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Desjardins Life Insurance Review

SUMMARY

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.

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

Product

Term Life

AM BEST RATING

N/A

POLICYADVISOR RATING

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
  • Online services and account access

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
  • Offers paper policies by default, though digital copies are available from your advisor
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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.

Age Male Female
20 $31.05 $21.60
25 $31.50 $22.05
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

Check out PolicyAdvisor's life insurance calculator.

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.

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 for a period of time until 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 until 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 until 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 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:

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

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
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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.

In Life and Living Benefits, the options are:

Other types of insurance Desjardins offers:

  • Credit card insurance
  • Pet insurance
  • Health insurance and dental insurance for individuals and business/group plans, covering prescription drug fees
  • Hybrid products, with a mix of different types of coverage

Other offerings from Desjardins Insurance 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 through different arms of Desjardins.

Desjardins is not just a life insurance company. Other services from Desjardins include financial products like retail banking, credit cards, loans and credit and wealth management, similar to Canadian banks.

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.

As Canada’s best online life insurance advisor, we will assist you in comparing and choosing a life insurance policy across all our partner companies. Speak to our licensed advisors to complete your financial security plan. We can assist you in finding you the best, most affordable coverage for the insurance amounts you need. You can do this all from the comfort of your own home (no paper form or postal services necessary) and cut down on face-to-face interactions in this unprecedented time.

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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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