I found this on the ALBERTA SUPERINTENDENT OF INSURANCE website.
Summary of Licences Issued Under the Insurance Act
Return to: Superintendent of Insurance - Business of 2002 Home Page
Insurers Licensed in 2002
(a) There were 295 insurance companies and exchanges licensed at December 31, 2002.
Provincial Companies 8
Extra-Provincial Companies 29
Canadian Authorized Companies 228
Fraternal Societies 15
Reciprocal Exchanges 15
TOTAL 295

This talks about the amount of life insurance companies licensed in Canada and in Alberta. 295 life insurance companies is quite alot. That should make it easy to shop for better life insurance rates!!