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Canada Life was founded in 1847, making it Canada’s first domestic life insurance company.
The company is headquartered in Toronto and serves customers across the country. It was independently run until it was taken over by Winnipeg-based Great-West Lifeco — the owner of London Life — in 2003.
Great-West Life, London Life, and Canada Life will all operate under the Canada Life brand name starting in 2020.
The three companies serve more than 13 million Canadians and have 11,000 employees in Toronto, Winnipeg, London, Regina, and Montreal.
Canada Life itself offers a variety of life insurance products, as well as different savings and investment products for individuals and business owners.
Canada Life, the country’s oldest domestic insurance company, is part of a financial services conglomerate: Power Financial is the majority owner of Great-West Lifeco, Canada Life’s parent company.
Power Financial is also the majority owner of IGM Financial, which owns Mackenzie Investments, IG Wealth Management, and Investment Planning Counsel. Power Financial and IGM also own a stake in robo-advisor Wealthsimple.
Power Financial is majority-owned by Power Corporation of Canada, which is controlled by the billionaire Desmarais family — one of the richest families in Canada.
Canada Life offers both permanent and term life insurance, but it specializes in permanent insurance.
Permanent insurance covers you for your lifetime, while term insurance is for a specific length of time, such as a 10, 20, or 30-year period.
Permanent insurance premiums are higher while term insurance premiums will stay the same for the life of the term, but will rise when you renew your coverage.
Permanent insurance
| Policy name | Who’s it for? | Max. policy value |
|---|---|---|
| Universal life insurance | For someone who wants to leave money to beneficiaries, who wants insurance for life, and who wants stable premiums that never rise. | See below |
| Participating life insurance | For someone who wants to leave money to beneficiaries, wants coverage to last as long as they live, wants the potential for the death benefit to increase, and doesn’t want their premiums to increase. | See below |
The maximum policy value will depend on your age, income, and the amount of debt you have. Policy values of up to $1-million are normal, but they can be higher if you need more coverage
Participating life insurance is a form of whole life insurance. A participating policy will share in the success of the insurance company and will often receive dividends.
Most whole life insurance is participating, while most universal life insurance policies are non-participating — meaning policyholders don’t receive any dividends.
Term insurance
| Policy name | Who’s it for? | Terms | Max. policy value |
|---|---|---|---|
| Term life insurance | For someone who wants their loved ones to be provided for when they pass away, who is cost-conscious, and isn’t worried about premium increases when their term ends. | 10, 20, or 30 | See below |
Again, the amount of insurance you need will depend on your age, salary, and debt. A policy value of up to $1-million is normal, but you can get additional coverage if you need more.
Canada Life recently announced the launch of term to 65 life insurance. This type of insurance isn’t for a 65-year term. Instead, the coverage will last until you turn age 65.
Canada Life has been around since before Confederation, which means it’s survived a number of recessions and even the Great Depression. A.M. Best, an American credit rating agency that focuses on the insurance industry, gives Canada Life an A+ rating — the highest rating available. An A+ rating means an insurer has a superior ability to meet its ongoing insurance obligations.
While Canada Life is stable, its insurance offerings and price are two other major factors you should consider. If you have any other questions about Canada Life’s financial health, make sure to ask a broker.
But before you decide whether or not you want to choose Canada Life as your insurer, remember:
Besides life insurance, Canada Life offers:
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