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If you're in the market for life insurance, Securian Canada (formerly Canadian Premier Life Insurance company) is a company you should definitely consider.
They offer a wide range of policies and coverage options, and their rates are competitive. Plus, they're backed by an excellent reputation and have been providing quality insurance products for over 50 years.
So if you're looking for peace of mind, Securian Canada is a great choice. Read on to learn more about this top-rated insurer.
Who is Securian Canada?
Headquartered in Toronto, Securian Canada has been providing financial solutions to Canadians since 1955. They are a subsidiary of Securian Financial Group and were acquired by them in 2017. They offer a range of supplemental life insurance products to individuals and presently insure over 2 million people. Securian Canada sells life insurance through retailers, financial institutions, and other businesses.
Securian Canada Facts & Financial Information
The Facts
Founded in 1955
Headquartered at Toronto, ON
Financial Information
AM Best Financial Strength Rating: A
Products and Features
Securian Canada 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
Simplified 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 Securian Canada 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.
Benefits
- 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.
Benefits
- 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
Critical 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.
Securian Canada 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
Securian Canada Term Life Insurance Rates
We collected quotes for Securian Canada 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 Securian Canada Life Insurance
Strong financial rating
Securian Canada 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. Other insurers with an A rating by AM Best include Manulife and Canada Protection Plan. If you have a life policy from Securian Canada, rest easy knowing that if the unthinkable happens, your claim will be paid out.
Long history in the US
Despite being new to Canada, Securian Canada has been providing financial solutions to Americans and their families for a long time. Given their history, as a policyholder, you can sleep easy knowing your investment is in capable hands.
Specializes in supplemental insurance products
Securian Canada 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 Securian Canada 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
Securian Canada 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
Securian Canada'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
Securian Canada sells insurance products through businesses, like financial institutions.
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Find the best rates
Conclusion – Is Securian Canada Life Insurance Right for You?
Securian Canada 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, Securian Canada can be a good option.
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