This Canada Life Critical Illness Insurance review includes our ratings as well as details about their terms and coverage.
For more company reviews, head here to read about the best critical illness insurance companies in Canada.
Read more about:
- Canada Life Critical Illness Insurance plan details
- Who is Canada Life?
- Does Canada Life sell critical illness insurance?
- What critical illness insurance coverage and terms does Canada Life offer?
- Does Canada Life critical illness insurance offer a return of premiums?
- How do I apply for Canada Life’s critical illness insurance?
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 can be had through Canada Life’s LifeAdvance – at a price, of course. It’s the Uber Black of the category.
- Large coverage amounts and multiple terms including whole life options
- Comprehensive: 25 covered conditions
- No survival period on most conditions
- Generous partial benefit payouts
- Limited pay and return of premium options available
- Child critical illness coverage available
- Second event coverage available
- No online access
- Loss of independent existence is a separate rider with additional cost
- Return of premium riders are expensive
|Critical Illness coverage||Enhanced Coverage|
|Available Terms||10 years, and to ages 75 and 100|
|Limited Pay option||Yes. 15-pay and 20-pay options available on some terms|
|Maximum coverage||Up to $2.5 million|
|Conditions covered||Enhanced - 24 conditions + 1 optional condition|
|Loss of Independent Existence coverage||Yes, as an optional rider|
|Partial payout conditions||8 eligible conditions|
|Partial payment or early detection payment||Yes, 15% up to $50,000|
|Childhood illnesses coverage||Yes|
|Survival period||0 days for most conditions (unique in industry)|
|Return of Premium on death||Yes|
|Return of Premium on expiry/cancellation||Yes available, on some terms|
|Second option||Yes (unique in industry)|
|Online account access||None|
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.
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.
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.