Fact CheckedNote: If you’ve been looking for reviews about London Life Insurance or Great-West Life Insurance, you probably already know that GreatWest Lifeco amalgamated them into the Canada Life Assurance Company!
Whooo wee. This rebranding has been interesting!
I didn’t sell Great-West or London Life products because they mostly worked with tied agents. But now I’m excited because I can help consumers looking for Canada Life coverage.
Psst: In case you’re wondering, captive agents have their hands tied because they cannot shop around for their client’s needs because they work for only one life insurance company.
So, let’s take a peek at Canada Life to see how they stack up to the competition.
The Canada Life Assurance Company Story
Canada Life Assurance Company was founded by Hugh Cossart Baker, Sr., in 1847. It was Canada’s first domestic life insurance company. This insurer took off from day one and turned a substantial profit in the first year.
Canada Life branched out internationally, opening its first office in the UK in 1903.
This historic company has grown exponentially through acquisitions:
- 1994, they acquire the individual insurance operations of New York Life & Manulife Financial in the UK
- 1997, they acquire MetLife in the UK
- 1998, they acquire Crown Life Insurance Company of Canada
- 2003 Canada Life becomes part of Great-West Lifeco
- 2019 Great-West Life Co. consolidated its three brands in Canada, merging Great West Life Assurance Company, London Life, and Canada Life
The Big Amalgamation!
“Starting on Jan. 1, 2020, the three companies — Great-West Life Assurance Company, London Life Insurance Company and the Canada Life Assurance Company — will operate as the Canada Life Assurance Company.”
Canada Life made the announcement Monday after the amalgamation received final approval from the Department of Finance.
“One company means a simpler way of working together, allowing us to focus even more on growth and innovation,” Paul Mahon, president and CEO of Canada Life, said in a statement. “We believe this is the right move at the right time, and we know our customers and policyholders will benefit under one single company.”
Canada Life amalgamation receives government approval, Adviser’s Edge
Canada Life Financial Rating
Financial ratings companies give life insurers scores so you can make an educated decision.
Canada Life Assurance Company has some excellent ratings from all the top services, including an “A+” from A.M. Best Company.
Check them out!
If you buy a policy through Canada Life Assurance Company, you can rest easy knowing your investment is in competent hands.
Canada Life Reviews Online
If you have been reading my reviews, I think people should tread carefully when relying on online comments when buying life insurance.
Why?
Because online reviews for life insurance don’t necessarily represent the companies accurately, first of all, a number of these insurers carry very diverse products. You need to ascertain if the complaints are about the one you are looking to buy.
Also, people who are making claims are under a lot of stress. They are unlikely to be very patient if something goes wrong in their process. It just makes sense.
Sadly, people are far more likely to write a bad review than a glowing review. This is simply because they expect seamless service and often get it.
Canada Life Assurance Company Reviews: Google
One of the first places most people go for reviews is Google.
It looks like the company doesn’t have any reviews posted. However, I have come across some negative feedback online. Both Insureye and Trust Pilot have given the company low ratings. Even Reddit has some threads discussing poor customer service. This could be related to some significant organizational changes they have been undergoing.
Canada Life Products
Ahhhh, that is one of the best parts of any review. The products!
It is essential to stay on top of everything happening in the industry. This means familiarizing myself with the latest products and underwriting changes. So, let’s look at what Canada Life Assurance Company offers right now.
Term Insurance
Term life insurance is my “go-to”! It’s flexible and VERY affordable. If you are like most people and want income replacement just in case a sudden death occurs, then term life insurance is for you.
Typically, you select a face value (the amount of money you want) and a term (the length of coverage you need) and then take a medical exam.
The life insurance company you select then assigns you a rating based on the findings determining how much you pay. Don’t worry—approximately 80% of life insurance applicants are approved at standard rates or higher.
Canada Life provides term coverage for 10—and 20-year periods. Like most carriers, it offers the option to convert your term coverage to permanent life insurance (Universal or Whole Life) up to 70.
