Is Desjardins Life Insurance the best? Review 2024
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Securing your loved ones' financial future is paramount, and life insurance plays a crucial role in achieving that peace of mind. With a plethora of insurance companies across Canada, finding the perfect life insurance policy demands thorough research.
Among the popular providers in the market is Desjardins Life Insurance. But how do you know if it's the right choice for you? We've got you covered.
In this review, we take you through everything you need to know about Desjardins Life Insurance policies, pros, cons, and more, so you can decide if it's the best choice. You can also use our comparator to get free personalized quotes from some of Canada's best life insurance providers and make an informed decision.
Desjardins Life Insurance: 5 key takeaways
- Diverse range of life insurance products, including term, permanent, universal, and participating life insurance
- North America's largest credit union federation, Desjardins has a long history and a strong financial presence
- Coverage options extend up to $10 million, offering substantial protection
- Ability to convert short-term plans into long-term ones and accept multiple applicants on a policy
- Desjardins offers competitive life insurance rates
Our Desjardins Life Insurance Review: Diverse Plans and Financial Stability
Desjardins Life Insurance, as part of Canada's largest credit union federation, brings a legacy of financial strength and reliability to its life insurance offerings. With a wide array of products, including term, permanent, universal, and participating life insurance, Desjardins caters to diverse needs.
The flexibility to convert short-term plans to long-term ones and the acceptance of multiple applicants on a policy make it family-friendly. However, the absence of online quotes might deter those seeking quick comparisons. While Desjardins provides competitive rates, individuals in search of budget-friendly term options may explore alternatives.
Overall, Desjardins is an excellent choice for those valuing financial stability and a variety of life insurance options. But it truly depends on what your individual needs are.
Let's take a look at some of Desjardins' advantages and disadvantages.
Pros
- Long and reputed history
- Wide range of products
- Option to convert the short-term products into long-term products
- Allows multiple applicants on a policy
- Good add-on riders
- Accepts applications from non-residents of Canada
Cons
- Cheaper term options available from some competitors
- No online quotes
If you'd like to see how Desjardins fares against other providers, you can use our comparator below. You can get free life insurance quotes and compare coverages from the best life insurance policies in Canada, all right here.
Compare the best life insurance companies
How much does Desjardins Life insurance cost?
Let us take a look at the rates for term life insurance coverage for a non-smoking 25-year-old woman purchasing $250,000 term life insurance.
| Term | Monthly | Annually |
|---|---|---|
| 10 years | $12.05 | $134.00 |
| 20 years | $16.07 | $178.50 |
| 30 years | $20.32 | $225.75 |
| To 65 | $24.10 | $267.75 |
Life insurance premiums depend on many factors including age, sex, lifestyle, and the life insurance product. The above are estimates. For accurate, personalized rates speak with a Desjardins life insurance agent. Unfortunately, personalized online quotes are not available, making it difficult to do a comparison on your own. But you could get personalized life insurance quotes using our comparator above.
What does Desjardins Life insurance cover?
Desjardins life insurance offers peace of mind to Canadians who want to safeguard their families and loved ones from the financial consequences of their passing. The coverage encompasses natural and accidental death.
Whether you are planning for family protection, business continuation, or specific needs, Desjardins life insurance can provide the financial security you need. The following categories provide a comprehensive understanding of the financial security offered:
- Family Protection: Protecting your home with mortgage and rent payments, covering final expenses such as funeral costs, providing income for survivors, ensuring your children's education with coverage for tuition fees
- Business Continuation: Securing buy and sell agreements, ensuring the continuation of your business, offering collateral insurance
- Special Needs: Surviving critical illness with coverage, securing retirement income, charitable donations
What types of life insurance does Desjardins offer?
Desjardins offers various types of life insurance plans and coverage. Whatever your needs and requirements, you can look for a life insurance product that works for you. Take a look at the chart below to get a quick idea.
| Insurance Type | Term | Permanent | Universal | Participating |
|---|---|---|---|---|
| Coverage term |
| For life | For life | For life |
| Cost | $ | $$ | $$$ | $$$$ |
| Cash value | ||||
| Tax-free savings and investments | ||||
| Dividends |
What does Desjardins Term Insurance cover?
Desjardins has term life insurance that comes with four different terms and a range of riders and benefits. The plans are available both for individual and joint policies. You can enjoy several interesting benefits from them. If you are buying a plan as a couple or business partner, you can split a policy into two separate, individual plans so that you can make changes as your needs evolve in the future.
