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Canada Life Critical Illness Insurance Review

by Mark Cluett
5 min read

The Rolls Royce of Critical Illness Coverage

Canada Life

Canada Life

A+

AM Best
financial strength rating

PolicyAdvisor.com Rating

The Rolls Royce of Critical Illness Coverage

Canada Life

Canada Life

A+

AM Best
financial strength rating

PolicyAdvisor.com Rating

Canada Life Critical Illness Insurance Full Review

If you are sparing no expense, Canada Life’s plans offer something for everyone. Most coverage terms, riders, child policies, and all the other bells and whistles of a critical illness insurance policy cand be had through Canada Life’s LifeAdvance – at a price, of course. It’s the Uber Black of the category.

Pros

  • Large coverage amounts and multiple terms including whole life options
  • Comprehensive: 25 covered conditions
  • Instant approval possible
  • No survival period on most conditions
  • Generous partial benefit payouts
  • Limited pay and return of premium options available
  • Child critical illness coverage available
  • Second option available

Cons

  • No online access
  • Loss of independent existence is a separate rider with additional cost
  • Return of premium riders are expensive
Product NameLifeAdvance
Critical Illness coverageEnhanced Coverage
Available Terms10 years, 30 years, and to age 65, 75, and 100
Limited Pay optionYes. 15-pay option available on some terms
Maximum coverageUp to $2.5-million
Conditions coveredEnhanced - 24 conditions + 1 optional condition
Loss of Independent Existence coverageYes, as an optional rider
Partial payout conditions8 eligible conditions
Partial payment or early detection paymentYes, 15% up to $50,000
Childhood illnesses coverageYes
Survival period0 days for most conditions (unique in industry)
Return of Premium on deathYes
Return of Premium on expiry/cancellationYes available, on some terms
Second optionYes (unique in industry)
Electronic applicationYes
Online account accessNone

Who is Canada Life?

After years operating under different subsidiaries such as Great West Life, London Life, and its namesake due to different mergers and acquisitions, all brands came under the Canada Life brand umbrella in 2019. Canada Life itself was founded in 1847, and acquired by Great West Life in 2003. The company commits at least 1% of its pre-tax profit to their communities and charities through Imagine Canada’s Caring Company initiative and set the standard for corporate philanthropy in Canada.

They offer various insurance products in Canada and operate as one of the country’s largest insurers, but are known mainly for their financial services like everyday banking, long term savings, lending, and mortgages.

Does Canada Life sell critical illness insurance?

Yes. Canada Life’s critical illness insurance product is named LifeAdvance. It offers Enhanced Coverage (covering 24 illnesses and one additional condition that can optionally be added).

What critical illness insurance coverage and terms does Canada Life offer?

Canada Life’s maximum coverage for critical illness insurance is $2.5-million. It covers 24 critical illnesses, plus the option to add one more.

Canada Life’s LifeAdvance critical illness product offers coverage for loss of independent existence as an optional rider.  The product also offers partial payouts for 8 different conditions. The payout is typically 15% of the policy coverage up to a maximum of $50,000. 

The survival period (how long you must survive with the illness before you can collect your benefit) is 0 days for most conditions.

Canada Life offers critical illness insurance for 10- and 30-year terms or coverage up to 65,75, or 100 years of age.

They also offer limited pay options for its Living Advance suite of critical illness products, including pay in 15 years or pay up to age 65.

Does Canada Life critical illness insurance offer a return of premiums?

Canada Life offers return of premiums on death and return of premiums on early cancellation or expiry for some of their term lengths.

How do I apply for Canada Life’s critical illness insurance?

You can apply for Canada Life’s critical illness insurance using the best online life insurance broker in Canada. You can enter your information and look up quotes using the Apply Now button below or schedule a call with one of our licensed brokers to apply for Canada Life’s critical illness insurance.

The information above is a brief representative summary for indicative purposes only. It does not include all terms, conditions, limitations, exclusions, termination and other provisions of the policies described, some of which may be material to the policy selection. Please refer to the actual policy documents for complete details. In case of any discrepancy, the language in the actual policy documents will prevail. A.M. Best financial strength ratings displayed above are not a warranty of a company’s financial strength and ability to meet its obligations to policyholders.

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