Is Chubb Life Insurance Right for Canadians? A 2025 Review
Our expert's opinion on Chubb
Chubb's life insurance offering in Canada receives a limited rating due to its exclusive focus on group term life plans, which lack cash-value accumulation, policy loans, and meaningful premium flexibility for the individual. Available coverage is basic, with few built-in benefits like repatriation support instead of a suite of optional riders, positioning Chubb as a specialized B2B provider rather than a direct competitor to full-service insurers in the individual market.
Consequently, Chubb’s policies are designed exclusively for employees of businesses seeking a group life insurance benefit, not for individuals or families seeking personal coverage.
While the company offers a dedicated claims team and an online portal for service, specific financial strength ratings and average claim processing times for Canada are not published, and public customer satisfaction is exceptionally low, reflected in a Trustpilot score of 1.8/5 from over 780 reviews.
- ✅Built-in repatriation benefit
- ✅Special education support included
- ✅Included seat belt benefit
- ✅Dedicated claims team for service
- ✅Online claims portal access
- ✅Multiple claim contact channels
- ❌No individual life insurance policies
- ❌Group term life coverage only
- ❌No cash value accumulation or loans
- ❌No policy conversion guarantee available
- ❌Extremely poor public customer ratings
Our expert's opinion on Chubb
- ✅Built-in repatriation benefit
- ✅Special education support included
- ✅Included seat belt benefit
- ✅Dedicated claims team for service
- ✅Online claims portal access
- ✅Multiple claim contact channels
- ❌No individual life insurance policies
- ❌Group term life coverage only
- ❌No cash value accumulation or loans
- ❌No policy conversion guarantee available
- ❌Extremely poor public customer ratings
Score- ✅Built-in repatriation benefit
- ✅Special education support included
- ✅Included seat belt benefit
- ✅Dedicated claims team for service
- ✅Online claims portal access
- ✅Multiple claim contact channels
Why trust HelloSafe?
At HelloSafe, our life insurance experts analyze the coverage options and pricing structures of life insurance policies available on the market each year to provide you with a reliable and unbiased opinion. Thanks to this rigorous methodology, several hundred thousand consumers in Canada trust us each month to guide them in their most important financial decisions.
The Guarantees of Chubb Life Insurance
Chubb's life insurance offerings in Canada are focused exclusively on the group benefits market, providing coverage through employer-sponsored plans.
Chubb operates as a B2B group insurance provider in Canada, not offering individual life insurance policies directly to the public.
Premiums are based on group demographics, where factors like age and smoker status influence the overall rate, and coverage typically terminates when an employee leaves the company.
- Term Life (Group): Coverage offered as a fixed amount or a multiple of salary, includes built-in benefits like repatriation and education support, requires a minimum of five insured lives.
- Whole Life: Not information.
- Universal Life: Not information.
- Hybrid Life: Not information.
Optional riders:
- Repatriation Benefit
- Seat Belt Benefit
- Special Education Support
- AD&D, Waiver of Premium, Critical Illness, and Conversion Guarantee are not offered as standalone riders.
| Feature | Term Life | Whole Life | Universal Life | Hybrid |
|---|---|---|---|---|
| 🪙 Death benefit | Fixed amount or salary multiple | ❌ | ❌ | ❌ |
| 📈 Cash value accumulation | ❌ | ❌ | ❌ | ❌ |
| 💸 Policy loans | ❌ | ❌ | ❌ | ❌ |
| 🛡️ Available riders | Built-in benefits only | ❌ | ❌ | ❌ |
| 🔄 Conversion guarantee | ❌ | ❌ | ❌ | ❌ |
| 📈 Participating dividends | ❌ | ❌ | ❌ | ❌ |
| 💲 Cost of key riders | Included in group premium | ❌ | ❌ | ❌ |
| 🔄 Premium flexibility | ❌ | ❌ | ❌ | ❌ |
| ⏳ Surrender charges | ❌ | ❌ | ❌ | ❌ |
| 🎂 Issue age range | Varies by group plan | ❌ | ❌ | ❌ |
| 🔒 Guaranteed level | Group rate guarantee | ❌ | ❌ | ❌ |
The Cost of Chubb Life Insurance
Chubb's life insurance premiums in Canada are primarily determined on a group basis for employer-sponsored plans.
The overall risk profile of the employee group, including demographics like average age and industry risk, is assessed to establish a baseline rate.
This rate is then used to calculate the cost per employee, which can be influenced by their chosen coverage amount, typically a multiple of their salary.
- Age: The average age of the employee group is a primary factor, with older groups facing higher base premiums.
- Health status: Group rates are influenced by the overall health profile of the members, though individual medical exams are not typically required for standard coverage.
