Canadian Premier Life Insurance Review 2024, Updated
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Discover the methodologyCanadian Premier Life Insurance Company, now part of Securian Canada, offers a range of straightforward and accessible life insurance. Known for its partnerships with trusted organizations like CAA, it provides flexible options tailored to your needs. But is it right for you?
In this review, we’ll explore what Canadian Premier Life Insurance offers, its strengths and weaknesses, costs, options for seniors, and whether it’s the right choice for you.
You can also use our free tool to compare the best life insurance options in Canada and get personalized quotes so you can find a plan that truly fits your budget and needs.
Canadian Premier Life Insurance: Key Points
- Canadian Premier offers term life and permanent policies without medical exams.
- Distributed through banks, credit unions, and partners like CAA.
- Offers Life 50 Plus for individuals aged 50-75 with guaranteed acceptance.
- Supported by Securian Canada, rated A (Excellent) by AM Best.
- Policies are tailored to meet regional availability across Canada.
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Our Canadian Premier Life Insurance Review: Good for Canadians over 50
Canadian Premier Life Insurance Company, now operating as Securian Canada, offers a diverse selection of life insurance products designed to meet various needs. It offers simplified term life insurance, critical illness insurance, and its standout product, Life 50 Plus, a no-medical-exam permanent life insurance plan tailored for seniors. With an A+ rating from the Better Business Bureau and an A (Excellent) rating from AM Best, Securian Canada boasts strong financial stability and reliability.
Its term life insurance offers coverage up to $5 million with a range of five different term lengths, making it a flexible option for individuals seeking both short-term and long-term coverage. The product is available across Canada and is customized to meet provincial regulations and needs, providing localized solutions for policyholders.
One of Canadian Premier’s most popular offerings is Life 50 Plus, a permanent life insurance policy specifically designed for Canadians aged 50 to 75. This plan is unique because it offers guaranteed coverage without the need for a medical exam, making it an excellent option for Canadian seniors. The coverage amount of this no-medical life insurance can go up to $20,000, providing a much-needed cash benefit for end-of-life expenses such as funeral costs and outstanding debts.
While Securian Canada offers affordable and straightforward policies, one downside is the lack of direct purchasing; policies are available only through affiliate partners, which may limit accessibility for some potential customers. Additionally, for those seeking a broader selection of products, online quoting tools, or renewable policies, Canadian Premier’s offerings may fall short.
For those over 50 seeking a straightforward policy without medical exams, Securian Canada is a strong choice. But if you need more flexibility or online purchasing, exploring other top insurers like Manulife Insurance, Canada Life Insurance, or Sun Life might be worthwhile.
Expert advice
Canadian Premier Life Insurance is ideal for seniors aged 50–75 who seek affordable, guaranteed life insurance without medical exams. It’s best for those looking for straightforward, low-cost coverage for end-of-life expenses. But it may not be the right fit for those seeking extensive product selection, renewable policies, or those who prefer to purchase directly online. It also may not suit younger buyers or those with more complex financial planning needs.
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
- Offers term life insurance without requiring medical exams, facilitating easier access to coverage
- Provides the Life 50 Plus plan, a no-medical exam policy tailored for individuals aged 50 to 75.
- Backed by Securian Canada, with an A (Excellent) rating from AM Best, indicating strong financial health.
- Canadian Premier/Securian Canada has paid 99% of term life insurance claims since 2019.
Cons of Canadian Premier Life Insurance Company
- Limited range of products and lack of customization
- 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. Canadian Premier is also alternatively called Securian Canada.
How much does Canadian Premier Life Insurance cost in 2024?
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.
What types of life insurance does Canadian Premier offer?
| 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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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 possibility 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
Canadian Premier also offers critical illness insurance. 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. You must speak with an advisor for more information on this.
Are you a CAA member?
If so, you can enjoy a 10% discount on CAA Life Insurance, which is underwritten by Securian Canada. Plus, you can easily get free quotes online to explore coverage options and pricing. Explore our CAA life insurance review for more information.
How to get Canadian Premier Life Insurance quotes?
You cannot get direct quotes from Canadian Premier Life Insurance. You must inquire with one of their partners including credit unions, financial institutions, and some online resellers.
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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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
How are Canadian Premier Life Insurance reviews from customers?
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. Meanwhile, a quick search on Securian Canada reviews showed us some policyholders report dissatisfaction with claims processing times.
However, on Glassdoor, it holds an overall rating of 4.1 out of 5, with 76% of employees recommending the company to a friend and 73% expressing a positive business outlook
FAQs on Canadian Premier Life Insurance Company
Canadian Premier Life Insurance Company is a subsidiary of Securian Financial Group, Inc., a U.S.-based financial services provider headquartered in St. Paul, Minnesota. In February 2023, Canadian Premier rebranded as Securian Canada, unifying its operations under the parent company's brand following the acquisition of Sun Life's Sponsored Markets business.
To contact Canadian Premier Life Insurance Company, now operating as Securian Canada, you can reach their general inquiries line at 1-844-894-0378 from Monday to Friday, 9 a.m. to 5 p.m. ET. For claims or billing related to life insurance policies, call 1-800-518-8884 during business hours.
Canadian Premier Life Insurance Company, operating as Securian Canada, offers a variety of insurance products including Term Life Insurance, Critical Illness Insurance, and no-medical-exam options like Life 50 Plus for individuals over 50. These products provide flexible coverage and financial protection tailored to meet diverse needs.
You can purchase Canadian Premier Life Insurance through partner organizations like banks, credit unions, or groups such as CAA. Policies can also be obtained via licensed insurance advisors who provide personalized guidance. For specific options, contact your financial institution or partner organization directly. Visit Securian Canada for more details.
