Is CAA Life Insurance Worth It? Review 2024
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The Canadian Automobile Association (CAA) was founded in Canada as an automobile club back in 1903. Over the decades they grew into an Emergency Road Services company and auto-insurer before including property, travel, pet health, and life insurance in their product offerings.
But why would you buy life insurance from an automobile association? Is CAA life insurance good?
This CAA life insurance review highlights its most important features, pros, cons, and prices. You can use our comparator to compare plans from other providers and get 20+ life insurance quotes in seconds to help you decide if CAA is the right choice for you or if there's another plan that suits you better.
CAA Life Insurance: 5 Key Takeaways
- A great option for those looking to bundle several insurance policies
- CAA partners with Manulife to offer great life insurance at cost-effective prices
- The quotes are available online and easy to get
- CAA offers guaranteed life insurance up to $25,000 without a medical exam
- There is transparency both in terms of policy conditions and pricing information
Our review on CAA life insurance: A good option for CAA members
CAA life insurance, offered in partnership with Manulife, is a solid choice for CAA members seeking to bundle their insurance needs, potentially reducing premiums and enjoying added benefits like emergency road services.
It's particularly beneficial for those requiring guaranteed issue coverage, making it accessible to individuals aged 40-75 who may face challenges obtaining life insurance elsewhere. However, if you're solely seeking standalone life insurance or need coverage below $1,000,000, other Canadian insurers may offer more cost-effective options.
If you would like to see how CAA fares against other providers, you can do it right here. Use our comparator below to compare coverage and get free personalized quotes from Canada's best life insurance companies.
Compare the best life insurance companies
Advantages of CAA Life Insurance Canada
- Competitively priced
- CAA partnered with Manulife Life Insurance one of Canada's largest and most trusted providers
- Life insurance option available without any medical exam
- Good coverage limits from $25,000-$1,000,000
- Extensive life insurance product range
- Very transparent both in pricing and policy wording
Disadvantages of CAA Life Insurance Canada
- Some policies cannot be renewed if you move outside your purchasing province
- The various branches offer different life insurance products
- Not suitable for those needing <$1,000,000 in coverage
How much does CAA life insurance cost?
CAA life insurance costs are determined using a number of variables including age, gender, smoking status, coverage amount, and policy type. In fact, CAA life insurance rates are very transparent and can be found on each province's dedicated CAA Manulife website.
For CAA life insurance rates, simply review the table below. The premiums are calculated considering a death benefit of $250,000 for non-smokers on a 10-year Term Life policy.
| Age | Female | Male |
|---|---|---|
| 25 | $11.70 | $16.20 |
| 30 | $11.70 | $16.20 |
| 35 | $12.60 | $16.40 |
| 40 | $16.20 | $18.70 |
| 45 | $21.40 | $26.60 |
| 50 | $30.90 | $39.50 |
| 55 | $45.80 | $57.10 |
| 60 | $70.40 | $93.20 |
What does CAA life insurance cover?
CAA life insurance Canada covers nearly all causes of death, such as terminal illness, natural and accidental death, and homicide. Suicide is also covered after a policy has been in good standing for two years. Policies may exclude pre-existing conditions. As such, it is the perfect tool when planning ahead for either family protection, business continuation, or specific situations. The main categories for when you should consider buying life insurance include the following:
Family protection to cover:
- Mortgage and rent payments
- Final expenses such as funeral costs
- Survivor’s income
- Education and tuition fees
With regard to business continuation:
- Buy and sell agreements
- Business continuance
- Collateral insurance
Special needs such as:
- Surviving critical illness
- Retirement income
- Charitable donations
Who is CAA life insurance?
CAA life insurance is offered by the Canadian Automobile Association as one of the many solutions for their clients. The CAA was originally founded in Manitoba in 1913 but over time grew to incorporate all the provincial automobile associations throughout Canada.
Today, the CAA consists of eight regional automobile associations with each branch servicing specific territories. For example, the CAA Atlantic includes New Brunswick, Nova Scotia, Prince Edward Island, and Newfoundland and Labrador.
While each constituent branch of the CAA is responsible for the services that they offer, the CAA National Office in Ottawa spearheads the relationships of the associations and oversees joint initiatives. One of these initiatives is to provide CAA life insurance in partnership with Manulife.
What types of life insurance does CAA offer?
CAA life insurance offers a range of products in partnership with Manulife, one of Canada's biggest insurers. The type of policy available to you depends on the province in which you live and the branch your residential area belongs to. A full breakdown of the types of life insurance products available from each CAA province throughout Canada can be seen below.
| Canadian Provinces and Territories | CAA Term Life | CAA Guaranteed Issue | CAA Whole Life | CAA Universal Life |
|---|---|---|---|---|
| Alberta | ||||
| British Columbia | ||||
| Manitoba | ||||
| New Brunswick | ||||
| Newfoundland and Labrador | ||||
| Northwest Territories | ||||
| Nova Scotia | ||||
| Nunavut | ||||
| Ontario - South Central (CAA life insurance Ontario) | ||||
| Ontario - Niagara | ||||
| Ontario - North and East | ||||
| Prince Edward Island | ||||
| Quebec | ||||
| Saskatchewan | ||||
| Yukon |
Watch out!