You can do this without any additional underwriting or providing any medical evidence. This is a must-have feature of any term policy and can protect you and your family if you become uninsurable.
Canada Life Assurance also provides consumers with a generous term exchange option. If you purchase a 10-year term policy, you can exchange or convert this coverage to a 20-year term.
This must be done after the first policy anniversary and before the 7th policy anniversary. This is an excellent option if you want to lock in low rates and still have the flexibility to increase the coverage period if necessary.
Universal Life
Universal Life insurance is a permanent product, which means you are covered until the day you die.
This protection costs more than term because your beneficiary has a guaranteed payout. That being said, Universal Life Insurance is more flexible and affordable than some permanent cousins like Whole Life.
Permanent life insurance works the same as term: you select a face value and take a medical exam to determine how much you pay. The main difference is the cash value accumulation feature or investment component.
Universal Life allows you to adjust your payments over time, leave a nest egg for loved ones, or use the proceeds while you are still alive.
Canada Life Insurance offers several investment accounts for growing your money. Some are riskier than others, but with risk comes the opportunity for more rapid growth.
The website offers information about past performance for customers to peruse.
Participating or Whole Life Coverage
This is another permanent policy. If you want coverage and a cash value accumulation feature, this policy is for you.
You pay premiums with other Canada Life Policyholders, and a portion is invested in their managed account. Canada Life makes investment decisions, and earnings may be distributed as dividends.
Dividends can be used to buy more coverage, make payments, or be taken as cash (subject to tax).
They provide PDFs for their account investment reports.
Canada Life provides two options:
- Canada Life Estate Achiever, Max 20 or Pay to 100.
- Canada Life Wealth Achiever, Max 20 or Pay to 100
Both these options give you the choice of paying for life or paying your policy up in 20 years. They also each have an investment feature that allows you to grow your money inside the policy tax-deferred or tax-free depending on when the cash is taken out.
The Wealth Achiever allows you to accumulate the most cash value in your plan, so its monthly premiums are higher.
Disability Insurance
Disability Insurance (DI) or Long-Term Disability (LTD) causes much confusion among consumers. Most people have no idea what their existing plan covers and only find out its limitations after they are disabled.
Along with term life insurance, disability insurance is one of the best ways to protect your income and lifestyle. It isn’t straightforward, so you must do your due diligence when selecting the right plan for your needs and occupation.
Canada Life Assurance offers the following plans:
- Lifestyle Protection Plan is a non-cancellable, guaranteed renewable disability plan that provides a monthly benefit and is ideal for professionals, business owners, or employees.
- Independence Plan is a conditionally renewable disability plan that provides a monthly benefit for total disability and up to 9 months of benefit for partial disability.
- Overhead Expense Plan is a non-cancellable, guaranteed renewable disability plan for business owners. It provides a monthly benefit to reimburse you for specific business expenses during a period of disability.
- Buy/Sell Plan is a business disability plan that allows policyholders to fund a buy/sell agreement.
Critical Illness Insurance
Critical illness insurance is a complicated product, and many people who purchase a policy, primarily through a bank, think they’re covered when maybe they’re not.
To make a successful claim on a critical illness plan, your condition must meet a specific narrow definition determined by the insurance company.
Reading the fine print in these policies is essential as you must meet many exclusions and definitions before seeing a dime. Read more about the ins and outs of critical illness insurance in my blog post here.
The bottom line? Speaking with an experienced independent agent who knows the Critical Illness Insurance market inside and out is imperative. Knowing exactly what you’re signing up for is worth your time and energy.
Canada Life Assurance offers the following Critical Illness plans:
- 10-Year term, renewable to age 75, convertible to age 65
- Level Term to age 75, Paid up at age 65
- Level Term to age 75, Pay to age 75
- Level Term to age 100 (permanent), Pay to age 100
- Level Term to age 100 (permanent), Paid up in 15 Years
- Child LifeAdvance is a term critical illness plan for children covering 24 conditions. Convertible at age 25 into a standalone policy
*All plans cover 25 critical illnesses
Other Products
Canada Life Insurance has massive product offering. For this review, I’m focusing solely on its basic life insurance products.
