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Canada Life Insurance review

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Canada Life Insurance
On PolicyAdvisor's site
Types of Insurance
Term Life
Minimum Coverage
$100,000
Maximum Coverage
$10,000,000
Age Range
18 - 75
Medical Exam Required
No

Summary

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

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.

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.

Pros

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

Cons

  • Ongoing rebrand. Canada Life Insurance is going through a major rebranding exercise, with the Great-West Life and London Life brands being merged into the Canada Life Insurance 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 Insurance 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 Insurance website's Contact Us page.
  • No online quotes. Canada Life Insurance says an adviser will contact you after you submit a form on the Canada Life Insurance site. Canada Life Insurance does not say how long it takes for an adviser to get in touch with you.
  • No homeowner or travel insurance. Canada Life Insurance does not offer homeowner or travel insurance products.

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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.

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.

Compare other life insurance providers

1 - 2 of 2
Name Product CAFLI Types of Insurance Coverage Range Issue Ages Medical Exam Required Province Availability
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.
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.
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