Desjardins Life Insurance Review
Learn more about Desjardins life insurance in Canada. Talk to one of our experienced advisors, today!
6 minute read
Originally Published: March 7, 2022
Updated: May 23, 2023
Desjardins Life Insurance Review
Learn more about Desjardins life insurance in Canada. Talk to one of our experienced advisors, today!
6 minute read
Originally Published: March 7, 2022
Updated: May 23, 2023
Desjardins Insurance provides a streamlined suite of term life insurance products consisting of four options. These products offer flexibility for purchasing additional coverage and converting to permanent life insurance policies. They also offer critical illness insurance and disability insurance. Desjardins is a straightforward option, but lacks some benefits when compared to competing life insurance companies which is why Protect Your Wealth gives them a 2.5 stars out of 5 . To find out what life insurance company is best for you, check out our Best Life Insurance Companies Guide.
Desjardins term life insurance is available in terms of 10, 20, or 30 years or until age 65 but doesn’t have unique riders in comparison to competing life insurance companies. Desjardins offers appealing permanent life insurance options, including participating life insurance products. With these products, you have the flexibility to choose your premium payment duration of 20 years or until age 100, while utilizing dividends to reduce your yearly premium.
In this article:
Company Overview
Desjardin is one of Canada’s largest credit unions and is amongst one of the largest cooperative insurance firms in the world. Desjardin was founded in 1900, and is headquartered in Quebec, it has substantially grown over the century and is now a company with over $40 billion in financial assets. Recently, Desjardin took over the Canadian business of State Farm insurance in 2015. Desjardin offers life insurance products through their Desjardin Financial security division, but also has other insurance products ranging from home to auto to pet insurance. Desjardin is a growing company and their financial future looks bright as they have a large team of over 6,000 financial advisors.
Desjardin Life Insurance Pros
Large suite of products, including critical illness and disability products
Multi-policy discounts available
- Offers multiple add-on riders and benefits
- Ability to convert short-term products into longer-term products
- Accepts applications from non-residents of Canada
Desjardin Life Insurance Cons
Less terms period offerings
Lacks riders for term life insurance
Cheaper straight term options are offered by competitors
Desjardin Life Insurance Products
Desjardin life insurance products include a traditional term life insurance package which offers terms of 10, 20, 30 years or a term-to-age 65. Desjardin has permanent life insurance packages as well which have a fair offering of a personalized coverage package, and a basic coverage package which is a no-medical option, but also offer some more appealing coverage options like their participating life insurance and universal life insurance.
Desjardin Term Life Insurance
The term life insurance products offered by Desjardin include Term 10, Term 20, Term 30 and Term-to-age 65 packages. These packages are available to be combined with a joint policy or just as an individual policy. The diverse terms are great for those looking for short, medium and long term coverage.
Key Highlights
- Available for those ages 0 to 60 years old
- Coverage amount begins at $25,000
- Renewable until age 85
- Exchangeable for permanent life coverage until 70 years old
- Exchangeable for a longer term
Optional Benefits
- Family policies available
Key Highlights
- Available for those ages to 60 years old
- Coverage amount begins at $25,000
- Renewable until age 85
- Exchangeable for permanent life coverage until 70 years old
- Exchangeable for a longer term
Optional Benefits
- Family policies available
Key Highlights
- Available for those ages 0 to 60 years old
- Coverage amount begins at $25,000
- Renewable until age 85
- Exchangeable for permanent life coverage until 70 years old
- Exchangeable for a longer term
Optional Benefits
- Family policies available
Key Highlights
- Available for those ages 0 to 60 years old
- Non renewable
- Convertible to a permanent life policy before age 60
Desjardin Permanent Life Insurance
Desjardin offers a handful of permanent life insurance options including a basic coverage package which is a no-medical option for those who are 50 years old to 75 years old, and a personalized package with coverage up to $10 million. Desjardin has a participating life insurance option that offers tax-advantaged cash value and a possibility of dividends. Finally, Desjardin offers a universal life insurance coverage that gives you the opportunity to invest, find out more about participating life insurance coverage.
