Canada Life Insurance Review, Quotes: Updated 2025
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Discover the methodologyCanada Life Insurance Company, founded in 1847, is one of Canada's leading life insurers, offering comprehensive coverage options up to $20 million. Its range of policies, including term, participating, and universal life insurance, is designed to meet diverse needs and budgets, from families to business owners.
But does its long-standing reputation and reliable offerings make it the right choice for you? Let’s find out. In this Canada Life Insurance review, we explore its policies, coverage options, pros, cons, premiums, how to file claims, contact, and more.
Use our free comparator to compare life insurance quotes from Canada Life and other top providers like Manulife, Empire Life, and more, to find the best rates and a policy that fits you best.
Canada Life Life Insurance: 5 Key Points
- Canada Life offers three types of policies:
- Term Life Insurance,
- Universal Life Insurance
- Participating Whole Life Insurance
- Get comprehensive coverage up to $20,000,000.
- You can convert term life into permanent coverage without medical exams.
- Get term life insurance quotes online.
- Option to add numerous riders to customize your policy.
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Our Canada Life Insurance Review: Comprehensive options from one of Canada’s largest insurers
Canada Life offers three main categories of life insurance: term life insurance, permanent life insurance, and universal life insurance.
Canada Life Term Life Insurance is ideal for short-term needs and is available from 5 to 50-year durations, with coverage amounts of up to $20,000,000. This type of insurance is well-suited for protecting temporary financial obligations, such as mortgages or children’s education expenses.
One of the standout features of Canada Life is the option to convert a term life policy into permanent life insurance before the age of 70 without requiring a new medical exam, making it convenient for policyholders whose needs evolve.
Canada Life term life insurance is available to individuals aged 15 to 85, making it one of the most flexible options on the market in terms of age range. Premiums are guaranteed for the chosen term and can be renewed or converted into permanent coverage without additional medical exams. This flexibility positions Canada Life on par with competitors like BMO Life Insurance or Sun Life, who also offer similar conversion options.
Canada Life Permanent Life Insurance is designed for those seeking lifetime coverage and those seeking long-term wealth protection. These policies include guaranteed cash values, which allow policyholders to accumulate savings within the policy.
Canada Life Participating life insurance even allows policyholders to earn dividends, which can be reinvested or withdrawn, offering flexibility and potential growth in coverage. Coverage amounts range from $10,000 to $10,000,000, catering to various financial needs.
Canada Life Universal Life Insurance combines lifetime protection with tax-advantaged investment options. With coverage amounts of up to $10,000,000, this policy is ideal for individuals looking for comprehensive estate planning solutions while also growing their savings tax-free. Flexible premium options make it especially advantageous for entrepreneurs or those with variable incomes.
While Canada Life offers robust life insurance options, it may not be the best fit for those seeking quick online access, as it lacks no-medical exam plans for higher coverage amounts and has no online application process. Additionally, participating whole life policies can become costly over time, making them less suitable for individuals on tighter budgets. Comparing plans with other providers is crucial to ensure it aligns with your financial goals and needs.
Expert advice
Canada Life stands out for the diversity and flexibility of its offerings. Its insurance products cater to a wide range of clients, from those seeking temporary coverage for a mortgage to those looking for lifelong insurance paired with a savings strategy. The ability to convert term life insurance into permanent coverage without a new medical exam is a significant advantage, making Canada Life insurance an attractive option for individuals whose insurance needs may change over time.
Before choosing Canada Life, we recommend shopping around and comparing multiple policies to find the best life insurance that suits your profile and goals. Use our free tool below to compare 20+ life insurance quotes from Canada's top providers.
Get a life insurance policy that's right for you and your loved ones
Pros of Canada Life Life Insurance
- Term life, participating life insurance, and universal life plans
- Up to $20,000,000 in coverage
- Flexible terms ranging between 5 and 50 years
- Adjustable premium options with universal life insurance
- Option to convert term life policy into permanent insurance without medical exams
- Canada Life insurance claims can be filed online
- Multiple rider options
- Online term life insurance quotes
- Life insurance claims can be filed online
Cons of Canada Life Life Insurance
- Limited online features
- No life insurance without a medical exam policy
- Participating permanent life insurance can become expensive over the long term
Who is Canada Life Insurance Company?
The Canada Life Assurance Company was the country’s first domestic life insurance provider. Established in 1847 it has been protecting Canadians for nearly two decades. Today it is owned by Great-West Lifeco. In 2020 the new insurance giant was created out of a merger between The Great-West Life Assurance Company, London Life Insurance Company, and The Canada Life Assurance Company.
