What is Canada life insurance ?
| Founded | 1874 |
| Headquarters | Toronto, Canada |
| Employees | 1000 – 5000 |
| Insurance Products | Life, Health, & Disability Insurance |
| Official Website | Canada Life |
Canada Life, one of the country’s biggest life insurance providers, is a subsidiary of Great-West Lifeco Inc. and a member of Power Financial Corporation. Canada Life has operated in multiple countries globally, including Canada, the United States, Ireland, Germany and the UK since 1903.
Canada Life was founded in 1847 and was the first domestic life insurer in Canada. Their strong capitalization and diverse insurance offerings make it a great choice for millions of Canadian life insurance consumers and businesses alike.
Canada Life has also achieved a number of industry awards, such as “Best Group Protection Provider” for the 8th year running at the 2020 Health Insurance and Protection Awards.
Ratings
Canada Life has a rating of 4 out of 5 stars. Also, the company is one of the most stable life insurance providers in Canada given its $396 billion in assets and an A+ from A.M. Best for their financial strength rating.
Products
Canada Life’s variety of products
- Life Insurance products are the cornerstone of Canada Life: Term life insurance, Participating life insurance and Universal life insurance.
- Disability Insurance
- Critical Illness Insurance
- Commercial Life Insurance
- Commercial Disability Insurance
- Commercial Critical Illness Insurance
- Health and dental insurance
- Creditor insurance
- Group insurance
Canada Life’s product range expands beyond just insurance; they also offer investment, savings and numerous financial services, mortgage loans, and group insurance options for business owners as well.
Canada Life optional riders
Available on single-life policies
- Guaranteed insurability rider
- Business growth protection rider
- Child’s term life insurance rider
- Accidental death benefit
- Waiver of premium benefit
Available on joint first-to-die policies
- Business growth protection rider
- Child’s term life insurance rider
The Business Growth Protection Rider is a unique add-on that lets business owners buy additional coverage on the insured when their share of the business grows in value, without further evidence of good health and insurability.
Canada Life policy features
Your Canada Life policies usually will come with these features:
- Guaranteed premiums: The amount of insurance premiums you pay monthly is guaranteed to stay the same for as long as you own the policy.
- Guaranteed insurability: You can increase your life insurance coverage after certain life changes, including getting a significant salary increase, getting married, entering a civil partnership, becoming a parent, and taking out a new mortgage or increasing your mortgage.
- Payment delay: you can delay the payment of your monthly premiums even after your regular pay date, which gives extra flexibility if necessary for you.
- Waiver of premiums: Most life insurance policies come with this handy add-on that allows you to stop paying your monthly premiums if you are off work for medical reasons. Usually, you need to be off for a certain amount of time before claiming this benefit.
- Terminal illness benefit: If you have a terminal illness while you hold a Canada Life life insurance policy or if a doctor confirms you have one year or less to live, this benefit allows you to claim the lump sum early on diagnosis.
- Reinstatement: If you accidentally miss a monthly insurance payment and your policy gets canceled, you can reinstate it without having to reapply – provided that you do so within a set period of time. This means you will not have to undergo medical underwriting a second time, leading to an increase in premiums.
Canada Life insurance extra policy benefits
A number of additional benefits often accompany Canada Life’s life insurance policies. These features are ‘non-contractual’, which means they are unrelated to the contractual conditions of your own policy and are often provided by a third party. Most of these extra benefits are available for use without claiming against the policy and might even be extended to the policy owner’s family. Please keep in mind that they may be subject to change in the future.
| Canada Life App | Offers numerous discounts, counseling services plus a wellbeing hub to help you evaluate your physical and mental health, learn about leading a positive lifestyle, as well as access podcasts, articles, toolkits, and so on. |
| Bereavement Counseling | A 24/7 bereavement helpline and up to four face-to-face or telephone counseling sessions. |
| Personal Nurse Service | In the event that you claim for a critical or terminal illness, Canada Life provides access to a nurse who offers practical and emotional support to you – the policyholder and your family life insurance. |
| Second Medical Opinion Service | Canada Life provides access to over 20,000 consultants for second opinions of your diagnosis and treatment plans. |
| Canada Life Probate Helpline | Access to probate experts to assist with obtaining probate and handling any related issues that may arise – including family disputes and will validity. |
Coverage and Policy
- Available Term Lengths: Vary from 5 to 50 years and all in between.
- Available Term Types: Level coverage. Single and joint coverage is available.
- Maximum Amount of Coverage: $20,000,000
- Renewability: Yes, without any proof of insurability. Automatically renewed unless canceled.
- Convertibility: Can be converted to permanent life insurance without medical evidence of insurability, up to age 70.
Claims
In 2018, Canada Life paid out 99.5% of their life insurance claims which amounted to about CA $450 million. Claims not paid out are often attributed to inaccurate information when the policy is taken out (misrepresentation) or other policy exclusions.
Pricing
| Age | Male | Female |
| 20 | $31.05 | $22.50 |
| 25 | $31.05 | $23.85 |
| 30 | $31.50 | $24.30 |
| 35 | $36.45 | $29.25 |
| 40 | $51.30 | $39.60 |
| 45 | $85.50 | $59.85 |
| 50 | $141.30 | $94.05 |
| 55 | $234.45 | $169.20 |
| 60 | $423.90 | $305.10 |
| 65 | $696.15 | $474.75 |
Pros and Cons
| Pros | Cons |
| – A well-established, global company – Award-winning products and services – 5-star financial rating – 52 critical illnesses covered, including 44 additional illnesses for a lower coverage amount – Includes automatic coverage for children – Comprehensive whole life insurance plans for ultra-high-net-worth individuals – Multiple rider options for both single and joint policies – Can convert into Canada Life permanent life insurance products – Canada Life App included with coverage, offering thousands of extra rewards and discounts for customers – Useful online support tools available such as budget planners and loan calculators – Policies include free access to counseling and wellbeing services – An easy to navigate website with helpful FAQs and a glossary of terms | – Some fairly serious reports of financial negligence from customers – Income and mortgage protection cover not offered – Coverage for customers over 50s not offered – More focus on high-net-worth individuals rather than everyman policies – Minimum $100,000 coverage or $500 annual premium required – Limited digital policy or access to online account features |
The Bottom Line
Canada Life Insurance is a very versatile provider and is considered one of the larger insurers in the country. They work through a network of brokers that are all given an ample supply of resources to help craft customized solutions. Canada Life is a great fit for many Canadian consumers that value the convenience offered by non-medical products.
You can use insurance brokerage service for Canada Life insurance quotes and advice – we recommend Insurance Direct Canada, one of the most trusted insurance brokers in Canada.
We also have reviews for other life insurance companies in Canada, namely Manulife, TD Insurance Canada, iA Financial Group, and more.
