Insurance

Best Life Insurance Companies in 2022

Life Insurance Companies

Life Insurance Companies offer various benefits and insurance for human life and thousands of people work in these companies. These companies currently serve people in Canada as well as around the world. Basically, a life insurance company works to improve the quality of life one party enters into an agreement with the other party guaranteeing compensation. An agreement between the insurance company and the insured to pay compensation and pay premiums. An insurance company guarantees people’s lives, debts, and property compensation, which makes people feel safe.

Thus insurance can be said to provide security of human life and property, create capital, be on the sidelines of old age emergencies and provide security of social property including business supplies. Below are five Canadian insurance companies:

  1. Manulife Financial Corp Insurance Company:

It is the largest insurance provider in Canada. The company is headquartered in Toronto. Manu Life works through affiliates in Europe, Canada, Asia, and the United States. It was formed in 1887 as The Manufacturers Life Insurance Company. Manu Life has licensed branches in more than Fifty cities in mainland China.

  1. Great-West Life Insurance Company :

It is headquartered in Canada. It is a financial services provider incorporated. Great-West Lifeco regulates a variety of insurance policies, including life, health, and disability insurance. It operates as a holding company for six subsidiaries, providing insurance in several countries around the world. Such as Asia, Europe, and Noth America.

  1. Sun Life Financial Insurance Company :

It is one of the oldest insurance providers. It was founded in 1865 in Toronto. It provides aviation, asset management, and investment product services. The company has clients in several countries around the world. Such as Asia, the United Kingdom, and America. Sunlife Financial Company has one hundred twenty-six thousand advisors and more than four thousand employees.

  1. Industrial Alliance Insurance and Financial Services :

It is a business organization. The company offers insurance and financial services to its clients, including businesses and individuals. It trades as a financial group and was established in the United States in 1892 and entered Canada as a financial group.

  1. Desjardins Group Insurance Company :

It is a group that provides insurance products and provides financial services. Desjardins has more than 48,000 employees and 7 million customers across Canada.

Top 10 Life Insurance Companies in 2022

Company

Life insurance options

Market share in 2022

1. Northwestern Mutual ·  Term life

·  Whole life

·  Universal life

11.5%
2. New York Life ·  Term life

·  Whole life

·  Universal life

·  Variable universal life

7.3%
3. MassMutual ·  Term life

·  Whole life

·  Universal life

·  Variable universal life

7.1%
4. Prudential Term life Universal life Variable universal life Indexed universal life 5.1%
5. Lincoln Financial Term life Universal life Variable universal life Indexed universal life 4.2%
6. State Farm Term life Whole life Universal life 3.3%
7. John Hancock Term life Universal life Variable universal life Indexed universal life 3.2%
8. Guardian Term life Whole life Universal life Variable universal life 3%
9. Transamerica Term life Whole life Universal life Indexed universal life 2.8%
10. Pacific Life Term life Universal life Variable universal life Indexed universal life 2

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