Anyone in the market for life insurance coverage will be confronted with a lot of choices. According to the Canadian Life and Health Insurance Association, Inc (CLHIA), there are over 150 insurers in Canada, so how do you narrow down all the choices and pick the right one for your unique needs?
To help Canadians overcome this dilemma, Ontario-based financial planner Protect Your Wealth has published a 2021 guide for the best life insurance companies in Canada.
“This guide is intended to provide Canadians with convenient access to information about leading insurers, so they can find the one whose products match their financial planning goals,” says Parvesh Benning, CEO of Protect Your Wealth.
He says that life insurance is an essential tool in any wealth-building strategy.
“It protects your loved ones financially if you pass away unexpectedly. If you own a business, your policy can also cover outstanding expenses and prevent any financial hardship created by your passing.”
Frequently-asked insurance questions answered
In addition to providing a thorough overview of top Canadian insurers like BMO Insurance, Canada Life, and Canada Protection Plan, The Best Life Insurance Companies in Canada answers key questions like the following:
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What type of life insurance plan should you buy? Depending on your circumstances, recommended options include term life insurance, permanent life insurance, disability insurance, and critical illness insurance, all of which are clearly explained.
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How much does life insurance cost in Canada? The guide explains how age, gender, present health, and smoker status direct premium costs.
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How financially solid are these companies? There is an overview of the assets, credit rating, and overall outlook of leading Canadian life insurance companies, all referenced from AM Best Company, which provides credit ratings for the insurance industry.
A guide for planning the future
When you get married, have a family, or even start a new business, life insurance can ensure that you and your family remain on solid financial footing. You don’t even have to pass away for the benefits to come into effect: according to the CLHIA, in 2019, over 90% of the benefits paid by member companies were to living policyholders.