Formed in 1847, Canada Life is an award-winning insurance company that looks after the retirement, investment and protection needs of individuals, families and companies. Its parent company, Great-West Lifeco, is a financially strong, modern global organisation.
Topics
Life Insurance
Canada Life offers three life insurance products:
- Level Term – the amount you pay and the amount of cover stay the same from the start to the end of your policy.
- Increasing Term – you can choose to increase the amount you pay each year. Your amount of cover then rises, which helps your life insurance keep up with price increases for everyday goods and services.
- Decreasing Term – the amount you pay stays the same, but it has a lower starting point. This is because your amount of cover goes down from the start to the end of your policy.
These tiers are applicable for both individual or joint plans, which will pay out if either of you dies or is diagnosed with a terminal illness while the plan is in place.
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Over 50s Life Insurance
Canada Life does not offer Over 50s life insurance.
Mortgage Life Insurance
Canada Life does not offer mortgage life insurance.
Critical Illness Cover
Canada Life’s main life insurance policies also include critical illness over, which will pay out if you are diagnosed with a terminal illness and are not expected to live for more than twelve months while the plan is in place. You will be protected for 52 critical illnesses for your full amount of cover. It also includes 44 additional illnesses for a lower amount of cover. Your children will be automatically covered from 30 days old up to the age of 18, or 22 if in full time education.
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Whole Life Insurance
Canada Life’s CanProtect Life Plan provides cover for high-net-worth and ultra-high-net-worth individuals. It is a practical solution for individuals who may be ‘asset rich but cash poor’ and are looking to provide a lump sum for their family on death, and will typically have a UK inheritance tax liability of £1 million or greater. The plan can provide cover for individuals with a range of different residency and domicile statuses.
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Income Protection Insurance
Canada Life does not offer income protection insurance.
Other Services
Canada Life offers a range of other services including Retirement Plans, Estate Planning and Wealth Preservation, Mortgages, Investment Opportunities and Financial Management solutions.
Canada Life Reviews and Ratings
There are few online reviews for Canada Life, the ones there are give very negative feedback, with some fairly serious reports of payments being messed up, transactions being miskeyed and incompetent staff members.
Trust Pilot – 2.5/5 (based on 5 reviews)
Pros
- A long established, global company
- Award-winning products and services
- 5 Star financial rating
- 52 critical illnesses covered, including 44 additional illnesses for a lower amount of cover
- Includes automatic cover for children
- Comprehensive whole of life insurance plans for ultra-high-net-worth individuals
- ‘Canada Life App’ included with cover, offering 1000s of extra rewards and discounts for customers
- Useful online support tools available such as budget planners and loan calculators
- Policies include free access to counselling and wellbeing services
- An easy to navigate website with useful FAQs and a glossary of terms
Cons
- Poor customer reviews
- Some fairly serious reports of financial negligence from customers
- Income protection and mortgage protection cover not offered
- Over 50s cover not offered
- More focus on high-net-worth individuals rather than everyman policies
Website: Canada Life