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Desjardins Term Life Insurance Review

by Mark Cluett
6 min read

Best Life Insurance For Stability

Desjardins

AM Best
financial strength rating

PolicyAdvisor.com Rating

Best Life Insurance For Stability

Desjardins

AM Best
financial strength rating

PolicyAdvisor.com Rating

Desjardins Term Life Insurance Review

Desjardins is one of Canada’s largest financial institutions and is frequently ranked amongst the world’s 50 safest banks and financiers. 

Desjardins offers a few term life insurance options to cover fixed-term needs such as lifestyle protection, mortgage coverage, or providing for your children’s education. The product offers a number of benefits and features that are expected based on industry standards. For pure term life insurance, the company offers four options – 10-year, 20-year, 30-year and to-age-65 coverages.

The 10-year and 20-year term products offer automatic renewability up to age 85 and these plans can be converted to permanent protection to cover long term needs. The longer-term age 65 product is convertible to Desjardins’ suite of permanent life products but does not offer renewability.

Pros

  • Offers multiple add-on riders and benefits, giving flexibility to augment basic life coverage 
  • Robust suite of critical illness, disability insurance, and whole life products; you can obtain comprehensive protection through one provider
  • Ability to convert shorter-term products into longer-term products
  • Online account access

Cons

  • Limited term options; there are only 4 predetermined options to choose from
  • Cheaper straight term options are available from the competition
  • No option to receive an electronic policy; only offers paper policies
Desjardins Term Life Insurance Pricing Representative values, based on non-smokers in good health. $500,000 coverage, 20-year term.
AgeMaleFemale
30$31.95$22.95
35$33.30$25.20
40$48.60$35.55
45$77.40$55.35
50$130.05$89.10
55$230.40$161.10
60$433.35$308.25
65$715.50$486.90

Who is Desjardins?

Desjardins Group is a Canadian cooperative and represents the largest federation of credit unions in Canada and the fifth largest cooperative financial group in the world. Through its cooperatives and subsidiaries, the company is a major player in banking, life and general insurance, securities brokerage, venture capital, and asset management. 

Desjardins life insurance products are sold through Desjardins Financial Security. It also offers business services including point-of-sale payments and cash management. In 2015, Desjardins acquired the Canadian business of insurance company State Farm. Desjardins insurance operates through a network of more than 6,000 financial advisors concentrated in Quebec and Ontario, but with a presence across Canada.

Desjardins: Quick Facts

    • Founded:1900 
    • Headquarters: Levis, Quebec
    • AM Best Rating: Not rated
    • Better Business Bureau Accreditation and Rating: Not rated
    • Assets: $39.8 billion
    • Annual Premiums: $9.2 billion

What term life insurance products does Desjardins offer? 

Desjardins offers term life insurance with 4 different terms and a host of 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

Optional Riders

Desjardins offers multiple additional riders including:

  • Children’s protection
  • Accidental death & dismemberment
  • Disability waiver of premiums
  • Guaranteed insurability benefit

There are two more interesting benefits offered by Desjardins in term insurance:

Insurability Option

  • Couples and business partners can split their joint coverage into two individual permanent policies when their needs change
  • This is available for Term 10, 20, and 30 policies

 Association Option

  • A policyholder can convert their term insurance into joint last-to-die permanent life insurance, by adding a new insured. This option can be used to cover estate taxes or leave a legacy
  • This is available for all 4 term lengths

What term life insurance amounts and coverage does Desjardins offer?

  • Available Term Lengths: 10, 20, 30 years and to age 65
  • Available Term Types: Single, Joint First-to-Die
  • Maximum Amount of Coverage: $10 million
  • Renewability: Yes for the 10, 20 and 30-year terms
  • Convertibility: Yes, can be converted up to age 70

What other insurance coverage does Desjardins offer?

Desjardins offers a wide range of insurance products to customers, apart from term life.

In Life and Living Benefits, the options are:

Other insurance offerings from Desjardins include credit, travel, home, and auto categories. It also offers a variety of registered (RRSP, TFSA) and non-registered investment products such as annuities and segregated funds.

Other personal products include retail banking, credit cards, loans and credit and wealth management.

Is Desjardins right for you?

Desjardins offers unique life insurance coverage products that are a great fit for many Canadian consumers. As insurance advisors for Desjardins life insurance products, we can help you decide if Dejardins 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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