Canadian Life Insurance: Details

Assumption Life
Assumption Life, founded in 1903, is a Moncton-based, mid-size Life and Living Benefits provider. Assumption Life is one of the very few mutual companies, i.e. owned by the policyholders, with a good product mix of life, critical illness, group benefits, and investment products. It is one of the very few companies offering coverage for up to and including age 85.
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Blue Cross
The Canadian Association of Blue Cross Plans represents the seven independent Blue Cross member plans operating in regions across the country. The Blue Cross members are focused on travel, health and dental plans, and group benefit plans.
Direct (online or contact centre)

BMO Life Assurance Company
BMO Insurance is a bank-based insurance provider (Bank of Montreal). It was founded in June 2009 with BMO purchased AIG Life Insurance Company of Canada (AIG Life of Canada). It offers a broad range of life and critical illness insurance products.
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Direct (online or contact centre)

Canada Life Insurance Company of Canada
Canada Life has merged with two other brands: Great-West Life and London Life and currently operates under one single brand of Canada Life offering a very wide range of life and living benefits products. It is one of three, by far, the largest life insurance companies in Canada. Its disability product is particularly robust with a unique feature, Lifetime Benefit.
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Canada Protection Plan
Founded in 1992, Canada Protection Plan is focused on no medical life insurance and is known as a third party administrator, i.e. they use Foresters as their underwriting insurance company, so a Canada Protection Plan policy is issued by Foresters. On Oct. 2, 2020, it was announced that Canada Protection Plan and Foresters would be merging under the brand of Canada Protection Plan, A Foresters Financial Company.
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Co-operators Life Insurance Company
Co-operators Life Insurance began as a cooperative for prairie farmers in 1945. Today, the company offers life insurance, group insurance, and wealth management products as well as property and casualty products. The Co-operators Group Limited owns several entities, including Co-operators Life Insurance Co., Co-operators General Insurance Co., CUMIS, Edge Benefits Inc., Sovereign Insurance & Premier Group of companies, and others.
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Desjardins Financial Security Life Insurance
Desjardins Insurance is a Quebec-based company (a subsidiary of Desjardins Group) offering life, disability, critical illness, and group benefits, plus auto, home, travel, pet insurance through their property and casualty division. They also offer a wide array of investment products. In 2018, Desjardins Group acquired State Farm Canada and integrated them under the Desjardins brand name.
Insurance brokers
Direct (online or contact centre)

Empire Life Insurance Company
Empire Life is a Kingston-based, mid-size Life and Living Benefits provider offering a wide range of Life and Living Benefits. It also provides guaranteed issue plans for the hard to insure Canadians. Founded in 1923, and since then, merged with several other companies, and in 1968 became the operating company of Empire Life Financial Corp. as the holding company.
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Equitable Life Insurance
Started in 1920, and is one of the very few mutual insurance companies (i.e. owned by the policyholders) left in Canada. They offer typical life insurance products, e.g. term, whole, and universal life, and critical illness insurance. They also offer group benefit plans. They are particularly competitive in the whole life market.
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FaithLife Financial
FaithLife Financial is a smaller Life Insurance company located in Waterloo, ON, renamed in 2008. It has been set up as a fraternal benefits society (originating from the US). Their customer segment is defined as Canadians with Christian values, and they require their representatives to have those values as well.
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Foresters Canada
Foresters Financial is a fraternal organization, founded in 1874, owned by The Independent Order of Foresters (a fraternal benefit society). Foresters offer a wide range of products including life insurance, critical illness insurance, and, with their merger with Canadian Protection Plan, numerous simplified issue plans.
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Great-West Life Assurance Company
Great-West Life has merged with two other brands: Canada Life and London Life and currently operates under one single brand Canada Life offering a very wide range of individual and group life and living benefits products. Canada Life is one of three, by far, the largest life insurance companies in Canada. Canada Life is a strong leader in long-term disability plans offering some unique features.
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Humania Assurance
Humania was found as The Union Saint-Joseph (L’Union Saint-Joseph de Saint-Hyacinthe) in 1874. In 2012, the rebranded company became Humania Assurance. It offers life, critical illness, health, and disability insurance products.
Insurance brokers
Direct (online or contact centre)

