Canada Life Insurance Review 2023: In this article, we look at Canada Life’s personal insurance products, focusing on its life insurance and critical illness coverage. To help you understand how it compares, we analyze the benefits and costs, including some little-known extras.
You can jump ahead to “Best Way to Buy Canada Life Insurance” if you are only interested in the best and cheapest way to get Canada Life Insurance. However, we urge that you read the article in its entirety to fully comprehend the benefits provided by this life insurance firm.
About Canada Life
Individuals, families, and businesses can turn to Canada Life for retirement, investment, and personal insurance options. It is part of the Great-West Lifeco group of companies, which has operations in Canada, the United States, Ireland, and Germany, and has been in business in the United Kingdom since 1903.
Great-West Lifeco, a global organization, is Canada’s oldest life assurance firm, with roots dating back to 1847. Canada Life specializes in providing group life insurance products through employers, as seen by the number of industry accolades it has received, including ‘Best Group Protection Provider’ for the eighth year in a row at the 2020 Health Insurance and Protection accolades.
Canada Life Overview
- Only an authorized and regulated adviser/broker can provide life and critical illness insurance.
- Individual life insurance claims numbers are unavailable; nevertheless, 98% of group life insurance claims were paid, therefore we can safely anticipate that individual life insurance claims figures would be comparable.
- Canada Life does not specialize in selling individual life insurance plans, and its rates are neither the lowest nor the highest. It may appeal to consumers who have other Canada Life products and want to maintain their financial affairs in one location.
- Canada Life offers Life Insurance and Critical Illness Insurance but not Income Protection Insurance and your life insurance cannot be arranged as a Family Income Benefit policy.
- Canada Life’s Critical Illness Insurance protects policyholders and includes free Children’s Critical Illness coverage with adult coverage.
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Canada Life Policy Summary
The benefits of Canada Life’s Individual Life Insurance coverage are listed below.
Canada Life life insurance summary
| Canada Life Individual Life Insurance | |
| Cover basis | Level Term, Decreasing Term, and Increasing Term life insurance policies (inflation-linked) are all available. There is no option for a family income benefit, in which the life insurance provides an income rather than a flat payment. |
| Who is covered? | A policy can be arranged for a single life, which covers one person, or for joint lives, which cover two individuals. Joint plans will pay in the event of the first death, but the policy will then expire, thus they only pay once. |
| Terminal Illness Cover | Terminal Illness Coverage is included with life insurance and pays out if you are diagnosed with an illness and a medical doctor verifies that you have less than a year to live. |
| Can you inflation-proof the amount that you insure so it keeps its value over time? | If you pick increasing life insurance, the amount of coverage will increase annually in accordance with the Retail Price Index (RPI) measure of inflation. As you get older, your premium will rise by a percentage greater than RPI to reflect the expense of providing the coverage. |
| Waiver of Premium | For an extra fee, you can add a Waiver of Premium. This implies you won’t have to pay your premiums if you fit the definition of incapacity for more than 13 weeks. |
| Minimum age at entry | 18 |
| Maximum age at entry | 80 |
| Policy Exclusions | Suicide is prohibited for the first 12 months after the policy is implemented and/or for the first 12 months after an increase is implemented. |
The benefits of Canada Life’s Individual Critical Illness Insurance coverage are detailed below.
Canada Life critical illness insurance summary
| Canada Life individual Critical Illness Insurance | |
| Can it be combined with life insurance? | Yes |
| Premium type | Guaranteed to remain the same for the policy term. (Except where increasing insurance is selected) |
| Number of critical illnesses covered | For 52 core illnesses, the full sum insured is payable, and for 44 additional illnesses, a 25% payout up to £25,000 is payable.If you are hospitalized for at least 28 days following an accident, adult major accident insurance will pay out £7,500.Total and permanent disability coverage can be purchased for an additional charge. Some other insurance companies will automatically include this. |
| Children’s critical illness coverage included | Standard critical illness coverage for children is included at no extra cost with adult critical illness insurance. Children are covered for 51 of the full payout conditions, 44 of the partial payout conditions, and 6 child-specific illnesses. Covers children from birth if they are diagnosed with a child-specific critical disease, and from 30 days old for all other critical illness situations that are covered until they reach the age of 18 (22 if they are in full-time education). If your child develops symptoms within the first 12 months of starting your coverage, you will be unable to make a claim. It pays a lump sum equivalent to 25% of the main policy’s cover, up to a maximum payment of £25,000. If a child is terminally ill and has a life expectancy of fewer than 12 months, he or she is entitled to a lump sum equivalent to half of the amount insured, up to a maximum of £25,000. Funeral cover for up to two children is also covered, with a maximum payout of £10,000 per claim that can be claimed early if the kid is terminally sick. |
| Minimum age at entry | 17 |
| Maximum age at entry | 65 |
| Policy exclusions | If you die within 14 days of being diagnosed with a critical illness or if you are diagnosed with a condition not covered by the policy, there will be no reimbursement. |
Additional benefits available with Canada Life
Canada Life provides a number of member advantages to clients who purchase whole life insurance or term life insurance from them. Many of these benefits are accessible without the need to file a claim and may even be extended to the policyholder’s family.
