Desjardins Life Insurance: A 2025 Review
Our expert's opinion on Desjardins
Desjardins’s 50+ Life Insurance is a highly specialized final expense product, notable for its guaranteed payout structure and a generous 5x benefit for accidental death, but is constrained by a single plan option, minimal coverage amounts, and no traditional cash-value accumulation or optional riders.
Compared to major insurers offering diverse portfolios, Desjardins carves a niche by targeting a senior demographic with a simple, fixed-premium product that values straightforwardness over flexibility or competitive features.
This policy is best suited for Canadian residents aged 50 to 75 who require a small, guaranteed amount for final expenses without complex medical underwriting.
While financial strength metrics are unavailable in the provided data, policyholder support includes valuable assistance services and secure electronic document submission, although the company holds a very low public rating of 1.4/5 on Trustpilot from 119 reviews.
- ✅Five times the benefit for accidental death
- ✅No premiums required after age 100
- ✅Level premiums guaranteed for life
- ✅Paid-up coverage option after three years
- ✅Complimentary psychological and legal assistance services
- ✅Secure online document submission available
- ✅Eligibility up to age 75
- ❌Extremely poor 1.4/5 Trustpilot score
- ❌Very low maximum coverage of $20,000
- ❌Single policy focus on final expenses
- ❌No traditional cash value accumulation
- ❌Multiple exclusions for accidental death benefit
Score- ✅Five times the benefit for accidental death
- ✅No premiums required after age 100
- ✅Level premiums guaranteed for life
- ✅Paid-up coverage option after three years
- ✅Complimentary psychological and legal assistance services
- ✅Secure online document submission available
- ✅Eligibility up to age 75
Our expert's opinion on Desjardins
- ✅Five times the benefit for accidental death
- ✅No premiums required after age 100
- ✅Level premiums guaranteed for life
- ✅Paid-up coverage option after three years
- ✅Complimentary psychological and legal assistance services
- ✅Secure online document submission available
- ✅Eligibility up to age 75
- ❌Extremely poor 1.4/5 Trustpilot score
- ❌Very low maximum coverage of $20,000
- ❌Single policy focus on final expenses
- ❌No traditional cash value accumulation
- ❌Multiple exclusions for accidental death benefit
Score- ✅Five times the benefit for accidental death
- ✅No premiums required after age 100
- ✅Level premiums guaranteed for life
- ✅Paid-up coverage option after three years
- ✅Complimentary psychological and legal assistance services
- ✅Secure online document submission available
- ✅Eligibility up to age 75
Why trust HelloSafe?
At HelloSafe, our life insurance experts review the terms and pricing of insurance policies on the market every year to provide you with a reliable and unbiased analysis. Thanks to this rigorous approach, several hundred thousand users in Canada trust us each month to guide them in their most important financial decisions.
Desjardins life insurance guarantees
Desjardins provides a selection of life insurance products in Canada, featuring distinct premium rates for smokers and non-smokers which can significantly impact cost.
As a leading cooperative financial group, Desjardins delivers its insurance solutions primarily through a bancassurance model, integrating them with its broader financial services. Their product suite is designed to meet diverse needs, from basic temporary protection to permanent policies with investment features.
- Term life insurance: Provides temporary coverage for a fixed period with guaranteed level premiums and the option to convert to permanent insurance.
- Whole life insurance: Offers lifelong protection with guaranteed cash value growth and fixed premiums, including simplified issue plans like the 50+ Life Insurance policy for older applicants.
- Universal life insurance: Combines permanent death benefit protection with a flexible, tax-advantaged investment component.
Optional riders:
- Accidental Death & Dismemberment (AD&D)
- Waiver of Premium for disability (WOP)
- Critical Illness
- Conversion guarantee
- Indexed growth
- Participating dividends
- Education/conjoint annuity
| Feature | Term life | Whole life | Universal life | Hybrid |
|---|---|---|---|---|
| 🪙 Death benefit | Guaranteed for a fixed term | Permanent, lifelong coverage | Permanent, flexible coverage | ❌ |
| 📈 Cash value accumulation | ❌ | Guaranteed, conservative growth | Flexible, investment-linked | ❌ |
| 💸 Policy loans | ❌ | Yes, against cash value | Yes, against cash value | ❌ |
| 🛡️ Available riders | Yes (e.g., WOP, CI) | Yes (e.g., AD&D) | Yes (e.g., WOP, CI) | ❌ |
| 🔄 Conversion guarantee | Yes, to permanent policy | ❌ | ❌ | ❌ |
| 📈 Participating dividends | ❌ | Available on select policies | ❌ | ❌ |
| 💲 Cost of key riders | 3-10% of base premium | 3-10% of base premium | 5-15% of base premium | ❌ |
| 🔄 Premium flexibility | No, fixed for the term | No, level for life | Yes, flexible payments | ❌ |
| ⏳ Surrender charges | ❌ | Yes, decreasing over time | Yes, decreasing over time | ❌ |
| 🎂 Issue age range | 18-70 | 0-75 (50-75 for 50+ plan) | 0-75 | ❌ |
| 🔒 Guaranteed level | Yes, for the term | Yes, for life | Yes (Cost of Insurance) | ❌ |
How much does Desjardins life insurance cost?
