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Canada Life Insurance Review – Updated 2024
Canada Life offers a large suite of life insurance products and a comprehensive suite of options and coverages that can suit your needs. You can choose your own term from between 5-50 years, with coverage up to $20 million. They also let you convert to permanent insurance up to age 70. Business owners can benefit from a rare life insurance rider that lets them add more coverage as their business grows. Canada Life is a provider of choice for many, but their policies can cost a bit more than average.
- Our Canada Life insurance rating and review
- Who is Canada Life Insurance Company?
- Canada Life Insurance pros and cons
- Canada Life Insurance Company customer reviews
- How much does life insurance coverage from Canada Life cost?
- What types of term life insurance policies does Canada Life offer?
- Is Canada Life insurance right for me?
- How to get Canada Life insurance quotes?
- What other insurance policies does Canada Life offer?
- Speak with an advisor
Canada Life is the largest insurance company in Canada by annual premiums. This makes them a solid choice if you want a provider with excellent financial strength. Plus, they offer a large selection of products too.
Read our full review below to find out more about the company, which features they offer, and what we rate their life insurance products.
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Call 1-888-601-9980 to speak to our licensed advisors right away, or book some time with them below.
Our Canada Life insurance rating and review
We’ve rated Canada Life 4 stars and ranked them as the Best Canadian Life Insurance Company for Financial Strength. Their products are high-quality and can suit a wide variety of different needs. And, their term life insurance offers a lot of customizable options, such as:
- Term lengths between 5-50 years, up to age 85
- Level premium, convertible term policies
- Fixed-term
- Optional policy riders: disability waiver of premium, accidental death, guaranteed insurability, children’s term insurance, living benefits and more
- Unique Business Protection Growth life insurance rider lets business owners add more coverage as their business grows
But, their minimum coverage amount is higher than other providers. They won’t insure you unless you get at least $100,000 in coverage or your premiums are at least $500/year. You pay for high quality with Canada Life.
As Canada’s first domestic life insurance company, Canada Life is now:
- One of the biggest life insurers in the country, with $568 billion in assets and a financial strength rating of A+ from A.M. Best
- One of the most stable insurance companies in Canada
- A provider of choice for many Canadian customers and businesses alike
Canada Life Insurance Review: video summary
Who is Canada Life Insurance Company?
Canada Life Assurance Company is a subsidiary of Great-West Lifeco Inc. and a member of the Power Financial Corporation group of companies. It was founded in 1847 in Hamilton, Ontario. Over the years, it operated through affiliates such as:
- Great West Life
- London Life Insurance Company
Great West Life-Assurance Company bought Canada Life in 2023, after a bidding war with Manulife — an insurance giant in its own right and another one of Canada’s largest insurers. Now, Canada Life Assurance Company provides insurance and wealth management products and services in Canada, the United Kingdom, Isle of Man, and Germany, and in Ireland through Irish Life.
In Canada, they have more than 13 million clients and provide 30,000 employers with group benefit plans. They also give at least 1% of their pre-tax profit to charities through the Imagine Canada Caring Company, setting the standard for corporate philanthropy in Canada.
Canada Life Insurance pros and cons
Here is what our experts rate as the advantages and disadvantages of buying term life insurance coverage with Canada Life Insurance Company:
| Pros | Cons |
|---|---|
| Pick your own term length from 5 to 50 years | Minimum of $100,000 in coverage or $500 annual premium required |
| Multiple rider options for single and joint policies | Limited access to online account features |
| Can convert into permanent coverage | |
| Digital e-policy |
Canada Life Insurance Company customer reviews
As of the time of this writing, customer reviews about Canada Life are mixed. Many customers are satisfied. But, others have issued complaints. Nearly all of the complaints are about their health insurance plans — not their life insurance.
| Positive reviews mention: | Negative reviews mention: |
|---|---|
| Friendly, informative advisors | Health insurance benefits disputes |
| High quality of products | Slightly higher premium costs |
| Satisfaction with level of life coverage |
How much does life insurance coverage from Canada Life cost?
Like all life insurance, the cost of Canada Life’s policies depends on you and your policy. A young, healthy person under 30 may pay around $30 or less for term life insurance from this provider.
In general, policies from Canada Life Insurance cost more than the normal average — but the difference isn’t that large for young applicants. And, as of October 2023, they are offering lower rates for some term life policies. See the chart below to compare Canada Life quotes based on gender and age.
