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What people say after comparing rates on LowestRates.ca

Excellent
Based on 336 reviews
August 31
very quick and reliable rates
very quick and reliable rates
Tracie N
August 15
Don’t hesitate to move your policy
My rates went up again with my current insurance even though I have barely drive...
IGADS
August 12
I can’t believe how quickly I am…
I can’t believe how quickly I am getting email responses. Very happy with this...
Carol
July 25
Awesome 👍😎
Awesome 👍😎
Joshua Leong
July 1
excellent service
excellent service
An Luu
June 22
Highly recommended
Excellent customer service. Was very patient and answer my customers toughly. Fo...
Karan Parmar
June 11
Very nice broker
Very nice broker. Good service. Found a great deal.
Meredith Berggren
June 5
Awesome work
wow what an awesome rep. He did up everything, extremely fast and was very under...
Delroy Paul
May 26
Quick service
Quick service, good price
dl
May 22
Imad Harrouk was great !
Imad Harrouk was great ! intelligent well spoken professional polite a perso...
james bannon
May 20
Excellent !!! Very competitive rates !!
Excellent customer services also they have very competitive rates !!
Eliza Gallant
May 18
I was treated fairly and walked through…
I was treated fairly and walked through my purchase.I enjoyed the agent was exce...
paul neville
May 14
Highly recommend
Great experience, simple to use and they gave me a lot of options at prices that...
Chandra Wilson
May 11
Easy
Easy, clear and fast. Very effective.
Rene Izquierdo de la Cruz
May 6
Sonia was very helpful and nice…
Sonia was very helpful and nice throughout the whole process. She got me the bes...
Ali Al-Rubayee

Learn more about Canada Life.

Canada Life was founded in 1847, making it Canada’s first domestic life insurance company.

The company is headquartered in Toronto and serves customers across the country. It was independently run until it was taken over by Winnipeg-based Great-West Lifeco — the owner of London Life — in 2003.

Great-West Life, London Life, and Canada Life will all operate under the Canada Life brand name starting in 2020.

The three companies serve more than 13 million Canadians and have 11,000 employees in Toronto, Winnipeg, London, Regina, and Montreal.

Canada Life itself offers a variety of life insurance products, as well as different savings and investment products for individuals and business owners.

The Canada Life insurance advantage.

What makes Canada Life unique?

Canada Life, the country’s oldest domestic insurance company, is part of a financial services conglomerate: Power Financial is the majority owner of Great-West Lifeco, Canada Life’s parent company.

Power Financial is also the majority owner of IGM Financial, which owns Mackenzie Investments, IG Wealth Management, and Investment Planning Counsel. Power Financial and IGM also own a stake in robo-advisor Wealthsimple.

Power Financial is majority-owned by Power Corporation of Canada, which is controlled by the billionaire Desmarais family — one of the richest families in Canada.

What life insurance products does Canada Life offer?

Canada Life offers both permanent and term life insurance, but it specializes in permanent insurance.

Permanent insurance covers you for your lifetime, while term insurance is for a specific length of time, such as a 10, 20, or 30-year period.

Permanent insurance premiums are higher while term insurance premiums will stay the same for the life of the term, but will rise when you renew your coverage.

Permanent insurance

Policy nameWho’s it for?Max. policy value
Universal life insuranceFor someone who wants to leave money to beneficiaries, who wants insurance for life, and who wants stable premiums that never rise.See below
Participating life insuranceFor someone who wants to leave money to beneficiaries, wants coverage to last as long as they live, wants the potential for the death benefit to increase, and doesn’t want their premiums to increase.See below

The maximum policy value will depend on your age, income, and the amount of debt you have. Policy values of up to $1-million are normal, but they can be higher if you need more coverage

Participating life insurance is a form of whole life insurance. A participating policy will share in the success of the insurance company and will often receive dividends.

Most whole life insurance is participating, while most universal life insurance policies are non-participating — meaning policyholders don’t receive any dividends.

Term insurance

Policy nameWho’s it for?TermsMax. policy value
Term life insuranceFor someone who wants their loved ones to be provided for when they pass away, who is cost-conscious, and isn’t worried about premium increases when their term ends.10, 20, or 30See below

Again, the amount of insurance you need will depend on your age, salary, and debt. A policy value of up to $1-million is normal, but you can get additional coverage if you need more.

Canada Life recently announced the launch of term to 65 life insurance. This type of insurance isn’t for a 65-year term. Instead, the coverage will last until you turn age 65.

Is insurance from Canada Life right for you?

Canada Life has been around since before Confederation, which means it’s survived a number of recessions and even the Great Depression. A.M. Best, an American credit rating agency that focuses on the insurance industry, gives Canada Life an A+ rating — the highest rating available. An A+ rating means an insurer has a superior ability to meet its ongoing insurance obligations.

While Canada Life is stable, its insurance offerings and price are two other major factors you should consider. If you have any other questions about Canada Life’s financial health, make sure to ask a broker.

But before you decide whether or not you want to choose Canada Life as your insurer, remember:

  • LowestRates.ca compares quotes from more than 75 different Canadian insurance providers.
  • Comparing will give you a better idea of which companies want to insure you. The lower the quote, the more likely it is that you are a good match for the insurer’s underwriting standards, and vice versa.

What else does Canada Life do?

Besides life insurance, Canada Life offers:

  • Disability insurance
  • Critical illness insurance
  • Creditor insurance
  • Segregated funds
  • GICs
  • Investment loans
  • Annuities

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