Canada Life bereavement counseling
This is exclusively available to policyholders, with up to four face-to-face appointments per issue, each year. It is not extended to the policyholder’s children or immediate family members, as some other insurers might.
Canada Life probate helpline
A service that provides access to probate professionals to help with family conflicts, will validity, powers of attorney, and getting probate. This service, once again, is only available to policyholders.
Canada Life personal nurse service
If you file a claim for critical illness or terminal illness, Canada Life will connect you with a nurse who will provide practical and emotional support to the policyholder and their family.
Canada Life’s second medical opinion service
Canada Life includes a program that allows you to get a second opinion on your diagnosis and treatment plan from over 20,000 UK physicians. Other insurers may provide access to the greatest consultants in the world for a second opinion, which may be better for you.
Canada Life app
A free benefit that provides policyholders with access to over 1,000 incentives and discounts for goods and services via a smartphone app. Tesco, Starbucks, Currys PC World, and John Lewis are among the brands available, as are holidays, gym subscriptions, amusement parks, and day trips.
How much does Life Insurance with Canada Life cost?
With so many life insurance companies offering similar packages with significant advantages, choosing which business to acquire your life insurance from typically comes down to price. As a result, we examined the cost of life insurance for smokers versus nonsmokers. We compare the highest and lowest monthly premiums for the samples of life insurance that we chose to the price of life insurance offered by Canada Life.
Canada Life individual life insurance price comparison – £200,000 over 20 years (Non-Smoker)
| Canada Life Monthly Cost | Lowest Monthly Cost | Highest Monthly Cost | |
| 25 year old non-smoker | £6.12 | £5.55 | £8.01 |
| 35 year old non-smoker | £9.55 | £9.08 | £11.55 |
| 45 year old non-smoker | £21.14 | £18.97 | £25.29 |
| 55 year old non-smoker | £61.09 | £48.03 | £65.00 |
Canada Life individual life insurance comparison – £200,000 over 20 years (Smoker)
| Canada Life Monthly Cost | Lowest Monthly Cost | Highest Monthly Cost | |
| 25-year old smoker | £9.39 | £8.14 | £11.10 |
| 35-year old smoker | £19.01 | £17.27 | £21.43 |
| 45-year-old smoker | £51.26 | £45.83 | £59.52 |
| 55-year-old smoker | £147.08 | £127.82 | £183.34 |
It is crucial to remember that the costs listed above are only guidelines; your personal quote will be based on your age, smoking status, health, hobbies, and occupation. In addition to these criteria, the amount of insurance and duration of coverage, as well as any features you want to include, will affect the cost.
We always recommend speaking with a qualified insurance broker to understand how much your insurance will cost and the best options to choose. In the next section, we explain how to do this as well as earn up to £100 cashback when you arrange your insurance.
Best Way to Buy Canada Life Insurance
After reading about Canada Life’s life insurance and critical illness insurance, you may feel that you require additional assistance in arranging your life and/or critical illness insurance. Although Canada Life’s policy has a lot of nice benefits, there are many more options available on the market that may be more comprehensive or suitable for you. In most circumstances, you’ll need professional counsel to guarantee that you’re receiving the best coverage for the cheapest price, and after researching the numerous options, we determined that speaking with a qualified insurance broker is the best way to do so.
We have personally vetted the services of a specialist life insurance broker who offers tailored guidance to people from all walks of life and with a wide range of demands. The service is personalized for you, and it will collect all of your information, as well as your wants and needs, before offering a recommendation based on expert knowledge. The consultants are also trained to provide you with free and valuable guidance that will guarantee that any claims are paid out fast, to the correct persons, and free of inheritance tax.
Fill out this form to schedule a meeting with an adviser. You will also receive up to £100 cashback as a Money to the Masses reader once you have arranged your coverage.
People Also Ask
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Is Canada Life a good company?
Canada Life is a reputable and financially secure life insurance provider. It provides competitive rates as well as a diverse selection of insurance products.24-May-2023
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What is the average life insurance payout in Canada?
The average Canadian life insurance policy pays out $200,000, but many life insurance professionals believe this is insufficient to meet the needs of the ordinary person. In reality, the general rule is that individuals should obtain coverage equal to about ten times their yearly income.