Desjardins calculates life insurance premiums by evaluating an applicant's individual risk profile to determine the probability of a claim.
This assessment considers personal factors such as age, health status, and lifestyle, as well as policy-specific details like the chosen coverage amount and any optional riders.
The resulting premium is tailored to reflect this comprehensive risk analysis, ensuring the cost aligns with the level of coverage provided.
- Age: Premiums typically increase with age, with each decade adding approximately 15% to the base rate.
- Health status: Pre-existing health conditions can increase the premium by 20% or more, depending on severity.
- Smoker status: Smokers generally pay around 50% more for coverage than non-smokers.
- Coverage amount: The premium rises in proportion to the death benefit, for example, by about 10% for each additional $50,000 of coverage.
- Payment term: The length of the premium payment period (e.g., 10, 20 years, or for life) affects the annual cost.
- Rider costs: Adding optional benefits increases the premium, with riders like a waiver of premium adding 3-5% to the cost.
| Profile | Coverage amount | Non-smoker premium | Smoker premium | Professional premium |
|---|---|---|---|---|
| 30 years old, healthy | $500,000 | $38/month | $59/month | $34/month |
| 45 years old, pre-existing condition | $250,000 | $75/month | $115/month | $70/month |
| 40 years old, healthy professional | $1,000,000 | $72/month | $112/month | $67/month |
What are the surrender charges for Desjardins life insurance?
Desjardins' 50+ Life Insurance policy does not provide a cash surrender value and therefore does not have a traditional surrender charge schedule. Instead, it features a non-forfeiture benefit called "Reduced Paid-Up Insurance." There is a mandatory waiting period of three full years before this benefit becomes active. If you terminate your coverage within the first three years, all premiums paid are forfeited and no value is returned.
If you stop paying premiums after the policy has been in force for three or more years, it automatically converts to a "Reduced Paid-Up Insurance" policy. This means you receive a smaller, fully paid-up life insurance policy that remains in effect for life with no further premium payments required; however, you do not receive any immediate cash payout.
| Year | Fee % | Example & Tax treatment |
|---|---|---|
| 1 | 100% | $0 returned on premiums paid. Not a taxable event as there is no capital gain. |
| 2 | 100% | $0 returned on premiums paid. Not a taxable event as there is no capital gain. |
| 3 | 100% | $0 cash returned. Policy converts to Reduced Paid-Up Insurance. Not a taxable event. |
| 4 | 100% | $0 cash returned. Policy converts to Reduced Paid-Up Insurance. Not a taxable event. |
| 5 | 100% | $0 cash returned. Policy converts to Reduced Paid-Up Insurance. Not a taxable event. |
| 6+ | 100% | $0 cash returned. Policy converts to Reduced Paid-Up Insurance. Not a taxable event. |
Non-Forfeiture Benefit: Surrender Comparison
A comparison of surrendering the policy in year 1 versus year 5 demonstrates the activation of the non-forfeiture benefit:
- Surrendering in year 1 results in the forfeiture of all premiums. The precise capital returned is $0.
- Surrendering in year 5 does not provide a cash payout. Instead, the policy converts into a smaller, permanent life insurance policy with no more premiums due. The precise immediate capital returned is $0.
The Exclusions and Limitations of Desjardins Life Insurance
Desjardins life insurance policies contain specific exclusions under which a death benefit may not be paid or may be reduced:
- Suicide: No benefit is paid if death from suicide occurs within two years of the policy's start date.
- Criminal acts: The accidental death benefit is excluded if death occurs while committing or attempting to commit a criminal offence.
- Self-inflicted injury: The accidental death benefit is not paid if the fatal injury was intentionally self-inflicted.
- Impaired driving: The accidental death benefit is excluded if death occurs while operating a motorized vehicle while legally impaired.
- War and terrorism: No accidental death benefit is paid if death results from war, riot, rebellion, or an act of terrorism.
What customers think of Desjardins's life insurance
| Review site | Rating and number of reviews |
|---|---|
| Trustpilot | 1.4 / 5 (119 reviews) |
How to Contact Desjardins
| Detail | Information |
|---|---|
| Address | Desjardins Insurance, 200 Rue Des Commandeurs, Lévis, QC G6V 6R2 |
| Phone | For general inquiries, claims, or policy changes, call 1-877-838-7617. |
| A direct email for general inquiries is not provided; customers are directed to use phone or online forms. | |
| Website | www.desjardins.com/50pluslife_insurance |
| Responsiveness / Hours | Operating hours are not specified, but phone support is available during standard business hours. |
| Live chat | Live chat support is not available for life insurance inquiries. |
| Social media | Desjardins does not offer customer service for life insurance through its social media channels. |
FAQ
Is the death benefit from a Desjardins life insurance policy taxable in Canada?
