Vancouver Life Insurance Companies
With the many different life insurance brands available in Vancouver, it is sometimes difficult to choose between the multitude of options. Other than pricing, there are other factors that should be taken into consideration and these factors are only known to those who have experience in the industry.
Below are highlights of some of the different life insurance companies available in Vancouver and notes from the perspective of an experienced Vancouver life insurance advisor. The following list and descriptions are not comprehensive but are notable highlights based on an experienced opinion. Vancouver life insurance companies are roughly sorted in order of size from largest to smallest.
The largest life insurance company in Canada and has a comprehensive suite of financial products including term, whole life, par whole life, universal life, disability, critical illness, banking, mortgages and more. Prices are competitive but not usually the lowest. Clients will choose this company for its financial strength, size, and well-known name brand.
Another one of the larger life insurance companies in Canada. A strength with Sunlife is its competitive participating whole life product. Sunlife is also well established in the company group benefits space. Clients will choose Sunlife for the trusted brand name and performance of its par whole life product.
Canada Life is a fairly large life insurance company and has comprehensive product offerings in the life and health insurance space in addition to segregated funds. Unlike Manulife, however, there is no banking available. Canada Life’s strengths are in its comprehensive segregated fund suite, disability insurance, and critical illness as they have options that can be added that are unavailable elsewhere.
SSQ / La Capitale / Beneva
SSQ and La Capitale are east coast based life insurance companies that have merged to become Beneva. Well-known on the east coast for its group benefits, they have expanded their presence to the west coast. Clients will choose this company for its competitive pricing and family term life and critical illness packages.
RBC Insurance is a subsidiary of the Royal Bank of Canada and has a strong disability insurance product offering. In addition, their term life products are very competitively priced and the RBC brand is very well respected. Clients will choose RBC because of their well-known and trusted name brand.
BMO Insurance is a subsidiary of the Bank of Montreal. BMO Insurance has very competitively priced critical illness insurance products in certain configurations, specifically their Level to age 75 and 15-pay products. They also have a unique Guaranteed Investment Fund product with 100% guarantees. Existing BMO bank clients sometimes will choose to also buy life insurance from the same recognizable brand.
Equitable Life is probably best known for its participating whole life product. When comparing side-by-side, their whole life product often shows the highest return potential. Also, as a smaller and mutual company, they have the potential of demutualizing and, if demutualization occurs, policy holders may receive a financial payout.
In Vancouver, the Wawanesa name is well known for their home insurance. We have heard many positive experiences from clients when it comes to claim time on their home insurance. Less well known are Wawanesa Life’s life insurance products. Their term life products are very competitively priced and while their whole life product offers one of the highest guaranteed cash values in the industry. Clients will choose Wawanesa Life because of their experience with the brands home insurance.
Canada Protection Plan
Canada Protection Plan (CPP), a smaller life insurer, is now owned by Foresters Life. CPP shares the same acronym as the Canada Pension Plan but these two entities have no relation to each other. Many people have seen CPP on TV commercials advertising for no medical life insurance. Indeed, CPP specializes in the harder to insure market where a fully underwritten life insurance product is out of the question due to health history. Pricing is competitive for the simplified issue product space. When a person has no health concerns, a carrier with a fully underwritten product will still cost less than a simplified issue product.
CONTACT US VANCOUVER LIFE INSURANCE COMPANY – VENTURE FIRST ADVISORY
To provide service to families in Vancouver and the rest of Canada, Venture First Advisory is located in the heart of Downtown Vancouver in the iconic Electra Building, formerly the BC Electric headquarters. The Electra building can be recognized by the unique blue and green fin lights that run the vertical height of the building. While we now do most of our business, including life insurance, by phone and/or video conference, our location is within easy access for those who work or live downtown. Contact Us as we are an experienced Vancouver life insurance advisor.