Fact CheckedIf you are searching for Desjardins Life Insurance Reviews online, you probably already know they offer insurance under the name Desjardins Financial Security. If you need more information, you have come to the right place.
This insurer is widely known, but does that mean they are the right fit for your needs?
The thing is, life insurance shopping isn’t a one-size-fits-all option, despite what many people think.
There are lots of nuances that can save you thousands of dollars and lots of hassle.
So, let’s look at Desjardins Life Insurance right now to see how they compare.
“But do I really need life insurance?’, you may ask. The answer very much depends on your circumstances, and, perhaps even more importantly, on those of your other family members. If your family consists of only two people, and you both earn well, then a life insurance may not be necessary. On the other hand, a family with children where one partner is the main or sole provider could find itself in substantial financial hardship, or even lose the family home if the worst was to happen.”
Have a mortgage and a family, but no life insurance? Time to reconsider. Here’s why, RealHomes
Desjardins Financial Security: What’s The Story Morning Glory?
The Desjardins Group, based in Montreal, is a Canadian cooperative founded in 1900 and is the largest federation of credit unions in North America.
BUT banking isn’t their only gig. They have over 20 subsidiaries offering insurance services and products, real estate, venture capital funds, and brokerage.
Desjardins is also a multinational company that is interested in 50 developing countries.
For this article, I will examine their life insurance arm, Desjardins Financial Security, founded in 1948 under Desjardins Life Insurance.
In 1962, they acquired La Sauvegarde, becoming Quebec’s largest life insurance company. The Desjardins Group later incorporated many acquisitions, rebranded, and restructured as Desjardins Financial Security.
They are Canada’s fourth largest life and health insurer and, after acquiring State Farm in 2014, are heavily involved in the American Life Insurance market.
Desjardins Financial Rating
Life Insurance is a highly regulated industry, and rating agencies assess companies’ financial standing yearly.
This is to help the consumer make the right choice regarding the insurer’s fiscal integrity.
Desjardins is not a newcomer to the market, and they earn some high marks. Check it out:
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Standard & Poor’s gives them an A+
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Moody’s – Aa2
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Dominion Bond Rating Service – AA
NICE! You can rest easy knowing you are protected by a stable company with extensive life insurance experience.
Now, let’s see what the public thinks…
Desjardins Life Insurance Reviews Online
As we all know, the internet makes life a bit easier. We can scope out information with the touch of a button.
But, as with anything, there can be a dark side. Online reviews don’t always portray companies accurately, and some manipulate reviews.
Reviews are fairly anonymous, so that anyone can say anything without consequences.
Not to mention that making a life insurance claim is seriously stressful, so you’re less likely to be understanding regarding hiccups.
Most life insurance claims are uneventful, which means they are successful. That being said, people are unlikely to take the time to write a glowing review.
Long story short – keep online reviews in perspective. Sadly, life insurance companies get slammed.
It would be best to read the comments to see what people are unhappy with. Some of the complaints are not connected to the product you are interested in.
…or are out of the control of the life insurance company. Perspective is everything.
Desjardins Life Insurance Products
As an independent agent, I like to provide as much information about the different carriers s my clients can educate themselves. After all, different people have different needs.
But before I get started, my first impression is that all roads seem to lead you to connect with one of their tied agents. Grrrr…
Let’s see what I can dig up:
Desjardins Term Life Insurance
It covers a period when you feel most vulnerable. It traditionally requires a medical exam. Most people use it for income replacement, and it’s by far the most affordable option.
In a nutshell, you select a coverage period and face value, and the insurance company rates you after a medical exam, which determines how much you pay.
Here’s what Desjardins Life Insurance has to offer:
- 10,20 or 30 year terms
- To Age 65
- Term coverage is convertible to permanent without a medical exam
- If you and your spouse get coverage at the same time, they offer a discount
Options:
- Coverage for Children
- Premium Holidays for Disabilities
- Increase Your Benefit Without a Medical Exam
Desjardins Permanent Life Insurance
If you want coverage until the day you die and/or cash value accumulation, then permanent insurance is the right choice.
It’s a more complicated product than term and offers many different options—not to mention it’s far more expensive.
I recommend term insurance for most people, but there are times when permanent coverage is necessary.
Here’s what Desjardins has to offer:
Desjardins Life Insurance Basic Coverage
- Coverage ages 50 – 75
- $5k, $7K, $10K, $15K or $20K face value available
- No medical exam coverage: answer four questions
- There is no waiting period (typically, there is a 2-year waiting period)
- 5x benefits for accidental death up to age 85
- Advance payment of up to 50% of the death benefit (if a physician diagnoses life expectancy as less than two years)
- 30 day trial period
- Access to convalescence and psychological assistance
Desjardins Life Insurance Personalized Coverage
This is more comprehensive coverage, which requires a medical exam.
Here is their offering:
- Available for people ages 65 – 100
- You can get 10, 15 or 20 year terms
- Coverage from $1000 – $10Million
- Guaranteed level premiums
- Discount if you buy more than one policy at the same time
- Generous cash surrender values
- Partial coverage, even if you have to stop paying premiums
Optional Coverage:
- Children
- Premium holiday coverage in the event of a disability
- Increase your benefits without a medical exam
- Critical illness insurance
- Long-term care advance
Desjardins Life Insurance Participating Coverage
- It doesn’t give an age requirement for participation
- No face values are available
- You can choose a 20 year term for up to 100
- Guaranteed premiums and death benefit
- Possible dividend
- You can use potential dividends to buy more coverage or reduce premiums
- Option to stop payments and keep coverage
Optional Coverage:
- Premium holiday for disability
- Buy more coverage without a medical exam
Desjardins Universal Life Insurance
Universal Life insurance is a great product. It’s more flexible than most permanent policies but still offers the investment component.