Canada Life Term Life Insurance Quotes
| Age | Male | Female |
|---|---|---|
| 20 | $31.05 | $22.50 |
| 25 | $31.05 | $23.85 |
| 30 | $31.50 | $24.30 |
| 35 | $36.45 | $29.25 |
| 40 | $51.30 | $39.60 |
| 45 | $85.50 | $59.85 |
| 50 | $141.30 | $94.05 |
| 55 | $234.45 | $169.20 |
| 60 | $423.90 | $305.10 |
| 65 | $696.15 | $474.75 |
*Representative values, based on non-smokers in good health with $500,000 coverage and a 20-year term.
What types of term life insurance policies does Canada Life offer?
The main term insurance policy offered by Canada Life is its My Term product. It lets you choose any term length from 5 to 50 years based on your insurance needs.
Key features: My Term
- Level premiums for entire term
- Automatic policy renewal without proof of insurability
- Annual policy renewal unless cancelled
- Can be issued up until age 80
- Coverage available up until age 85 — term length is dependent on years left to turn 85 (i.e. a 60-year-old can buy a 25-year term but a 77-year-old can only get an 8-year term)
- Convertible into permanent insurance up to age 70
- Joint-first-to-die policies available
- Coverage ends at the policy anniversary nearest the insured’s age of 85
- Coverage for joint policies ends when the oldest insured person’s policy anniversary is nearest age 85
Coverage and policy details
- Available term lengths: 5 to 50 years, and all years in between
- Available term types: Level coverage — single and joint coverage available
- Maximum amount of coverage: $20,000,000
- Renewability: Yes, without any proof of insurability. Automatically renewed unless cancelled
- Convertibility: Yes, convertible to permanent life insurance without a medical exam or doctor’s records, up to age 70
Optional riders and benefits
- Waiver of premium benefit (only single-life policies)
- Accidental death benefit (only single-life policies)
- Guaranteed insurability rider (only single-life policies)
- Child’s term life insurance rider
- Business growth protection rider
The Business Growth Protection rider can be especially useful for business owners. It’s a special add-on option that lets them buy more insurance coverage when their share of the business grows in value. And, without going through more underwriting.
Is Canada Life insurance right for me?
Canada Life is a great fit for many Canadians. Its wide range of products and customization options make it easy for you to tailor a policy to meet your needs. And, its business growth rider is a fantastic benefit for Canadian business owners.
As Canada’s best online life insurance advisors, we can help you decide if Canada Life products are the best fit for you.
How to get Canada Life insurance quotes?
You can get term insurance quotes for Canada Life on our website in seconds by using our free online quoting tool. Get a personalized quote, compare prices from other major providers, and start the online application process in less time than it takes to make a cup of coffee.
Or, book a consultation call with our licensed advisors. We can give you expert advice and help you find the best life insurance options for you and your family’s peace of mind.
What other insurance policies does Canada Life offer?
Aside from life insurance, Canada Life also offers:
- Permanent life insurance (whole and universal)
- Critical illness insurance
- Disability insurance
- Health & dental insurance
- Workplace benefits (group insurance)
- Creditor insurance
- Investment products and financial services
Whole life insurance
Canada Life offers 2 different participating whole life insurance policies. They both have limited pay options of 10 or 20 years, or up until age 100.
- Wealth Achiever Plus – These policies are focused on early cash value accumulation, and thus have a higher minimum coverage amount of $100,000
- Estate Achiever Plus – These policies are focused on long-term policy value growth, and minimum coverage starts at $25,000
Universal Life Insurance
Universal life insurance is like whole life insurance, except you control the cash value investment portion yourself.
Canada Life provides 3 universal life options:
- Annually Increasing Pay to 85 cost of insurance (COI) – You pay premiums until age 85, there is no guaranteed cash value, and the cost of insurance premiums increases every year
- Level COI – You pay premiums until age 100, there is no guaranteed cash value, and the cost of insurance premiums stays level
- Limited Pay COI – You pay premiums for a set amount of time (10, 15, or 20 years), and there is guaranteed cash value after year 5 of the policy
Speak with an advisor
As insurance advisors for Canada Life. We can help you find the right policy. Click the button below to schedule a call with our licensed insurance advisors. Let us help you protect your family’s financial security.
