Fact CheckedLondon Life Insurance is now part of Canada Life Assurance Company. Important Notice: On January 1st, 2020, Great-West Lifeco amalgamated the Great-West Assurance Company and London Life Insurance Company into the Canada Life Assurance Company.
Are You A London Life Insurance Policyholder?
Do you have an in-force London Life insurance policy? Are you wondering what the amalgamation of London Life and Canada Life means for you?
Not to worry. All London Life policies—that means yours—are now automatically policies of the Canada Life Assurance Company. Rest assured, your policy remains unchanged.
Call Canada Life at 1-888-222-0775
“The promises and commitments made to you by…London Life Insurance Company…continue as promises and commitments of The Canada Life Assurance Company.”
Are there new forms or paperwork to fill out? No, you don’t need to sign anything; the transition all happens automatically. If you’re worried about your online payments, don’t be. You can continue to make payments as you always have.
The London Life Insurance Story
London Life Insurance Company was founded in 1874 in London, Ontario. It is known for its marketing slogan, “Freedom 55,” which encourages people to retire early through financial planning.
This life insurance company is a part of Great-West Lifeco.
London Life amalgamated with Great-West Life and Canada Life Assurance Company this past April and rebranded as Canada Life this January. Founded in 1847 and headquartered in Toronto, Canada, Life is also a long-standing company.
London Life Financial Rating
Financial ratings enable customers to see how the life insurance company they are considering performs.
A little information goes a long way.
London Life Insurance Company (Great West Life) received excellent reports from all the top rating agencies.
Check it out.
It’s good to see they have a firm financial footing.
|
Agency |
Measurement |
Rating |
|---|---|---|
|
A.M. Best Company |
Financial Strength |
A+ |
|
Fitch |
Financial Strength | AA |
|
Moody’s |
Financial Strength | Aa3 |
|
Standard & Poors |
Financial Strength | AA |
London Life Insurance Products
1. Term Life Insurance
Term insurance is ideal for replacing income and protecting your mortgage. It is the most widely used life insurance product designed to fulfill a temporary need. Monthly premiums are guaranteed to remain level for the length of the term.
London Life offers 10 and 20-term coverage with all the standard options.
2. Participating Life Insurance
Participating in life insurance is another word for cash value or whole life insurance. It comprises two parts: an insurance component and an investment account component.
When you pay your premium monthly, one portion goes towards the pure cost of your insurance, and the other portion is deposited into an investment account inside your policy. Over time, the cash inside your policy can grow and compound tax-free or tax-deferred, depending on when and if you take the money out.
3. Universal Life Insurance
Universal Life Insurance is similar to whole life insurance because it has an insurance component and an investment feature. However, the similarities end there. It is more flexible and, therefore, more complicated than participating life insurance.
4. Critical Illness Insurance
Critical illness insurance is designed to protect healthy people in the event they develop a serious illness, like a heart attack or life-threatening cancer. The benefit pays out a one-time lump sum when you get a critical illness, as laid out by the policy’s definitions. If your condition does not meet these criteria, the benefit will NOT be paid out. There are no restrictions on how you spend the money you receive from the insurance company.
London Life has a convenient critical illness risk calculator you can use to understand your risk of developing a serious illness such as cancer, disability, or even death before the age of 65.
I’m a 55-year-old, non-smoking male. According to London Life’s risk calculator, the odds of me becoming critically ill before age 65 are 16%.
5. Disability Insurance
Disability coverage pays out a monthly benefit if you cannot work due to a disability. There are many different plans and features, so you must ensure you take the time to get this right.
If you already have coverage through work, you can design an individual disability plan to fill in the gaps. For example, some group disability plans only cover you fully for about two years. Also, if you leave the group, you lose your disability benefits. A personal plan can ensure you’re covered even when there’s a gap in your employment.
6. Health and Dental Insurance
Similar to individual disability coverage, a personal health and dental plan can protect you and your family if you leave your job or do not receive benefits through your employer. It can also complement the benefits you receive through your provincial healthcare plan.
These benefits include prescription drugs, dental, vision, paramedical, ambulance, and other services.
Is London Life Right For You?
If you are looking for information on London Life Insurance, now you know they’re part of Canada Life Assurance Company.
Canada Life is a very stable company with some solid life insurance products, but is it the right company for you?
Choice means savings. At Policy Architects, we consider your circumstances and apply to the insurer that best suits your needs.
Give us a call or hit the button below to get a free life insurance quote!
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