If you are looking for a more cost-effective way to get coverage until the day you die, this may be your solution.
Click here to find out more information about Universal Life Insurance!
- It doesn’t give you age requirements for participation
- No available face values
- Make changes to your policy if your needs change penalty-free after five years
- 30 investment options (no information available)
Optional Coverage:
- Insurability guaranteed & increase benefits without a medical exam
- Premium holiday should you become disabled
- Accidental death benefit
“Term life insurance offers a death benefit to beneficiaries, providing them with financial support while they grieve and adjust to their new lives without the deceased loved one. With term life insurance, dependents can count on receiving a payout from the policy if something were to happen to the insured person.
The money received from a term life insurance policy can help cover funeral expenses, medical bills or other final expenses that might otherwise be difficult for surviving family members to pay out of pocket. Additionally, it can be used for things such as income replacement. This makes it easier for surviving spouses and children who may have relied on this person’s salary or wages before his or her death.”
Their Child Has Special Needs. Here’s How They’re Planning for a Lifetime of Assistance, Barrons
Desjardins Life Insurance Application
So, I can’t say much about Desjardins Life Insurance’s website user experience or application process.
When a potential client logs on to their site, it takes a lot of navigation to get to the meat of their offering, and even then, the details are scarce.
They want you to contact one of their tied agents from the get-go. Sure, I guess that makes sense for them, but to be honest, I prefer how some of the other companies, like RBC and BMO, offer more info online.
There is no way to get further information other than contacting a rep for Desjardins.
Desjardins Life Insurance: Rates
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| Age | $250,000 | $500,000 |
| 35 Year Old Male | $20.48 | $33.30 |
| 35 Year Old Female | $15.98 | $25.20 |
| 40 Year Old Male | $28.80 | $48.60 |
| 40 Year Old Female | $21.50 | $35.55 |
| 45 Year Old Male | $44.55 | $77.40 |
| 45 Year Old Female | $32.18 | $55.35 |
| 50 Year Old Male | $73.80 | $130.05 |
| 50 Year Old Female | $54.68 | $89.10 |
| 55 Year Old Male | $128.70 | $230.40 |
| 55 Year Old Female | $91.13 | $161.10 |
| 60 Year Old Male | $245.03 | $443.45 |
| 60 Year Old Female | $168.48 | $308.25 |
| 65 Year Old Male | $383.18 | $715.50 |
| 65 Year Old Female | $257.85 | $486.90 |
*Quotes above are for Desjardins Term 20, monthly, Standard Health Class, non-smoker. Your rates may differ depending on your unique circumstances.
Desjardins Financial Security Uses Mostly Captive Brokers
Please BEWARE. Comparison shopping is the way to save serious cash. Not all life insurance companies are created equal. The guidelines they use to determine your rates vary…
…as does their leniency or lack thereof for specific medical conditions.
Desjardins Life Insurance may be the BEST company ever for your situation…
OR it may not. You will never know if you can’t compare their rates and offers fairly. For the most objective advice, consult an independent broker who can quote other carriers.
Desjardins Life Insurance Pros
1. Great Financial Ratings And a Long History
Desjardins Financial Security has been in the market for over 70 years and has proven itself capable of running a successful company.
Their financial rating is also excellent.
If you choose them for your policy, you can feel confident that your investment is safe.
2. Large Suite of Insurance Products
Desjardins Life Insurance offers various products, including term, permanent, critical illness, and disability insurance.
3. Top-Notch Critical Illness Coverage
Desjardins offers a fantastic choice of critical illness insurance products. Options include pay for life, pay to age 65, and 20-pay. Most of their plans also have a return of premium (ROP) feature. This means that if you pay into a plan and don’t make a claim, you can return all the money you paid.
3. One of the Best Selections of Disability Insurance
Desjardins has an excellent and complete suite of disability insurance products.
Desjardins Life Insurance Cons
1. Website User Experience & Lack of Information
I found Desjardin’s website to be dated. It’s also tough to dig up information about their products. Their goal is to get you to contact one of their tied agents.
I prefer sites that keep up with the times, offering tools and calculators that clarify their offerings. Transparency is always the better route.
2. Their Rates Are Not Easily Available to Consumers
You can’t easily access their rates, and all of this secrecy makes me think they will be costly.
There’s no way for me to weigh them against the competition.
3. Products Mostly Available Through Tied Agents
I honestly do not say this because I am an independent agent as I’m sure Desjardins has some fantastic advisors. However, they can only offer you Desjardins products and nothing else.
What if there’s a product from another carrier that’s a better fit?
….getting the best prices relies on you shopping around. Even if you contact an agent at Desjardins, DON’T sign up until you speak to an independent agent to ensure this is the best deal you can get.
This call may save you thousands.
Is Desjardins Life Insurance Right For YOU?
If you are looking through Desjardins Life Insurance reviews, GOOD for you! It means you are doing your homework.
That is awesome. Life insurance isn’t one of those riveting topics that people enjoy talking about…
…BUT I appreciate the fact that you know how important it is.
Desjardins is a good company with an excellent financial rating. They mostly use captive agents to sell their products. While I’m sure these brokers are professional and serve clients well, I can’t stress how important it is to work with an independent agent.
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