Desjardins Insurance

by Mark Cluett
7 min read

Headquartered in Quebec, Desjardins Group is North America’s largest federation of credit unions and has served Canadians since 1901. Desjardins is a household name in Canada in insurance, everyday banking, lending, and other financial services.

Their recent focus on sustainable practices and investing has lead them to commit over $2 billion to renewable technologies, as well as installing over 200 electric vehicle charging stations in Quebec and Ontario and offering 11 new responsible investment products to their customers.

Address

Desjardins Financial Security Life Assurance Company
200, rue des Commandeurs,
Lévis, Québec G6V 6R2

Phone Numbers

Toll Free: 1-866-838-7553

Website

Desjardins Life Insurance | Desjardins General Insurance | Desjardin Group Wikipedia Page

Financial Ratings

Based on 2019 financial reports.

Total premiums and deposits: $9.2 Billion
Assets under administration: $39.8 Billion

DBRS Limited Financial Strength Rating: A (high), Stable (for Desjardins Group)

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Call 1-888-601-9980 to speak to our licensed advisors right away, or book some time with them below.

Term life insurance is an insurance policy that lasts for a specific period of time. Your beneficiaries are entitled to receive a tax-free death benefit if you die within the term of the policy. Once that term expires, you can cancel your policy. However, many insurance providers will automatically renew your policy or have options to convert your coverage into permanent insurance.

Desjardins Insurance offers term life insurance with 4 different terms and many different benefits and riders.

Term 10

  • Can be renewed every 10 years up to age 85
  • Can be exchanged for a higher term (term 20 or term 30)
  • Is convertible to permanent insurance till the age of 70

Term 20

  • Can be renewed every 20 years, up to age 85
  • Can be exchanged for a higher term
  • Is convertible to permanent insurance till the age of 70

Term 30

  • Can be renewed once, after the first 30-year term
  • Cannot be exchanged for a higher term
  • Is convertible to permanent insurance till the age of 70

Term-to-age-65

  • Cannot be renewed
  • Cannot be exchanged for a higher term
  • Is convertible to permanent insurance till the age of 60

For more information and an in-depth look at their coverage, read our Desjardins Insurance Term Life Insurance Review.

Permanent Life Insurance

Permanent life insurance provides you with coverage from the day the policy is settled until the day you die. As long as you pay premiums into the policy, the coverage never expires.

Desjardins Insurance offers several types of permanent coverage

Permanent Life Insurance – Basic coverage

  • Simplified lifetime coverage available to those between the ages of 50 and 75
  • No medical exam and guaranteed benefit even if death occurs during the first two years of the policy
  • 5x accidental death benefit until age 85
  • Advance payment available up to 50% of the death benefit
  • Benefit amounts available: $5,000, $7,500, $10,000, $15,000 or $20,000

Permanent Life Insurance – Personalized coverage

  • Set, guaranteed premiums, and ability to pay over 10, 15, or 20 years, or until ages 65 or 100
  • Benefit amounts from $1,000 to $10,000,000
  • Preferred rates available when taking out multiple coverages
  • Additional tax savings when coupled with a charitable contribution plan
  • Generous surrender values and continued prorated coverage if you stop paying premiums

Participating life insurance

  • Lifelong coverage which also accumulates tax-advantaged cash value and provides possible annual dividends
  • Ability to adapt coverage as your needs change and evolve
  • Pay over 20 years or to age 100
  • Guaranteed benefit
  • Dividends can be used to purchase additional life insurance or reduce the annual premium
  • Maintain some coverage even if one stops paying premiums

Universal life insurance

Universal life insurance is permanent life insurance with a self-directed long term investment component: your insurer gives you options for investing the cash value of your policy.

Desjardins Insurance universal life insurance positions itself as an ideal solution for those looking to leave behind a substantial, tax-free inheritance, invest money tax-free when they have maxed out other options, or to reduce tax burdens on their estate.

Policyholders can amend their coverage whenever it needs changing without a penalty once they have held the coverage for 5 years. There is a choice of over 30 diversified investment options for the self-directed component of their universal life insurance.

Critical Illness Insurance

Critical illness insurance is a living benefit insurance policy that pays out a tax-free lump sum if you develop a specified illness, health event, or undergo treatment while under its coverage, after a minimum of 30 days from when you are first diagnosed (90 days for cancer). This coverage is available for a period of time also known as term length, and you determine it when purchasing the policy.

Desjardins Insurance’s maximum coverage for critical illness insurance is $2.5 million. It covers 26 critical illnesses, which is one of the highest in the industry

They offer coverage for loss of independent existence. They offer partial payouts for 15 different conditions. The payout is typically 15% of the policy up to $50,000, though they also offer a 1% payout for certain cancers up to a max of $5,000.

The survival period (how long you must survive with the illness before you can collect your benefit) is 0 days for most conditions, though Desjardins does have a 30-day wait for those who suffer from cardiovascular conditions.

Desjardins offers critical illness insurance for 10- and 20-year terms or coverage up to 65, 75, or 100 years of age.

10 and 20 pay options are available for some terms. Desjardins offers a return of premiums on death and a return of premium on expiry or cancellation from the 4th year of your coverage period onward.

For more information and an in-depth look at their critical illness coverage, read our Desjardins Critical Illness Insurance Review.

Disability Insurance

Disability insurance (or income protection insurance) is a policy that offers you protection against loss of income. It replaces a substantial portion of your paycheque if you become disabled until you return to good health and resume work (or the end of your coverage period).

Desjardins Insurance offers options for those seeking disability coverage.

  • Available for Canadians up to the age of 65
  • Offers income replacement from $200-$10,000 depending on one’s age and occupation.
  • Benefit periods can be 2 or 5 years, or until age 65 or 70 (depending on the coverage they choose)
  • Ability to increase the monthly benefit without additional medical underwriting
  • Partial refund of premiums if one cancels the policy on eligible surrender dates

Healthcare insurance

Desjardins Insurance offers individual, independent health insurance for those looking to obtain their own coverage or augment the coverage they have from other sources. It provides coverage for medical costs not covered by provincial health plans, like, prescription drugs, healthcare services (physiotherapists, chiropractors, psychologists, etc.), dental care, vision care, nursing and ambulance services, therapeutic equipment, diagnostic services not provided in hospitals, travel insurance, and more.

Auto insurance

Desjardins Insurance offers auto insurance in Canada, with discounts available for multiple products (home insurance), multiple vehicles, winter tires, loyalty, electric vehicles, and more. Besides automobiles, Desjardins also offers coverage for motorcycles, all-terrain vehicles, watercraft, snowmobiles, and RVs (recreational vehicles like motorhomes, campers, and camping trailers).

Home insurance

Desjardins Insurance offers home insurance for freehold houses, condo units, seasonal homes, and tenant insurance.

Pet insurance

Desjardins Insurance offers three tiers of coverage for your cat or dog: Bronze Paw, Silver Paw, and Gold Paw.

Need help?

Call us at 1-888-601-9980 or book time with our licensed experts.

The information and views provided herein is for general informational purposes only and should not be considered legal or financial advice.

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