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Metropolitan Life - Insurance History

The Metropolitan Life of Canada Company was an insurance company that ceased to exist when it was bought out by another insurance company. The name “Metropolitan Life” may seem awfully familiar to you even if this company is no longer around because it used to be the Canadian insurance division of the well-known company MetLife, Inc. MetLife is the largest issuer of life insurance in the United States, and the company that formerly occupied the famous New York City MetLife building on Park Avenue.

Mergers & Acquisitions

If you purchased an insurance policy from Metropolitan Life before it was bought out, tracking down the correct company to file a claim with can be a bit tricky. What happened was that Metropolitan Life was purchased by Mutual Life. Mutual Life then changed its name to the Clarica Life Insurance Company. Clarica Life proceeded to then merge with the Sun Life Assurance Company in 2002, which is the only company out of all the ones mentioned that still exists. If you need to make a claim, your best bet is to go to Sun Life. However, some of the older industrial policies sold by Metropolitan Life were not acquired by Mutual Life during its purchase of Metropolitan Life, so if your policy is one of those, you’ll need to call 1-877-210-2212 to make a claim with the original Metropolitan Life, which still exists in some minor form in order to fulfill said claims.

Although Metropolitan Life no longer sells insurance policies, its spirit lives on through Sun Life. Sun Life, which has been around for over 140 years, operates in numerous countries, including Bermuda, Canada, China, Hong Kong, Indian, Indonesia, Ireland, the Philippines, the United Kingdom and the United States. It offers a variety of insurance products and services such as financial planning, life insurance, health insurance, disability insurance, investments and retirement savings.

Sun Life Assurance in Canada

Sun Life offers three types of life insurance: term life insurance, permanent life insurance and universal life insurance. Term life insurance is a temporary form of life insurance that only lasts for a specified period of time. This type of insurance is best for people who only need short-term insurance protection, such as when they have a mortgage or are raising young children. Permanent insurance provides lifetime coverage; although you can get lifetime coverage by repeatedly renewing a term life insurance policy, it’s better financially to simply get permanent life insurance instead. Universal life insurance also offers lifetime coverage, but this type of policy is more complex than a permanent life insurance one. This is due to the fact that universal life insurance provides investment options in addition to traditional coverage.

To read more about other insurance companies in Canada please visit the following links:

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