Top 15 Best Life Insurance Companies in Quebec: Best Premiums and Coverage

Do not be one of the 88% of adults who don’t know the benefits and cost of life insurance. Life insurance can provide you and your loved ones with financial security with plans that are tailored to your individual needs and budget.

 

Top-Rated Life Insurers in Quebec

Take a quick look at the top 15 life insurance companies providing a wide variety of life insurance products in Quebec.

5 Major Life Insurance Companies	Based on Turn-Over
Industrielle Alliance	$130.2 billion
RBC	$35.321 billion (in 2015)
Manulife Financial	$34.2 billion
Desjardins	$22 billion (2015)
BMO	$19.3 billion

 

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SSQ life insurance: In 2014, SSQ Financial Group celebrated its 70th anniversary by publishing a book that tells the story of the company’s beginnings in the Saint-Sauveur neighborhood of Québec City. SSQ now has offices across Canada.

The company offers, among other things, a legal insurance service. You therefore have the opportunity to receive legal advice if necessary.

 

Sun Life Financial Life Assurance Company: Founded in 1871, the company now has more than 30,000 employees. Very well represented in Quebec, Sun Life also offers its services across Canada, the United Kingdom, the United States, China, and India.

Sun Life offers the highest quality services and products to help protect and plan your financial security and that of the people you love. Your beneficiaries may receive a non-taxable benefit in the event of your death.

 

BMO is the oldest chartered bank in Canada. It was founded as the first bank in Canada and is now one of the so-called Big Five, or the five largest banks in Canada based on the value of their outstanding shares.

Industrial Alliance is one of Quebec’s financial companies that has distinguished itself outside Quebec. It is also listed in the stock market. Always in the forefront, it has, since 2010,adopted the Toyota method (Lean management) for continuous improvement.

Industrial Alliance is a large-scale insurer with more than 100 years of existence. As a so-called “share capital” company, this insurer reports to its shareholders.

Caisses Desjardins has sold, since its establishment in 1999 based on the Banking Act, financial products and services with a wide range of life and health insurance services.

Desjardins is the largest cooperative-type financial group in Canada. In addition to offering exclusive benefits and competitive discounts to its members, they offer personalized solutions tailored to customers’ financial needs.

RBC Life Insurance (Royal Bank of Canada) was established in 1864 in Halifax and took the name we now know in 1901. The bank established its headquarters in Montreal in 1907.

RBC is one of the few insurers offering simplified (temporary) life insurance if you buy for $500,000 or less. You can also get a discount if you combine your life insurance with home insurance and RBC auto insurance.

Manulife Financial Life Insurance Company was founded in 1887. It was established in Quebec in 2014. In addition to its US subsidiary, Manulife operates in 19 other countries (and territories) around the world.

Manulife Financial offers life insurance coverage when you lose membership from group life insurance offered by your employer.

La Capitale Life Insurance was created by government employees on Parliament Hill in Quebec who wanted to introduce a more efficient way to pay for their funeral. In 1947, this insurer began issuing its first life insurance plan.

La Capitale offers retirees and public service employees in Quebec exclusive benefits.

 

In 1984, Blue Cross enhanced a life insurance plan set up in 1960. Another product was introduced: Santé Plus, which already met the needs of those who, 10 years later, will be called self-employed.

Since 2004, Blue Cross has been offering its “Mortgage Plan”. It is a life insurance coupled with a disability insurance helping to finance a property.

Since 1963, Equitable Life of Canada has adopted the structure of a mutual insurance company. It is, therefore, the property of each owner of an insurance policy, not only shareholders.

Equitable life insurance cares about its policyholders. The proof: the company is part of an association that protects them in the event of bankruptcy of the latter. In addition, their values encourage them to take minimum risk, and to think about sustained growth and long-term stability.

Life Insurance Company Humania Assurance Inc. is the spin-off of “Mutual Life Insurance Company” in 2013 into a share capital company that develops, administers and provides the best life insurance as well as a mutual insurance company.

Since 2016, Humania Assurance has been distinguished by its HuGO web platform which gives consumers access to a life insurance policy in just 15 minutes. No signature is required.

Life Insurance Company Ivari, formerly Transamerica Life Canada, knows that presenting their life insurance and reinsurance products requires clear and concise dialogue.

Ivari offers universal life insurance that, in addition to offering you lifetime coverage, includes a savings component. All products offered by Ivari are intended to provide families with insurance coverage adapted to their changing needs at each stage of their lives.

Empire Life has been in existence since 1923. Since then, the Company has grown steadily in other Canadian provinces, merged and acquired various other insurance companies or portfolios.

Empire Life is one of the top 10 insurers in Canada in the insurer rankings. It was declared the best Canadian life insurance company in 2013.

Foresters Life Insurance is not just an insurer; it’s one of the leading insurers. Indeed, its innovative life insurance products have become very popular.

