Canada Life Assurance Company is one of the most established and largest life insurance companies in Canada.
Founded in 1847 in Toronto, Ontario, Canada Life is the nation’s first domestic life insurer and provides insurance and wealth management products to millions of Canadians. Canada Life’s product portfolio extends well beyond life insurance to include critical illness, health, disability, and travel coverage.
Canada Life Insurance Review: Is It a Good Insurer?
- A.M Best Rating: A+
- LifeBuzz Rating: 4.5⭐
Canada Life is a highly reputable life insurance company backed by immense financial strength, holding an “A+” rating from AM Best (2026), a key indicator of its ability to meet ongoing insurance obligations.
We rate Canada Life 4.5/5 based on an analysis of several key factors, including: financial stability, product portfolio and flexibility, pricing, application process, and customer experience. We are aiming to provide an objective and balanced assessment of the real-world value and experience the company offers.
What We Like About Canada Life
- Longstanding reputation and financial strength as a top Canadian insurer
- A broad range of insurance offerings beyond just life coverage
- Ability to customize policies through optional riders
- Participating whole life policies offer dividends
- High maximum coverage amounts are available
What Could Be Improved
- Premiums tend to be higher than those of some competitors.
- No online quotes or applications are available; you must use an advisor.
- A slower underwriting process typically takes 6-10 weeks.
- Minimum policy requirements may rule out small coverage amounts.
- Working with advisors introduces potential sales pressure or bias.
What Life Insurance Products Does Canada Life Offer?
Canada Life offers a wide range of life insurance products to meet the diverse needs of Canadians at every stage of life. Their portfolio includes both term and permanent coverage options, as well as specialized plans for businesses, families, and estates.
Canada Life Term Life Insurance
Canada Life’s term life insurance plans provide affordable coverage for temporary needs such as mortgage protection or income replacement.
Canada Life My Term (Term 5 to Term 50)
This is Canada Life’s flagship term product, offering significant flexibility.
- Customize coverage with term lengths from 5 to 50 years in 1-year increments
- Renew coverage in 1-year increments after the initial term with no medical questions
- Option to convert to permanent insurance without new underwriting
- Available as single-life or joint first-to-die coverage
- Riders available include: Disability Waiver of Premium, Accidental Death Benefit, Child Term Insurance, and Business Growth Protection.
Traditional Term 10, 20, 30 and Term to 65 Life Insurance
- Level premiums are guaranteed for the initial 10, 20, 30-year terms or to age 65
- Renewable after the initial term to age 85 with increasing premiums
- Convertible to permanent coverage for a set period without new underwriting
- Accidental Death Benefit and Disability Waiver of Premium can be added
Source: https://www.canadalife.com/insurance/life-insurance/term-life-insurance.html
Canada Life Permanent Life Insurance
Canada Life’s permanent life insurance products provide lifelong coverage along with the potential for tax-advantaged cash value growth. They offer both participating whole life plans with dividend options and universal life plans with investment choices.
Participating Whole Life Insurance
Canada Life’s participating life insurance plans provide guaranteed level premiums along with the opportunity for dividend earnings. Policyholders can choose between Estate Achiever plans focused on long-term value and Wealth Achiever plans with higher early cash values.
- Estate Achiever Plus
- Lifetime or 10/20 pay premium options
- Focus on long-term cash value growth
- Paid-up additions dividend option to increase coverage
- Wealth Achiever Plus
- Lifetime or 10/20 pay premium options
- Higher early cash surrender values
- Dividends can be used to purchase paid-up insurance or for cash distribution
Universal Life Insurance
Canada Life’s universal life insurance plans offer flexibility in premiums, insurance costs, and investment options. Policyholders have flexibility in how much they pay in premiums (within certain limits) and how the death benefit is structured. This option is often suited for individuals with a higher risk tolerance who want more control over their policy’s investment growth.
Source: https://www.canadalife.com/insurance/life-insurance/permanent-life-insurance.html
Canada Life Critical Illness Insurance
Canada Life’s critical illness insurance provides a lump-sum payment if you are diagnosed with a covered condition like cancer, heart attack or stroke. It can help pay for treatment costs or cover lost income.
- LifeAdvance Plan: This is Canada Life’s primary critical illness product for adults, covering up to 25 conditions. Benefit amounts can range from $25,000 to $2.5 million. The policy also includes partial payouts for less severe conditions.
