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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, it 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
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Facts & Financial Information
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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, such as Canada Protection Plan, Manulife, and Sun Life, before making a decision.
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Find the best rates
Canada Life Reviews
Many third-party services provide reviews for different life insurance companies. You should take any reviews with a grain of salt.
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Why?
Online life insurance reviews can be biased, as people tend to share negative experiences more. Check if the reviews align with the specific life insurance products you're interested in before making decisions.
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 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.
Overall Canada Life Insurance Review:
Customer Complaints: 2.0 / 5 (based on Insureye Reviews and Google Reviews) ★★
Dundaslife.com Rating: 3.5 / 5 stars ★★★
Canada Life Insurance Products and Features
Whole Life Insurance
Whole life insurance covers you for your entire life (also called permanent life insurance) and includes a savings component to fall back on if things go wrong. However, these perks don’t come cheap. Whole life insurance is generally more expensive than other types of life insurance.
Canada Life Insurance offers both participating and non-participating whole life or permanent life insurance policies. Unlike the latter, participating whole life policies pay a dividend based on the profits of the company
They have two participating permanent life insurance products in place: Estate Achiever and Wealth Achiever.
While Estate Achiever works to maximize the insured’s estate, Wealth Achiever aims to build cash value. Since the latter accumulates more cash value, its premiums are higher.
Universal Life Insurance
Universal life insurance is a form of permanent life insurance. Like whole insurance, it offers lifetime life insurance coverage and has an investment savings element. But with universal life insurance, cash value growth is not guaranteed, premiums are flexible and more affordable.
Canada Life offers many investment options to grow your money. Some are riskier than others, but with greater risk comes the opportunity to accumulate more cash value.
Term Life Insurance
Term life insurance can cost less than a permanent life insurance policy and lasts for a set period. It’s a smart option for covering expenses that come with an expiry date, such as a mortgage.
Canada Life Insurance offers term life insurance coverage in 10, 20, and 30-year term periods. They also offer Term-to-age 65 which covers you until you reach age 65. You can change your term life policy into a whole life or universal life coverage without a medical test up to the age of 70. This feature is a must-have for any term life insurance and can come in handy if you become uninsurable in the future.
They also offer a generous term exchange option on its 10-year term policies. You can convert your 10-year term life insurance policy to a 20-year term anytime between the second and sixth policy year.
Now let’s look at different term life insurance products offers in detail.
Optional Riders and Benefits
A rider is supplemental insurance coverage that adds benefits to or amends the terms of a basic insurance policy. If the insurance coverage is inadequate, you can beef it up by adding the appropriate insurance rider(s).
Canada Life Insurance offers all the standard insurance riders that you expect from a top-ranking carrier.
Riders Available on Single-Life Policies
👉 Accidental Death Benefit
Additional benefit if you die in an accident.
👉 Waiver of Premium Benefit
Coverage without premiums during illness or injury.
👉 Guaranteed Insurability Rider
Add coverage in the future without underwriting.
👉 Child’s Term Life Insurance Rider
It pays out a benefit if your child passes away to cover funeral expenses, hospital bills, and more.
👉 Business Growth Protection Rider
Increase death benefit as business grows.
Riders Available on Joint First-To-Die Policies
- Child’s Term Life Insurance Rider
- Business Growth Protection Rider
Other Insurance Coverage Offered
In addition to whole life (permanent life insurance), universal, and term life insurance, Canada Life Insurance company provides a range of personal insurance products.
Disability Insurance
Disability insurance provides you with a tax-free monthly income if you can’t work due to an critical illness or accident.
They offer the following three disability insurance plans:
➢ The Independence Plan
Consider this plan if your occupation makes it harder for you to qualify for disability insurance. It pays a benefit for up to 24 months in case of permanent total disability and up to 9 months in case of partial disability.
➢ The Lifestyle Protection Plan
You get a monthly benefit if you become totally disabled. It has level premiums and cannot be modified or canceled once issued.
➢ The Overhead Expense Plan
It covers the cost of running your business should you — the owner — can’t work. You cannot cancel the plan once issued.
Critical Illness Insurance
Critical illness insurance guarantees the policyholder a lump sum payment if he or she develops a severe illness. Critical illness insurance can help you whether a crisis without exhausting your savings.
Health and Dental Insurance
It pays for medical expenses that provincial health care plans don’t pay for. These include dental care, prescription drugs, vision care, and paramedical services, among others.
