Canada Life insurance

Canada Life is one of Canada’s so-called Big Three insurance companies, along with Manulife and Sun Life. In 2019, Great-West Life and London Life were merged into the Canada Life brand. Formerly three separate companies, Great-West Life bought Canada Life in 2003 and London Life in 1997 and the three brands continued to operate separately under the same ownership until last year. Canada Life’s main product offerings include life, critical illness, disability and business insurance. Canada Life was founded in 1847 and now operates in Canada, the US and Europe. Its head office is in Toronto, Ontario.

What insurance coverage options does Canada Life offer?

Canada Life offers individual and group insurance products. Group insurance refers to products or policies you may have through your employer. We will focus on the individual insurance products Canada Life offers. Below are the main categories of Canada Life insurance products.

• Life Insurance

  • Universal life. This is a type of permanent life insurance. This insurance option covers you for life and lets you devote a portion of the premiums you pay toward building up long-term savings.
  • Participating life insurance. Similar to universal life insurance, this covers you for your entire life as long as you pay your premiums. There is generally less flexibility in how your savings are managed inside this type of plan.
  • Term life. This type of insurance allows you to buy coverage for a specific time period, such as 5 or 10 years. It is generally the most affordable type of life insurance.

• Health insurance

  • Health and dental. This insurance covers medical expenses usually not covered by a provincial health plan. This can include dental expenses, prescription drugs, vision care, hospital stays and ambulance transportation.
  • Critical illness. This insurance covers costs associated with a sudden, life-altering illness. You receive a lump-sum payment.
  • Disability. This insurance helps provide you with an income if you become injured or sick and can’t work.

• Other insurance options

  • Creditor. This insurance is specifically tied to helping you or your family keep making your payments on outstanding debt such as mortgages, credit cards or lines of credit.
  • Business owner. This insurance helps you keep your business operating in the event you become injured, seriously ill or die. There are also coverage options for key employees.

Benefits and drawbacks of Canada Life

• Benefits

  • Coverage across Canada. Canada Life insurance products are available for purchase in all parts of Canada. That said, you may not always have access to an adviser nearby.
  • High credit ratings. Canada Life is rated AA (very strong) by Standard & Poor’s, AA by Fitch and Aa3 by Moody’s, three well-known credit rating agencies that measure companies by how prepared they are to meet financial liabilities.
  • Online resources. Canada Life is building out its library of articles offering insight and advice about insurance and how its products work.

• Drawbacks

  • Ongoing rebrand. As mentioned earlier, Canada Life is going through a major rebranding exercise, with the Great-West Life and London Life brands being merged into the Canada Life brand. The company says it will take time to update its websites, materials and claims forms.
  • Contact information can be confusing. Perhaps due to its legacy of three separate brands in different geographic locations offering similar products, Canada Life does not have one phone number or email address that you can contact with general inquiries. Finding the correct contact information currently requires digging through the Canada Life website’s Contact Us page.
  • No online quotes. Canada Life says an adviser will contact you after you submit a form on the Canada Life site. Canada Life does not say how long it takes for an adviser to get in touch with you.
  • No homeowner or travel insurance. Canada Life does not offer homeowner or travel insurance products.

How to contact Canada Life

You can purchase individual Canada Life insurance products through a Canada Life adviser. Here are some ways to get in touch with Canada Life.

• Phone. Canada Life has a different number for you to contact depending on which province you live in. Visit the Canada Life website to determine what number you should call to make inquiries about your policy or to find a financial adviser if you are not yet a customer.
• Email. There are several email addresses you can use to contact Canada Life depending on what kind of insurance coverage you have. It’s best to start at the Contact Us section of the Canada Life site to find the right one.
• Find an adviser. Canada Life’s website helps you locate an adviser in your area that can help you with inquiries about Canada Life’s insurance products.

Frequently asked questions

• So who owns Canada Life?

  Canada Life is owned by the financial holding company Great-West Lifeco, which is headquartered in Winnipeg, Manitoba. Great-West Lifeco owned three insurance subsidiaries – Great-West Life Assurance, Canada Life Assurance and London Life Insurance, which were merged into a single Canada Life brand in 2019. The consolidated brand has about 11,000 employees across Canada.

• How does the rebranding to Canada Life affect my existing policy?

  According to Canada Life, your existing policies with Great-West Life or London Life will not be affected by the consolidation into one brand. You don’t have to sign anything, fill out any forms or provide any additional information or paperwork.

• How do I make or track a claim?

  It depends on the claim you are making and which type of insurance coverage you have. You can contact Canada Life by phone to start the process. A full list of options can be found on Canada Life’s website.

• How do I check my coverage or make changes to an existing policy?

  You need to contact your adviser to check your coverage or to make changes to an existing policy. You can visit this section of the Canada Life site for more information.