- Smoker status: A higher percentage of smokers within the group will lead to increased premiums for the entire plan.
- Coverage amount: Premiums rise in direct proportion to the level of coverage selected by the employee, such as 2x or 3x their annual salary.
- Industry risk: The nature of the employer's business significantly affects the rate, with higher-risk industries paying more.
- Rider costs: Additional benefits like repatriation are typically factored into the overall group premium rather than being itemized as separate costs per employee.
| Profile | Coverage amount | Non-smoker premium | Smoker premium | Professional premium |
|---|---|---|---|---|
| 30 years old, healthy | $150,000 | $12/month | $20/month | $10/month |
| 45 years old, standard health | $250,000 | $45/month | $75/month | $40/month |
| 40 years old, healthy professional | $500,000 | $60/month | $105/month | $55/month |
Surrender Charges for Chubb Life Insurance
Chubb's life insurance products in Canada are primarily offered as group term life insurance, which does not accumulate a cash surrender value. Consequently, the concept of surrender charges, waiting periods, and decreasing penalty schedules is not applicable to these policies. Surrender charges are fees applied against a policy's accumulated cash value when it is cancelled prematurely; since Chubb's group term policies have no cash value component, there are no funds to surrender and therefore no charges to apply upon termination of coverage. Cancellation simply results in the cessation of the life insurance benefit without any monetary return.
| Year | Fee % | Example & Tax treatment |
|---|---|---|
| Year 1 | 0% | $0 returned on premiums paid. Not a taxable event as there is no capital gain. |
| Year 2 | 0% | $0 returned on premiums paid. Not a taxable event as there is no capital gain. |
| Year 3 | 0% | $0 returned on premiums paid. Not a taxable event as there is no capital gain. |
| Year 4 | 0% | $0 returned on premiums paid. Not a taxable event as there is no capital gain. |
| Year 5 | 0% | $0 returned on premiums paid. Not a taxable event as there is no capital gain. |
| Year 6+ | 0% | $0 returned on premiums paid. Not a taxable event as there is no capital gain. |
Policy Surrender Value Comparison
A comparison of surrendering a Chubb group term life policy in year 1 versus year 5 is not applicable, as the policy has no cash value in either year.
Surrender at Year 1: The capital returned is $0.
Surrender at Year 5: The capital returned is $0.
Exclusions and Limitations of Chubb Life Insurance
Chubb life insurance policies contain specific exclusions that limit the circumstances under which a death benefit is paid:
- Suicide exclusion: No benefit is paid if death from suicide occurs within the first year of the policy.
- Extreme sports: Deaths resulting from participation in hazardous activities or high-risk sports are not covered.
- Private aviation: Coverage excludes death resulting from travel in a non-commercial aircraft.
- Criminal acts: No benefit is payable if death occurs while the insured is committing an illegal act.
- War or terrorism: The policy does not cover deaths that are a direct result of war or terrorism.
- Intoxication: Claims may be denied if death is the direct result of being under the influence of drugs or alcohol.
- Pre-existing conditions: Benefits may be limited for medical conditions that existed prior to the policy start date.
- Assistance services: Additional support like repatriation or teleconsultation is not included in the standard policy.
What customers think of Chubb's life insurance
| Review site | Rating and number of reviews |
|---|---|
| Trustpilot | 1.8 / 5 (788 reviews) |
The following points summarize the feedback from Chubb customers:
✅ A number of clients reported that the customer service was helpful and that claims were paid promptly.
❌ A significant volume of reviews cited slow claims processing and poor communication from the company.
❌ Many customers expressed frustration with claims being denied and a perceived lack of transparency.
❌ Some beneficiaries reported receiving compensation amounts that they considered extremely low for funeral expenses.
Here are examples of reviews left online:
- "Chubb was immediately on the case and sent contents surveyors immediately. We were very happy with the swift payment for remediation, and also with the timeline for an estimate and payment from them. Highly recommend.", sjth, 12 Aug 2025, WalletHub.
- "My mother passes away few weeks ago and we the beneficiary of the account received $500 compensation for her death and funeral expenses. They are scammers don't signup to them!", Anonymous, 19 May 2025, Trustpilot.
How to Contact Chubb
| Detail | Information |
|---|---|
| Address | The head office is located at 199 Bay Street, Suite 2500, Toronto, ON M5L 1E2. |
| Phone | For general life insurance inquiries, you can call 1-800-268-9344. |
| You can send email inquiries regarding life insurance to CustomerCare.Canada@chubb.com. | |
| Website | https://www.chubb.com/ca-en/business-insurance/life-insurance.html |
| Responsiveness / Hours | Support is available by phone and email during general business hours. |
| Live chat | A live chat service is not available for customer support. |
| Social media | Chubb does not use social media for life insurance inquiries in Canada. |
FAQ
Is the death benefit from a Chubb life insurance policy taxable in Canada?