Hunter McCorquodale Inc.
Established in 1997, the company’s focus from the beginning was the underwriting of special risk life, accident, and health products that other traditional insurers do not offer. For an application that is out of the ordinary, it is definitely worth asking a broker to consider them.
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IA Excellence Life Insurance Company
Effective January 1, 2020, iA Excellence has merged with its current parent company Industrial Alliance Insurance and Financial Services Inc. under the iA Financial Group brand.
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Industrial Alliance Financial Group
Industrial Alliance (iA) was founded in 1887, based in Quebec, and rebranded as Industrial Alliance Financial Group in 2015. They offer individual life insurance, group insurance, individual wealth management, and group savings and retirement plans. iA acquired Hollis Wealth Management in 2017. They are one of a very few insurers offering a decreasing term plan.
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Financial planners

Ivari
Transamerica has been initially an arm of American Transamerica insurance company but has been acquired by Wilton Re, a reinsurance company, and rebranded as Ivari being located in North York, Ontario. They offer several term and universal life plans, critical illness insurance, plus investment products. The company also has a solution for otherwise uninsurable children.
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La Capitale Life Insurance
La Capitale was founded in 1940 headquartered in Quebec City and has its origins in a mutual fund. In 2020 La Capitale has merged with La Capitale forming one of the largest Quebec-based insurance companies and offering both Property and Casualty and Life Insurance products.
Insurance brokers
Direct (online or contact centre)

London Life Insurance Company
London Life has merged with two other brands: Great-West Life and London Life. It currently operates under one single brand Canada Life offering a very wide range of life and living benefits products. Canada Life is one of three, by far, the largest life insurance companies in Canada.
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Manulife Financial
Manulife offers a vast array of life and living benefits products and underwrites products of many other companies. It is one of three, by far, the largest life insurance companies in Canada and one of the largest financial services organizations in North America including its subsidiary, John Hancock.
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Medavie Blue Cross
Medavie Blue Cross is a Moncton-based, mid-size Life and Living Benefits provider that is primarily focused on Group Insurance. The company also administers various government-sponsored health programs on behalf of provincial and federal governments. It is a not-for-profit organization that is a member of the Canadian Association of Blue Cross plans.
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Primerica Life Insurance Company
Primerica is a part of a North American company Primerica which is widely known for offering exclusively Term Life Insurance products only. It operates through a network of agents who are often part-time sales force. They also do recruit new agents through their sales efforts as well as public seminars.
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RBC Insurance
Get an RBC Life Insurance quote and compare it with other providers. See our expert’s perspective on this life insurance company and its products.
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Direct (online or contact centre)

Reliable Life Insurance Company
Reliable Life Insurance Company (focus name since 1943) has been in business along with a sister company, Old Republic Insurance Company. Their focus is on niche insurance, custom, and private label products.
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ScotiaLife Financial
ScotiaLife Financial is a bank-based insurance provider (Scotiabank). It offers a range of relatively simple life and living benefits products. Some of their products, e.g. Accidental Death Insurance, are underwritten by other providers such as Chubb Life Insurance Company of Canada.
Direct (online or contact centre)

SSQ Life Insurance Company Inc. (Formerly AXA Life Insurance Inc.)
SSQ Insurance was founded in 1944, headquartered in Quebec City. In 2020 SSQ Insurance has merged with La Capitale forming one of the largest Quebec-based insurance companies and offering both Property and Casualty and Life Insurance products.
Insurance brokers

Standard Life Assurance Company
Standard Life was a company offering an array of insurance, investment, retirement, and financial protection products. In 2015, it was acquired by Manulife, one of three, by far, the largest life insurance companies in Canada.
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Sun Life Assurance Company of Canada
Sun Life offers a vast array of life and living benefits products and underwrites products of many other companies. In the past, it acquired several insurance companies, e.g. Clarica Insurance in 2002. Sun Life is one of three, by far, the largest life insurance companies in Canada.
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UV Insurance
UV Insurance (formerly UL Mutual Company) is a Drummondville, QC based company, formed 130 years ago. It offers individual insurance, group insurance, and investment, and retirement products. It offers both term and permanent life insurance, and critical illness coverage.
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Wawanesa Life Insurance Company
Founded in Manitoba in 1896, created by and for farmers. Wawanesa began selling life insurance in 1961. It offers a broad product range, including term and whole life plans, instant issue life, and quick issue critical illness insurance. Wawanesa Insurance also sells numerous property and casualty products.
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Consider 3 investors with the same strategy. Each started with $99,000 over the course of 41 years, they bought stocks, reinvested dividends, and never sold the stocks. When they weren’t buying stocks, they held their money in a savings account that gave them 3% returns per year.

