Desjardins Life Insurance Review – Updated 2023
Desjardin offers a simplified 4-option suite of term life insurance products with various options to buy add ons and conversions for permanent life insurance policies. Coverage up to $10,000,000 with terms of 10, 20, 30, and Term-to-age-65. While individual term policies are pricey compared to competition providers, there are options for multi-policy discounts to offset the cost.
Best Life Insurance For Stability
Our Desjardins life insurance rating and review
Desjardins is one of Canada’s largest financial institutions and is frequently ranked among 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 coverage.
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.
Desjardins life insurance pros and cons
Desjardins life insurance 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
- Allows multiple applicants on the same policy; 1 policy can cover the basic life insurance needs of an entire family
- Ability to convert shorter-term products into longer-term products and other types of insurance
- Offers multi-policy discounts; can add up to significant savings during the course of coverage
- Accepts applications from non-residents of Canada
- Online services and account access
- Digital e-policy
Desjardins life insurance cons
- Limited term options; there are only 4 predetermined options to choose from
- Cheaper straight term options (a more affordable premium) are available from the competition
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Who is Desjardins Insurance?
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 (through Desjardins Insurance), securities brokerage, venture capital, and asset management.
The Desjardins Life Insurance Company’s products are sold through Desjardins Financial Security. The financial institution also offers business services including point-of-sale payments and cash management. In 2015, Desjardins Insurance 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.
Key facts about Desjardins Insurance
- When was Desjardins founded?1900
- Where is Dejardins Insurance 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
- Website: desjardinslifeinsurance.com
How much does life insurance from Desjardins Insurance cost?
Representative values. Life insurance premiums based on non-smokers in good health. $500,000 coverage, 20-year term.
Types of term life policies Desjardins Insurance offers
Desjardins Insurance offers term life insurance with 4 different terms and a host of benefits and riders. The payout from a life insurance policy can alleviate the financial impact your death has on your dependents and cover expenses like outstanding mortgage and personal loans or funeral costs and other final arrangements.
- 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 for a period of time until the age of 70
- Can be renewed every 20 years, up to age 85
- Can be exchanged for a higher term
- Is convertible to permanent insurance until the age of 70
- Can be renewed once, after the first 30-year term
- Cannot be exchanged for a higher term
- Is convertible to permanent insurance until the age of 70
- Cannot be renewed
- Cannot be exchanged for a higher term
- Is convertible to permanent insurance till the age of 60
Desjardins Insurance offers multiple additional riders including:
- Children’s protection
- Accidental death & dismemberment
- Disability waiver of premiums
- Guaranteed insurability benefit
There are two more interesting term life insurance benefits offered by Desjardins Insurance:
- 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
- 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
Coverage and policy details
- Available Term Lengths: 10, 20, 30 years and to age 65
- Available Term Types: Single, Joint First-to-Die
- Maximum Amount of Coverage: Insurance amounts up to $10 million
- Renewability: Yes for the 10, 20 and 30-year terms
- Convertibility: Yes, can be converted up to age 70
What other insurance policies does Desjardins Insurance offer in Canada?
Desjardins Insurance offers other types of life insurance products to their customers, apart from term policy options.
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 (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
Desjardins 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.
Desjardins 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).
Desjardins Home insurance
Desjardins Insurance offers home insurance for freehold houses, condo units, seasonal homes, and tenant insurance.
Desjardins Pet insurance
Desjardins Insurance offers three tiers of coverage for your cat or dog: Bronze Paw, Silver Paw, and Gold Paw.
Is Desjardins Insurance right for you?
Desjardins Insurance offers unique term life insurance coverage products that are a great fit for many Canadian consumers. As insurance advisors for Desjardins Insurance products, we can help you decide if they are the best fit for you and find you Desjardins Insurance quotes.
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