Lifeman Insurance Top 4 Best Life Insurance Companies

Remember This is just our Opinion

Number 1: Industrial Alliance

I will admit I have not always been a fan of this company in the past but Industrial Alliance has won me over. They have fantastic Term Products which range from Term 10 all the way up to Term 40. There underwriting for hard to insure clients are stellar. As a High Risk Life Insurance Specialist this is my first company of choice. Underwriting is fast and efficient and there customer service especially for the broker is very one on one.

  • Rank: 4th largest life and health insurance company in Canada
  • Assets under management and administration: more than $83.3 billion
  • Premium and deposits: $6.9 billion
  • Net income available to common shareholders: $311.9 million
  • Clients: over three million Canadians
  • Employees: over 4,300 people

Number 2: BMO Insurance

I have always loved BMO Insurance, they are the most quick and efficient company for getting applicants approved quickly and in the area of customer service they probably the best for both the client and the broker. If things go wrong and a claim is made, I truly believe you are in good hands. The underwriters are very well trained and at times aggressive. Although as of late I find there underwriters less aggressive with higher risk cases. BMO Insurance has the best guaranteed whole life insurance around. There prices for this product have remained the lowest despite every other companies raising the rates. I hope the rates will stay the same at the time of writing this article, but we will have to see. Quite frankly BMO’s 20 Pay Whole Life Insurance blows everyone out of the water. They have higher cash values then anyone in the early years and they have paid up value that is 50 per cent of the death benefit in Year 10.

  • AM Best Rating: A
  • Assets: $208.7 billion
  • Net Income: $424 million
  • New Premiums Written: $379 million

Number 3: Empire Life Insurance

Empire has gone through some transitions as of late but being a very conservative and safe company they would have it no other way. They have removed some permanent insurance products off their line up to deal with the poor economic situations and low interest rates. However they have very competitive term insurance rates for younger people between the ages of 20 and 45, and they have some hidden gems if your broker knows where to look. One thing I like about Empire is there Critical Illness insurance includes a return of premium on death in the price. I have been a supporter of Empire for many years. They are hands on and easy to get a hold of, the customer service is fantastic. There prices for permanent insurance has jumped up but that can only be blamed on the low interest rates.

A.M. Best Company
A (Excellent) as at June 29, 2012

  • Total assets including general and segregated funds: $10.8 billion
  • Net premium revenues from external customers: $814 million
  • Total investment income: $237 million
  • Total revenue: $1.3 billion
  • Policy dividends: $20 million
  • Net benefits and claims: $541 million

Jack Bendahan, Toronto's honest life insurance broker. Making life insurance simple and protecting your family like I do my own.