Should you pass away, life insurance can replace some, or all of your income and help your family make ends meet. However, since life insurance needs are not one-size-fits-all, no one insurer is right for everyone. For this reason, when shopping for a policy, consider as many insurers as possible. One company that you may want to take a closer look at, especially if you need supplemental life insurance, is Canadian Premier.
Keep reading our Canadian Premier Life Insurance review to find out more about this insurer.
Who are Canadian Premier Life Insurance?
Headquartered in Toronto, Canadian Premier has been providing financial solutions to Canadians since 1955. They offer a range of supplemental life insurance products to individuals and presently insure over 2 million people. Canadian Premier sells life insurance through retailers, financial institutions, and other businesses.
Canadian Premier Facts & Financial Information
- Founded: 1955
- Head Offices: Toronto, ON
- AM Best Financial Strength Rating: A
- Financial Assets: N/A
- Insurance Premiums: N/A
Products and Features
Canadian Premier offers both term and permanent life insurance plans. Two of their most popular products are simplified issue term life and Life 50 Plus.
Simplified Issue Term Life Insurance
Term life insurance offers protection for a predetermined period. Which means you buy coverage only for the period during which you will actually need it. Also, since term life insurance does not build cash value, they are considerably cheaper than permanent life policies.
Traditional term policies usually require a medical exam. However, this plan from Canadian Premier lets you forgo the medical exam. If you are someone who has an underlying condition or needle phobia, a simplified issue term life plan might be ideal for you.
- Lets you skip the life insurance medical exam; just answer a few health questions for eligibility
- Great for applicants who do not qualify for traditional life insurance
- You can buy coverage for up to $100,000
Life 50 Plus (Permanent Life Insurance)
Permanent life insurance is the closest thing to shut-it-forget-it life insurance. The coverage lasts for your entire lifetime, as long you pay the premiums. In other words, your beneficiary is guaranteed to receive the payout. This makes a permanent life policy a great option for those who want to leave a legacy or take care of their end-of-life expenses.
As the name suggests, Life 50 Plus is designed for customers who are over the age of 50. It provides a cash benefit to cover your end-of-life expenses, saving your loved one’s money and stress when the time comes.
- Your beneficiary receives a lump-sum payment when you die
- The payout can help your family cover after-life expenses
- More affordable compared to standard permanent life plans
- Offers a cash benefit in the event of a terminal illness
You cannot prevent a critical illness, but you can protect yourself and your family from the financial burden. Unlike life insurance, critical illness insurance pays a benefit to you. In the event of a diagnosis of a critical illness, you will receive a lump sum. You can use the money to pay for expenses not covered by your health insurance or other bills.
Canadian Premier offers both critical illness and cancer illness plans.
Critical Illness Plan
- Provides a lump sum benefit if you are diagnosed with a covered condition
- Covers a long list of illnesses
- You are free to use the payout however you like
Cancer Illness Plan
- Covers many types of cancers
- You receive cash benefit in the event of a cancer diagnosis
- A good option for people with a family history of cancer
Canadian Premier Term Life Insurance Rates
We collected quotes for Canadian Premier to find out how affordable their term life plans are. These quotes are for a 20-year term policy with a death benefit amount of $400,000. Our sample applicants were healthy, non-smoking men and women of various ages.
Why We Like Canadian Premier Life Insurance
Strong financial rating
Canadian Premier is ‘A’ rated by AM Best, which specializes in rating and ranking insurance companies. This indicates that the insurer is very solvent and has the wherewithal to survive any economic storm. If you have a life policy from Canadian Premier, rest easy knowing that if the unthinkable happens, your claim will be paid out.
Canadian Premier has been providing financial solutions to Canadians and their families. Given their long history, as a policyholder, you can sleep easy knowing your investment is in capable hands.
Specializes in supplemental insurance products
Canadian Premier specializes in supplemental life insurance products. Examples include simplified issue term life and specialized coverage for Canadians over 50. They may be a great option for people looking to add additional coverage to their existing plans.
What We Did Not Like About Canadian Premier Life Insurance
Not much information online
We could not find much information about their term life and permanent life products on their website.
No online quotes
Canadian Premier does not provide online quotes. Although they are not the only provider in Canada to not offer an online quoting tool, it does make it harder to compare their rates with others.
Limited product line
Canadian Premier’s product range appears to be rather limited. For example, we could not find a cash-value life insurance product on their website.
You can buy only through an affiliated association
Canadian Premier sells insurance products through businesses, like financial institutions.
Conclusion – Is Canadian Premier Life Insurance Right for You?
Canadian Premier offers supplemental life insurance plans, like Life 50 Plus and simplified issue term life. Many of their products do not require a medical exam. If you do not qualify for standard life insurance or are looking to augment your existing coverage, Canadian Premier can be a good option.