Is Canada Life Insurance the best? 2024 Review
verified information
Information verified by Adeline Harmant
Our articles are written by experts in their fields (finance, trading, insurance etc.) whose signatures you will see at the beginning and at the end of each article. They are also systematically reviewed and corrected before each publication, and updated regularly.
Discover the methodologyCanada Life Insurance Company was founded back in 1847 and it has since grown into one of the prominent life insurers in the country and an established player in the global life insurance market.
However, does its reputation alone mean it's a good life insurance for you? Does it suit all your needs and budget? Well, let's find out.
In this Canada Life Insurance review, we take you through its policies, pros, cons, and premiums. You can use our comparator to compare plans from other providers and get free personalized quotes so you can decide if Canada Life's life insurance is really the best for you.
Canada Life Insurance: 5 Key Takeaways
- Canada Life Insurance Company, founded in 1847, is a well-established and reputable insurer.
- With over $219 billion in assets, it is financially secure, offering policyholders peace of mind.
- Canada Life offers various insurance options, including term, whole, universal, and participating life insurance
- There are flexible terms, rider options, and insurance conversion choices
- Canada Life also provides disability and critical illness insurance, expanding its coverage offerings.
Our Canada Life review: Comprehensive options from one of Canada’s largest insurers
Canada Life Life Insurance sets itself apart from other companies by offering highly flexible products to match most buyers’ needs. If you are looking for life insurance, Canada Life has a term exchange option as well as an option to convert the term plan into a permanent plan, making it a suitable choice for many.
Its standout features include flexible policy options, including term, whole life insurance, universal, and participating life insurance, as well as disability and critical illness coverage. It suits individuals seeking customizable policies with options for conversion and rider choices.
However, it may not be ideal for those looking for purely online quotes or application processes, and premium rates can be relatively higher compared to some competitors. Therefore, comparing multiple life insurance companies before zeroing in on one is essential.
You can use our comparator below to compare the best life insurance Canada plans and get personalized quotes in no time for free. All you need to do is input some basic information on what you're looking for, and voila get over 20 free quotes.
Get a life insurance policy that's right for you and your loved ones
Like every insurance provider, Canada Life Insurance also has a few benefits and drawbacks. Take a look at them before you make a decision.
Pros
- A solid, long history
- Flexible terms ranging between 5 and 50 years
- Varying tenure options in life insurance
- Multiple rider options
- Term exchange option
- Option to convert a term plan into a permanent plan
Cons
- Quotes only through an insurance brokerage agent
- Premiums are higher than some competitors
- Limited online features
Who is Canada Life Insurance?
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
- Retirement products
- Mortgage products
- Investment products
How much 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.
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.
Let’s take a look at the estimated annual premium for 10-year $500,000 term life insurance Canada policies for a non-smoking man and a non-smoking woman.
| Age | Male non-smoker (per annum) | Female non-smoker (per annum) |
|---|---|---|
| 35 | $261 | $227 |
| 40 | $331 | $270 |
| 45 | $493 | $353 |
| 50 | $728 | $519 |
| 55 | $1,138 | $863 |
| 60 | $2,437 | $1,724 |
For personalized quotes, speak with a Canada Life insurance company advisor. You can quickly compare life insurance quotes Canada region from leading insurance providers right here using our comparator below. Get over 20 free quotes in seconds.
Compare the best life insurance companies
How to contact Canada Life Insurance?
Canada Life Insurance customer service
Now that The Great-West Life Assurance Company, London Life Insurance Company, and The Canada Life Assurance Company have merged into one company, reaching the right Canada Life insurance contact can feel a little more complicated. We've got you covered.
Most contact with Canada Life or the companies that merged with it will go directly through your advisor. You can find an existing or new advisor by searching by your location or the advisor's name on Canada Life's website.
Alternatively, call Canada Life for assistance. Its Canada Life Insurance phone number for existing customers is 1-888-252-1847.
Good to know
If you want to inquire about Canada Life plans for your unique needs, or have any complaints, you can contact their Canada Life insurance phone number 1-844-222-2264 and their customer service representatives will get your queries quickly resolved.
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.
Canada Life Insurance Card
Once you get on board Canada Life, you will be provided with a Canada Life Insurance Card. The plan and certificate number mentioned in the card come in handy while contacting Canada Life. You will find your plan number and certificate number on your PSHCP benefit card.
If you don't have a benefit card or are having issues with accessing the details regarding the same, call the Canada Life phone number 1-855-415-4414.
What do Canada Life life insurance policies cover?
Canada Life offers life insurance to Canadians to provide peace of mind and financial security for their loved ones in the event of their passing. This insurance covers both natural and accidental death.
Canada Life's life insurance policies cater to a range of needs, including family protection, business continuation, and more.
- For family protection, the policy can cover mortgage and rent payments, and final expenses, provide income for survivors, and ensure your children's education with coverage for tuition fees.
- For business continuation, the policy can secure buy and sell agreements, ensure the continuation of your business, and offer collateral insurance.