- Child LifeAdvance: A separate plan is available for children, covering a range of childhood illnesses.
Source: https://www.canadalife.com/insurance/critical-illness-insurance.html
Canada Life Disability Insurance
Canada Life’s disability insurance replaces a portion of your income if you can’t work due to an illness or injury. It can help you continue to meet your financial obligations while you focus on recovery.
- Two plans: Lifestyle Protection (maximum $25,000/month) and Independence (maximum $3,000/month)
- Choice of benefit periods: 2 years, 5 years, to age 65
- Ability to increase coverage as income rises without new underwriting
Source: https://www.canadalife.com/insurance/disability-insurance.html
Canada Life Health & Dental Insurance
Canada Life’s health and dental plans help cover the costs of prescription drugs, dental care, and other health-related expenses not fully paid by government health plans.
- Three plan designs to choose from: BasicPlan, ComboPlus Starter and ComboPlus
- Options to add catastrophic coverage, hospital coverage, or travel insurance
- No waiting period for many benefits, and no lifetime maximum
In addition to these core products, Canada Life also offers:
- Juvenile insurance plans that grow with a child’s needs
- No-medical simplified issue life insurance up to $500,000
- Key person, loan protection and buy-sell insurance for businesses
- Group life, health, disability and critical illness plans for business owners and employees
- Estate planning insurance plans to cover taxes and other estate costs
- Charitable giving plans that create donation tax credits
With such an extensive range of insurance and investment products, Canada Life provides comprehensive solutions for the financial security needs of individuals, families, and businesses.
Optional Riders Canada Life Offers
Canada Life allows customizing coverage through optional riders, such as:
- Accidental Death Benefit
- Disability Waiver of Premium
- Guaranteed Insurability
- Business Growth Protection
- Life Insurance for Children
Riders provide supplementary benefits to tailor protection for your profession, lifestyle and family.
How Much Does Canada Life Insurance Cost?
As with any insurer, Canada Life Insurance rates depend on personal factors like age, gender, lifestyle and health. However, some key considerations for pricing:
- Higher Premiums – Canada Life’s premiums tend to be higher than competitors’ for similar coverage.
- Minimums Apply – Policies require at least $100,000 coverage or $500/year premium.
- No Online Quotes – Must talk to an advisor; no direct online pricing.
Here are sample monthly premiums for a healthy 35-year-old non-smoker:
| Coverage | Male | Female |
|---|---|---|
| $500,000, 20-year term | $36.45 | $29.25 |
While competitive, Canada Life is not the most budget-friendly, so compare quotes.
How to Apply for Canada Life Insurance
The company sells its insurance products exclusively through a network of licensed advisors. There is no option to obtain quotes or apply for coverage directly online or over the phone.
Finding an Advisor
To purchase a Canada Life insurance policy, you must work with one of their licensed advisors. Here are two ways to find a Canada Life advisor:
Contact Canada Life’s customer service team
- Call Canada Life’s general inquiries line.
- Request to be connected with a licensed advisor in your area who can assist you with your life insurance needs
Get a referral from a friend, family member, or colleague
If someone you know has recently purchased a Canada Life insurance policy, ask if they would recommend their advisor. A referral can be a good way to find an advisor who has already provided satisfactory service to someone you trust
Another option is to contact Lifebuzz. We can match you with an advisor based on your location and the products you’re interested in.
Getting Quotes
Once you have selected an advisor, they will gather information about your age, health, occupation, lifestyle habits, and coverage requirements. Based on these details, the advisor will provide you with quotes for suitable Canada Life insurance products.
They can answer any questions you have about the different policy options and help you determine the appropriate coverage amount for your needs and budget.
Completing the Application
After you have decided on a policy, your advisor will guide you through the application process. This typically involves:
- Filling out application forms with your personal information and medical history
- Answering lifestyle and occupational questionnaires
- Completing a paramedical exam to assess your vitals, blood work, and overall health
- Providing any supplementary information or medical records requested by the underwriting
Your advisor will submit the completed application and all supporting documents to the insurer on your behalf. The underwriting process can take several weeks, during which time the provider may contact you or your physician for additional details.