It should be noted that policies bought through the company in one province, for example, CAA Life Insurance Ontario, may or may not be transferable upon relocation to another province, like BC. It is important that you ask your advisor if your policy is both transferable and renewable if your residence changes.
We recommend that you have a look at other life insurance policies before deciding on a plan. While it may seem like a daunting process, all you need to do is use our comparator below and get free quotes tailormade to your unique needs right here.
Compare the best life insurance companies
What does CAA Term Life Insurance cover?
CAA term life insurance is offered by the company in all provinces. It is the simplest form of life insurance and can be bought as a 5, 10, 15, or 20-year term type policy. Your premiums will only be guaranteed for the length of the term policy that you purchase. All CAA's term life insurance policies are renewable and the new premium will be calculated depending on your age at renewal.
Key features of this policy include
- 5, 10, 15, and 20-year term life coverage
- Guaranteed premiums
- Guaranteed renewability
- Death benefit coverage from $50,000-$1,000,000
- Eligibility from 18-75 depending on term life product
What does CAA Whole Life Insurance cover?
The company offers two types of whole life insurance policies named CAA Lifetime Protection and CAA Guarantee Issue.
CAA Lifetime Protection
The CAA Lifetime Protection is a policy that guarantees lifetime protection for the insured person. This traditional policy is offered by CAA in certain provinces and individuals aged up to 75 are eligible for consideration, with a maximum coverage of $500,000.
The main perks of this plan are
- Guaranteed coverage for life
- Guaranteed premiums
- Premium payments stop at age 100
- Death benefits between $50,000-$500,000
- Eligibility from 18-75
- 15% discount when coverage >$250,000
- 5% discount for annual payments
CAA Guarantee Issue
CAA Guarantee Issue life insurance is a simplified whole life insurance product offered by all branches of the company, regardless of the province. It is a good life insurance product specifically designed for Canadian residents aged 40-75 who cannot get life insurance elsewhere. As the name indicates, every applicant is guaranteed life cover regardless of health history, with a death benefit ranging from $5,000-$25,000.
Key features of the policy are
- No medical exam is required
- Guaranteed coverage for life
- Guaranteed premiums
- Premium payments stop after age 95
- Eligibility from 40-75
- Coverage from $5,000-$25,000
What does CAA Universal Life Insurance cover?
CAA's universal life insurance is only offered by the CAA AMA Alberta branch which also extends to the Northwest Territories and Nunavut. This product is much more complex than whole life insurance but also offers guaranteed coverage while including the ability to invest in tax-free funds that may increase the value of your death benefit.
CAA universal life key features include
- Guaranteed cover for life
- Ability to invest in tax-advantaged funds
- Flexible premiums
- Ongoing increase in death benefit
How to get a CAA life insurance quote?
CAA life insurance quotes can easily be sourced by heading to your CAA branch’s website and navigating to their life insurance page. Each constituent branch of the CAA offers its own life insurance product, but all use a joint quoting tool.
The online quoting tool has been developed by Manulife in association with CAA and once you enter your specific residential province and some personal information, you will be provided with an instant quote.
However, the preferred method of getting a quote is by contacting each local CAA branch, where they have advisors who can help you with their specific solutions. The company's customer service contact details can be found in the section below.
Before deciding on a CAA life insurance policy, be sure to compare it with the completion. Canada has a wealth of great life insurance offerings. You can compare top competitors and policies right here using our comparator below. Get over 20 personalized life insurance quotes in seconds right now.
Compare the best life insurance companies
How to contact CAA life insurance customer service?
CAA life insurance customer service is handled directly through each constituent CAA branch or through Manulife CAA dedicated contact channels. All the contact details for each CAA branch can be found in the table below.
| Branch | Contact Details |
|---|---|
| Alberta Motor Association (AMA) |
|
| British Columbia Automobile Association (BCAA) |
|
| CAA Club Group (CCG) |
|
| CAA Atlantic |
|
| CAA Niagara |
|
| CAA North & East Ontario |
|
| CAA-Quebec |
|
| CAA Saskatchewan |
|
If you need special assistance and you aren’t sure which branch will be able to help you, then there is also general contact information that can be used to aid with your query.
| Contact | General Contact Details |
|---|---|
| Telephone number | 1-888-334-4561 |
| Email address | [email protected] |
There are few CAA life insurance reviews online because the insurance products that are offered by CAA are administered by Manulife. So while CAA members and non-members can get a good deal through CAA life insurance, most reviews of the actual use of the product are for Manulife.
Manulife Canada has a Trustpilot review rating of 1.4/5 from a total of 65 reviews. While this is a lower rating than what we would expect, the reviews do not appear to accurately portray Manulife’s customer support since very few of their millions of customers have left reviews on trusted review websites. If in doubt, always compare multiple life insurers at once using dedicated comparison tools.
How much life insurance do I need?
One of the hardest things when looking to buy life insurance is trying to calculate how much coverage you actually need to keep your family financially safe if the unexpected happens. That’s why HelloSafe developed a life insurance calculator to help you figure out exactly how much life insurance coverage you need.
Manulife, in partnership with CAA, has developed its own calculator to help those looking to buy CAA life insurance identify just how much coverage they may need. You can head to any CAA branch’s website for a link to the calculator through their appropriate product page.
