TD Insurance vs. Sun Life vs. Manulife: Comparing Canada’s Top Employee Benefits Providers

In today’s competitive job market, employers face growing pressure to offer benefits that are not only cost-effective but truly valuable. The rising health-care costs and growing employee dissatisfaction show a clear need for more flexible coverage that supports the demands of modern life in Canada. 

Top talent is no longer settling for subpar compensation plans. More candidates are declining offers without a robust employee benefits package. Considering all these, choosing the right employee benefits plan from Canadian group insurance companies matters more than ever. 

Creating the right benefit plans impacts your growth and employee retention. The better your benefit plans, the higher your employee engagement, and the more loyal they’re likely to be. 

This upward spiral makes it crucial to carefully compare employee benefits providers Canada trusts so you can exceed your employees’ needs and guarantee workplace satisfaction. In this post, we’ll compare three of Canada’s top insurance providers—TD Insurance vs. Sun Life vs. Manulife—to help you decide the best employee benefits package for your company.

Overview of Providers

Canada has a vibrant insurance market with dozens of active providers. The Canadian Life and Health Insurance Association recognizes 64 member companies, which account for 99% of Canada’s life and health insurance sector. 

The industry includes a selection of large national players and various regional or specialized insurers. In 2025, the Canadian Health and Medical Insurance Market holds an estimated valuation of CAD 164.57 billion (at the time of writing), expected to reach 222.41 billion CAD by 2030, at a CAGR of 5.83%. 

The group health insurance segment dominates the insurance landscape, with approximately 90% of health insurance purchases falling in this category. Key players in this market in terms of asset size include:

• Canada Life (Great-West Lifeco)
• Desjardins
• Fairfax Financial 
• iA Financial Group
• Intact Financial 
• Beneva
• Empire Life
• Co-operators

However, the three consistently recognized players we’ll compare in this post are TD Insurance, Sun Life, and Manulife. We’ll summarize them in a group benefits plan comparison below so you can choose between TD insurance vs Sun Life vs Manulife group benefits.  

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TD Insurance

Part of the TD Bank group, one of Canada’s largest financial institutions, TD Insurance offers a range of business insurance products, including commercial property, liability, group health, and dental plans. 

Known for their flexible coverage options, intuitive digital tools, and customer-first approach, this company stands out as one of Canada’s leading group insurance providers. They are a trusted choice for businesses of all sizes seeking comprehensive employee benefit solutions. 

Sun Life 

Sun Life is a nationwide life insurance provider and leader among Canadian group insurance companies. It offers health, dental, life, disability, and wellness programs for corporations of various sizes. 

Like TD Insurance, Sun Life provides a range of digital tools to help streamline and simplify access to employees’ benefits. The company is highly sought after by businesses providing employee benefits, and is frequently rated as Canada’s top insurance provider. 

Manulife

A household life insurance company with an extensive track record, Manulife brings over 130 years of experience and group benefits, such as health, dental, life, disability, critical illness, retirement savings, and wellness programs. 

They’re well known for providing customizable plans, value-added wellness services, and digital tools to simplify access. Currently worth $850 billion, Manulife is the biggest company in Canada based on total assets. 

Group Benefits Provider Comparison 2025

Ultimately, selecting a provider boils down to determining which offers the best of many worlds. Check out the strength vs weakness chart below to help you figure it out. 

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Choosing the Right Provider: Factors to Consider

TD Insurance vs. Sun Life vs. Manulife—none of these three options is necessarily superior. Choosing an employee benefits plan from them depends on your company's unique needs and values, alongside factors like your company’s size, employee demographics, and industry benchmarks. These basics will steer you in the right direction from the get-go.

Company Size

Your company's size directly influences your benefits plan's scale, complexity, and cost-effectiveness. It’s not uncommon for insurance providers to focus on particular sizes, such as small businesses or large corporations. 

Even insurers catering to businesses of all sizes might offer more beneficial plans to a specific company. Here’s how to factor in company size when making a group benefits plans comparison:

• Look at the company size that a particular provider serves. If they serve all sizes, check if they have plans better suited for your company's size. 

• Consider your current growth stage and its impact on the size of your workforce shortly. For example, suppose you anticipate rapidly expanding your workforce. In that case, the TD Insurance benefits that worked well for your small business may not serve employees as well as the Sun Life plan that excels at larger group benefits. 

Employee Demographics

Your employees indirectly determine which provider you choose. The benefits they seek will reflect their age, health status, family size, and lifestyle preferences. 

