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The Federated Life Insurance Company of Canada

Federated Insurance Company of Canada is an insurance company that has a licence to provide insurance in all of the Canadian provinces and territories. The corporate headquarters are located in Winnipeg, Manitoba. In addition to the corporate headquarters, Federated Insurance has nine branches located throughout Canada and over 300 employees. The company is run by President John Paisley and is owned by Northridge Financial Corporation. A well regarded company, Federated Insurance currently holds an A.M. Best rating of A for excellent.

Early History

The company currently known as Federated Insurance started out as in the 1890s in the United States under the name of Minnesota Implement Mutual Fire Insurance Company. Eventually, this company was renamed Federated Mutual Insurance Company. Federated Mutual began issuing casualty insurance in the 1940s. Federated Mutual started operating in Canada in 1920 and began issuing life insurance policies in Canada in 1964. In 1987, Federated Insurance officially came into existence, and it has been operating under that name in Canada ever since. Federated Insurance offers a variety of insurance products such as property insurance, car insurance, general liability insurance, homeowner insurance, health insurance and life insurance.

Group Employee Benefit Program

One program that Federated Insurance offers is a traditional group employee benefit program. This program is well suited for employers with 3 or more employees. Under this benefit program, employees are provided with policies such as life insurance, accidental death and dismemberment insurance, dependant life insurance and short-term and long-term disability. The life insurance plan is a very common coverage choice for employees under this program; if an insuree dies, the policy will give the beneficiaries a tax-free payment that should help cover the loss of income due to the death of the insuree. The accidental death and dismemberment insurance component provides a tax-free payment to beneficiaries if an insuree’s death qualifies as an accident under the policy. This policy can also provide money to the insuree himself if he loses a limb in an accident.

Dependent Life Insurance in Canada

Dependent life insurance does not pay out on the death of a primary breadwinner; as the word dependent indicates, it pays out only on the death of a person who is a dependent of the breadwinner, such as a child or spouse. Short-term and long-term disability insurance is there to provide income in case an insuree becomes disabled and can no longer work.

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