Foresters currently offers financial services in Canada, the United States and the United Kingdom. What distinguishes Foresters from other companies is the fact that its profits are reinvested in the community (scholarships, construction of playgrounds).

UV Mutuelle (Union-Vie) was established in the spirit of mutual aid of 12 fellow citizens who thought of creating a common fund to provide for their needs in the event of health problems or deaths.

UL Mutual (Union-Vie) is at the forefront of life insurance without medical requirements in Canada, since 1992.  It now has branches in New Brunswick and Ontario.

 

What distinguishes the top 15 insurers from other life insurance companies?

Table summarizing the best insurers in Quebec:

	Foundation	Type of Life Insurance	Othe details	Turn-over	Head Office
SSQ	1944	Temporary Permanent Universal	2,000 employees 3 million clients	Nearly $3 billion (2014)	Quebec
Sunlife	1871	Temporary Permanent Universal (with participation)	1800 employees 850 consultants 27 financial centres	$19.2 billion (2015)	Toronto
BMO	1817	Temporary Permanent 3 in 1	1100 branches across Canada	$19.3 billion (2015)	Montreal Toronto
Industrial Alliance	1892	Temporary Whole Life Permanent and Savings	25,000 consultants (2017) 4 million clients	$130.2 billion	Quebec
Desjardins	1900 Life insurance: 1948	Temporary Permanent Universal	47,654 employees (2017)10,880 brokers and agents	$22 billion (2015)	Levis
RBC	1864	Temporary Permanent UniversalSimplified subscription	79,000 employees 2,500 employees at RBC Insurance 16 Million clients worldwide	$35.321 billion (2015)	Montreal Toronto
Manulife	1887	Temporary Permanent Portable Combined 3 in 1	13,000 employees (including agents)	$34.2 billion (2006)	Toronto
La Capitale	1940	Temporary Permanent Universal	3,000 employees at head office 900 institutions 600,000 insured		Quebec
Blue Cross	1939	Temporary Permanent	339 employees (in Quebec)	Net income: $24,527	Montreal
Equitable Life Insurance	1920	Temporary Whole Life Universal		Assets: $3.7 billion, more than $100 billion in life insurance	Waterloo (Ontario)
Humania	1874	Temporary Permanent	177 employees (in Quebec)	Assets: $514 Million	Saint-Hyacinthe
Transamerica became Ivari	1930 2015	Temporary Universal	Over 600 employees	Assets under management: $10 billion	Toronto
Empire Life	1923	Temporary Permanent Permanent with participation	More than 900 employees More than 445,000 individual customers	Assets under management: $16 billion including segregated funds and general funds	Kingston
Foresters	1874	Temporary Whole life without participation	3 million clients	Assets: $13.6 million	Toronto
UV Mutual	1889 in Quebec	Temporary Permanent For Children	135 employees in Quebec 250,000 insured in total	Assets: more than $2 million in Quebec ($2 billion in total in Dec 2014)	Drummondville

 

How to choose the life insurance that suits you?

Life insurance has many features you need to consider. Since life insurance is not transferable, you will be committed for several years to your insurer. It is better to get all the information you need to guide you in your choice.

You can benefit from personalized advice from life insurance experts by simply filling- out the online request form below, free of charge.

 

What are your life goals? Evaluate your life insurance needs

Whether you are single or in a relationship, someone will have to take responsibility for your various financial obligations as well as your funeral expenses.

If you have children, life insurance should  at least meet their financial needs in the event of your death.

Would you prefer to terminate your life insurance coverage when you retire, when your home mortgage will be paid off, when your child finishes school or extend your policy until you die?

Is a life insurance policy with cash surrender value ​​an option that interests you?

Is life insurance that allows your investments to generate profits ideal for you?

Before choosing your life insurance, consider all the factors  to make a wise choice and discuss options with a life insurance broker from Compare Home Quotes.

 

What are the best products offered by life insurers?

The three (3) main types of life insurance are:

• permanent life insurance
• term life insurance
• universal life insurance

These 3 life insurance products also come in different forms.  For example, permanent life insurance often offers life insurance coverage without a medical examination.

Term life insurance can be obtained for a period of 1, 5, 10 or 20 years.

As for universal life insurance, it can include a savings fund or other investments.

 

Compare life insurance premiums and check level of coverage

The prices of life insurance vary depending on the insurer in terms of premiums, of course, but so do administration costs and increase in rates over time.

It is important to compare similar insurance products and to consider exclusions in your coverage. You also need to check if the insured amount is fixed and guaranteed or if it is expected to grow over time.

To find the best coverage and price of life insurance that fits your needs,

take the necessary steps!

Fill-out the free online request form below.  You will receive up to 3 quotes from insurance brokers or agents to help you determine which is best for you – term life insurance, permanent life insurance, universal insurance, and the amount of insurance you need.

Compare Home Quotes can help you connect with the best insurance companies in Quebec for your financial security and peace of mind.

 

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