For example, your younger employees in their 20s might live an active lifestyle, have no family commitments, or seek further learning opportunities. For them, the ideal mix of benefits may include health and wellness offerings (such as gym memberships) and tuition reimbursements. 

However, older employees in their 40s may have two or three children, financial goals (such as retirement savings), and maybe a side pursuit they’d like to pursue. They often opt for:

• family coverage plans, 
• prescription drug coverage, 
• universal life insurance coverage, 
• financial planning services, and 
• extra PTO in such cases. 

Every provider will offer more or less of these benefits, and depending on the ratio of generational differences in your workforce, some choices will serve your organization better than others. 

When making a group benefits plans comparison, factor in employee demographics this way:

• Gather employee feedback before choosing an insurance plan so you know your workforce's prevailing needs beforehand. 
• Take stock of generational differences in your workplace and find the insurer that offers the best mix (or customizable plan) to help you serve different age groups and profiles fairly. 

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Industry Benchmarks

Your industry influences which providers best serve your company and workforce. First, your industry matters because your competitors will likely offer a specific mix of employee benefits, which you’ll want to provide to remain competitive and attractive to new talent. 

Secondly, specific industries may naturally create a desire or need for a particular employee benefit. For example, companies in the tech sector often provide professional development stipends to help employees stay relevant in a continuous, fast-learning field. Companies in health care may distribute mental health and wellness resources due to high stress, burnout, and health risks in the industry. 

To factor in industry benchmarks, conduct regular benchmarking to identify gaps and opportunities. This will help you choose benefit plans that your employees or prospective employees want. 

Available Budget

Of course, choosing a benefits program ultimately depends on what your organization can afford now and as your business scales. Larger budgets can afford more robust plans, but that doesn’t mean you can’t secure a good insurance plan for employee benefits packages. You may have to be more selective (and work with a broker like KASE insurance). 

Here’s how to factor in your available budget when creating a group benefits plans comparison:

• Consider the general rule of thumb, where employee benefits plans are budgeted as 15% to 25% of employees’ base salary (or 1.2 to 1.4 times their salary).
  
  
• Prioritize cost-effectiveness by choosing only the employee benefits that align most with your company values and what your workforce needs. If your budget is limited, cut out all excess and unnecessary benefits. 

Pro Tip: Make sure the benefits offered by a particular provider align with your company's philosophy and values. You want to provide benefits that your employees will ultimately use, not ones that sound good on paper but offer little value. This will help you decide if you need customizable plans, digital support, or specialized wellness programs for your workforce.

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The Importance of an Insurance Broker

You can approach an insurance provider independently, but you’d miss out on the advantages of having a broker by your side. An insurance broker, like KASE insurance, can help negotiate rates and secure tailored plans for your workforce needs that could be challenging. 

Whether your workforce requires dental insurance, term life insurance, whole life insurance, or other types of insurance, broker services make choosing a package more convenient for you.

An insurance broker can help you access multiple providers, ensure they comply with specific regulations, and offer ongoing support. That ultimately makes it easier for you to choose benefits packages from the best life insurance companies, but more importantly, to choose benefits from the best carrier. 

→ Learn more: How to Choose a Benefits Broker

How KASE Insurance Can Help with Group Benefits Plans

KASE Insurance partners with the top insurance companies in Canada, including the big three: TD Insurance, Sun Life, and Manulife. We aim to help businesses like yours design and implement the most appropriate benefit packages. Through our deep market knowledge and strong relationships with insurance providers, we help you negotiate and secure competitive rates. 

With KASE insurance by your side, you can find Canadian group insurance companies that offer customizable plans, hands-on support, and ultimately, flexible benefit coverage that meets your company philosophy and employee values. 

Choose the Insurance Plan that Meets Your Employees’ Needs

Selecting the right Canadian group insurance companies for employee benefits is more essential than ever in 2025. With rising health-care costs, financial uncertainties, and social changes unfolding before our eyes, it’s necessary to meet employees’ needs by providing the benefits that will improve their work experience and quality of life. 

TD Insurance, Sun Life, and Manulife are among the better options for businesses offering customized plans, digital experiences for smoother access, and extended wellness support. Of course, they each provide nuanced plans that may need additional insight and planning. 

To make these easier to navigate, reach out to KASE Insurance. We’re here to consult with group insurance companies to help you secure a benefits package that keeps you competitive and, more importantly, your employees happy.