There are over 35 life insurance companies that are currently active in Canada. Below you will find a full list of companies with links that you can click to find out more about each one.
In 2025, the following three life insurance companies were the largest ones in Canada: Manulife Financial (includes the former brands: Standard Life, Maritime Life, and John Hancock in the U.S.), Sun Life Financial, and Canada Life (includes the former brands: Great-West Life, Canada Life, and London Life).
Please note that SSQ Insurance and La Capitale merged in 2020 into the largest Canadian mutual insurer, Beneva.
Assumption Life, founded in 1903, is a Moncton-based, mid-size Life and Living Benefits provider. Assumption Life is one of the very few mutual companies, i.e. owned by the policyholders, with a good product mix of life, critical illness, group benefits, and investment products. It is one of the very few companies offering coverage for up to and including age 85.
In 2020 SSQ Insurance has merged with La Capitale forming one of the largest Quebec-based insurance companies, Beneva, and offering both Property and Casualty and Life Insurance products.
The Canadian Association of Blue Cross Plans represents the seven independent Blue Cross member plans operating in regions across the country. The Blue Cross members are focused on travel, health and dental plans, and group benefit plans.
BMO Insurance is a bank-based insurance provider (Bank of Montreal). It was founded in June 2009 with BMO purchased AIG Life Insurance Company of Canada (AIG Life of Canada). It offers a broad range of life and critical illness insurance products.
Canada Life has merged with two other brands: Great-West Life and London Life and currently operates under one single brand of Canada Life offering a very wide range of life and living benefits products. It is one of three, by far, the largest life insurance companies in Canada. Its disability product is particularly robust with a unique feature, Lifetime Benefit. In 2017, Great-West Life acquired Financial Horizons Group Inc, one of the largest Canadian MGAs (Managing General Agency).
Founded in 1992, Canada Protection Plan is focused on no medical life insurance and is known as a third party administrator, i.e. they use Foresters as their underwriting insurance company, so a Canada Protection Plan policy is issued by Foresters. On Oct. 2, 2020, it was announced that Canada Protection Plan and Foresters would be merging under the brand of Canada Protection Plan, A Foresters Financial Company.
Canadian Tire Insurance offers Creditor Insurance (Life Coverage, Disability Coverage, Involuntary Unemployment Coverage) when enrolling into various Canadian Tire banking products.
Co-operators Life Insurance began as a cooperative for prairie farmers in 1945. Today, the company offers life insurance, group insurance, and wealth management products as well as property and casualty products. The Co-operators Group Limited owns several entities, including Co-operators Life Insurance Co., Co-operators General Insurance Co., CUMIS, Edge Benefits Inc., Sovereign Insurance & Premier Group of companies, and others.
Costco in Canada collaborates with different insurance providers to offer a variety of insurance products to its members. Among other insurance products it includes Term Life Insurrance, Health & Dental Insurance, and Travel Insurance – all underwritten by Manulife.
Cumis Life Insurance Company is a Canadian insurance company that operates as part of The Co-operators Group Limited. Cumis Life Insurance, specifically, is known for providing life insurance products to individuals and families including such products as Whole Life, Infinity Term, Universal Term, Versatile Term.
Desjardins Insurance is a Quebec-based company (a subsidiary of Desjardins Group) offering life, disability, critical illness, and group benefits, plus auto, home, travel, pet insurance through their property and casualty division. They also offer a wide array of investment products. In 2018, Desjardins Group acquired State Farm Canada and integrated them under the Desjardins brand name. In 2023, Desjardins Group acquired IDC Worldsource Insurance Network Inc. (IDC WIN), Canada's leading life and health insurance managing general agency plan.
Empire Life is a Kingston-based, mid-size Life and Living Benefits provider offering a wide range of Life and Living Benefits. It also provides guaranteed issue plans for the hard to insure Canadians. Founded in 1923, and since then, merged with several other companies, and in 1968 became the operating company of Empire Life Financial Corp. as the holding company.
Started in 1920, and is one of the very few mutual insurance companies (i.e. owned by the policyholders) left in Canada. They offer typical life insurance products, e.g. term, whole, and universal life, and critical illness insurance. They also offer group benefit plans. They are particularly competitive in the whole life market.
Foresters Financial is a fraternal organization, founded in 1874, owned by The Independent Order of Foresters (a fraternal benefit society). Foresters offer a wide range of products including life insurance, critical illness insurance, and, with their merger with Canadian Protection Plan, numerous simplified issue plans.
Humania was found as The Union Saint-Joseph (L’Union Saint-Joseph de Saint-Hyacinthe) in 1874. In 2012, the rebranded company became Humania Assurance. It offers life, critical illness, health, and disability insurance products.
Established in 1997, the company's focus from the beginning was the underwriting of special risk life, accident, and health products that other traditional insurers do not offer. For an application that is out of the ordinary, it is definitely worth asking a broker to consider them.
Industrial Alliance (iA) was founded in 1887, based in Quebec, and rebranded as Industrial Alliance Financial Group in 2015. They offer individual life insurance, group insurance, individual wealth management, and group savings and retirement plans. iA acquired Hollis Wealth Management in 2017. In 2018, IA acquired one of the largest Canadian MGAs (Managing General Agency) PPI Management Inc. They are one of a very few insurers offering a decreasing term plan.
