Serenia Life Financial offers flexible and affordable life insurance options. As a member-based organization, Serenia Life Financial provides its more than 33,000 members with valuable products, unique benefits, and investment opportunities.
Serenia Life Financial also offers bereavement counselling for beneficiaries, and several educational resources for members. There is a relatively small menu of products to choose from, what everything they offer is solid.
What you get with the Serenia Life Financial
Take a look at the features and services Serenia Life Financial has to offer:
Verified on Sep 9, 2025
Why You Want It
10, 20, 30, and 100-year term length options + Valuable member benefits.
Special Features
- Get a quote online
- Unique member benefits
- Bereavement counselling and resources for beneficiaries
- Members receive a portion of profits in the form of member benefits
- Term to 100
- Annuities
Eligibility
- Between the ages of 18 and 70
- Canadian citizen
Provinces
AB, BC, MB, ON, SK
Features
Term Life Insurance
Terms Available
- 10 years
- 20 years
- 30 years
Permanent Life Insurance
Guaranteed Acceptance Life Insurance
Universal Life Insurance
Our rating for the Serenia Life Financial: 1.9 stars
With nearly 100 years in the industry, Serenia Life Financial has an impressive history of providing quality life insurance products for Canadians. And after the company's rebrand in 2022, there are now more products to choose from, new customization options available, and coverage is available to more Canadians than ever before.
However, the list of available products is rather small and only available to residents of 5 provinces. Serenia Life Financial still has further to go before it can be a true insurance powerhouse.
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.
What's good about the Serenia Life Financial
These are a few points on what Serenia Life Financial does particularly well:
Pros
Offers term and permanent life insurance options
With both term and permanent life insurance products available, Serenia Life Financial can help those who want to plan short-term or long-term. Keep it simple by choosing term insurance with either 10, 20, or 30-year coverage (there's also a term to 100 option), or go with whole life insurance and have consistent premiums and a guaranteed payment for your family after your passing. Either is a safe, solid choice.
Easily convertible
Serenia Life Financial offers a Convertibility Option that allows clients to convert their term insurance into permanent insurance without having to answer any medical questions or undergo any type of medical exam. You can also choose to convert a shorter-term length to a longer-term length and experience the same seamless transition.
Impressive list of valuable member benefits
Anyone who purchases a policy or is insured under one of Serenia Life's products is considered a member and therefore can access the considerable list of member benefits. These include reimbursement for taking a CPR/First Aid course, funding for volunteer initiatives, free online will and power of attorney creation, scholarships, and much more.
Bereavement counselling for beneficiaries
On top of providing their payout, Serenia Life Financial also provides your beneficiaries with reimbursement for bereavement counselling, up to $1,000. This benefit won't cost you anything extra and is offered to beneficiaries of all life insurance policyholders
Save up to $500 on first year life insurance payments
If you get a new life insurance policy, Serenia Life will save you up to $500 on your life insurance premiums in the first year. What you save depends on how you pay. If you pay monthly, you'll get your first 3 payments free, up to $500. For quarterly payments, you'll get your payment free, up to $500. And if you pay annually, you'll save 25% on your premium, to a maximum of $500.
What to watch out for with the Serenia Life Financial
There are, however, a few areas where we think Serenia Life Financial could use some work. Take a look:
Cons
Not available Canada-wide
At the time of writing, Serenia Life’s products are only available for residents of Alberta, British Columbia, Manitoba, Ontario, and Saskatchewan. It's not available in Quebec, eastern Canada, or in any of the Canadian territories.
Few term lengths to choose from
While other insurance companies offer as many as eight different term lengths, Serenia Life Financial only has four for you to choose from. The only term lengths available are for 10, 20, 30, and 100 years. These are nothing to sneeze at, but we'd like to see more options.
Best alternatives to the Serenia Life Financial
This table compares Serenia Life Financial side-by-side with a few competitors so you can see how it stacks up:
 |  |  |  | |
|---|---|---|---|---|
| Account | Serenia Life Financial | Policy Advisor Life Insurance | PolicyMe Life Insurance | Lions Peak Insurance |
| Genius Rating | ||||
| Why You Want It | 10, 20, 30, and 100-year term length options + Valuable member benefits. | 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. | 8 life term insurance lengths + Very responsive customer service. |
| Term Life Insurance | | | | |
| Terms Available |
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|
|
|
| Permanent Life Insurance | | | | |
| Guaranteed Acceptance Life Insurance | | | | |
| Universal Life Insurance | | | | |
| Get a quote See more Serenia Life Financial products Compare | Get a quote See more Policy Advisor products Compare | Get a quote See more PolicyMe products Compare | Learn More See more Lions Peak Financial Group products Compare |
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Serenia Life Financial frequently asked questions
What insurance products does Serenia Life Financial offer?
Whole life insurance (a form of permanent life insurance) and term life insurance are the insurance products offered by Serenia Life Financial. It also offers "Term to 100 Life Insurance," a low-cost permanent protection plan with premiums that never change.
What kind of member benefits does Serenia Life Financial provide?
Member benefits include reimbursement for taking CPR/First Aid courses, funding for volunteer initiatives, access to online will creation services, and much more. There's also a post-secondary scholarship you can apply for.
What benificiary benefits does Serenia Life Financial provide?
Serenia Life Financial provides bereavement counselling, a loss support benefit, and the coping with loss series, all of which aim to help you with your loss.
What happened to FaithLife Financial?
FaithLife Financial was officially rebranded as Serenia Life Financial in 2022. It was initially established as a fraternal benefits organization for the Lutheran church community but expanded its scope in 2004 and adopted its new name just recently.
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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