Canada Life Assurance also offers:
- Health and Dental Insurance
- Creditor insurance
- Segregated Funds
- Annuities
- Registered Income Funds (RIF)
- Mortgages
Canada Life Rates
So I will do some investigation – which you should do too! Just remember, online quotes are a guesstimate and just the start of the process. Just because you see preferred rates, it doesn’t mean you qualify for them.
NOTE: NEVER rely on Online Rates solely!
The insurance company underwriter is the only one who decides how much you pay for your coverage!
To get the best quote, you must determine your accurate rating class and the price. The best way to do that is to schedule a call with us here.
For this example, I am showing best-case rates; standard rates will be higher.
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| Age | $250,000 | $500,000 |
| 35 Year Old Male | $21.76 | $33.27 |
| 35 Year Old Female | $18.60 | $25.17 |
| 40 Year Old Male | $30.12 | $48.10 |
| 40 Year Old Female | $24.05 | $35.96 |
| 45 Year Old Male | $47.00 | $76.87 |
| 45 Year Old Female | $35.34 | $55.74 |
| 50 Year Old Male | $73.73 | $108.02 |
| 50 Year Old Female | $55.52 | $80.11 |
| 55 Year Old Male | $131.04 | $194.48 |
| 55 Year Old Female | $90.22 | $194.48 |
| 60 Year Old Male | $241.86 | $353.95 |
| 60 Year Old Female | $160.07 | $251.82 |
| 65 Year Old Male | $378.75 | $576.59 |
| 65 Year Old Female | $256.47 | $413.45 |
*Quotes above are for Canada Life Assurance Company 20 Year Term Renewable, Convertible, monthly, Standard, non-smoker. Your rates may differ depending on your unique circumstances. July 2024.
Canada Life Pros
1. Solid Company with a Long History and Great Ratings!
This company has been in business since 1847, which is excellent. My hat is off to you if you can get around World Wars and economic downturns.
Also, financial rating companies like them!
AM Best gives them an A+, DBRS an AA (Superior), Fitch an AA, Moody’s Aa3 (Superior), and Standard & Poors an AA! When it comes to security, you can’t go wrong with this company.
2. Competitive Rates
Canada Life has pretty competitive rates. You can’t complain about the premiums they charge.
…although they may not be the lowest in the bunch.
3. Generous Term Exchange Period
Canada Life allows you to exchange or convert your term 10 coverage to a term 20 policy without underwriting or providing medical evidence. You can exercise this option after the first policy year and before the 7th policy anniversary. Most other carriers with this feature have a 5-year eligibility window.
3. Gigantic Range of Products
Canada Life Assurance offers a wide range of products, including term, whole life, universal life, disability, critical illness insurance, and Group Benefits.
4. Longest Available Term Length – 5 to 50 Years
It used to be that the longest-term coverage anyone needed was a 20-year term. Nowadays, we live/ work longer and have families later. Many of us carry debt obligations into our 60s and 70s when our parents or grandparents never did.
It’s good to know Canada Life Assurance offers term lengths from 5 to 50 years!
Canada Life Assurance Company Cons
1. Amalgamation Is Producing Growing Pains
The transition to one brand allows Great West Life, London Life, and Canada Life to combine strengths. However, with any significant change, consumers and existing policyholders can expect to experience some adjustments.
2. Huge Range of Products
It’s a double-edged sword. On one hand, the amalgamation of Great West, London Life, and Canada Life could create many products and options for consumers.
But can any one company manage that many products well? I guess we’ll have to find out.
Is Canada Life Assurance Right For YOU?
Wow! This is an exciting time for this interesting company.
While Canada Life is a very stable insurer with some solid life insurance products, I suggest calling us before you sign on the dotted line.
If you’ve been reading our posts, you know how important it is to contact an independent life insurance agent BEFORE you choose any company.
This decision could potentially save you thousands over your term. Call us today to see how we can help, or click the link below to get a free quote.