Case Study #1: Tiffany, she saved her money until the day of the worst stock market crashes in history. She purchased at the top in 1987 losing (-33%), 1990 (-19.7%), 2002 (-49%), 2009 (-56.5%), and 2020 (-34.1%). After 41 years, the total value of her investments ended at $773,358. Not bad considering she bought at the worst possible times.

Case Study #2: Brittany, is the opposite of Tiffany. She’s a genius. She invested all of her saved money exactly at the bottom of the market. She predicted this 5 times in a row (virtually impossible). She bought all those stocks at a discount and her $99,000 ended up being worth $1,123,573. While that’s a lot of money, notice it’s not a huge difference between the best market timer, and the worst market timer. Why is that?

Case Study #3: Sarah, who didn’t buy at the market top or the bottom. She ignored all the noise, unsubscribed from every finance YouTuber, and invested $200 every single month into VTI or VOO starting in 1979 (even though those ETFs/Indexes didn’t exist at that point). She ended up with the most in her brokerage account, exactly $1,620,708. This is because she didn’t wait to start, and she let compound interest do the work for her much earlier than everyone else while getting the standard average returns in the stock market.

Case Study #4: Negative Nancy, she saved for 41 years in a high yield savings account at 3% because she was afraid of investing. She just left it in there for 41 years. In total, she ended up with only $332,000.

TELUS (TSX:T)(NYSE:TU) is another stable dividend stock that has held up strongly against this market correction. It’s resting on its 50-day simple moving average, which still has its uptrend intact.

Telus has invested in its telecom infrastructure for decades. Its 4G LTE infrastructure covers about 99% of the Canadian population.

It’s focused on a growth strategy and continues to invest in its broadband technology, thus enabling it to stay relevant for the future, including getting its network ready for 5G deployment down the road.

Most Canadians can’t do without their internet or smartphones. This enables Telus to increase the pricing of its products and services every year at a rate that’s better than inflation.

Telus stock has increased its dividend for 16 consecutive years with a 10-year dividend growth rate of 9%. Currently, the dividend stock offers an attractive yield of nearly 4.7%.

Its 10-year total returns are about 12%, which aligns with market returns, albeit with lower volatility. According to Yahoo Finance, its five-year monthly beta is 0.68.

Fortis (TSX:FTS)

St. John’s-based Fortis is a leader in the North American utility industry with assets of over $53 billion and 2019 revenue of $8.8 billion. The company serves customers in five Canadian provinces, nine U.S. states, and three Caribbean countries. The U.S. accounts for more than 60% of its assets, while Canada has more than 25%, and the rest are in the Caribbean.

While picking a dividend stock, one important consideration should be how often you are going to get a raise in your income. More dividends mean you’ll be able to re-invest to buy more shares and multiply your wealth quickly.

With a dividend yield of 3.27% and about 6% expected growth in its annual dividend payouts through 2024, Fortis stock is a solid addition in your TFSA portfolio. With growing dividends, you also need stability in your return. Fortis has done a good job returning cash to its investors. The company has increased its dividend payout for 46 consecutive years.

The best way to use a TFSA is to hold long-term, high-growth investments such as Brookfield Infrastructure Partners (TSX:BIP.UN)(NYSE:BIP), which has gained a whopping 37% since the start of 2019. Despite this stunning return, the partnership, because of latest developments, is poised to deliver further value for unitholders, making it the ideal addition to any TFSA. That appeal is further enhanced by Brookfield Infrastructure’s low volatility, which, as measured by its beta of 0.81, indicates that it is less volatile than many other stocks and the overall market.

Brookfield owns a globally diversified portfolio of infrastructure assets that are vital to modern economic activity, including railroads, ports, toll roads, data centres, communications towers, and utilities. The construction, acquisition, and maintenance of infrastructure assets requires considerable funding, making it a capital-intensive industry. This means infrastructure providers typically have large amounts of debt, meaning they will benefit from the Fed’s latest interest rate cut because it will lead to lower financing costs.

It will be particularly beneficial for Brookfield, because it has long-term debt totalling a whopping US$15 billion. As those liabilities are either renewed, rolled over, or refinanced, a reduced headline interest rate means that the partnership can negotiate lower financing costs, thereby bolstering its profitability.

The growing likelihood of a resolution to the trade war between the world’s two largest economies, the U.S. and China, along with the rate cut bode well for improved global economic growth. That will lead to greater demand for the utilization of Brookfield’s assets, driving higher earnings for the foreseeable future.