Transamerica has been initially an arm of American Transamerica insurance company but has been acquired by Wilton Re, a reinsurance company, and rebranded as Ivari being located in North York, Ontario. They offer several term and universal life plans, critical illness insurance, plus investment products. The company also has a solution for otherwise uninsurable children.
La Capitale was founded in 1940 headquartered in Quebec City and has its origins in a mutual fund. In 2020 La Capitale has merged with La Capitale forming one of the largest Quebec-based insurance companies, Beneva, and offering both Property and Casualty and Life Insurance products.
London Life has merged with two other brands: Great-West Life and London Life. It currently operates under one single brand Canada Life offering a very wide range of life and living benefits products. Canada Life is one of three, by far, the largest life insurance companies in Canada.
Manulife offers a vast array of life and living benefits products and underwrites products of many other companies. It is one of three, by far, the largest life insurance companies in Canada and one of the largest financial services organizations in North America including its subsidiary, John Hancock.
Medavie Blue Cross is a Moncton-based, mid-size Life and Living Benefits provider that is primarily focused on Group Insurance. The company also administers various government-sponsored health programs on behalf of provincial and federal governments. It is a not-for-profit organization that is a member of the Canadian Association of Blue Cross plans.
Primerica is a part of a North American company Primerica which is widely known for offering exclusively Term Life Insurance products only. It operates through a network of agents who are often part-time sales force. They also do recruit new agents through their sales efforts as well as public seminars.
RBC Insurance is an insurance arm of Royal Bank of Canada. It distributes both Property and Casualty Insurance products (underwritten by Aviva) and own Life and Living Benefits insurance products.
Reliable Life Insurance Company (focus name since 1943) has been in business along with a sister company, Old Republic Insurance Company. Their focus is on niche insurance, custom, and private label products.
Securian Canada is a combination of Canadian Premier Life Insurance Company and Canadian Premier General Insurance Company. It offers Canadians life, accident, critical illness and sickness insurance products along with creditor insurance.
Serenia Life Financial (formerly FaithLife Financial) is a smaller Life Insurance company located in Waterloo, ON. It has been set up as a fraternal benefits society (originating from the US). Their customer segment is defined as Canadians with Christian values, and they require their representatives to have those values as well.
ScotiaLife Financial is a bank-based insurance provider (Scotiabank). It offers a range of relatively simple life and living benefits products. Some of their products, e.g. Accidental Death Insurance, are underwritten by other providers such as Chubb Life Insurance Company of Canada.
Specialty Life Insurance (SLi) is a boutique life insurance company focused on life insurance products for people who have difficulty getting traditional coverage. Their main focus is on simplified issue and guaranteed issue life insurance.
SSQ Insurance was founded in 1944, headquartered in Quebec City. In 2020 SSQ Insurance has merged with La Capitale forming one of the largest Quebec-based insurance companies, Beneva, and offering both Property and Casualty and Life Insurance products.
Standard Life was a company offering an array of insurance, investment, retirement, and financial protection products. In 2015, it was acquired by Manulife, one of three, by far, the largest life insurance companies in Canada.
Sun Life offers a vast array of life and living benefits products and underwrites products of many other companies. In the past, it acquired several insurance companies, e.g. Clarica Insurance in 2002. Sun Life is one of three, by far, the largest life insurance companies in Canada.
TD Insurance is one of the largest providers of property and casualty insurance in Canada, also offers a range of life and living benefits solutions. Their primary focus is on term life insurance and guaranteed issue life insurance. These are complemented by additional products such as simple critical illness insurance, accidental death insurance, accident disability insurance, and health and dental plans. TD Insurance distributes these products through their contact centre and online platforms.
UV Insurance (formerly UL Mutual Company) is a Drummondville, QC based company, formed 130 years ago. It offers individual insurance, group insurance, and investment, and retirement products. It offers both term and permanent life insurance, and critical illness coverage.
Founded in Manitoba in 1896, created by and for farmers. Wawanesa began selling life insurance in 1961. It offers a broad product range, including term and whole life plans, instant issue life, and quick issue critical illness insurance. Wawanesa Insurance also sells numerous property and casualty products.
There are several methods to determine the largest life insurance companies, including metrics such as premiums written, the number of policyholders, assets under management (AuM), assets under administration (AuA). AuA, which represents the total assets managed on behalf of policyholders or clients, is often a comprehensive indicator of a company’s size and influence in the market. In the following table, we focus on AUA (in billions of CAD) to list the ten largest Canadian life insurance companies.
#
Insurer
AuA, billion
Details
More
1
Sunlife
1,400
Strong presence in Canada and Asia (e.g., Philippines, India, China)
A mutual life insurer is a type of life insurance company owned by its policyholders rather than external shareholders. In a mutual company, policyholders share in the company’s profits through mechanisms like reduced premiums, dividends, or enhanced policy benefits. The company’s primary focus is on serving the interests of its policyholders rather than maximizing shareholder returns.
In Canada, Beneva Group (created through a merger of SSQ Insurance and La Capitale) is the largest mutual insurer.
Mutual Insurer Name
Number of Clients
Details
More
Beneva
Over 3.5 million
Founded in 2020 through a merger of SSQ Insurance and La Capitale
While Wawanesa Insurance is a mutual company, its life insurance division, Wawanesa Life, does not operate independently as a mutual insurer. Instead, it functions as a subsidiary within the larger Wawanesa Mutual Insurance Company.
Originally founded in 1874 as “L’Union Saint-Joseph,” it was created to offer financial protection and aid to its members in times of illness or death.
