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Which Canadian companies are offering life insurance promotions in 2024?
Right now, you can get life insurance promotions and offers from:
Desjardins rate reduction on term life insurance
Effective November 23, 2024, Desjardins has reduced the rates for all their term life insurance products. With this rate reduction, the insurer has become one of the most competitive in the market for people in their working years and who buy their long-term products—T25, T30, T65).
The rules for Desjardins’ rate changes are as follows:
For applications received and approved before November 23, 2024: Best applicable rates will be offered
For applications received after November 23, 2024: Reduced rates will apply
RBC term life insurance reprice
RBC has repriced their term life insurance products effective November 10, 2024. The repricing will be applicable for RBC YourTerm, RBC YourTerm Riders, and RBC YourTerm Riders on Term 100.
All applications received on or after November 10, 2024 will be offered the new rates. Applications that have been received prior to November 10, 2024, but are pending an underwriting decision will also be offered the new rates.
The new rates will not be available on policy changes (e.g. change to non-smoker rates) and reinstatements.
Wawanesa Life offers on term life insurance
Starting September 3, 2024, Wawanesa Life is offering new premium rates for their Lifetime Term plans. The reduced premium rates will help term life insurance buyers save a significant amount of money on Term 10, 15, 20, 25, 30, Term to Age 80, and Term to Age 100.
Some of the key advantages of Wawanesa Life’s rate reduction are:
- For life insurance policies with a coverage amount of $1 million, there will be a significant rate reduction for all term plans
- Wawanesa’s new pricing band will reduce rates by nearly 12% for a coverage amount between $2 million to $20 million
For applications submitted prior to September 3, 2024, the new rates will automatically apply if the underwriting is completed before October 15, 2024.
Empire Life offers on term life insurance
If you’re looking for a 20-year term life insurance policy, it’s a good time to sign up with Empire Life Insurance. They have just dropped prices by up to 5.7% for their Solution 20 product, starting June 17, 2024. Non-smokers up to 50 years of age are eligible for these lower rates.
Industrial Alliance offers on term life insurance
Starting June 14, 2024, you can save up to 24% on term life insurance coverage from Industrial Alliance (iA), a top-rated provider. If you apply for a policy worth at least $250,000, iA is offering significantly lower rates as follows:
- Terms 10-19 years — between 12% to 24% lower rates, under age 50 only
- Terms 20-29 years — between 3.5% to 7% lower rates
- Terms 30-40 years — between 5% to 12% lower rates
And, you may be able to get instant approval if you’re applying for less than $2 million in coverage.
Manulife offers on term life insurance
Manulife, one of Canada’s biggest insurance providers, has dropped rates for their Family Term life insurance product by up to 13% starting May 11, 2024.
New Term-10 or Term-20 life insurance policies will receive the new lower rate. This includes policies that are on the Vitality or Vitality Plus program.
Foresters offers on term life insurance
Foresters Financial is offering savings of up to 17% on new term life insurance policies as of January 2024. And, yes, the lower rates are permanent and will last for the entire rest of your term. Hint — these are the policies that will see the biggest drop in rates:
- Term 10: Non-smokers, ages 35-45 – $500,000 to $1,000,000 in coverage
- Term 20: Non-smokers, ages 30-50 – $250,000 to $1,500,000 in coverage
- Term 30: Non-smokers, ages 30-45 – $500,000 to $1,000,000 in coverage
How can I find insurance promotions and offers?
You can get life insurance promotions and offers by checking out the best life insurance quotes in Canada online on our website! Compare the top providers in minutes to find the best deals.
You can also speak 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.
