Desjardins Life Insurance Review

Desjardins Insurance is the insurance unit of the Desjardins Group, the largest federation of credit unions in North America. Founded in 1944, Desjardins is known as one of the best life insurance companies in Canada. Their products are straightforward and affordable but certain policies lack flexibility when compared to policies from competitors. For these reasons Desjardins gets 3.5 stars out of 5.

In this article: 

• Company Overview
• Pros & Cons
• Desjardins Term Life Insurance
• Desjardins Permanent Life Insurance
• Other Desjardins Life Insurance Products
• Desjardins Insurance Customer Reviews
• Frequently Asked Questions (FAQs) About Desjardins Insurance

Company Overview

Desjardins Insurance, a part of Desjardins Group, was founded in 1944 and is headquartered in Lévis, Quebec, Canada. It operates within the financial services and insurance industry, offering a wide range of products including life insurance, health and dental insurance, home insurance, auto insurance, business insurance, travel insurance, and various investment and retirement products.

As one of the largest cooperative financial groups in Canada, Desjardins Insurance is known for its commitment to corporate social responsibility and sustainability, with a strong emphasis on customer satisfaction and community involvement. The company’s mission is to provide peace of mind to its members and clients through a comprehensive suite of financial and insurance services. Desjardins Insurance also engages in numerous community support initiatives and environmental conservation efforts, promoting financial literacy as part of its corporate social responsibility. 

Here is a quick summary of what Desjardins has to offer:

Desjardins Life Insurance Pros

Desjardins Life Insurance Cons

Desjardins Term Life Insurance

Term life insurance is a type of insurance that offers coverage for a specified term and is typically less expensive than permanent life insurance. It is ideal for those with changing financial needs or those interested in a more affordable policy. Desjardins Insurance offers one term life insurance product that can cover a variety of term lengths. Here is a breakdown of this product.

Term Life Insurance

Coverage amount: $25,000 – $500,000

Length of coverage: 10, 15, 20, 25 or 30 years, or up to age 65.

Issue ages: 18-65

Additional options:

• Renewable until age 85 for policy with specified term length.
• Can convert to permanent life insurance up to age 85.
• Riders include accident insurance, business insurability coverage, children’s insurance, guaranteed insurability benefit, waiver of premiums for disability.

Desjardins Permanent Life Insurance

Permanent life insurance provides lifelong coverage with certain policies having access to a cash value amount. Desjardins offers a handful of permanent life insurance policies such as universal and participating policies. They also offer a unique policy for Canadians over the age of 50. Here is a breakdown of each of these products.

Permanent life insurance

Coverage:  $25,000 – $10,000,000

Length of coverage: Permanent

Issue ages: 18-65

Premium payment options:

• Payments for 10, 15, or 20 years, or up to age 65 or 100.

Additional options:

• Fixed premiums that don’t increase with age or medical status.
• Cash out option to get a portion of premiums paid back when reducing or terminating coverage.
• Reduced paid-up insurance meaning you can stop paying premiums in the eighth year of the policy and still be covered with a lower coverage amount.
• Can bundle policy with critical illness and long term care insurance.
• Riders include accident insurance, business insurability coverage, children’s insurance, guaranteed insurability benefit, waiver of premiums for disability.

Participating Life Insurance

Coverage:  $25,000 – $10,000,000

Length of coverage: Permanent

Issue ages: 18-65

Premium payment options:

• Pay your premiums for 5, 10, or 20 years, or up to age 100.

Additional options:

• Fixed premiums that don’t increase with age or medical status.
• Builds a cash value where the premiums paid go into a participating account, with the possibility of earning a dividend each year based on investment success.
• Guaranteed cash surrender value if you cancel your policy or withdraw cash.
• Riders include accident insurance, business insurability coverage, children’s insurance, guaranteed insurability benefit, waiver of premiums for disability.

Universal Life Insurance

Coverage:  $25,000 – $10,000,000

Length of coverage: Permanent

Issue ages: 18-65

Premium payment options:

• Flexible payment options with the ability to change premium amount and payment frequency.
• Premium costs can either be fixed for 10 or 20 years and then increase each year or be fixed for your entire life.

Additional options:

• Builds a cash value where the premiums paid go into a savings fund where the amount grows tax-free.
• The cash value can be withdrawn from, used to cover the cost of premiums, or change the policy’s coverage amount.
• Policyholder’s have control over the cash value with a variety of investment options to choose from.
• Riders include accident insurance, business insurability coverage, children’s insurance, guaranteed insurability benefit, waiver of premiums for disability.

Life Insurance Over 50

Coverage:  $5,000 – $20,000

Length of coverage: Permanent

Issue ages: 50-75

Premium payment options:

• Payments up to age 100.

Additional options:

• Fixed premiums that don’t increase with age or medical status.
• No medical exam is required for approval.
• Can be approved within minutes of applying.
• In the event of accidental death before age 85, receive 5 times the insurance amount.

Other Desjardins Insurance Products

Other than life insurance, Desjardins offers a wide variety of other insurance options. These include home insurance, auto insurance, travel insurance, pet insurance, accident insurance, critical illness insurance, disability insurance and more.

The benefit of so many insurance options is that it allows customers to bundle insurance plans. This typically comes with savings and increased simplicity as your insurance will all be through the same provider.

Desjardins Insurance Customer Reviews

Customers who purchase life insurance through Desjardins typically have the following to say:

Frequently Asked Questions (FAQs) About Desjardins Life Insurance

Finding a Solution That’s Right for Your Family

If you are interested in life insurance as a new or expecting parent but don’t know what coverage is right for your family, we can help. At Protect Your Wealth, we work directly with families to compare policies and provide quotes from the top life insurance companies in Canada. We are dedicated to ensuring you understand all your coverage options and finding the right policy for you and your family. We’ve been providing expert life insurance solutions since 2007 and have helped countless families get the financial protection they need.

Contact Protect Your Wealth or call us at 1-877-654-6119 for a free consultation with an expert advisor today! We’re proudly based out of Hamilton, and service clients anywhere in British Columbia, Ontario, Alberta, and Manitoba including areas such as London, Kamloops, Grande Prairie, and Winkler.