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Canadian Premier Life Insurance Review – Updated 2022

SUMMARY

Canadian Premier provides basic, non-renewable term life insurance through policy administrators like PolicyMe and Cover Direct, who repackage the product as their own. These policies are often advertised as low-cost life insurance compared to competitors, but they lack the riders and convertibility that are standard offers with other providers.

By Mark Cluett
Director of Content
7 min read
IN THIS ARTICLE

Product

Term Life

AM BEST RATING

A (Excellent)

POLICYADVISOR RATING

Not Recommended For Canadian Life Insurance Buyers

Canadian Premier Life Insurance Plan Review

Canadian Premier is an option for Canadians looking for basic term life insurance, but they may be better served by more traditional life insurance providers. Canadian Premier’s term life insurance policies offer no options for renewability at term end or convertibility to a permanent life insurance product.

Renewability lets a term life insurance policyholder re-up their current coverage without having to re-qualify. Convertibility lets a policyholder exchange their term life coverage for a whole life policy when their term runs out. Neither of these options are possible with Canadian Premier’s policies sold through PolicyMe or Cover Direct.

Besides a lack of options for these two very-basic aspects of a life insurance policy, Canadian Premier also does not offer any life insurance riders – optional add-ons one can choose when applying for a traditional term life insurance policy.

Canadian Premier Life Canada is a relatively new entrant to the term life insurance landscape, which may explain its basic coverage offering. At this time we cannot recommend Canadian Premier for those looking for well-rounded life insurance coverage.

Pros:

  • Accessible online through digital administrators (such as PolicyMe and Cover Direct)
  • Lower rates because of limited policy coverage (missing key features of traditional life insurance)

Cons:

  • No renewability options (cannot renew for another term once coverage expires)
  • No options for life insurance riders to augment coverage (common riders like term riders, children’s term rider, critical illness rider, etc, not available)
  • Costs more time and money securing additional coverage elsewhere (finding CI, children’s CI, etc)
  • Relatively inexperienced in life insurance compared to established Canadian providers
  • Only convertible in the first 5 years of coverage to longer term life insurance plans
  • No convertibility options for permanent life insurance
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Who is Canadian Premier Life?

Canadian Premier Life Insurance was founded in 1955 with headquarters based in Toronto, Ontario. The company is wholly owned and independently operated by a subsidiary of Securian Financial Group, which is located in St. Paul, Minnesota. 

In recent years, Canadian Premier Life Insurance completed the acquisition of Gerber Life’s Canadian life insurance business, resulting in an increased insurance footprint across Canada. Canadian Premier’s products are typically delivered through partnerships with financial institutions, retailers, and other businesses; for instance, they offer their term life insurance policies through administrators (like PolicyMe and Cover Direct) who repackage the insurance policies as their own product.

Canadian Premier Life Insurance has now insured over 2 million Canadian families coast-to-coast. In addition to offering life insurance products, Canadian Premier’s main product offering is creditor insurance. 

canadian premier life insurance versus term life insurance

Canadian Premier Life: Quick Facts

    • Founded: 1955
    • Headquarters: Toronto, ON
    • AM Best Rating: A (Excellent)
    • Better Business Bureau Accreditation and Rating: A+
    • Assets: $0.2 Billion
    • Annual Premiums: $27.3 Million

Check out more facts about Canada’s biggest life insurance companies.

What types of life insurance does Canadian Premier Life offer? 

Canadian Premier Life Insurance offers 10, 15, 20, 25, and 30-year term life insurance policies.

What term life insurance amounts and coverage does Canadian Premier Life Insurance offer?

  • Available Term Lengths: 10, 15, 20, 25, and 30-years
  • Available Term Types: Guaranteed level premiums
  • Maximum Amount of Coverage: $5 Million
  • Renewability: No

Convertibility: Terms are convertible in the first 5 years of coverage to a longer term offered by Canadian Premier, but they are not convertible to permanent policies.

What other insurance coverage does Canadian Premier Life Insurance offer?

Canadian Premier Life Insurance offers a range of insurance products to customers, apart from term life, such as:

  • Home, Condo and Tenant Insurance
  • Travel Insurance
  • Auto (Motorcycle, RV, Car) Insurance
  • Critical Illness Insurance
  • Credit Protection Insurance
More choice. Lower price.
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Who sells Canadian Premier life insurance policies?

As mentioned above, Canadian Premier offers their products through retailers and other 3rd parties who white-label or repackage the products as their own, including Canadian companies PolicyMe and Cover Direct.

life insurance company comparison for standard features

Does PolicyMe sell Canadian Premier life insurance?

PolicyMe is an online insurance vendor established in 2018. They offer only Canadian Premier life insurance products through their online platform. With their partnership, the PolicyMe coverage offering is slim and includes only instant approval term life insurance with up to $5 million in coverage. These term policies are neither convertible nor renewable. Additional critical illness and disability insurance policies are not available through PolicyMe.

Canadian Premier term life insurance through PolicyMe

PolicyMe acts as a policy administrator for Canadian Premier products—essentially repackaging their products on their online platform. The term offerings are as follows:

  • Available Term Lengths: 10, 15, 20, 25, or 30 years
  • Application process: Online
  • Claims contact: PolicyMe
  • Amount of Coverage: $100,000 – $5 Million
  • Renewable: No
  • Convertible: No
  • Other coverage available: Simplified, No-medical, “permanent” policies for applicants 50-75 years of age

Does Cover Direct sell Canadian Premier life insurance?

Cover Direct also sells term life insurance that is underwritten by Canadian Premier. They offer these products through a telephone consultation or via filling out a quote form. They offer term life insurance policies with up to $1.5 million in coverage. These term policies are neither convertible nor renewable. Cover Direct offers additional critical illness insurance but no disability insurance products.

Cover Direct’s main life insurance offering is referred to as their “Age-Based policy“. Essentially, it is an annual renewable term life insurance policy: instead of traditional terms, this type of insurance is offered year by year, and each year the premium increases for the same amount of coverage.

Read more in our Cover Direct life insurance review.

Canadian Premier term life insurance through Cover Direct

Cover Direct is also a third-party seller and policy administrator for Canadian Premier products. The term offerings are as follows:

  • Available Term Lengths: 10 – 30 years, depending on your age
  • Application process: Over the phone only
  • Claims contact: Cover Direct
  • Amount of Coverage: Up to $1.5 million
  • Renewable: No
  • Convertible: No
  • Other coverage available: Critical illness and children’s coverage

Is Canadian Premier Life Insurance Insurance right for you?

Canadian Premier may offer low-cost life insurance, but this is due to the lack of flexibility and convertibility – there may be better options for you than just looking Canadian Premier quotes. As insurance advisors for multiple life insurance companies and products, we can help you decide if Canadian Premier Life Insurance is the best fit for you or if another Canadian insurer is a match.

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.

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. All rights reserved.

By Mark Cluett
Director of Content
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