- Beyond that, policies may cover surviving critical illness, secure retirement income, and allow for charitable donations.
What types of life insurance does Canada Life Insurance offer?
Canada Life Insurance offers several products and plans to choose from. They vary based on your needs, coverage, and health. Let’s take a look at them.
| Types | Term Life Insurance Canada | Whole Life Insurance Canada | Universal Life Insurance Canada | Participating Life Insurance |
|---|---|---|---|---|
| Term | From 5 to 50 years | Unlimited | Unlimited | Unlimited |
| Guaranteed burial insurance | ||||
| Debt repayment | ||||
| Inheritance transfer for beneficiaries | ||||
| Value growth in your life insurance | ||||
| Increases your savings (non-taxable) | ||||
| Participation in investment results (in the form of dividends) |
Term life insurance
One of the simplest forms of life insurance is term life insurance in Canada. It costs less than permanent life insurance Canada and has a set period. Canada Life insurance offers term options in 10, 20, and 30-year periods.
That said, they also have the Term-to-age 65 cover which will cover you until you turn 65. It is also possible to change the term life policy into a universal life coverage or whole life without taking a medical test up to the age of 70. You can also convert the 10-year term life insurance policy into a 20-year term anytime between the second and the sixth year of the policy.
Why is term life insurance in Canada important?
Term life insurance is known for its simplicity and affordability, providing a straightforward death benefit without cash value accumulation or complex features, making it accessible to many individuals for essential coverage needs. Additionally, it allows policyholders to tailor coverage to specific periods when financial protection is most critical, such as during mortgage payments or when supporting dependents.
Whole Life Insurance Canada
Whole life insurance in Canada is critical for individuals seeking permanent coverage, estate planning, cash value accumulation, and predictable premium payments throughout their lifetime. The Canada Life whole life insurance will cover your entire life through permanent life insurance. It also includes a savings component you can fall back on if anything goes wrong.
| Policy Feature | Permanent | Term |
|---|---|---|
| Protection | Life | Fixed length |
| Investment options | ||
| Payments | Flexible | Fixed |
| Additional benefits | Opportunity to build wealth | Option to convert to permanent |
What is cash value life insurance Canada?
Cash Value Life Insurance Canada feature combines a death benefit with a tax-advantaged savings component, allowing policyholders to accumulate cash over time while providing lifetime coverage. This type of insurance offers financial flexibility and estate planning benefits.
Whole Life Insurance Canada plans remain more expensive than the other types of insurance products. You can find participating and non-participating whole life policies. If you want to enjoy dividends based on the profits of the company, a participating policy might be a good choice.
There are two types of participating products in place: Wealth Achiever and Estate Achiever. Wealth Achiever will help you build cash value while Estate Achiever will help maximize your estate.
Universal life insurance
Another form of permanent life insurance is universal life insurance, which offers lifetime insurance coverage with a savings element. There is no guarantee about the cash value growth but the premiums remain affordable and flexible. It lets you choose investments and build wealth. Your wealth will accumulate tax-free and you can also withdraw from the policy whenever you want to.
That said, universal life insurance Canada also offers an option to borrow with interest from the value of your policy. The minimum loan and minimum withdrawal amount is $500. It is a little more expensive than term insurance plans.
Participating Life Insurance
With participating life insurance from Canada Life, you get to build wealth in the same policy. It is coverage where your loved ones receive a tax-free payment after your death. The policy will have a guaranteed cash value and you can access this amount.
However, the insurance payout will be reduced when you access the cash value. Your funds will be professionally managed and you will receive dividends on the investment. You are free to borrow from the policy or withdraw the cash value.
Is life insurance taxable in Canada?
In Canada, life insurance death benefits are typically not taxable, and beneficiaries receive the full amount tax-free. However, certain exceptions may apply if the policy was transferred for value or used for tax sheltering purposes.
Other insurance coverage offered
Canada Life insurance plans offer insurance coverage other than the whole life, term life, and universal insurance. Let’s take a look at them.
- Disability insurance: With disability insurance, you get to enjoy a tax-free monthly income if you are unable to work due to an accident or illness. It has three types of plans to choose from- Independence Plan, Lifestyle Protection Plan, and Overhead Expense Plan.
- Critical Illness insurance: With Canada Life critical illness insurance, you will get a lump sum payment if you develop a severe illness and it can help handle a crisis without using all your savings.
How do I get a Canada Life insurance quote?
Before you decide Canada Life is the best choice for you, we recommend you compare life insurance Canada quotes from multiple providers. You can do it right here using our comparator below.
Compare the best life insurance companies
For a personalized quote from Canada Life, you will be required to go through one of their advisors. There is no option of getting Canada Life insurance quotes online. On the Website, click on “Find an Advisor” and you will be asked to enter the city you live in.
They will find a representative that is located near you. There is no online application process so you will have to go only through a brokerage agent for Canada Life insurance quotes.
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.
