Life Insurance Companies in Canada

There are hundreds of different companies in Canada that can sell you a life insurance policy. Of course, not all of these companies are in competition with each other; some of them are parts of larger groups, and some of them only sell to certain populations. So it is important for you to do your research in order to learn which companies are available to you, which companies have the best reputation, and which companies sell a life insurance product that you really need.

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There are several things that you should keep in mind when you are choosing a life insurance company.

• Names and Identity. Life insurance companies all seem to have similar names. They often include names such as Mutual, Guaranty, Security, or Reserve. Such names often suggest financial strength. There are also names that suggest financial sophistication, such as Investors or Bankers; fairness, such as Equitable or Peoples; the strength of the government, such as Canadian or Capitol; or maturity, such as First, Founders, or Pioneer. As appealing as those names are, make sure you know the full name of the company, and the brick-and-mortar address of the company. This is especially true of an Internet company; they may offer good premiums, but you need to make sure they are as trustworthy as they claim to be.
  
• Services offered. Most life insurance companies offer a broad range of policies, but may confuse you by promoting some over others. Choose a company that offers things you need, and do not settle for policies you don’t need. If you like a company, but do not see a policy you want, ask an agent if it is available.
  
• Premiums. Premiums are the cost you pay for a life insurance policy. Premiums rates vary widely between companies, so make sure that you can afford the one that works for you. If one company doesn’t offer it at an affordable price, another probably will.
  
• Helpfulness. Life insurance can be a complicated decision, with many different choices to make. You will want to make sure that there is someone who can answer your questions, even if you sign up with an online provider. You don’t want to be left on your own for a decision this important.
  
• Claim payment. There are national claims databases that will show how many complaints have been filed against a company. For an insurance company, you want to look at whether they pay their claims and whether they do it in a timely manner. After your years of paying premiums, you don’t want to be stuck with your claim unpaid.
  
• Financial health. Life insurance is a commitment on the part of the company to be available to you for decades of your life, and yet the government does not insure these companies. You yourself will be responsible for looking up the ratings of companies and seeing how peer institutions review the health of their fellow agencies.

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