Serenia Life Insurance: Coverage, costs & review 2024
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Discover the methodologyExploring life insurance options? Our 2024 review of Serenia Life Financial's insurance product shelf might just have your answers. With a legacy spanning nearly 100 years, Serenia Life combines competitive pricing, ethical values, and a member-first approach.
Ideal for individuals and families alike, this review dives into what makes Serenia Life stand out in the Canadian insurance market and helps you decide if it's the right fit for your financial security needs.
Don't forget to use our free comparator to explore the best life insurance plans in Canada, compare their coverage, and get 20+ free personalized quotes in no time right here so you can decide if Serenia Life is truly the best choice for you.
Serenia Life Financial’s Life Insurance: Key Takeaways
- Serenia Life has a strong reputation with close to a century of providing reliable financial services.
- Insurance options range from term to whole life.
- Known for its competitive rates, ethical values, and positive customer reviews.
- Offers diverse member benefits, including financial support for various life events.
- Allows you to convert term insurance to permanent without medical questions.
Our 2024 review of Serenia Life Financial’s insurance products
If you're considering life insurance options in Canada, Serenia Life Financial is worth exploring. Known for its competitive pricing, this member-focused insurer offers a range of policies from term to whole life.
Its values-driven approach and growing collection of member benefits make it a trustworthy choice. Key features include the ease of converting term policies to permanent ones without medical exams.
Please note that Serenia Life insurance products have limited availability across provinces and, like all insurers, choosing the right policy comes with some complexity. If these align with your values and needs, Serenia Life could be an excellent choice for your life insurance requirements.
Here are its pros and cons to give you a quick overview:
Pros of Serenia Life Financial Life Insurance Products
- Competitive Pricing: Offers affordable rates for various insurance products.
- Member-Focused: As a member-focused organization, it prioritizes policyholder interests.
- Values-based: Strong commitment to ethical values in business operations.
- Product Flexibility: Provides a range of insurance options, including term and whole life.
- Positive Reputation: Generally, receives favourable reviews from customers.
- Easy Convertibility: Allows term insurance conversion to permanent without medical exams.
- Long-Standing Stability: Almost a century of selling life insurance indicates reliability.
Cons of Serenia Life Financial Life Insurance Products
- Geographic Limitations: Not available in all Canadian regions. (Available in Ontario, Manitoba, Saskatchewan, Alberta, and British Columbia)
- Comparatively Fewer Options: May have less variety than larger insurers.
- Variable Premiums: Some demographics might face higher premiums.
- Dividend Uncertainty: Returns on whole-life policies can vary based on company performance.
Overall, it’s a good choice for life insurance, but the ultimate decision will depend on your individual needs and priorities.
See how Serenia Life fares compared to other reputable insurers, such as iA Financial Group, Sun Life, and Manulife before making a choice. Use our free comparator tool below to compare plans and coverage, and get over 20 free personalized quotes right here.
Compare the best life insurance companies
What does Serenia Life offer?
Serenia Life offers three primary products to meet varied insurance needs:
- Term Life Insurance: Provides financial protection for a chosen term - 10, 20, or 30 years, with options for customization and guaranteed renewal premiums.
- Term-to-100 Life Insurance: Offers lifetime coverage with level and guaranteed premiums, ideal for estate planning and addressing final expenses.
- Whole Life Insurance: Ensures guaranteed premiums, cash value, and a death benefit, with the potential for earning dividends, available in pay-for-life and 20-pay options.
Let's dive into these products and explore them in detail.
What does Serenia Life term life insurance cover?
Serenia Life offers term life insurance, providing financial protection for a specific period (term) you choose — 10-year, 20-year, and 30-year periods.
Here are some of its benefits:
- You can consolidate term policy lengths into a single policy to tailor your coverage to meet specific insurance needs.
- You get guaranteed level premiums on your initial term period, resulting in lower initial renewal costs compared to traditional term renewals.
- For policies starting at $1,000,001, preferred underwriting offers reduced premiums for the healthiest clients.