Canada Life offers a host of insurances including Canada Life health insurance, Canada Life travel insurance, and more, apart from life insurance options. Canada Life insurance is financially solid making it a safe choice. It has more than $219 billion in assets and has become one of the most prominent life insurance companies in Canada.
It has a network of more than 23,000 advisors who help customers pick the right investment products for themselves. Besides life insurance, they offer a wide range of products including:
- Personal Insurance also including health and dental
- Retirement products
- Mortgage products
- Investment products
Is Canada Life a good company?
Yes, Canada Life is a reliable and well-established insurance provider with over 175 years of experience. Its A+ financial strength rating from A.M. Best demonstrates its stability, making it a trustworthy choice for life insurance. With a wide range of products and strong customer support, it’s a dependable option for many Canadians.
What does Canada Life Insurance cost?
Canada Life insurance rates will depend on your age, gender, lifestyle, and health. If you purchase an insurance policy at a young age, you will pay a lower premium than when you buy it in your 50s. The risk associated with a younger age is much lower than when you are older.
Good to know
For a 29-year-old non-smoker female living in Ontario, premiums for a 10-year Canada Life term life insurance policy with $100,000 in coverage can start at just $9.66 per month.
Similarly, if you are a smoker, you will end up paying higher for the coverage than a non-smoker. However, it helps to have an idea of the premium amount before you buy a policy.
Here are Canada Life Life insurance quotes for term life policies of different coverage lengths and amounts.
| Profile | Coverage Amount | My Term™ 10-Year | My Term™ 20-Year | My Term™ 30-Year |
|---|---|---|---|---|
| 30-Year-Old, Male Non-Smoker, Ontario | $100,000 | $11.23 | $12.46 | $15.84 |
| $250,000 | $17.29 | $19.79 | $28.75 | |
| $500,000 | $23.44 | $30.98 | $46.90 | |
| $1,000,000 | $40.02 | $55.45 | $85.92 | |
| 50-Year-Old, Female, Non-Smoker, Ontario | $100,000 | $21.09 | $31.61 | $47.74 |
| $250,000 | $36.56 | $61.18 | $108.34 | |
| $500,000 | $53.68 | $100.20 | $200.06 | |
| $1,000,000 | $101.77 | $191.29 | $389.37 |
You can get a personalized quote for Canada life insurance policies using our special partner link below. Get the best Canada life insurance rates using our link.
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If you want to compare Canada life insurance with rates from other companies you can do it using our free comparator tool below. Compare over 20 life insurance quotes online, all using the same tool.
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What types of life insurance does Canada Life offer?
Canada Life offers several life insurance options, including:
- Canada Life Term Life Insurance
- Canada Life Participating Whole Life Insurance
- Canada Life Universal Life Insurance
Here are the details of the different life insurance plans offered by Canada Life:
Overview of Canada Life Insurance Policies
| Type | Plans Offered | Eligibility | Coverage Amount | Key Features |
|---|---|---|---|---|
| Term Life Insurance | My Term™ | 0–85 years | $100,000–$20,000,000 |
|
| Permanent Life Insurance | Participating Life Insurance (iA PAR Estate & Wealth) | 0–85 years | $50,000–$20,000,000 |
|
| Universal Life Insurance | 0–85 years | $25,000–$10,000,000+ |
|
Term Life Insurance - Canada Life My Term™
Canada Life My Term™ is a flexible, budget-friendly insurance product designed to provide temporary financial protection. Whether you need short-term coverage to safeguard a mortgage, protect your children until they are financially independent, or ensure security during critical financial years, My Term™ adapts to your unique situation.
With term options ranging from 5 to 50 years and coverage amounts as high as $20 million, it’s an excellent choice for those seeking customizable, affordable coverage. The plan also offers seamless convertibility to permanent life insurance without the need for medical exams, allowing you to future-proof your policy as your needs evolve.
Key Features:
- Coverage: $100,000 to $20 million
- Flexible term lengths (5–50 years)
- Yearly renewable structure post-term
- Convertibility: Can be upgraded to longer-term or permanent policies without new medical evidence
- SimpleProtect™ for fast approvals (up to $2 million)
- Optional add-ons like critical illness coverage and accidental death riders
Best For:
- Individuals with temporary financial obligations, like a mortgage or student loans
- Families looking for affordable protection during their child-rearing years
- Business owners seeking protection for loans, working capital, or key personnel
You can get a free Canada Life term life insurance quote and save on premiums using our special partner link below.