Brookfield reported some solid third-quarter 2019 results, including a 16-fold increase in net income attributable to the partnership and a 15% increase in funds from operations (FFO) to US$0.82 per unit. That solid earnings growth was driven by a combination of organic growth and acquisitions, including spending US$240 million on enhancing its utilities, transport, and data centres businesses.

Brookfield, during the quarter, also progressed the acquisition of two natural gas pipelines in Mexico, the purchase of 130,000 telecom towers in India, and the approval of the US$5 billion takeover of rail company Genesee & Wyoming. Those deals, on completion, will further boost earnings and drive additional distribution hikes. Brookfield Infrastructure has hiked its distribution for the last 11 years to see it yield a very juicy 4%.

Brookfield’s ability to deliver solid value for investors becomes apparent when it is considered that over the last 10 years, it has delivered a return of 669%, including distribution, which is 23% on an annualized basis. If the distributions had been reinvested through the partnership’s distribution-reinvestment plan (DRIP), which allows unitholders to purchase units at no additional cost, that return grows to an impressive 891%, or 26% annually.

Toronto-Dominion Bank (TSX:TD)(NYSE:TD) is Canada’s second-largest bank, but has yielded some of the greatest returns. Over the past five- and 10-year periods, it has been the best performing bank among its peers. This performance should continue as it has a five-year annual average earnings expected growth rate of 7.35%, the highest among the Big Five.

Furthermore, TD has also established itself as a premier dividend growth company. It has a nine-year dividend growth streak and has averaged 10% dividend growth. Once again, this is tops among its peers.

Royal Bank of Canada (TSX:RY)(NYSE:RY) is coming off a disappointing performance in 2019 where it only rose 10%, well below the 19% returns the TSX generated.

However, that’s also why it could be a great stock to hold for 2020; it’s not often that RBC underperforms the TSX. If we look at the past five years, the RBC’s 39% returns have soundly beaten the TSX, which is only up 16% during that time.

Investors have been bearish on financial stocks, especially in 2019, which can help make 2020 a year when RBC bounces back. A big test will come for the bank stock when it reports earnings next month that will help dictate which direction RBC’s stock will go in the early part of the year.

Ultimately, it’s hard to go wrong with holding one of Canada’s top bank stocks, and if there is a downturn in the markets in 2020, we could see investors flocking to safer, more stable investments such as RBC.

With a dividend of 3.9%, the income you can earn from holding the stock is another great incentive to invest in RBC.

Inter Pipeline (TSX:IPL) is rapidly approaching an important turning point, and, understandably, investors are a little nervous.

The company is in the middle of one of its most ambitious growth projects ever, spending $3.5 billion on the Heartland Petrochemical Complex. When completed, the plant will be able to process 525 kilotonnes of polypropylene each year, creating plastic resins for industries like consumer products, automobile parts, medical equipment, and currency. Heartland is projected to add between $450 and $500 million in annual EBITDA to Inter Pipeline’s bottom line.

Inter Pipeline’s other assets — which include oil sands pipelines, conventional oil pipelines, natural gas processing plants, and bulk storage facilities — are all performing well. It has emphasized assets that move away from exposure to the commodity price, which has helped cash flow steadily increase over the last five years. Funds from operations grew by 12% per year from 2013 to 2018 before taking a bit of a step back in 2019.

Although some investors are rightfully a little worried, because the payout ratio has crept up to the 80% range, that still leaves us with plenty of wiggle room for the company to be able to afford its 7.8% monthly dividend.

Chemtrade Logistics (TSX:CHE.UN) is one of Canada’s top dividend stocks, even if few investors are aware of it. With a $1 billion market cap, the company is simply too small for most analysts. That allows its 10.8% annual dividend to fall through the cracks.

Before you say that the payout is unsustainable, know that Chemtrade has been paying the same dividend for more than 13 years. It didn’t even cut the payout during the financial crisis of 2008 and 2009.

Chemtrade makes its money by distributing specialty industrial chemicals. When it comes to distribution, scale is king. It allows Chemtrade to buy inputs and deliver them to customers cheaper than the competition.

These inputs are pure commodities, so whichever company can offer the lowest price wins. With a structural scale advantage, Chemtrade has been winning that battle for decades.

Rogers Sugar Inc (TSX:RSI) stock just saw its dividend yield hit 7.8%. This bargain may not last long.

Historically, Rogers Sugar was set up as a pure income-producing vehicle, redirecting profits from its sugar plantations to shareholders. In recent years, it’s expanded into value-add products like maple sugar to support long-term growth and diversify profits.