- Its Convertibility Option allows you to convert your term insurance to either longer-term insurance or permanent insurance without undergoing any medical questioning.
Good to know
Term 10 can convert to both Term 20 and Term 30, while Term 20 can convert to Term 30. Term insurance can also convert to permanent options, like Term to 100 or Whole Life.
If you think Serenia Life's term life insurance could be the right choice for you, you can get a quote right here.
What does Serenia Life’s term to 100 life insurance cover?
Serenia Life term to 100 life insurance serves as an excellent tool for estate planning, addressing final expenses, and taxes, and potentially leaving an additional inheritance for heirs. This permanent protection plan from Serenia Life offers you an affordable solution with premiums that remain level and guaranteed for the entirety of your life.
Here are some of its key benefits:
- Cost-effective permanent protection: You can benefit from a cost-effective and convenient insurance solution, which provides lasting protection.
- Guaranteed premiums: Premiums remain level and guaranteed up to age 100, ensuring stability for you throughout your lifetime.
- Conversion option: If you have a Serenia Life term policy, you can seamlessly convert it to Term to 100 without the need for evidence of insurability, facilitating the fulfillment of your estate planning requirements.
Good to know
Serenia Life also offers an exclusive suite of member benefits that inspire members to lead generous lives and contribute to their communities. If you want to explore other term life options, read our complete guide on the best term life insurance plans in Canada and get free quotes.
If you think Serenia Life’s term to 100 life insurance could be the right choice for you, you can get a quote right here.
What is Serenia Life's whole life insurance?
Serenia Life's whole life insurance product ensures guaranteed premiums, guaranteed cash values, and a guaranteed death benefit.
- This participating policy also presents the potential to earn dividends annually.
- Since we started selling whole life participating policies in 1972, Serenia Life has consistently distributed dividends to policyholders each year.
- Beyond the prospect of earning dividends, Serenia Life provides additional value through exclusive member benefits.
Disclaimer:
- Cash values are accessible via a withdrawal, policy loan, or surrender. These may be subject to taxation and a tax slip may be issued. Accessing the cash value of the policy will reduce the available cash surrender value and death benefit.
- Dividends are not guaranteed and are paid based on the overall experience of Serenia Life Financial, considering all the risk factors. Dividends may be subject to taxation. Dividends will vary based on the actual investment returns in the participating account as well as mortality, expenses, taxes, lapses, withdrawals, and other experiences of the participating block of policies. They have the potential to increase the value of your policy above the guaranteed amount, depending on the dividend option selected.
Serenia Life offers two distinct whole-life insurance products
While the basic features remain consistent, variations in premiums, guaranteed cash values, and potential dividends exist between the Whole Life and 20-Pay Whole Life products. Its 20-Pay Whole Life plan is geared towards young individuals. This product requires premium payments for 20 years, after which coverage extends for life.
- Minimum face amount: $25,000 for ages 0-64 and $10,000 for ages 65+.
- Maximum face amount: $2M across all age groups.
If you think Serenia Life's whole life insurance could be the right choice for you, you can get a quote right here.
Good to know
You can read our complete guide on the best whole life insurance policies in Canada, compare them, and get personalized quotes.
If you want to compare the best whole life insurance plans in Canada, you can do it right here using our free comparator below. Click the button below and get personalized quotes in no time.
Get whole life insurance quotes
What dividend options do you get?
If you choose whole life insurance from Serenia Life, you get these 3 dividend options:
Paid-up additions
- This option utilizes dividends to acquire additional paid-up life insurance within the policy.
- The purchased life insurance is paid up, requiring no further premiums, and is also participating, enabling it to earn dividends.
- This compounding growth has the potential to enhance both the death benefit and cash value of life insurance over time.
Accumulated dividends
- Opting for this choice maintains a level death benefit, while credited dividends are retained as a deposit with Serenia Life.
- The deposit earns interest at a rate set by Serenia Life, functioning akin to a savings account.
- You have the flexibility to access these funds at any time. It's essential to be aware that these funds, held externally to the policy, are subject to taxable interest.
