Is Canadian Premier Life Insurance good? 2024 Review
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Discover the methodologyAmidst the multitude of life insurance options in Canada, making the right choice can be daunting but is of utmost importance. If you haven't heard of Canada Premier Life Insurance Company yet, you're in the right place.
This comprehensive review delves deep into their coverage options, pros, cons, costs, and other crucial factors so you can decide if it's the right choice for you.
Once you've explored what Canada Premier Life Insurance Company offers, you can seamlessly compare it with the best life insurance plans in Canada using our free tool, allowing you to receive free quotes from them in a matter of seconds.
Canadian Premier Life Insurance Company: Key takeaways
- Canadian Premier offers various coverage options: simplified term life, critical illness insurance, and more.
- It offers Life 50 Plus, a no-medical life insurance for seniors.
- The company provides a range of supplemental insurance policies.
- Policy details may vary depending on the affiliate partner you choose.
- Affordable, guaranteed permanent coverage with a maximum benefit of $20,000.
Our review of Canadian Premier Life Insurance Company: Great choice for 50+
Canadian Premier Life Insurance Company, now called Securian Canada, offers a diverse range of insurance options, including simplified term life insurance, critical illness insurance, and their standout product, Life 50 Plus, a no-medical life insurance tailored for seniors.
The company has an A+ rating from the Better Business Bureau and an Excellent (A) rating from AM Best signifying financial strength and stability.
With affordable and straightforward policies, it's an excellent choice for individuals aged 50 and above, seeking to secure their financial future without the hassle of medical exams. However, the downside lies in the lack of direct purchasing; buyers must go through affiliate partners, limiting accessibility.
It may not suit those seeking extensive product selection, online quotes, or renewable policies, but for older buyers looking for cost-effective coverage, Canadian Premier shines.
If you want to see how Canadian Premier (Securian Canada) fares against other policies, you can do it right here using our comparator below. Compare multiple plans and get over 20 free life insurance quotes in seconds.
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Pros of Canadian Premier Life Insurance Company
- Possible to get a digital e-policy
- Lower premiums as a result of the policy's limited coverage
- Financial stability
- Focus on supplemental life insurance
Cons of Canadian Premier Life Insurance Company
- Limited product selection
- Doesn't provide online quotes, a drawback mentioned in many Canadian premier life insurance company reviews
- Only offers life insurance through partners
- Policies are not renewable
Who owns Canadian Premier Life Insurance company?
Canadian Premier Life Insurance Company is a subsidiary of Securian Financial Group, based in St. Paul, Minnesota, with over 65 years of experience providing Canadians with insurance confidence. Securian Canada, in partnership with its U.S. parent company, Securian Financial, is a prominent insurance provider in Canadian financial markets and associations, combining local expertise with a global perspective.
How much does Canadian Premier Life Insurance cost?
Non-smoking buyers can expect to pay around the following for a 20-year policy with $500,000 benefits with Canadian Premier:
| Age | For men | For women |
|---|---|---|
| 20 years old | $30/month | $18/month |
| 30 years old | $32/month | $23/month |
| 40 years old | $52/month | $37/month |
| 50 years old | $143/month | $94/month |
| 60 years old | $451/month | $307/month |
It is important to note that Canadian Premier does not sell its policies directly. Because of its model of selling through affiliate partners prices and plan details may vary depending on the reseller. It is therefore recommended to get personalized quotes.
What does Canadian Premier Life Insurance cover?
The life insurance coverage amounts from Canadian Premier vary depending on the policy but they can typically cover expenses like:
- Mortgage and rent payments
- Final expenses such as funeral costs
- Survivor’s income
- Higher education and tuition fees
Their standout policy, the Life 50 Plus plan is a no-medical life insurance option that can cover funeral expenses and debt for the 50+ buyer.
Below we compare the Canadian Premier Life Insurance company's life insurance products.
| Canadian Premier Life Insurance | Coverage | Term | Age Eligibility |
|---|---|---|---|
| Simplified Issue Term Life Insurance | Up to $100,000 | 10, 15, 20, 25, 30 years | 18-59 |
| Term life insurance | Up to $5 Million | 10, 15, 20, 25, 30 years | 18-75 |
| Life 50 Plus (No medical exam) | Up to $20,000 | Life | 50-75 |
| Critical Illness and Sickness Insurance | Provides a lump sum benefit if you are diagnosed with a covered condition | n/a | n/a |
Unfortunately Canadian Premier provides limited information about coverage amounts and policies on its website. This approach is less likely to appeal to digital-first younger buyers. For comprehensive details, policy buyers need to go through an affiliate.
