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Canada Life Insurance review

Great-West Life and London Life are now Canada Life Insurance and here's how its policy range compares to those from other Canadian insurers.

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.

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Grant Surridge

Updated

Dec 23, 2020

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. The three brands continued to operate separately under the same ownership until the merger. 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.

- Permanent life insurance. Permanent life insurance covers you for your entire life – as long as you pay your premiums. There is also a savings component that you can access throughout your life.
- Term life. Term life 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 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.
- 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

- 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 offers an online library of articles offering insight and advice about insurance and how its products work.
- 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.

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PolicyMe Life Insurance	Term Life, Critical Illness	$100,000 - $5,000,000	18 - 75	No	AB, BC, MB, NB, NL, NS, ON, PEI, QC, SK, YT, NT, NU	Get fast and affordable term life insurance. Personalize your policy details and get an estimate price within seconds. No phone call, meeting or paperwork required. Get an instant decision.	Get a quote More Info	Compare	loading Fetching your data...
RBC Life Insurance	Term Life	$50,000 - $1,000,000	18 - 70	No	AB, NS, ON, PEI	Select from two unique RBC term life insurance plans to get flexible and affordable coverage that suits your lifestyle and budget. Get a free quote through Walnut.	Get a quote More Info	Compare	loading Fetching your data...
PolicyAdvisor	Whole Life, Term Life, Universal, No Medical	$25,000 - $25,000,000	18 - 75	No	AB, BC, MB, ON	PolicyAdvisor is a digital life insurance brokerage that has partnerships with 20 insurers in Canada.	Get a quote More Info	Compare	loading Fetching your data...

Frequently asked questions about Canada Life Insurance

Grant Surridge

Grant Surridge is an editor at Finder, specializing in finance. He’s worked in journalism and communications for over a decade, his previous roles including business reporter at the National Post and online editor at Reuters. Grant has a Bachelor of Commerce from the University of Manitoba and a Journalism degree from the University of King’s College. Grant is a long-suffering fan of his beloved hometown Winnipeg Jets.

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Canada Life Insurance review

Great-West Life and London Life are now Canada Life Insurance and here's how its policy range compares to those from other Canadian insurers.

What insurance coverage options does Canada Life offer?

Life insurance

Health insurance

Other insurance options

Benefits and drawbacks of Canada Life

Benefits of Canada Life Insurance

Drawbacks of Canada Life Insurance

How to contact Canada Life

Compare other life insurance providers

Frequently asked questions about Canada Life Insurance

So who owns Canada Life?

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

How do I make or track a Canada Life Insurance claim?

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

Grant Surridge

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