Get a quote from Canada Life, one of Canada’s top life insurance providers.

Get quotes from 50+ Canadian providers in minutes.

Compare rates from Canada’s leading life insurance providers

27,180 Canadians

have compared rates and saved money over the last 24 hours

Join the millions of Canadians saving money on life insurance

The first rule of saving money is to shop around for the best price. Make sure you’re not overpaying for life insurance by comparing insurance providers before you settle on one. LowestRates.ca makes comparing multiple life insurance companies a snap. We don’t sell insurance — we’re completely independent — but we can show you which insurer is offering the lowest price. Just select your province and in 3 minutes we’ll show you rates from Canada’s big banks and independent lenders. Best of all? It’s free.

What people say after comparing rates on LowestRates.ca

March 15
Absolutely amazing!
Absolutely amazing! Got a great deal and the best agent possible! Thank you very...
Adam Michael Peters
March 15
I found the representative a good…communicator
I found the representative a good communicator and he help me to feel comfortabl...
James Mirowski
March 15
Very friendly voice o the other end
Very friendly voice o the other end, and very happy with my quote
Joe Moreira
March 15
It was a professional and fast answer…
It was a professional and fast answer to my request, it couldn’t be more perfe...
Mahrez Djellouli
March 15
The cheapest insurance in Ontario
The cheapest insurance in Ontario. Great price. Thank you so much
ijaz
March 15
very satisfied
agent was very very helpful explain a lot of things we dint know very happy wit...
Joao Medeiros
March 13
Great service
Very helpful
Jessica
March 8
Easy to use and logical site
Easy to use and logical site
keith houghton
March 8
Fast and knowledgeable response to…
Fast and knowledgeable response to enqueries
Andrew Leung
March 7
The best thing that they follow up.and…
The best thing that they follow up.and they are honest. Adel
Adel Almousa
March 7
Quick response
Quick response and helping me to have a good deal for my insurance
Anatoliy Kurila
March 6
Very helpful team !
Very helpful team !
Shivali Patel
March 5
Shilakha Dhawan was a pleasure
Huge thanks and appreciation Shilakha Dhawan for making this so quick and easy!!...
Chris
March 2
Good rates quick and easy
Good rates quick and easy
Gina Cauz
March 1
Great phone service
Great phone service
Joseph William Toland
February 27
Gave honest advice
Gave honest advice, no push for higher price.
Frank Gerzsenyi
February 24
Great customer service
Great customer service. Informative. Educated and fast service.
Adounis Hamade

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 50 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

Life insurance news

Read More Like This