But if you'd like to compare other providers including coverage details, exclusions, and more, you can do it right here. Use our comparator below to compare multiple life insurance plans and get free quotes in seconds.
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What types of life policy does the Canadian Premier Life Insurance Company offer?
Canadian Premier provides a range of supplemental insurance policies. This includes simplified issue term life. Life 50 Plus is no medical life insurance coverage designed specifically for those over 50, which offers you additional peace of mind. These products provide supplementary coverage to your current insurance policies and might.
Critical illness and sickness insurance is also available through Canadian Premier. Let’s take a look at these products.
Canadian Premier Simplified Issue Term Life Insurance
Simplified term life insurance provided by Canadian Premier offers coverage for a predetermined term. Because term life insurance does not accrue cash value, it is less expensive than permanent life insurance.
The simplified life insurance is available in the following lengths: 10, 15, 20, 25 and 30 years. It comes with a variety of benefits, but like any other financial product, it has some drawbacks to be aware of.
Advantages
- Life insurance without taking a medical exam
- An option for buyers who cannot obtain regular life insurance
- Guaranteed level premiums for five years
- Available up to age 59
Disadvantages
- Limited to up to $100,000 coverage
- Policies not renewable
- Lack of life insurance riders for more comprehensive coverage
- No possibilities for conversion to permanent life insurance
- Not available in Quebec and Newfoundland
Canadian Premier Term Life Insurance
This coverage is available through some Canadian Premier partners including PolicyMe. Coverage ranges from $100,000 to $5 million. Terms are 10, 15, 20, 25, and 30 years.
Advantages
- Up to $5 million coverage
- Sold online through partners
- An option for buyers who cannot obtain regular life insurance
- Guaranteed level premiums for five years
- Available up to age 75
Disadvantages
- Your beneficiaries must go through the partner for claims, not Canadian Premier.
- Not available in Quebec and Newfoundland
Canadian Premier Life 50 Plus
Life 50 Plus is a form of permanent life insurance. As long as you continue to pay the premiums, this sort of coverage lasts for your entire life. A payout to the beneficiary is guaranteed.
A Life 50 Plus policy is a compelling choice for older buyers who wish to pay for their final expenses. This permanent life insurance is affordable, but only up to $20,000 coverage is available.
Critical illness and sickness insurance
A critical illness is a devastating diagnosis. Critical illness insurance can at least lessen the financial strain should you fall ill. If you or your beneficiaries are diagnosed with an illness that is covered by the policy, these policies may offer a lump sum cash benefit and you are free to use the payout however you like.
How to get Canadian Premier Life Insurance quotes?
Before deciding to go with a Canadian Premier life insurance policy, it pays to compare the competition. Canada has many life insurance providers and a variety of policies to fit any buyer. Compare quotes from Canada's providers right here on this website using our comparator below.
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To Canadian Premier life insurance quotes, inquire with one of their partners including credit unions, financial institutions, and some online resellers.
Good to know
Unsure how much life insurance you need and if Canadian Premier’s low coverage limits are enough for you? HelloSafe’s life insurance calculator can help you determine the appropriate coverage levels.
How to contact Canadian Premier Life Insurance customer service?
There are multiple ways to reach the company based on your unique needs. A Canadian Premier Life Insurance contact list is provided below.
| Inquiry type | Inquiry Type |
|---|---|
| General queries - Canadian Premier Life Insurance phone number | 1-844-894-0378 |
| Claims and billing inquiries |
|
| Questions | online form |
Follow these steps to contact the company:
- On the Canadian Premier homepage click on “Contact Us” in the header
- Scroll down to “Send us a question” and submit your question
Canadian Premier life insurance reviews for their service from policyholders are mixed. They have an average of 2.9/5 on 81 Google reviews with complaints about slow customer service.
This is however better than many life insurance companies. Because upset users are more likely to leave reviews than satisfied users, it is challenging to draw conclusions about the company's general customer relations solely from them.
