Canada Life is a subsidiary of the Canada Life Assurance Company and is one of the largest and oldest life insurance companies in the nation. They have a financial strength rating of A+ from AM Best Company and offer some of the best life insurance policies. They offer a variety of plans with high flexibility and affordability, as well as multi-variety discounts for families. They lack in term life insurance offerings and it can be difficult to obtain a quote online, but their pros outweigh the cons and we at Protect Your Wealth have awarded them a rating of 5/5 stars.
Canada Life was founded in 1847, and has been servicing consumers for over 170 years. They provide their insurance and wealth-management products all around the globe in Canada, the UK, Germany, and Ireland. Canada Life has recently combined with Great-West Life and London Life to create one of the largest life insurance brands and is now a subsidiary of Great-West Lifeco, as well as a member of the Power Corporation group of companies. They employ over 10,000 employees and manage over $125 billion in assets to assist over 12 million Canadian customers. They offer a wide range of wealth management products for individuals, families, and business owners all around the world.
Canada Life is one of the largest life insurance brands in Canada, managing over $125 billion in assets to assist over 12 million Canadian customers. In the beginning of 2020, Canada Life merged with Great-West Life and London Life to form one of the largest insurance and wealth management companies in the country.
The merger resulted in a consolidation of operations and resources to provide a wider range of products and services to customers. However, policyholders were not majorly affected, as all existing policies, benefits, and coverage remained unchanged. Any policy term or condition change will be communicated well in advance. If you are a policyholder of any of these companies, your coverage will continue as before, with access to the same products and services.
Canada Life Term Life Insurance
Canada Life offers term life insurance at a lower cost through fixed payments. Term life insurance only guarantees temporary coverage by replacing lost income and covering debt and funeral expenses, but you have an option to convert to permanent life insurance if you wish. You do not get investment options, but you will get to choose who receives a tax-free one-time payment when you die.
Term length (dependent on your age)
This is recommended for people unsure about their financial future who need flexibility; you are able to renew or extend your coverage later. It is also the lowest cost option for people of a younger age and better health. It is also a good way to cover the costs of your financially dependent family members and mortgage.
This is recommended if you have a shorter amortization period or are several years into the mortgage, and you want to provide for your financially dependent children until they grow up.
This is recommended if you require longer period coverage to get married, have children and/or buy a house. It is also beneficial to those who want coverage while paying off their mortgage or taking care of children.
- Single-life policies:
- Waiver of premium benefit
- Accidental death benefit
- Guaranteed insurability rider
- Business growth protection rider
- Child’s term life insurance rider
- Joint first-to-die policies:
- Business growth protection rider
- Child’s term insurance rider
Options when the term ends:
Your policy will automatically do this on a yearly basis for the same length of time as the initial term.
2. Convert to a longer term
You may qualify to increase your term length by 10+ years with gradually increasing premiums.
3. Convert to permanent insurance
You can switch to permanent life insurance which will last a lifetime with the potential to grow in value.
Canada Life presently offers 8 types of term life insurance. They have been categorized and split into Term 10, Term 20, Term 30 and Term-to-age-65 life insurance products:
Canada Life Term Life Insurance Products
Canada Life Insurance has simplified their product line with a brand new, refreshed term life insurance policy called My Term. This policy lets you choose any term length starting from from 5 to 50 years.