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Canada Life Insurance Review

by Mark Cluett
8 min read

Best for Financial Strength

canada life insurance review logo

Canada Life

A+

AM Best
financial strength rating

PolicyAdvisor.com Rating

Best for Financial Strength

canada life insurance review logo

Canada Life

A+

AM Best
financial strength rating

PolicyAdvisor.com Rating

Canada Life Insurance Review

Canada Life, one of the country’s largest life insurers, is a subsidiary of Great-West Lifeco Inc. and a member of the Power Financial Corporation group of companies. With $219 billion in assets and a financial strength rating of A+ from A.M. Best, Canada Life is one of the most stable life insurers in the country. The company’s strong capitalization and diverse insurance offerings make it a provider of choice to millions of Canadian life insurance consumers and businesses alike. 

The company’s product suite includes a variety of term life policies that are customizable to individuals’ unique needs and financial situation. Canada Life offers term life insurance with several options including level premium convertible term policies, fixed-term non-renewable policy, and optional additional policy riders. Policy terms are available for 10 years, 20 years, 30 years and up to age 65 with guaranteed premiums. The policies are convertible to a whole life insurance policy. The company offers several policy riders available to add coverage for disability waiver of premium, accidental death, guaranteed insurability, children’s term insurance, living benefits and more.

Pros

  • 4 different term lengths available
  • Multiple rider options for single and joint policies
  • Can convert into Canada Life suite of permanent products

Cons

  • Minimum $100,000 coverage required
  • No option to pick your own term
  • Canada Life premiums tend to be more expensive than other options 
  • No digital policy or access to online account features
Canada Life Insurance Pricing Representative values, based on non-smokers in good health. $500,000 coverage, 20-year term.
AgeMaleFemale
30$34.20$23.85
35$35.10$26.55
40$52.50$37.80
45$82.35$57.15
50$141.30$92.25
55$258.75$171.45
60$468.00$320.40
65$891.00$585.00

Who is Canada Life?

Canada Life – founded in 1847 in Hamilton, Ontario – is Canada’s oldest domestic life insurance company as well as one of the largest life insurers today. The Company was acquired by Great West Life in 2003 following a bidding war with Manulife. After years operating under different affiliates such as Great West Life, London Life, and its namesake, the three brands came under the Canada Life brand umbrella as of January 2020.

Today, Canada Life is one of the largest global life insurance companies providing insurance and wealth management products and services in Canada, the United Kingdom, Isle of Man, and Germany, and in Ireland through Irish Life. In Canada, the company has more than 13 million client relationships and also provides 30,000 employers with benefit plans. 

The company commits at least 1% of its pre-tax profit to their communities and charities through Imagine Canada’s Caring Company initiative and sets the standard for corporate philanthropy in Canada.

Canada Life: Quick Facts

    • Founded: 1846
    • Headquarters: Toronto, Ontario
    • AM Best Rating: A+
    • Better Business Bureau Accreditation and Rating: N/A – A+
    • Assets: $219.7 billion
    • Annual Premiums: $36.4 billion

What types of term life insurance products does Canada Life offer? 

Canada Life offers 4 different term life insurance options, as part of its “Simply Preferred” series.

Term 10

  • 10-year term life insurance coverage with level premiums
  • Policy renews automatically without proof of insurability
  • Available for issue until age 75
  • Convertible before the age of 70 into Canada Life’s permanent products
  • Joint-first-to-die coverage available
  • Coverage ends at the policy anniversary nearest the insured’s age of 85, or in the case of joint coverage when the oldest insured person’s policy anniversary nearest age 85

Term 20

  • 20-year term life insurance coverage with level premiums
  • Policy renews automatically without proof of insurability. A new premium is determined reflecting the life insured’s advancement in age and is locked in for another 20 years
  • Available for issue until age 65
  • Convertible before the age of 70 into Canada Life’s permanent products
  • Coverage ends at the policy anniversary nearest the insured’s age of 85, or in the case of joint coverage when the oldest insured person’s policy anniversary nearest age 85

Term 30

  • 30-year term life insurance coverage with level premiums
  • Policy renews automatically without proof of insurability. Available for issue until age 65
  • Convertible before the age of 70 into Canada Life’s permanent products
  • Coverage ends at the policy anniversary nearest the insured’s age of 85, or in the case of joint coverage when the oldest insured person’s policy anniversary nearest age 85

Term to Age 65

  • Term life insurance coverage till the age of 65 with level premiums
  • Policy is not renewable 
  • Convertible before the age of 60 into Canada Life’s permanent products

Canada Life also offers a suite of permanent life insurance.

Optional Riders and Benefits

Available on single-life policies

  • Waiver of premium benefit 
  • Accidental death benefit 
  • Guaranteed insurability rider
  • Business growth protection rider
  • Child’s term life insurance rider

Available on joint first-to-die policies 

  • Business growth protection rider 
  • Child’s term life insurance rider

The Business Growth Protection Rider is a unique rider which gives business owners the option to purchase additional life insurance coverage, on the insured, when their share of the business grows in value, without providing additional evidence of good health and insurability. 

What term life insurance amounts and coverage does Canada Life offer?

  • Available Term Lengths: 10, 20, and 30 years and term to age 65
  • Available Term Types: Level coverage. Single and joint coverages available
  • Maximum Amount of Coverage: $10,000,000+ 
  • Renewability: Yes, without any proof of insurability. Term to age 65 is not renewable
  • Convertibility: Convertible to permanent life insurance without medical evidence of insurability, up to age 70 for standard term products and up to age 60 for term to age 65

What other insurance coverage does Canada Life offer?

Canada Life offers a wide range of insurance products to customers, apart from term life, such as:

As well, Canada Life’s product suite expands beyond just insurance, as they offer investment, savings and other financial services, mortgage lending, and group insurance options for business owners.

Is Canada Life right for you?

Canada Life offers unique life insurance coverage products that are a great fit for many Canadians consumers that value the convenience offered by non-medical products. As insurance advisors for Canada Life’s insurance products, we can help you decide if Canada Life products are the best fit for you.

As Canada’s best online life insurance advisor, we will assist you in comparing and choosing products across all our partner companies. Speak to our licensed advisors and we will be able to assist you in finding you the best coverage for your needs.

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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