Canada Life Disability Insurance Review: Is It Right For You?

Long-term disability insurance is a powerful tool for assuring that your and your family’s financial future will be secure.

If an illness or injury were to prevent you from working for an extended period or permanently, an individual LTD insurance policy can make a big difference. Long-term disability policies in Canada may replace up to 85% of your previous monthly income, more than enough to keep your mortgage paid and family secure while you concentrate on getting better. 

This page breaks down Canada Life’s disability insurance products. See our review, coverage options and much more.

Who is Canada Life?

The Canada Life Assurance Company was founded in 1847, making it Canada’s first domestic life insurance company. Canada Life has expanded since and now provides insurance and wealth management products and services in Canada and beyond under subsidiary and partner brands. Some of their popular products include their private health insurance plans, but it also offers compelling life insurance products and disability insurance. Both group and individual disability insurance products are available.

On January 1, 2020, The Canada Life Assurance Company, The Great-West Life Assurance Company, London Life Insurance Company, and their holding companies unified under the Canada Life brand. Today the companies have been combined and operate under The Canada Life Assurance Company name.

Why sign up for Canada Life disability insurance?

A LTD policy from Canada Life will:

  • Provide a monthly income for you and allow you support your lifestyle financially in the event illness or injury prevents you from working in the future.
  • Give you the means to keep paying your mortgage.
  • Pay for day-to-day expenses.
  • Protect your savings and those of your household.

Canada Life provides multiple disability insurance products. An insurance broker or Canada Life advisor can help you to pick coverage that fits your needs and profile.

To compare Canada Life's offer with other disability insurance plans in Ontario, British Columbia, Alberta and beyond, shop around using our free online comparison tool below:

Get a free disability insurance quote

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Our Canada Life disability review:

Canada Life is a major insurance provider in Canada, but not every plan is perfect for everyone. Here is what we like about Canada Life’s disability insurance offer and what to keep in mind as you compare coverage options.

Pros of Canada Life disability insurance:

Reputation - one of Canada's top insurance companies
Up to $25 000 monthly disability benefit (Lifestyle Protection Plan)
Non-cancellable to age 65 (Lifestyle Protection Plan)
Return of premium rider (50% every 7 years if no claim made)
Flexible coverage, create a plan to match your budget with customizable waiting and benefits periods
Own occupation rider
No occupational classification limits (Independence Plan)

Cons of Canada Life life insurance:

Purchase requires an advisor
Modified coverage with annual renewal after age 65
The Lifestyle Protection Plan requires a minimum 30 hours worked per week for 39 weeks per year.

Good to know

Disability insurance can be a confusing topic since it includes public programs and private insurers who provide short-term and long-term coverage. Need some help? Our guide to disability insurance has you covered.

What disability insurance plans does Canada Life offer?

Canada Life offers two types of disability insurance plans: The Lifestyle Protection Plan and Independence Plan.

-Lifestyle Protection Plan - The generous plan provides up to $25 000 monthly disability benefit (Lifestyle Protection Plan - Class 4A worker up to 55 years old). To qualify policyholders must work a minimum of 30 hours worked per week for 39 weeks per year
-Independance Plan - This provides up to $3000 per month in disability benefits. The plan is designed for people who may not qualify for the Lifestyle Protection Plan, as it has no occupational level restrictions. Policyholders must work 20 hours or more per week for 35 weeks each year to qualify.

For more on Canada Life's disability insurance see the pdf below.

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How do I apply for Canada Life insurance?

Canada Life disability insurance coverage is available through its licensed insurance brokers. Alternatively reach one through the Canada Life website to arrange a virtual or telephone meeting with one of their advisors.

You may compare disability insurance offers on HelloSafe's website to be put in contact with an disability insurance expert.

Get a free disability insurance quote

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How much does Canada Life disability insurance cost?

Unfortunately, it is difficult to provide a price range for Canada Life disability insurance. Disability insurance pricing varies widely based on the following factors

  • Age
  • Health
  • Occupation
  • The amount of disability coverage desired
  • The waiting period you choose

For general information, the table below summarizes the average price of disability insurance with a 90-day waiting period for various ages and coverage amounts. This is meant solely to provide a rough indication before speaking with an advisor and your pricing will vary.

Age of policyholderMonthly benefit desiredApproximate monthly price
20$2000$19
20$4000$39
30 $2000$24
30$4000$48
40 $2000$50
40$4000$102
50$2000$62
50$4000$126
Estimate of Canada Life disability insurance prices

Ready to get real quotes on a disability insurance plan that works for you?

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How do I contact Canada Life’s life insurance?

Need to reach Canada Life because of a policy question, claims request or to inquire about a policy? Here's how:

You may reach Canada Life regarding existing individual disability insurance at 1-888-252-1847.