While its normal to have questions about the longevity of your insurance provider, it is very unlikely to happen in Canada. The Canadian insurance industry is highly regulated at both a provincial and federal level.
Simply put, government agencies make sure and monitor that insurance companies in Canada stay solvent and operate such that they stay open for business and have enough funds to cover their liabilities should any worst-case-scenarios occur. Many of Canada’s large insurance companies are also graded by global credit and financial rating agencies such as AM Best.
In the unlikely event that your insurance company somehow goes out of business, Assuris (a not for profit organization that protects Canadian life insurance policyholders if their insurance company fails) will protect your policy. Designated under the Insurance Companies Act of Canada and funded by the life insurance industry, Assuris helps mitigate the impact on a Canadian policy holder of a failure of an insurance company.