Canada Life is one of Canada’s largest life insurers and has millions of customers. But the real question is — Is Canada Life insurance right for you?
We decided to do the homework for you.
Canada Life provides very diverse coverage along with rates, strong financial strength, a wide product mix, and a generous term exchange option. In this post about Canada Life, you'll find the industry's most comprehensive analysis of this partner company of ours.
This comprehensive review will include:
Who Is Canada Life?
Canada Life first opened its doors back in 1847, Canada became a confederated entity in 1867. Within a short period of time, Canada Life ranked among the most preeminent insurance companies in Canada. Today, it boasts $219 million in assets and is a provider of choice to tens of thousands of people. Let’s see how it got here.
History of Canada Life Acquisitions
Canada Life Insurance: Facts & Financial Information
Before you buy insurance, check how the carrier performs on different criteria such as financial stability. After all, the last thing you would want is to pick an insurance company that doesn’t have the financial strength to honour its long-term insurance contracts.
You can gain insight into an insurer’s financial standing by checking its AM Best rating. AM Best specializes in assessing the financial stability of insurance companies. It takes into account both current indicators and long-term outlook, and its scoring ranges from A++ downward.
Canada Life notched up an impressive score of A+ from AM Best. So, you can rest easy knowing it will make good on its promise when the time comes, 20, 30, or even 50 years from now.
Canada Life Reviews
Many third-party services provide reviews for different insurance companies. You should take these reviews with a grain of salt.
Online reviews for insurance companies rarely (if ever) provide a complete picture. Generally, people storm online review platforms, like Google and BBB, when they don’t get the level of service they expect.
Statistically speaking, customers are more likely to take the time to share a negative experience online.
Most life insurers have a diverse product mix. So, before you take a review at face value, make sure it is about the life insurance product you want to buy.
Canada Life reviews average 2.5 (out of 5) on Google. Its performance on Insureye is less than flattering, though. The insurer could only manage a score of 1.4 out of 5. With that said, such a score is not typical for a business of its size. For example, Manulife and SunLife, two of its most important competitors, came up with similar scores — 1.6 and 1.5, respectively.
We also analyzed how Canada Life reviews rank with the Better Business Bureau (BBB). BBB, a non-profit corporation, promotes marketplace trust by grading companies on several parameters. While the provider has mostly negative customer reviews on BBB (1.0 out of 5 stars), it notched up the best-possible rating of A+ BBB Rating, which all things considered, is pretty good.