Life Insurance Promotions in Canada 2022 - PolicyAdvisor
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2022 life insurance promotions

SUMMARY

While life insurance does not go on sale per se, insurance companies do offer promotions from time to time. Canadian insurance providers like Manulife, iA, SSQ, RBC, and Canada Life have offered limited-time promotional pricing on some of their insurance products. Check here or with your advisors often to see which company can offer the best rates for your needs.

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

While term life insurance does not go on sale, Canadian insurance companies occasionally offer promotions to prospective customers. 2022 has brought us unprecedented offers from some of the top insurance companies in Canada. Read below for details on offers from Manulife, Industrial Alliance, SSQ, Canada Life, and RBC.

Manulife discounts and offers on term life insuranceManulife Insurance

Effective November 20, 2021, Manulife is offering discounted term life insurance rates for their following categories:

  • Family Term-10 and Business Term-10
  • Family Term-20 and Business Term-20
  • Family Term with Vitality Term-10
  • Family term with Vitality Term-20

The discount includes rate reductions up to 13% for term-10 and 10% for term-20 policies.

Additionally, with their Vitality program, you have opportunities to save on insurance rates, gain rewards, and other discounts by participating in their educational, fitness, and health-related actives in the program.

Please note, the discount applies to all bands and HealthStyles, but not all ages—speak to your advisor for more qualification information.

Read our full Manulife review to learn more about some of the eligible polices and contact our advisors for further help with Manulife products.

Equitable Life discounts and offers on term life insurance

Equitable Life of Canada

For a limited time, Equitable Life is offering a 15% reduction on your first year of Term Insurance premiums.*

For this discount, it’s important to note it is only for the first year—after that, premiums may increase. Other carriers may provide discounts for the entire term (10 or 20 years).

Please note the promotion is for standalone term applications received from September 7, 2021 until December 31, 2021. Does not include riders on the term insurance plan or term insurance riders on par whole life or UL plans.

Read our full Equitable Life review to learn more about some of the eligible polices and contact our advisors for further help with Equitable Life Insurance products.

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SSQ Whole Life Insurance

SSQ discounts and offers on term life insurance

In May 2021, SSQ made major changes to the premium rates for its term life insurance products. While all of their term plans received lower premium rates, significant adjustments (between 3-5%) were made to their 15, 20, 25, and 30 year term life insurance policies. This can mean significant savings when purchasing a term life insurance policy from SSQ.

Read our full SSQ term life insurance review to learn more about some of the eligible policies and contact our advisors for further help with SSQ insurance products.

IA Whole Life Insurance

Industrial Alliance (iA) discounts and offers on term life insurance

In June 2021, Industrial Alliance (iA) lowered the premium rates for there T20 (20 year term life insurance) and Pick-A-Term (between T11-T29) products. By using PolicyAdvisor’s online tools you can get term life insurance quotes from iA in minutes and see these new rates. This rate change can equal significant savings over the course of a term life insurance policy you hold with iA.

Read our full Industrial Alliance term life insurance review to learn more about some of the eligible policies and contact our advisors for further help with iA insurance products.

canada life insurance review logo

Canada Life discounts and offers on life insurance

As of Nov 1, 2021, Canada Life is offering a discount on new standalone Canada Life My Term life insurance policies if the issue age is 55 or younger. The discount also extends to any benefits you add to the policy at the time of issue.

Discount details

15% discount on 10-year term policies
10% discount for all other term policy lengths

The discount ends March 06, 2022.

Read our full Canada Life term life insurance reviews to learn more about some of the eligible policies and contact our advisors for further help with Canada Life insurance products.

Promotions previously offered in 2021

RBC Insurance discounts and offers on life insurance and disability insurance

RBC Insurance

For a limited time, RBC Insurance previously provided discounts to physicians in Ontario on their disability and term life plans. Additionally, physicians are eligible for a 25% discount on RBC’s Professional Series disability insurance.

New RBC YourTerm life insurance applications received after June 15, 2021 and until the promotion’s end are eligible for a 10% discount. With these savings, term life insurance through RBC Insurance is one of the most competitively priced insurance policies in Canada.

Please note, the discount applies only to the base policy and does not include term life insurance riders added to other RBC Insurance policies.

This promotion ended June 2021, however RBC may offer similar promotions in the future.

How to get term life insurance promotions and offers

You can get term life insurance promotions and offers by speaking with an expert at PolicyAdvisor. Our team has experience with all of Canada’s largest insurance companies and can help you find the right coverage while taking advantage of these limited-time offers. Book some time with us today to find out how.

Fill out the form below to find your discounted rates.

Some limitations apply. Please speak with our advisors for full policy details.

Need help?
Call us at 1-888-601-9980 or book time with our licensed experts.
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By Jiten Puri
CEO & Founder, Insurance Advisor, LLQP
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