You can also convert your life insurance policy into a joint last-to-die permanent plan.
| Term | Term 10 | Term 20 | Term 30 | Term to 65 |
|---|---|---|---|---|
| Age limit | 85 | 85 | 85 | 65 |
| Coverage | $25,000 to $10 million | $25,000 to $10 million | $25,000 to $10 million | $25,000 to $10 million |
| Renewable | Every 10 years | Every 20 years | Every 30 years | |
| Tax-free benefit |
Enjoy a preferred rate with Desjardins when you buy more than one policy. Here are the different types of Desjardins term life insurance policies you can choose from:
Term 10
This insurance plan can be renewed every 10 years until you reach the age of 85 and you can also exchange it for a higher term. It has a premium that remains the same during the entire term and can be converted to a term 20 or term 30 plan without any medical test. The plan can also be converted to permanent insurance until you are 70 years of age.
Term 20
Just like Term 10, the Term 20 insurance plan can be renewed every 20 years up to 85 and can also be exchanged for a higher term. It is convertible to permanent insurance until you turn 70.
Term 30
The third plan, Term 30 can be renewed once after the end of the first 30 years but it cannot be exchanged for a higher term. You can still convert it to permanent insurance. It is an ideal option if you want to help your kids with mortgages or fees. It allows you to lock in a lower monthly rate by purchasing early.
Term to age 65
This term policy cannot be exchanged for a higher term nor renewed. It can however be converted to a permanent insurance plan to age 60. Buying the plan early can save you money on premiums.
What does Desjardins Permanent Life insurance cover?
With Desjardins' whole life insurance, you get coverage that never expires as long as the policy remains in good standing. Build cash value on a tax-deferred basis. There are two types of permanent life insurance coverage options: basic and personalized.
Basic coverage
Basic coverage is a simple lifetime coverage that is offered to individuals aged between 50 and 75 years. There is no medical exam required and it comes with a guaranteed benefit even if the policyholder dies in the first two years of the policy. The accidental death benefit is 5 times until the age of 85. The policy comes with a 30-day trial period.
Personalized coverage
Another option is personalized coverage where you have guaranteed premiums and the ability to pay over 10, 15 or 20 years, or until the age of 65 to 100. It may require a medical test. When you take out multiple coverages, you get to enjoy preferred rates. The plan has benefit amounts ranging from $1,000 to $10 million. It offers continued prorated coverage even if you stop paying the premiums.
What is Desjardins Universal Life Insurance?
Enjoy lifetime protection and a savings fund with universal life insurance. This is a good solution for those who want to leave a legacy or reduce the tax burden on their estate. It is also possible to change the coverage without any penalty after you have held the policy for five years. Choose from the 30 diversified investment options for the self-directed component of your insurance.
What is Desjardins Participating Life Insurance?
Another option is participating life insurance which offers lifetime coverage and accumulates a tax-advantaged cash value which will provide annual dividends. You can pay over 20 years to a maximum age of 100. This policy offers guaranteed benefits and the dividends can also be used to buy additional insurance or could help reduce the premium.
How do I get a Desjardins Life insurance quote?
Before settling on Desjardins, or any life insurance provider, it pays to compare the competition. Canada has a wealth of life insurance providers and they are easy to compare right here using our free comparator tool below. All you need to do is enter basic information on what you're looking for, and voila, you get free quotes from over 20 life insurance companies in a few seconds.
Compare the best life insurance companies
After comparing if you're still interested in a Desjardins life insurance quote, call 1-866-838-7553 or schedule a time through its website for a representative to call you.
If you want to estimate how much insurance is appropriate for you, try our free life insurance calculator. Once you're done it's easy to start comparing quotes from different insurance providers so that you can come to the right decision.
Desjardins offers a similar tool to calculate your life expectancy tool on its websites to estimate how much income you’ll need in retirement. All you need to do is answer some quick questions about your age and health.
Desjardins Life insurance login
Desjardins Life Insurance Canada offers an opportunity to easily and quickly manage your insurance online. Whether you want to check your policy or make a claim, simply login using the credentials. They will also guide you to the Desjardins life insurance claim forms so that you can choose the right form and submit it online.
It will only take a few minutes to complete the Desjardins life insurance forms for claims. An easy claims process has been appreciated in some Desjardins life insurance reviews.
Good to know
The services and claim section for the Desjardins life insurance plan member is different if you are or will be one. Desjardins life insurance plan member refers to an individual who holds a group insurance policy with Desjardins. Plan members are individuals covered under group insurance plans, which may include various types of coverage such as health, dental, disability, life, and more. These plan members can access online services, submit claims, check their coverage, and manage their group insurance through Desjardins' secure online platform.
Desjardins Life Insurance customer service
If you are looking for Desjardins Life insurance contact information look no further. Whether you are looking for Desjardins Life insurance cancellation or Desjardins Life insurance forms, you can get complete details from the professionals.
| Desjardins Life Insurance Group | Contact |
|---|---|
| Desjardins Life insurance phone number | 1-866-838-7553 |
| Claim forms: | https://www.desjardinslifeinsurance.com/en/dfs-forms/individual-insurance-forms/life-insurance |
| Email: | [email protected] |
| Address: | 1, complexe Desjardins Case postale 7, succursale Desjardins Montréal (Québec) H5B 1B2 |