Policy Delivery and Ongoing Service
If approved, Canada Life will issue your policy, and your advisor will deliver it to you. They will review the policy provisions with you and can assist with setting up payment methods.
Throughout the life of your policy, your Canada Life advisor will be your primary point of contact. You can reach out to them with any questions, to make changes to your policy, to update beneficiaries, or to file a claim.
Canada Life does not provide an online portal for policyholders to manage their coverage directly. All service requests must be handled through your advisor.
Is Canada Life Insurance the Right Choice for You?
When considering life insurance options, Canada Life Insurance is worth exploring.
Canada Life is a great option for:
- Those wanting permanent life insurance or critical illness coverage.
- People who value reputation and financial strength.
- Individuals seeking an advisory relationship for advice and services.
- Applicants who require high insurance amounts are given their maximums.
Canada Life may not be the best fit for:
- Buyers focused on finding the lowest cost term life insurance.
- People who want a fast and simple online application process.
- Those who shop strictly on price, given its higher premiums.
Ultimately, the best life insurance provider for you depends on your budget, preferences and specific coverage needs.
How Does Canada Life Insurance Compare to Other Insurers?
While a respected leader, Canada Life is not necessarily the top choice across every category. Here is how they compare to competitors:
| Feature | Canada Life | Manulife | Sun Life | Empire Life |
| Financial Strength (AM Best) | A+ | A+ | A+ | A |
| Term Flexibility | 5-50 years | 10, 20, 65, 100 | 10, 15, 20, 30 | 10, 20, 25, 30, 100 |
| Online Quotes/Application | No | Yes | Yes | Yes |
| Customer Service Reputation | Mixed | Generally Positive | Generally Positive | Strong |
| Unique Feature | Highly flexible “My Term” | Vitality wellness program | Strong digital tools | Fast underwriting |
Competitor information is based on publicly available data and may be subject to change.
We also have detailed reviews of other life insurance companies in Canada that you should not ignore:
Make sure to compare Canada Life against other top insurers in Canada using online quotes to find your best option.
How Can You Learn More and Get a Canada Life Insurance Quote?
The best way to learn if Canada Life is right for your specific needs is to get a customized quote. You can easily compare Canada Life to other insurers using these steps:
- Get instant quote comparisons from top insurers using online tools.
- Speak with an advisor for personalized quotes if interested in Canada Life.
- Apply online for your selected insurer, or work with an advisor if choosing Canada Life.
Canada Life is undoubtedly one of Canada’s most established life insurance companies and a viable option thanks to its financial strength and coverage offerings. But make sure to weigh it against competitors using quotes tailored to your situation. Comparing quotes allows you to find the optimal mix of pricing, features and services to protect your family.
This ensures you select the best life insurance provider based on your budget, application preferences, and specific insurance needs – whether that’s Canada Life or an alternative. So get started with instant online quotes to kickstart your search!
Frequently Asked Questions about Canada Life Insurance
Where is Canada Life's head office located?
Canada Life's head office is located in Toronto, Ontario. It has major offices in markets across Canada.
Why choose Canada Life insurance?
Reasons to choose Canada Life include their strong financial rating, multi-product offerings, reputation, and ability to customize coverage.
When should I buy life insurance from Canada Life?
Consider Canada Life if you want permanent coverage or specialized products. Shop other insurers if you just need basic term insurance at the lowest cost.
Do I need to undergo a medical exam for Canada Life insurance?
Yes, Canada Life requires a paramedical exam as part of underwriting. This involves checking vitals and collecting fluids for lab tests.
Can I get an instant quote for Canada Life insurance online?
Unfortunately, Canada Life does not offer instant online quotes. You need to provide your details to an advisor over the phone or in-person.
Is the application process for Canada Life completely online?
No, Canada Life does not have any online application options. You have to submit forms through an advisor.
How can I save money on my Canada Life insurance premium?
Bundle multiple policies, choose longer terms, accept policy exclusions, or reduce unnecessary coverage to potentially save on Canada Life premiums.
How do I make a life insurance claim with Canada Life?
To make a life insurance claim, your beneficiaries should contact your Canada Life advisor who will assist with initiating the claims process.
How do I cancel my Canada Life insurance policy?
To cancel your Canada Life policy, contact your advisor. You may not receive any premium refunds if cancelling after the free look period.
