Canada Life Assurance Company Review

About Canada Life Assurance Company

Originating in London, Ontario in 1847, Canada Life Assurance is one of the most prominent insurance providers today. The Great-West Life Assurance Company, London-Life Insurance Company, and The Canada Life Assurance Company merged in 2020 to become The Great-West Life Co; The Canada Life Assurance Company is a subsidiary. Today, Canada Life services policyholders in Canada, the UK, Germany, the Isle of Man, and Ireland. Canada Life is one of the largest and most successful insurance companies in Canada, and is known to be a stable and reliable company with excellent customer service. 

Canada Life Assurance offers both individual and group insurance policies. The team at Canada Life works to provide policyholders with specifically tailored policies at affordable rates. Canada Life provides health and dental insurance, critical illness insurance, disability insurance, life insurance, creditors insurance, insurance for business owners, as well as workplace benefits.

Originating in London, Ontario in 1847, Canada Life Assurance is one of the most prominent insurance providers today. The Great-West Life Assurance Company, London-Life Insurance Company, and The Canada Life Assurance Company merged in 2020 to become The Great-West Life Co; The Canada Life Assurance Company is a subsidiary. Today, Canada Life services policyholders in Canada, the UK, Germany, the Isle of Man, and Ireland. Canada Life is one of the largest and most successful insurance companies in Canada, and is known to be a stable and reliable company with excellent customer service. 

Canada Life Assurance offers both individual and group insurance policies. The team at Canada Life works to provide policyholders with specifically tailored policies at affordable rates. Canada Life provides health and dental insurance, critical illness insurance, disability insurance, life insurance, creditors insurance, insurance for business owners, as well as workplace benefits.

Canada Life Key Information

How Do I Purchase a Plan with Canada Life Assurance?

As with most insurance companies, policy application pages like this one have all the various types available to you all in one spot. 

How Can I Reach Canada Life Assurance by Telephone?

To reach Canada Life Assurance by phone, contact 1-800-204-2418 to reach customer service. 

How Do I File a Claim with Canada Life Assurance?

Contact Canada Life Assurance and notify them of the event in which you wish to claim insurance. Download the applicable claims form available to you here and submit them to your advisor.

Canada Life Assurance Pros and Cons

As with any product or service, and depending on your individual needs, there’s always advantages and disadvantages. Let’s take a look:

Why Canada Life Assurance Could Be Right for You

• Large variety of insurance products available to you 
• Flexibility - choose plan and payment plan that works best for you
• Excellent customer service 

Why Canada Life Assurance May Not Be Right for You

• High premiums 
• Coverage limited to Canada
• Policies are difficult to understand

What Does Canada Life Assurance Cover? 

Canada Life Assurance offers a diverse range of insurance options aimed at providing financial security. Their coverage includes life, health, and critical illness insurance, encompassing various aspects of protection for individuals and families. Whether ensuring loved ones' well-being after one's passing or navigating health-related expenses, Canada Life Assurance is designed to offer a safety net during life's uncertainties.

Canada Life Critical Illness Insurance

The critical illness insurance plan will pay you a tax-free lump sum if diagnosed with a critical illness.You can use the amount paid in this plan for several purposes such as paying for private nursing, covering lost income, paying off a mortgage, or for medical equipment. Critical illness insurance offers a number of benefits such as support services that help you to survive or cope with difficult times. It provides coverage for uncovered expenses such as certain drug prescriptions, and other treatments out of pocket. If you don’t experience a covered critical illness, you can opt for the return of premium option to get your money back 100%. The critical illness plan will help you to protect your retirement. It prevents you from withdrawing from your retirement savings due to a critical illness condition.

Canada Life Disability Insurance

The disability insurance pays you a monthly amount if you are unable to work or earn an income due to an illness or injury. The amount specified in the disability is paid to the insured if they survive the predetermined waiting period specified in the policy. Canada Life’s disability insurance helps you to insure your paycheque in order to maintain your lifestyle until you are capable of returning to work. Disability insurance also safeguards your retirement. You don’t need to withdraw from your savings due to disability to meet your needs. 

Canada Life Term Life Insurance

The Canada Life Term Insurance provides a tax-free lump sum. With this plan, there are three term categories for you to choose from: short term (5-10 years), medium term (11-20 years), and long term (21-50 years). The premium payment will never increase during the term you selected. You can renew your coverage when your term finishes but in this case, the insurance cost may be higher than the previous. The plan can be easily converted to a permanent insurance plan which provides  lifelong protection but may be more expensive. The plan ensures that your loved ones are not burdened by financial obligations in case you are no longer available to support them. 

Canada Life Universal Life Insurance

Canada Life Universal Life Insurance is a cost-effective and flexible life insurance coverage that can be customized to suit your changing lifestyle. It comes with a tax-advantaged component that can be managed depending on your risk tolerance and financial goals. The premium payments can be adjusted, within certain limits, depending on your changing situation and needs. You can choose from several investment options available in this plan. This makes it easy for you to choose an investment option that will match with your risk profile and your financial objectives.

Canada Life Participating Life Insurance

This coverage offers you the ability to grow money tax-free inside your policy over time and within your legislative limits. Provided you pay your premiums, the coverage for this plan is guaranteed to last a lifetime. The plan offers guaranteed basic cash value and initial basic coverage. The plan provides funds that can be used to support your financial goals as well as estate planning. The lump sum for this plan can be paid to your beneficiaries in the event of your death. You can seamlessly increase your coverage by using dividends or depositing additional money into your policy. The plan can help you grow your wealth and achieve your financial goal through tax-advantaged cash value. 

Canada Life Mortgage Life Insurance

You don’t need a medical exam to enroll in Canada Life’s mortgage insurance plan. The insurance plan provides the robust coverage you need in the event of death, disability or when diagnosed with a critical or a terminal illness. Upon enrolling for the insurance, you will receive a certificate of insurance that fully describes all benefits subject to restrictions, conditions, terms, and exclusions. You can opt for the mortgage insurance directly through your participating lender. You can enroll as soon as you apply for a mortgage.

Creditor Insurance

Use the Creditor Insurance from Canada Life to pay off your debt, keep up with payments, or have a safety net should you fall critically ill or become disabled. Protect your loved ones in the event that something happens to you so that they have peace of mind and won’t have to worry about any debts. The coverage you qualify for will depend on the lender.