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

30,768 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

November 23
5 stars amazing
5 stars amazing
Chris Companion
November 19
Simple and straightforward to use…
Simple and straightforward to use and instant quotes. Barb, one of Lowestrates ...
Nick
November 16
They got me the best rate and set me up
They got me the best rate and set me up with a great broker and insurance compan...
Rose
November 15
Excellent
Very happy to communicate with you
Muksitur Choudhury
November 12
Easy, simple and saves you money
Easy, simple and saved money - what more could you ask for?
Mark
November 11
Take a time and understand the situation
You took enough time to discuss the situation and made it best possible way
Suryakant Patel
November 11
Thank you I find out a little bit…
Thank you I find out a little bit cheaper rate
Someone in Canada
November 11
process was easy and professional
The process was easy and professional
James Robichaud
November 8
Everyone is great
Everyone is great. They got back as soon as I made the request. They did all to ...
customer
November 7
Very personable and very prompt getting…
Very personable and very prompt getting back to me and dealing with the insuranc...
Barbara Johnson
November 7
Super fast and helpful service from a…
Super fast and helpful service from a great broker
VAN LE
November 6
They were able to give me great service…
They were able to give me great service fairly quickly
Matthew DeWitt
November 5
Quick and easy results too save money
Quick and easy results too save money
John
November 4
Very helpful!!
Very helpful!!
Skylar Roberge
November 4
Excellent
Fast and efficient
JeanMarc Marchand
November 3
LowestRates.ca ROCKS
quick, easy and best of all saves people money I have referred at least a dozen ...
Rich Simo
November 1
The young man was very courteous and…
The young man was very courteous and professional. We didn't qualify due to low...
Teresa Penning
October 29
Good service by Barrett Sinider
Good service by Barrett Sinider
Kamran Butt

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