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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.
Founded in 1900, this Quebec-based cooperative bank that has over 240 locations within Canada. Desjardins offers chequing and savings accounts, investment services, credit cards, personal loans, and, of course, insurance. The majority of Desjardins’ customers live in Quebec and Ontario, but Desjardins products are available country-wide.
Many people may not know that Desjardins is a credit union. Customers are considered collective owners who are able to elect directors, vote on the future of their local service location, also known as a caisse, and run for leadership positions within the company. Members are also entitled to a fraction of their caisse’s surplus revenue (Desjardin’s membership dividends program) and have access to exclusive discounts for Desjardins’ wide range of insurance products.
In September 2019, Desjardins became the only Canadian bank to become a signatory on the Principles for Responsible Banking, a UN-backed initiative that campaigns for the financial industry to adopt sustainable growth targets to help curb the rate of climate change.
Desjardins consistently ranks highly on lists of Canada’s top employers because of its green initiatives as well as its savvy ability to recruit young employees. In 2019, the company was listed as one of the greenest employers in the country by Mediacorp Canada. In 2018, Quebec millennials voted Desjardins “les plus cool” financial institution in the country in a poll conducted by Léger.
Desjardins offers four life insurance products for individuals: term, permanent, participating and universal (though the latter two are technically considered subtypes of permanent life insurance).
Term and permanent are different in one critical way: length of coverage. When you buy term life insurance, you’re buying coverage for a set amount of years, with terms of 20 or 30 years being a common choice. If you choose not to renew the policy once the term ends, you lose your coverage. With permanent insurance, you never need to worry about renewing your policy. You buy insurance once and your coverage is guaranteed for life.
Permanent insurance
| Policy name | Who’s it for? | Max. policy value |
|---|---|---|
| Basic Coverage | People between the ages of 50 and 75 who want their funeral costs covered and can’t afford a more comprehensive policy. | Will vary depending on whether the death was natural or accidental. |
| Personalized Coverage | People who want to cover their funeral costs, pay taxes owing, leave an inheritance, and support a cause that's important to them. This type of coverage offers a tax-free benefit that can be paid to beneficiaries as a lump sum. | Up to $10,000,000 |
Term insurance
| Policy name | Who’s it for? | Terms | Max. policy value |
|---|---|---|---|
| Term life insurance | People who want affordable coverage with a large enough benefit to cover short and medium-term financial needs, including repaying debts and covering living expenses for beneficiaries. | 10, 20, or 30 years, or until age 65 | Speak with a broker for more information. |
In addition to term and permanent insurance options, Desjardins also offers participating life and universal life insurance products.
Desjardin’s participating life insurance policy pays an annual dividend and ensures your death benefit keeps pace with inflation.
The universal life policy has two components: a life insurance component that provides lifetime protection and an investment component that allows customers to grow their money in a savings fund.
When it comes to purchasing life insurance, the right product will vary from person to person depending on their specific needs and circumstances. The best course of action is, as always, to do your research. Shop around and speak with a broker to determine which insurer is offering the most comprehensive policy — and the best rate — for your situation.
Desjardins is a well-established insurance provider and has demonstrated its ability to meet its financial commitments. The company also offers a wide variety of services in addition to offering insurance. If you already use another Desjardins service, you may be able to get a discount on your insurance that’s only available to members. Ask your Desjardins representative or broker for more information.
If you think you’re ready to buy a life insurance policy, make sure to apply for a quote first. LowestRates.ca lets you compare life insurance quotes from 50+ of the top providers across the country.
By comparing quotes, you’ll get a better sense of which life insurance companies you might consider approaching first. If you’re quoted an affordable premium by one insurer, it means that insurer’s underwriting standards favour you: you are the kind of customer they want. There’s a strong chance the insurer will be able to offer the coverage you need at a price that works for your budget.
In addition to life insurance, Desjardins offers:
The availability of these services may vary from province to province.
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