Cash: This option ensures a constant death benefit, with credited dividends directly paid out to you annually.
How much does a Serenia Life insurance policy cost?
The cost of life insurance is determined by several factors, including age, sex at birth, health, and the desired coverage amount. Additionally, the choice between term life and permanent life coverage influences the overall cost.
Here are the payment structures for premiums in both term and whole insurance policies:
- Term life insurance: Monthly premiums are paid throughout the entire term of the policy, with typical terms lasting 10, 20, or 30 years. At the term's conclusion, you can choose to renew or allow the policy to lapse.
- Permanent life insurance (e.g., whole life): Premiums are paid for a specified number of years (i.e., 20 years), after which they no longer have to pay premiums. The policy is then considered "paid up" and remains in effect for your entire life. Alternatively, you may opt for lifetime payments.
Here are some sample quotes to give you a better idea.
| Feature | Quote 1 | Quote 2 |
|---|---|---|
| Total Monthly Premium | $171.78 | $52.18 |
| Gender | Male | Male |
| Smoker? | ||
| Coverage | $250k | $250k |
| Insurance product | Term to 100 | Term 20 |
| Basic Plan Premium | $141.75 (Includes policy fee of $4.50) | $18.00 (Includes policy fee of $4.50) |
| Accidental Death Benefit | $9.00 (For a $100K coverage amount) | $9.00 |
| Child Term Benefit | $12.38 | $12.38 |
| Total Disability Waiver | $8.65 | $2.63 |
| Additional Benefits | - | Guaranteed Insurability Option: $10.17 |
| Annual Premium | $1,908.56 | $579.68 |
Disclaimer:
- This quote was run on January 26, 2024, on the Serenia Life website for a 30-year-old male.
- This quote only applies to residents of Ontario, Manitoba, Saskatchewan, Alberta, and BC.
What member benefits does Serenia life insurance offer?
What distinguishes Serenia Life from many other life insurance providers in Canada is its fraternal structure. As policyholders and those who acquire policies for their loved ones become members, Serenia Life offers access to a range of valuable member benefits.
| Benefit Name | Description | Value |
|---|---|---|
| Online Will & Power of Attorney Benefit (Willful) | Access to complete will and power of attorney online in under 20 minutes, free of charge (powered by Willful). | $189 (value) |
| Wills & Power of Attorney Benefit | Get reimbursed when you hire a lawyer to draft or update your will or power of attorney. | $150 (every 5 years) |
| Post-Secondary Scholarship Benefit | A one-time scholarship of $1,000 is applicable towards any year of a full-time diploma, undergrad, or graduate program. | $1,000 (one-time) |
| Action Team Benefit | Seed money and donations to initiate a fundraising event. | $250 total ($150 seed money + $100 charitable donation) |
| CPR/First Aid Benefit | Reimbursement upon completion of an accredited CPR or First Aid (re)certification training course. | $50 (every 3 years) |
| Mission Trip Benefit | Financial assistance to cover volunteering costs away from home | $250 total ($150 seed money + $100 charitable donation) |
| Bundles of Joy Benefit | A baby bonus to help cover the expenses of essential baby care. | $100 (one-time) |
| Babysitter’s Benefit | Reimbursement for 11–15-year-olds upon completion of an accredited Babysitting course. | $50 (one-time) |
| Safe Communities Benefit | Eligible members receive a free Safety Kit containing items like glow-in-the-dark wristbands, reflective stickers, blinking lights, and a safety sign to encourage drivers to slow down. | $50 (value of Safety Kit) |
| Bereaved Child Benefit | Offered to young members experiencing the early loss of a parent(s). | $500 per month (until the child reaches 19 years of age) |
Good to know
*Serenia Life Financial’s member benefits and programs are not contractual. They are subject to change and maximum funding limits.
How to contact Serenia Life Financial?
Here are some ways to contact Serenia Life:
- Toll-Free: 1.800.563.6237
- Tel: 519.886.4610
- Fax: 519.886.0350
- Email – Member Services: [email protected]
- Email – Member Benefits: [email protected]