Canada Life Participating Life Insurance
Participating Life Insurance from Canada Life provides lifetime coverage and wealth growth opportunities through annual dividends. These policies are ideal for individuals aiming to secure their legacy, maximize estate value, or ensure financial liquidity for future needs. With flexible dividend options and tax-advantaged growth, this plan is a reliable tool for long-term financial planning.
The iA PAR Estate solution focuses on long-term estate growth, while the iA PAR Wealth solution emphasizes early liquidity and higher surrender values. Both options deliver stability and flexibility for policyholders looking to grow their wealth while protecting loved ones.
Key Features:
- Coverage: $50,000 to $20 million
- Dividend options: Paid-up additions, cash, or reduced premiums
- Tax-advantaged estate growth
- Flexible premium payment terms (10, 20 years, or to age 100)
- Ideal for long-term estate planning and wealth maximization
Best For:
- Families building an estate for future generations
- Professionals with surplus income seeking a tax-efficient investment
- Business owners requiring liquidity and long-term financial security
You can get a free Canada Life participating life insurance quote and save on premiums using our special partner link below.
Canada Life Universal Life Insurance
Canada Life’s Universal Life Insurance combines lifelong coverage with customizable savings options, offering the best of both worlds. This product allows policyholders to protect their loved ones while growing their savings tax-free. With a wide array of investment options and flexible premiums, you can tailor the plan to your financial goals and risk tolerance.
Universal Life Insurance is ideal for those looking to create a tax-efficient estate, protect business assets, or enjoy the flexibility to adjust premiums and benefits over time. Whether you’re saving for retirement, protecting a business, or building wealth for your heirs, this plan offers unparalleled versatility.
Key Features:
- Coverage: $25,000 to $10 million+
- Customizable premiums and investment accounts
- Tax-free payout and cash growth
- Options for single-life, joint-life (first-to-die/last-to-die)
Best For:
- Entrepreneurs looking to safeguard assets or ensure liquidity
- Investors seeking tax-efficient savings and growth
- High-net-worth individuals planning long-term wealth transfer
You can get a free Canada Life Universal life insurance quote and save on premiums using our special partner link below.
How do I get a Canada Life insurance quote?
To get a Canada Life insurance quote, you can use traditional methods such as visiting a branch directly or calling Canada Life Insurance at 1-888-252-1847.
You can also get a Canada Life insurance quote through our partner link below and benefit from reduced fees.
Good to know
If you're uncertain about how much life insurance coverage you need to care for your loved ones when you're no longer around, HelloSafe has got you covered. Our life insurance calculator will help you determine the right amount of coverage for you.
How do I contact Canada Life customer service?
| Contact Method | Details |
|---|---|
| Canada life insurance phone number (Canada and U.S.) | 1-888-252-1847 |
| Phone (Rest of the World) | 1-416-597-6981 |
| Website | canadalife.com |
| In Person | Visit your local Canada Life branch |
How do I file a Canada Life insurance claim?
Step 1: Complete a Claim Form
- Download the life insurance claim form attached below.
- Print the form and complete it with the necessary information.
- This form must be filled out by the beneficiary to claim a death benefit after the insured's death.
Step 2: Submit Your Claim
Once the form is completed, submit it through the following channels based on your location:
| Claim Type | Fax | |
|---|---|---|
| Anywhere in Canada (excluding Quebec) | [email protected] | 519-435-7177 |
| In Quebec | [email protected] |
How to use Canada Life Insurance Login?
Canada Life Insurance offers quick access to your account through its website. It has a user-friendly website that quickly guides you to exactly what you are looking for. On the home page, you can click on Canada Life Insurance and log in using your Email ID and password.
It also has a quick claim process. You can simply click on register a claim and you will be asked to print out the form and begin a claim. Alternatively, you can click on Find a Form and you will be directed to Canada Life insurance forms available for individual coverage.
How are Canada life insurance reviews from customers?
Customer reviews for Canada Life Insurance present a mix of positives and negatives. On Trustpilot, the company has a rating of 1.6 out of 5 stars based on 106 reviews, with common criticisms focusing on delays in claim processing, unresponsive customer service, and limited online tools for policy management or quoting.
However, many customers appreciate Canada Life's financial stability, backed by its A+ rating from A.M. Best, and praise knowledgeable agents for providing clear guidance on policies. Positive feedback also highlights the broad range of products and flexible options, such as converting term policies to permanent ones without medical exams.
While the company's reputation and financial strength instill trust, service-related challenges and the lack of robust digital solutions may be a drawback for tech-savvy or time-sensitive clients.