Key Highlights
- Available for those ages 50 to 75 years old
- Coverage from $5,000 to $20,000
- Guaranteed premiums
- Medical exam is not require
Optional benefits
- 30-day policy trial with refund
- 5x in benefits in the event of accidental death before the age of 85 years old
Key Highlights
- Coverage from $1,000 to $10 million
- Guaranteed premiums payable for 10, 15, 20 years or up to age 65 or 100
Optional benefits
- Discounted rates when combined with other types of insurance coverage
- 5x in benefits in the event of accidental death before the age of 85 years old
Key Highlights
- Pay premiums for 10 to 20 years or until age 100
- Tax-free death benefit
- Coverage that accumulates cash value
- Dividends can be used to deduct the price of monthly premiums
Optional benefits
- Add disability waiver or increase additional coverage without medical assessment
- Stop paying premiums in the event of disability
Key Highlights
- Make amendments to policy without penalty after 5 years
- Available for the ages of 18 years old to 70 years old
- Guaranteed premiums
- Over 30 investment options
- Monthly benefits to cover expenses in the event of disability
Optional benefits
- Disability waiver of premium rider
- Accidental death benefit rider
Other Desjardins Insurance Products
Desjardins offers health and disability insurances as well such as their critical illness insurance and disability insurance. These insurance policies can be purchased as standalone policies or can be purchased as a package as a rider with your life insurance.
Key Highlights
- Available for all ages 0 to 65 years old
- Income replacement of $400 to $10,000 in the event of disability which can pay you monthly for 2 years, 5 years or until age 65 or 70 years old
- Ability to change your protection during the first 7 years in the case of disability in case your needs change, without insurability assessment
Optional benefits
- Monthly payment can be increased to keep up with your income
- 50% refund on premiums in the case of disabilities
- 24/7 access to phone medical assistance
Desjardin offers their critical illness insurance in a basic or personalized option
Basic
Key Highlights
- Receive a benefit upon first diagnosis of cancer, heart disease, or infectious disease ( Bacterial meningitis, Lyme disease, flesh-eating disease, E. coli infection (hamburger disease) and West Nile virus.)
- GetWell Tax-free lump sum is paid out upon first diagnosis of covered illnesses
- Rates start as low as $7.95 per month
- Pay only half price on premiums for the first year
- Psychological assistance available
Personalized
Key Highlights
- Coverage from $10,000 to 3 million
- Coverage for up to 26 illnesses
- Premium holidays available
- Get your premiums back if you’re healthy until your coverage ends, or in the case of premature death the beneficiary can get 100% of the premiums and 25% of the benefit
Optional benefits
- Coverage for children without health assessment
- Psychological assistance, and autonomy assistance
Desjardins Insurance provides comprehensive individual health insurance options for those seeking personal coverage or to enhance existing insurance plans. Their coverage extends to medical expenses that may not be covered by provincial health plans, including prescription drugs, various healthcare services (physiotherapy, chiropractic care, psychological services, etc.), dental care, vision care, nursing and ambulance services, therapeutic equipment, non-hospital diagnostic services, travel insurance, and more. Discover the wide range of coverage options offered by Desjardins Insurance to meet your specific healthcare needs.
Desjardins Insurance Customer Reviews
Many Desjardins clients are satisfied with their experience with the company:
Competitive rates
Straightforward, and simple insurance options
On the other end, Desjardins clients sometimes find that:
Customer service is hard to reach
Does not offer competitive term life options
Bad cancellation experiences from former clients
Finding the right life insurance for you
If you’re not sure of what the best insurance product or company is for you, working with a life insurance specialist can help you find the best solution to fit your particular situation. At Protect Your Wealth, we’ve been providing expert advice for all types of life insurance, including for no medical, term life, or permanent life insurance, since 2007. As your Life Insurance broker and financial planner, we work with you to create a personalized plan for your family or business that covers and meets your needs.
Contact Protect Your Wealth or call us at 1-877-654-6119 to talk to an advisor today. We’re proudly based out of Hamilton, and service clients anywhere in Ontario, Alberta, and British Columbia, including areas such as Coquitlam, Red Deer, and Barrie.
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