Canada Life Critical Illness Insurance Review - PolicyAdvisor
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Canada Life Critical Illness Insurance Review

SUMMARY

If you’re looking for the top-of-the-line critical illness insurance package, Canada Life has the coverage you need, but at a cost. Canada Life offers coverage for up to 26 conditions, partial payouts for up to 8, and up to $3 million in coverage. Multiple coverage options are available with terms of 10, 20, or cover up to 75 as well as permanent options of 15, 20, or Term 100.

By Jiten Puri
CEO & Founder, Insurance Advisor, LLQP
5 min read
IN THIS ARTICLE

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.

Product

Canada Life Critical Illness Insurance

AM BEST RATING

A+

POLICYADVISOR RATING

The Rolls Royce of Critical Illness Coverage

Pros

  • Large coverage amounts and multiple terms including whole life options
  • Comprehensive: 26 covered conditions
  • Generous partial benefit payouts
  • Limited pay and return of premium options available
  • Child critical illness coverage available
  • Second event coverage available

Cons

  • No online access
  • Loss of independent existence is a separate rider with additional cost
  • Return of premium riders are expensive
  • Survival period on most conditions
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Product Name LifeAdvance
Critical Illness coverage Enhanced Coverage
Available Terms 10, 20 years, and to age 75
Limited Pay option Yes. 20-pay options available on some terms
Maximum coverage Up to $3 million
Conditions covered Enhanced – 25 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 30 days for most conditions
Return of Premium on death Yes
Return of Premium on expiry/cancellation Yes available, on some terms
Second option Yes, as optional rider
Electronic application Yes
Online account access None

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 25 illnesses and one additional condition that can optionally be added).

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

Canada Life’s maximum coverage for critical illness insurance is $3 million. It covers 25 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 30 days for most conditions.

Canada Life offers critical illness insurance for 10- and 20-year terms or coverage up to age 75, or permanent options with 15 or 20 Pay, or Pay to 100.

They also offer limited pay options for its LifeAdvance 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.

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

By Jiten Puri
CEO & Founder, Insurance Advisor, LLQP

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