Canada Life was established in 1847, becoming the first domestic life insurance company founded in Canada. Today’s Canada Life is an amalgamation of Great West Life, London Life, and Canada Life to form one of the largest life insurance companies in Canada. Each of these companies was founded over 125 years ago, so there's a lot of history there.
It's disappointing that Canada Life doesn't offer permanent term life insurance or guaranteed acceptance, but the products and services it does offer are excellent.
Canada Life life insurance features
Canada Life offers most of the major life insurance options – including 3 types of term insurance, permanent insurance, and even universal life insurance.
Why You Want It
Work with a dedicated insurance advisor + Many customization options.
Special Features
- Many customization options available
- One of the longest standing insurance providers in Canada
Eligibility
- Canadian citizen
- Age of majority
Provinces
ALL
Features
Term Life Insurance
Terms Available
- 5 to 50 years
Permanent Life Insurance
Guaranteed Acceptance Life Insurance
Universal Life Insurance
Canada Life life insurance product rating: 2.2 stars
Looking at the chart above, we see a few gaps in Canada Life’s insurance products. They don’t have 2 very common types of life insurance – guaranteed acceptance and term to 100.
If you’re looking for a traditional permanent life or universal life policy though, they're worth considering. Especially if you're able to take advantage of a limited time offer for extra savings.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of Canada Life life insurance
If you buy a policy from Canada Life, you get the benefits of a traditional full-service life insurance company.
Pros
You have your own insurance advisor
Canada Life has dedicated insurance advisors, so you talk to the same person each time you call or visit. This can result in better and more consistent service. Insurance companies owned by banks tend to rely on call centres, meaning you'll get a different person each time you call.
They offer a complete solution
Canada Life is a full-service traditional life insurance company with a wide range of products. So if you need disability, dental, or health insurance, or are saving for retirement, your advisor can help you come up with a comprehensive plan to fit your requirements.
The cons of Canada Life life insurance
For a big insurance company, Canada Life has some surprising drawbacks.
Cons
They don’t offer guaranteed acceptance life insurance
If you want guaranteed acceptance life insurance with no medical exam required, Canada Life doesn’t have what you’re looking for.
There's no permanent term life insurance either
Canada Life doesn’t offer term to 100 life insurance. Their only permanent life insurance products are participating life insurance and universal life insurance. These are worthwhile products but their cash value component adds to the overall cost.
Canada Life life insurance alternatives
Let’s compare Canada Life’s products to insurance from 2 of Canada’s big banks.
 |  |  |  | |
|---|---|---|---|---|
| Account | Canada Life Life Insurance | Policy Advisor Life Insurance | PolicyMe Life Insurance | Sun Life Go Life Insurance |
| Genius Rating | ||||
| Why You Want It | Work with a dedicated insurance advisor + Many customization options. | Get instant life insurance quotes from 30 top insurers + No brokerage fees. | Save up to 20% on your life insurance + Get Child Coverage at no extra cost. | Get temporary coverage for 90 days + Cancel within 30 days for refund. |
| Term Life Insurance | | | | |
| Terms Available |
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|
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| Permanent Life Insurance | | | | |
| Guaranteed Acceptance Life Insurance | | | | |
| Universal Life Insurance | | | | |
| Get a quote See more Canada Life products Compare | Get a quote See more Policy Advisor products Compare | Get a quote See more PolicyMe products Compare | Learn More See more Sun Life products Compare |
FAQ
What is Canada Life life insurance?
As previously mentioned, Canada Life is a traditional full-service insurance company. As with all life insurance, their products provide a death benefit to the beneficiaries. For more information on what life insurance is all about, you can read our guide to life insurance.
What life insurance plans are offered by Canada Life?
Canada Life offers term insurance, universal life insurance, and permanent participating insurance. Unfortunately, they don't offer guaranteed acceptance life insurance or term to 100.
Does Canada Life offer more than just life insurance?
Canada Life has a wide range of products. They offer health and dental insurance for individuals and groups, disability insurance, and creditor insurance, to name a few of their insurance offerings. They also have a wide range of financial products including mortgages, investment accounts, and pension plans.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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