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2022 life insurance discounts and promotions

SUMMARY

While life insurance does not go on sale per se, insurance companies do offer promotions from time to time. Canadian life 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
7 min read
IN THIS ARTICLE

While 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.

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Canada Life discounts and offers on critical illness insurance

From November 7, 2022, to March 3, 2023, Canada Life is offering a 5% premium rate reduction on eligible new critical illness insurance policies.

The discount only applies to its LifeAdvance critical illness insurance product and not critical illness riders, children’s critical illness policies, or critical illness policies converted into another type of insurance.

But the 5% will be deducted from the total premium, including rated premiums, for however long the policy lasts. The discount will still apply in the future even if the policy is renewed or reissued and if there are additional benefits added on.

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

Desjardins LogoDesjardins discounts and offers on term life insurance

As of October 22, 2022, Desjardins has lowered prices for its term life insurance products. These decreases could be up to 15.3% depending on the applicant’s age and desired amount of coverage. Discounts apply to Term 10, Term 20, Term 30, Term 65, Universal Life Term 10, and Universal Life Term 20 policies with coverage of at least $250,000. Desjardins also offers additional discounts when you apply for multiple insurance coverages at the same time.

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

Empire Life Logo

Empire Life discounts and offers on term life insurance

Effective March 15 2022, Empire Life has reduced their premium rates for their Solution 10, 20, 25, and 30 term life insurance products. Discounts for their term Solution products are 5.4%, 4.7%, 6.2%, and 4.9% respectively.

By using PolicyAdvisor’s online tools you can get term life insurance quotes from Empire Life in minutes and see these new rates.

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

Manulife discounts and offers on term life insuranceManulife Insurance

Effective November 20, 2021, Manulife has lowered its term life insurance rates for the following categories:

  • Family Term-10 with Vitality Go and Business Term-10
  • Family Term-20 with Vitality Go and Business Term-20
  • Family Term with Vitality Plus Term-10
  • Family term with Vitality Plus 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. The Vitality Plus program offers discounts on insurance premiums, depending on your level of participation. But be warned — it also has penalties for if you fail to live up to your health commitments.

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

Please also note the Manulife Vitality Plus feature comes at a cost of $6 per month. 

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

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 10, 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

Industrial Alliance (iA) has lowered the premium rates for their term life insurance products. The discounted rates are as follows:

  • Term 10 & Term 15 – Up to 15% off for policies $250,000 or more (applicants 50 years or older)
  • Term 20 – Up to 8% off of policies $500,00 or more
  • Term 25 – Up to 5% off of policies $500,000 or more
  • Term 30 & Term 40 – Up to 13% off for policies $1 million or more
  • Additional discounts for $2 million policies are available

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.

RBC Insurance discounts and offers on life insurance and disability insurance

RBC Insurance

RBC Life insurance

Effective March 28, 2022, RBC has reduced rates on their YourTerm life riders and base policies. They have also cited rate reductions for clients looking for coverage of $500,000 or more and “sharpened” rates for the $250,000 – $499,000 bands.

While the exact percentage of rate reduction was not mentioned in their release, these discounts compete with other top term life insurance providers. By using PolicyAdvisor’s online tools you can get term life insurance quotes from RBC in minutes to see if their new discounts stack up to the competition.

RBC Disability Insurance

RBC Insurance is offering a 20% discount on their Professional Series disability insurance for specific occupations. Applicants must have at least 3 years of experience in their field, earning a minimum of $100,000 net income in the last two years. Eligible occupations include the following:

Business/Law

  • Accountants
  • Actuaries
  • Architects
  • Engineers
  • Executives (4A)
  • Lawyers
  • Quebec Notaries
  • Judges

Tech

  • Computer Specialists (Executives, Consultants, Hardware & Software Developers/Designers, Analysts, Programmers)

Medical

  • Medical Specialists (excluding GP, Family Physicians, and Emergency Medicine specialists)
  • Optometrists
  • Pharmacists
  • Dental Specialists (Endodontists, Periodontists, Oral & Maxillofacial Radiologists, Prosthodontists, Pediatric Dentists, Specialists in Oral Medicin and Pathology, Dental health specialists, and Orthodontists)

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

Read our full RBC Insurance review to learn more about some of the eligible policies.

How to get insurance promotions and offers

You can get 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.

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

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Call us at 1-888-601-9980 or book time with our licensed experts.
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The information above is intended for informational purposes only and is based on PolicyAdvisor’s own views, which are subject to change without notice. This content is not intended and should not be construed to constitute financial or legal advice. PolicyAdvisor accepts no responsibility for the outcome of people choosing to act on the information contained on this website. PolicyAdvisor makes every effort to include updated, accurate information. The above content may 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. All rights reserved.

If something in this article needs to be corrected, updated, or removed, let us know. Email editorial@policyadvisor.com.

By Jiten Puri
CEO & Founder, Insurance Advisor, LLQP
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