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Canada Life Critical Illness Insurance Review – Updated 2024
If you’re looking for the top-of-the-line critical illness insurance package, Canada Life has the coverage you need, but at a cost. Canada Life offers coverage for up to 26 conditions, partial payouts for up to 8, and up to $3 million in coverage. Multiple coverage options are available with terms of 10, 20, or cover up to 75 as well as permanent options of 15, 20, or Term 100.
Canada Life Critical Illness Insurance rating and review
If you are sparing no expense, Canada Life’s plans offer something for everyone. Most coverage terms, riders, child policies, and all the other bells and whistles of a critical illness insurance policy can be had through Canada Life’s LifeAdvance – at a price, of course. It’s the Uber Black of the category.
Pros and cons
Pros
- Large coverage amounts and multiple terms including whole life options
- Comprehensive: 26 covered conditions
- Generous partial benefit payouts
- Limited pay and return of premium options available
- Child critical illness coverage available
- Second event coverage available
- Digital e-policy
Cons
- No online access
- Loss of independent existence is a separate rider with additional cost
- Return of premium riders are expensive
- Survival period on most conditions
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Who is Canada Life?
After years operating under different subsidiaries such as Great West Life, London Life, and its namesake due to different mergers and acquisitions, all brands came under the Canada Life brand umbrella in 2019. Canada Life itself was founded in 1847, and acquired by Great West Life in 2003. The company commits at least 1% of its pre-tax profit to their communities and charities through Imagine Canada’s Caring Company initiative and set the standard for corporate philanthropy in Canada.
They offer various insurance products in Canada and operate as one of the country’s largest insurers, but are known mainly for their financial services like everyday banking, long term savings, lending, and mortgages.
Types of critical illness insurance policies Canada life offers
Yes. Canada Life’s critical illness insurance product is named LifeAdvance. It offers Enhanced Coverage (covering 25 illnesses and one additional condition that can optionally be added).
| Product Name | LifeAdvance |
|---|---|
| Critical Illness coverage | Enhanced Coverage |
| Available Terms | 10, 20 years, and to age 75 |
| Limited Pay option | Yes. 20-pay options available on some terms |
| Maximum coverage | Up to $3 million |
| Conditions covered | Enhanced – 25 conditions + 1 optional condition |
| Loss of Independent Existence coverage | Yes, as an optional rider |
| Partial payout conditions | 8 eligible conditions |
| Partial payment or early detection payment | Yes, 15% up to $50,000 |
| Childhood illnesses coverage | Yes |
| Survival period | 30 days for most conditions |
| Return of Premium on death | Yes |
| Return of Premium on expiry/cancellation | Yes available, on some terms |
| Second option | Yes, as optional rider |
| Electronic application | Yes |
| Online account access | None |
| Electronic policy delivery | Yes |
Coverage and policy details
Canada Life’s maximum coverage for critical illness insurance is $3 million. It covers 25 critical illnesses, plus the option to add one more.
Canada Life’s LifeAdvance critical illness product offers coverage for loss of independent existence as an optional rider. The product also offers partial payouts for 8 different conditions. The payout is typically 15% of the policy coverage up to a maximum of $50,000.
The survival period (how long you must survive with the illness before you can collect your benefit) is 30 days for most conditions.
Canada Life offers critical illness insurance for 10- and 20-year terms or coverage up to age 75, or permanent options with 15 or 20 Pay, or Pay to 100.
They also offer limited pay options for its LifeAdvance suite of critical illness products, including pay in 15 years or pay up to age 65.
Does Canada Life critical illness insurance offer a return of premiums?
Canada Life offers return of premiums on death and return of premiums on early cancellation or expiry for some of their term lengths.
How do I apply for Canada Life’s critical illness insurance?
You can apply for Canada Life’s critical illness insurance using the best online life insurance broker in Canada. You can enter your information and look up quotes using the Apply Now button below or schedule a call with one of our licensed brokers to apply for Canada Life’s critical illness insurance.
