554||6,527|
|SCOTIA LIFE INSURANCE COMPANY||23,052||158,516|
|CIBC LIFE INSURANCE COMPANY LIMITED||20,477||103,164|
|RELIABLE LIFE INSURANCE COMPANY||17,313||52,720|
|BMO LIFE INSURANCE COMPANY||13,911||707,938|
|NATIONAL BANK LIFE INSURANCE COMPANY||11,474||179,104|
|LIFE INSURANCE COMPANY OF NORTH AMERICA||9,716||70,075|
|THE UNION LIFE MUTUAL ASSURANCE COMPANY (UNION LIFE)||7,931||2,031,721|
|LS-TRAVEL, INSURANCE COMPANY||6,853||21,672|
|CANASSURANCE INSURANCE COMPANY19||6,459||206,710|
|PAVONIA LIFE INSURANCE COMPANY OF MICHIGAN||4,025||56,708|
|AMERICAN HEALTH AND LIFE INSURANCE COMPANY||3,328||45,077|
|HUMANIA ASSURANCE INC.||2,735||501,349|
|CONNECTICUT GENERAL LIFE INSURANCE COMPANY||2,028||161,714|
|GERBER LIFE INSURANCE COMPANY||1,606||44,412|
|TRANS GLOBAL LIFE INSURANCE COMPANY||1,099||7,214|
|LIBERTY LIFE ASSURANCE COMPANY OF BOSTON||536||15,574|
|UNITED AMERICAN INSURANCE COMPANY||147||13,722|
|GIRAFFE & FRIENDS LIFE INSURANCE COMPANY||136||6,795|
|VSP CANADA VISION CARE INSURANCE||92||9,824|
|AETNA LIFE INSURANCE COMPANY||76||80,898|
|AXA EQUITABLE LIFE INSURANCE COMPANY||33||73,519|
|ALLIANZ LIFE INSURANCE COMPANY OF NORTH AMERICA||15||71,749|
|JACKSON NATIONAL LIFE INSURANCE COMPANY||3||10,607|
|AXA INSURANCE INC.||0||0|
|ALLSTATE LIFE INSURANCE COMPANY OF CANADA||0||3,788|
|COMPCORP LIFE INSURANCE COMPANY||0||10,000|
|MD LIFE INSURANCE COMPANY||0||3,199,764|
|THE STANDARD LIFE ASSURANCE COMPANY OF CANADA21||0||0|
|HARTFORD LIFE INSURANCE COMPANY22||0||8,073|
|METROPOLITAN LIFE INSURANCE COMPANY23||0||108,421|
|PHOENIX LIFE INSURANCE COMPANY||0||2,738|
|PRINCIPAL LIFE INSURANCE COMPANY||0||14,920|
|STATE FARM INTERNATIONAL LIFE INSURANCE COMPANY LTD||0||48,260|
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?
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?
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?
There are many reasons for a life insurance company to refuse to pay out your policy.
- 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.
- 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.
- Attempting suicide or taking your own life is a good enough reason for the life insurance company to invalidate the claim.
- 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.
- 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.
- 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
- 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.
- 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?
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.