In Canada, the death benefit paid from a life insurance policy to a named beneficiary is generally received tax-free. This means your loved ones get the full amount of your coverage without having to report it as income. However, if a policy with cash value is surrendered, any gains above the amount you paid in premiums could be subject to tax.
What happens if I want to cancel my Desjardins life insurance policy?
You have the right to cancel your policy at any time, with a full refund available if you do so within the first 30 days of purchase. For the 50+ Life Insurance plan, if you cancel after three years, the policy converts to a reduced paid-up insurance amount. This means you stop paying premiums but retain a smaller amount of lifelong coverage.
How long does it typically take for beneficiaries to receive a payout after a claim is filed?
While specific timelines are not guaranteed, life insurance claims in Canada are typically processed within a few weeks once all necessary documentation is submitted. To ensure a smooth process, beneficiaries should promptly provide the completed claim forms and a certified copy of the death certificate. Contacting Desjardins' claims department directly at 1-877-838-7617 is the best way to get updates.
Who can I name as a beneficiary for my life insurance policy?
You have the flexibility to name any person, such as a spouse, child, or other family member, as your beneficiary. You can also designate your estate, which means the funds will be distributed according to your will. Additionally, you may choose to name a trust or a registered charity as the recipient of the death benefit.
Will I need to undergo a medical exam to get life insurance with Desjardins?
The 50+ Life Insurance product from Desjardins does not require a full medical exam for eligibility. Instead, acceptance is based on your answers to a few simple health questions as part of the application process. This simplified approach makes it easier for individuals between the ages of 50 and 75 to secure coverage without invasive medical tests.
What is the main difference between natural and accidental death coverage in the 50+ policy?
The 50+ Life Insurance policy provides a base coverage amount for death due to natural causes. However, if death occurs as the result of an accident before the age of 85, the policy pays out five times the selected insurance amount. This enhanced benefit provides significant additional financial protection for your beneficiaries in the event of an unexpected tragedy.
What happens if I live to be 100 years old?
Desjardins' 50+ Life Insurance policy includes a valuable feature for those who enjoy a long life. Once you reach the age of 100, you are no longer required to pay any premiums for your policy. Despite the cessation of payments, your life insurance coverage remains fully in effect for the rest of your life.
Is the death benefit from a Desjardins life insurance policy taxable in Canada?
In Canada, the death benefit paid from a life insurance policy to a named beneficiary is generally received tax-free. This means your loved ones get the full amount of your coverage without having to report it as income. However, if a policy with cash value is surrendered, any gains above the amount you paid in premiums could be subject to tax.
What happens if I want to cancel my Desjardins life insurance policy?
You have the right to cancel your policy at any time, with a full refund available if you do so within the first 30 days of purchase. For the 50+ Life Insurance plan, if you cancel after three years, the policy converts to a reduced paid-up insurance amount. This means you stop paying premiums but retain a smaller amount of lifelong coverage.
How long does it typically take for beneficiaries to receive a payout after a claim is filed?
While specific timelines are not guaranteed, life insurance claims in Canada are typically processed within a few weeks once all necessary documentation is submitted. To ensure a smooth process, beneficiaries should promptly provide the completed claim forms and a certified copy of the death certificate. Contacting Desjardins' claims department directly at 1-877-838-7617 is the best way to get updates.
Who can I name as a beneficiary for my life insurance policy?
You have the flexibility to name any person, such as a spouse, child, or other family member, as your beneficiary. You can also designate your estate, which means the funds will be distributed according to your will. Additionally, you may choose to name a trust or a registered charity as the recipient of the death benefit.
Will I need to undergo a medical exam to get life insurance with Desjardins?
The 50+ Life Insurance product from Desjardins does not require a full medical exam for eligibility. Instead, acceptance is based on your answers to a few simple health questions as part of the application process. This simplified approach makes it easier for individuals between the ages of 50 and 75 to secure coverage without invasive medical tests.
What is the main difference between natural and accidental death coverage in the 50+ policy?
The 50+ Life Insurance policy provides a base coverage amount for death due to natural causes. However, if death occurs as the result of an accident before the age of 85, the policy pays out five times the selected insurance amount. This enhanced benefit provides significant additional financial protection for your beneficiaries in the event of an unexpected tragedy.
What happens if I live to be 100 years old?
Desjardins' 50+ Life Insurance policy includes a valuable feature for those who enjoy a long life. Once you reach the age of 100, you are no longer required to pay any premiums for your policy. Despite the cessation of payments, your life insurance coverage remains fully in effect for the rest of your life.
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