They offer the following two health and dental insurance plans:
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Canada Life Term Life Insurance Rates
Term life insurance is the simplest form of life insurance and usually the cheapest. We grabbed online quotes from their portal to find out its rates.
Here’s a look at average monthly life insurance company rates for non-smoking, healthy men and women at different ages. These quotes are $40,000 coverage over a 20-year term life insurance length.
It's best to consult a life insurance brokerage like Dundas Life to help you compare rates.
Canada Life Insurance Quotes Based on Customer Characteristics
Premium rates for life insurance vary based on factors like age, medical history, health conditions, and smoking status. Canada Life's competitiveness with competitors depends on customer characteristics.
Let's explore further.
Canada Life Term Life Insurance Price vs. Competitor Products
Looking for the cheapest term life product?
The best way to save money on insurance is to compare all your options. We twice stacked up Canada Life against Wawanesa and found it the better option both times.
Example 1: 40-Year-Old Male, Non-Smoker, Regular Health, 20 Year Term:
Canada Life $400K - $48.96
Wawanesa $400K - $51.48
Cost Savings over 20 years: $605
Example 2: 60-Year-Old Female, Non-Smoker, Regular Health, 20 Year Term:
Canada Life $250K - $166.95
Wawanesa $250K - $170.32
Cost Savings over 20 years: $810
Canada Life Insurance Pros ✅
- Long History, Strong Financial Standing
Canada Life has been paying claims for 150 years! So you can rest easy knowing they are going to be there for your family when they need them.
Its financial strength rating also enthuses confidence.
AM Best awarded Canada Life the second-highest possible rating of A+. You can’t go wrong with it when it comes to financial stability and security.
- 4 different term life insurance lengths available
Canada life offers more options so that you can pick the exact coverage term you want — not more or less. Whether you are in your 30s, 40s, or 50s, you can count on Canada Life offers you a term life insurance policy or permanent life insurance plan that perfectly matches your needs.
- Competitive Rates
When it comes to buying insurance, the critical question is — how to get the best value?
Canada Life is among the more pocket-friendly insurers. Its rates are competitive across all niches. You can count on them to makes it easier for you to secure your family’s financial future.
- Multiple Rider Options
They aim to provide life insurance coverage tailor-made to your needs. And a host of rider options make that possible. You can tweak your life insurance policy — single or joint — as per your needs. You won’t ever have to worry about having less coverage than you need.
- Generous Term Exchange Option
Canada Life allows you to convert your 10-year term insurance policy to a 20-year term without underwriting or a medical review. This feature is available after the first policy anniversary and before the 7th policy year. Most Canadian insurers have a shorter eligibility window.
- Wide Range of Life Insurance Products
Canada Life offers a gigantic range of insurance solutions, including whole life, term life, universal, critical illness, and more.
Canada Life Cons ❌
- You Can’t Pick Your Own Term
They offer four types of level term life insurance plans, so there are plenty of options for you. However, some insurers have taken this to a whole new level. They let customers pick their own terms. Unfortunately, Canada Life is not of them — at least not yet.
- You can’t get online life insurance quotes
Picking an insurance provider is a big decision. You would want to compare rates to ensure you make the right decision. Online life insurance company quotes make it easier to compare rates. Sadly, Canada Life still does things the old way. You need to contact an insurance brokerage agent to apply.
FAQ
What are the benefits of Canada Life Insurance?
There are many benefits of Canada Life Insurance. Some of these benefits include:
- Protection for you and your family: In the event of your death, Canada Life can provide financial security for your loved ones.
- Peace of mind: Knowing that you and your family are protected financially can help you enjoy your life more fully.
What are the drawbacks of Canada Life Insurance?
There are a few potential drawbacks of Canada Life Insurance that consumers should be aware of before purchasing a policy. First, the death benefit payout may be less than the face value of the policy if the policyholder dies within the first few years of the policy. This is because Canada Life uses a "graded death benefit" structure for its life insurance policies, which means that the benefit payout decreases during the first few years of the policy.
Is Canada Life Right for You?
After the Canada Life insurance review. You can tell, the Company has a long-standing history and excellent financial strength. They offer Canadian life insurance consumers good pricing and a wide range of insurance products. They also have many policy riders in place to allow you to customize your policy according to your needs.
All in all, Canada Life stands out as the right choice for people who want affordable life insurance products.
👉 View our other life insurance company reviews here
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