If you're in the market for life insurance, you may be wondering: is Canada Life is a good option.
In this post, we'll take a look at their history, their policies, and some of the pros and cons of choosing them as your provider.
By the time you finish reading, you should have a good idea of whether or not Canada Life is right for you.
Who Is Canada Life Assurance Company?
Canada Life first opened its doors back in 1847, Canada became a confederated entity in 1867. Within a short period of time, Canada Life Assurance Company ranked among the most preeminent life insurance companies in Canada. Today, it boasts $219 billion in assets and is a provider of choice to tens of thousands of people. It is also affiliated with Power Financial Corporation Group, one of Canada's largest financial holding companies. Let’s see how it got here after several historical acquisitions including London Life insurance company.
History of Canada Life Assurance Company Acquisitions
Facts & Financial Information
Before you buy life 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 life 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.
While Canada Life is an Excellent choice, we recommend comparing Canada's top life insurers before making a decision.
Canada Life Reviews
Many third-party services provide reviews for different life insurance companies. You should take any reviews with a grain of salt.
Online reviews for life insurance companies rarely (if ever) provide a complete picture. Generally, people storm online life insurance 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 any life insurance review at face value, make sure it is about the life insurance products you want to buy.
Canada Life insurance reviews average 2.5 (out of 5) on Google. Its performance on Insureye is less than flattering, though. The insurer could only manage a life insurance review score of 1.3 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 Assurance Company reviews rank with the Better Business Bureau (BBB). BBB, a non-profit corporation, promotes marketplace trust by grading life insurance 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.