In Canada, the death benefit paid to a beneficiary from a life insurance policy is generally not subject to income tax. However, as Chubb's life insurance is typically provided through an employer, there may be tax implications related to the premiums paid by the employer. It is always best to consult with your plan administrator or a tax professional to understand the specifics of your group policy.
Can I cancel my policy and receive a cash surrender value?
Chubb primarily offers group term life insurance, which does not accumulate cash value. Therefore, there is no payout or surrender value if you cancel the policy or leave your employer. This type of insurance is designed purely for protection, and coverage simply ceases when you are no longer part of the group plan.
How long does it take to receive a payout after making a claim?
Chubb is committed to processing claims promptly, but a specific timeline for payment is not publicly guaranteed. The duration can depend on the complexity of the claim and the timely submission of all required documentation, such as the death certificate. For an update on a specific claim, you should contact Chubb's claims department directly.
Who can I name as a beneficiary on my policy?
You can typically name any individual, such as a family member, or a legal entity like a trust or a charity as your beneficiary. The designation is made during your enrollment in the group plan provided by your employer. You should review and update your beneficiary designations regularly, especially after significant life events, by contacting your plan administrator.
Is a medical exam required to get Chubb life insurance?
For standard coverage amounts offered through a group plan, a medical exam is generally not required. This is a key benefit of group insurance, as eligibility is based on being part of the employee group. However, if you opt for higher levels of coverage beyond the guaranteed issue amount, you may be required to answer health questions or undergo a medical review.
What are the main differences between the types of life insurance Chubb offers?
Chubb's life insurance offering in Canada is focused on group term life insurance, which provides coverage for a specific period, typically while you are employed. This policy does not build cash value. Other policy types, like whole or universal life insurance, offer lifelong coverage and include a savings or investment component, but these are not available directly from Chubb for individuals in Canada.
What happens to my life insurance coverage if I leave my job?
Because Chubb's coverage is tied to your employment, your life insurance policy will typically terminate when you leave your job. Some group plans include a conversion privilege, which allows you to convert your group coverage into an individual policy without a medical exam within a specific timeframe after your departure. You must check your specific plan documents or contact your HR department to see if this option is available to you.
Is the death benefit from a Chubb life insurance policy taxable in Canada?
In Canada, the death benefit paid to a beneficiary from a life insurance policy is generally not subject to income tax. However, as Chubb's life insurance is typically provided through an employer, there may be tax implications related to the premiums paid by the employer. It is always best to consult with your plan administrator or a tax professional to understand the specifics of your group policy.
Can I cancel my policy and receive a cash surrender value?
Chubb primarily offers group term life insurance, which does not accumulate cash value. Therefore, there is no payout or surrender value if you cancel the policy or leave your employer. This type of insurance is designed purely for protection, and coverage simply ceases when you are no longer part of the group plan.
How long does it take to receive a payout after making a claim?
Chubb is committed to processing claims promptly, but a specific timeline for payment is not publicly guaranteed. The duration can depend on the complexity of the claim and the timely submission of all required documentation, such as the death certificate. For an update on a specific claim, you should contact Chubb's claims department directly.
Who can I name as a beneficiary on my policy?
You can typically name any individual, such as a family member, or a legal entity like a trust or a charity as your beneficiary. The designation is made during your enrollment in the group plan provided by your employer. You should review and update your beneficiary designations regularly, especially after significant life events, by contacting your plan administrator.
Is a medical exam required to get Chubb life insurance?
For standard coverage amounts offered through a group plan, a medical exam is generally not required. This is a key benefit of group insurance, as eligibility is based on being part of the employee group. However, if you opt for higher levels of coverage beyond the guaranteed issue amount, you may be required to answer health questions or undergo a medical review.
What are the main differences between the types of life insurance Chubb offers?
Chubb's life insurance offering in Canada is focused on group term life insurance, which provides coverage for a specific period, typically while you are employed. This policy does not build cash value. Other policy types, like whole or universal life insurance, offer lifelong coverage and include a savings or investment component, but these are not available directly from Chubb for individuals in Canada.
What happens to my life insurance coverage if I leave my job?
Because Chubb's coverage is tied to your employment, your life insurance policy will typically terminate when you leave your job. Some group plans include a conversion privilege, which allows you to convert your group coverage into an individual policy without a medical exam within a specific timeframe after your departure. You must check your specific plan documents or contact your HR department to see if this option is available to you.
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