This winter, severe weather caused a crop failure, which will cause a huge blow to the financials over the next few quarters. In response, shares dipped from $6 to $5.

Notably, this year’s crop failure won’t be a long-term issue. The market has properly reacted to a short-term headwind, but over the long term, the company’s prospects are fully intact.

If you can keep a multi-year time horizon, you can scoop up shares and lock-in an abnormally high dividend yield.

GoEasy
goeasy is an alternative financial company that provides loans and other financial services to consumers in Canada. It also leases household products to consumers. The company has two segments, Easyfinancial and Easyhome.

This stock is a great alternative to banks in the financial sector, as it has higher earnings growth.

In 2020, EPS is expected to grow by 32% to $5.26, while revenue is expected to increase by 15% to $528 million.

goeasy pays a quarterly dividend of $0.31 per share at writing, which represents an annualized dividend of $1.24 per share and a yield of 1.7%. goeasy has regularly increased its dividends in the past years.

Dividends per share have increased by approximately 14% per year in the last 10 years. With a payout ratio of only 24%, there’s room for much more dividend growth.

The stock has soared 80% over one year. Its 10-year CAGR is over 25%, which is much higher than the big banks.

Enbridge
Enbridge is a company that is a large blue-chip business vital to the North American economy. Plus, it’s a business operating with massive barriers to entry, especially with all the regulations involved in getting a pipeline built these days.

The business has been growing rapidly, through both its massive energy infrastructure business that transports roughly one quarter on North America’s energy, as well as its regulated utility business which helps to diversify Enbridge’s operations.

There are two main reasons why Enbridge is one of the best stocks to buy forever. The first is due to its sound business, which will continue to be a staple of the economy, earning predictable and reliable income and growing its dominant position in the industry.

The second reason is the income that it pays back to investors — a significant amount that’s increased each year, as Enbridge continues to grow its earnings.

The stock yields roughly 5.85% today and has stated it expects to continue to increase the dividend 5% to 7% annually for at least the next few years.

Restaurant Brands
Food is recession-resistant and comes under the consumer staples asset type – one of the few areas that can withstand volatile market forces. Restaurant Brands (TSX:QSR)(NYSE:QSR) is a stock that even Warren Buffett likes.

The owner, operator, and franchiser of Tim Hortons, Burger King, and Popeyes rewards stockholders with a 3.1% dividend yield and an 83% payout ratio that leaves room for growth.

Selling at 16.5% less than its fair value, Restaurant Brands is fairly good value for money. With its earnings set to grow by around 20% per year, this one of the few growth stocks on the TSX that could potentially carry on growing during the next recession.

With 76% total returns by 2025, Restaurant Brands is an appealing play for downturn-ready income that a TFSA investor can rely on.

Canadian National Railway
On the face of it, CN Rail (TSX:CNR)(NYSE:CNI) is a less attractive stock than Manulife. With a balance sheet that could do with some sprucing up, CN Rail doesn’t look as good on paper as the nation’s favourite insurer.

For instance, CN Rail’s dividend yield of 1.85% is lower than Manulife’s, and it’s not as good value for money, trading above its fair value with overheated multiples.

However, taken together, CN Rail is an exceptional wide-moat pick that the casual investor can buy once and forget about in a stock portfolio.

For one thing, CN Rail has an amazingly resilient share price – great news for any investor who wants to buy stocks and save tax-free during the next recession.

That dividend is reliable, too: CN Rail has a dependable track record of payments, and the payout has increased over the last 10 years. With a payout ratio of 37%, more growth is possible, too. Total shareholder returns in five years could be in the region of 56%, making for a solid buy-and-hold option.

Manulife Financial
At a glance, top Canadian insurer Manulife (TSX:MFC)(NYSE:MFC) makes for an overall healthy stock with a strong track record, attractive market ratios, and a well-covered dividend that’s currently yielding 4.2%.

With a payout ratio of 36%, there’s a lot of potential for this recession-resistant stock to increase its dividends. The wide-moat insurer is active in financial services across North America, Asia, and beyond.

Manulife’s earnings grew by 17% in the past 12 months and are projected to grow by around 9% annually, which should reassure the casual low-risk investor seeking insulation from market forces.

Selling for less than half its fair value, there’s also scope here for some decent capital gains. Indeed, by the middle of the decade, investors in this popular stock should expect to see total returns in the region of 45%.