Ben Nguyen 
Canadian Premier Life Insurance, now known as Securian Canada, offers Canadians various life insurance and supplemental health policies. Focusing on no-medical-exam options for older adults, it provides an accessible alternative to traditional policies.
This article examines Canadian Premier’s background, policy types, costs, pros and cons, compares versus Top life insurance companies in Canada and more to help you determine if their insurance fits your needs.
Who is Canadian Premier Life Insurance company?
First, let’s provide some necessary background on the company known under two names – Canadian Premier Life Insurance and Securian Canada:
- Founded in 1955 as Canadian Premier Life Insurance Company and headquartered in Toronto, Ontario.
- Insured over 2 million Canadians across the country over its 60+ year history.
- Rated “A” (Excellent) by AM Best credit rating agency.
- Acquired in 2017 by Securian Financial Group based in Minnesota as a subsidiary.
- Securian Financial has over $1 trillion in assets under management and life insurance coverage.
- Canadian Premier has over $330 million in total assets as of 2020.
- Paid out over $43 million in life insurance claims in 2020.
- Achieved a 99% claims payout rate on life insurance policies.
- In early 2023, Canadian Premier rebranded to Securian Canada after acquiring part of Sun Life’s business.
- Remains focused on offering supplemental life insurance to Canadians.
Source: wikipedia
As an AM Best “A”-rated insurer for over 50 years, Canadian Premier has demonstrated an excellent ability to meet ongoing policy and claim obligations. Their decades of experience ensuring millions of Canadian lives also provide confidence in their long-term financial strength and stability.
In summary, the company was started as Canadian Premier Life Insurance but now operates as Securian Canada after being acquired by Securian Financial Group. Fundamentally, it remains focused on providing affordable supplemental insurance coverage to Canadians.
Distribution Model
- Sells policies exclusively through partners like financial institutions, retailers and insurance administrators
- Does not sell insurance directly to consumers or allow online applications
- This business-to-business distribution model allows partners flexibility to offer tailored pricing, support and policy options to meet their customers’ needs
- Key partners include major banks, credit unions, affinity groups, and third-party administrators like PolicyMe
Products Offered
- Focuses on providing supplementary term life insurance , permanent life and critical illness insurance
- Policies are designed to complement existing coverage or provide essential protection if clients don’t qualify for traditional, fully underwritten life insurance
- Offers niche products like simplified issue term and final expense life insurance for older age groups often excluded by competitors
- Provides discounted, budget-friendly coverage with relatively low policy maximums compared to national insurers
Now that you understand their long history, distribution model and niche focus on supplemental policies, let’s examine Canadian Premier’s insurance options, rates and coverage details available to Canadians in more detail.
What Products Does Canadian Premier Life Insurance (Securian) Offer?
Canadian Premier (Securian) specializes in supplemental life and health insurance products, with a focus on simplified issue policies with streamlined underwriting. They offer four main types of coverage:
Canadian Premier Simplified Issue Term Life Insurance
- Provides up to $100,000 in death benefit coverage
- Available in 10, 15, 20, 25 or 30-year guaranteed level premium terms
- No medical exam is required for approval; just answer basic health history questions
- Qualified applicants ages 18-59 are guaranteed approval
- Only available for Canadian residents
- Not available in Quebec
- Offers an affordable way to get life insurance coverage without undergoing full underwriting
- Ideal for those unable to qualify for fully underwritten policies due to health conditions
- Also a good option for those wanting a small amount of additional term life insurance coverage
Canadian Premier Term Life Insurance
- Provides higher death benefit coverage from $100,000 up to $5 million
- Offered in 10, 15, 20, 25 or 30-year guaranteed level premium terms
- Requires full underwriting, including medical exam in most cases
- Rates based on age, gender, smoking status, health history and other risk factors
- Available for Canadian residents ages 18-75
- An affordable way to purchase higher limits of term life insurance
- Provides pure death benefit protection with no cash value accumulation
- Ideal for protecting the family’s income and assets if the insured passes away
Canadian Premier Permanent Life Insurance (Life 50 Plus)
- Provides permanent life insurance coverage up to $20,000
- Lasts for life as long as premiums are paid on time
- No medical exam is required; only need to answer health history questions
- Guaranteed acceptance for qualified applicants ages 50-75
- Features a built-in cash value account that grows on a tax-deferred basis
- The cash value can be accessed through policy loans if needed
- Intended to cover end-of-life expenses and leave a small legacy
- An affordable form of permanent life insurance for older age groups
Canadian Premier Critical Illness Insurance
- Pays out lump sum cash benefit if diagnosed with a covered critical illness
- Covers over 25 conditions including cancer, heart attack, stroke, paralysis, major organ failure and more
- Available for ages 18 and up
- It can be used for any purpose, such as paying medical bills or replacing lost income
- Helps offset the non-medical costs and financial impact of a critical illness
- Provides a tax-free cash benefit at the policyholder’s time of need
- An affordable way to supplement health insurance and prepare for a critical illness
In summary, Canadian Premier’s life insurance options focus on two key segments:
- Older Canadians are seeking final expense coverage or those unable to qualify for traditional, medically underwritten policies.
- Individuals looking to supplement existing life insurance through simplified issue terms or critical illness.
These policies provide affordable coverage options for Canadians needing limited or extra protection. However, maximum payouts are relatively low compared to some competitors.
How Much Does Canadian Premier (Securian) Life Insurance Cost?
Canadian Premier (Securian) offers competitively priced rates thanks to their niche focus on supplementary coverage amounts.
Here is a detailed table showing Canadian Premier’s current monthly rates for their term life and critical illness policies:
Canadian Premier Term Life Insurance Rates
| Age Band | Non-Smoker Male | Non-Smoker Female | Smoker Male | Smoker Female |
| Under 35 | $1.71 | $1.34 | $2.92 | $2.18 |
| 35-39 | $2.21 | $1.63 | $4.04 | $2.78 |
| 40-44 | $3.32 | $2.57 | $6.61 | $4.61 |
| 45-49 | $5.05 | $3.67 | $9.93 | $6.63 |
| 50-54 | $7.51 | $5.41 | $14.71 | $9.54 |
| 55-59 | $12.44 | $8.74 | $21.86 | $15.13 |
| 60-65 | $17.81 | $12.69 | $36.89 | $22.90 |
*Rates in the table are monthly cost per $25,000 of coverage
Canadian Premier Critical Illness Insurance Rates
| Age Band | Non-Smoker Male | Non-Smoker Female | Smoker Male | Smoker Female |
| Under 35 | $0.70 | $0.74 | $0.99 | $1.16 |
| 35-39 | $1.00 | $1.15 | $1.80 | $2.12 |
| 40-44 | $1.86 | $2.00 | $3.91 | $4.24 |
| 45-49 | $3.28 | $3.02 | $7.50 | $7.29 |
| 50-54 | $5.33 | $4.18 | $12.93 | $11.10 |
| 55-59 | $8.82 | $5.41 | $21.89 | $15.54 |
| 60-65 | $13.99 | $10.50 | $34.60 | $23.78 |
*Rates in table are monthly cost per $10,000 of coverage
As shown, Canadian Premier (Securian) offers very affordable rates, especially for clients unable to qualify for preferred pricing with other insurance providers. This budget-friendly pricing stems from their lower policy maximums.
If you require higher coverage limits, you may need to consider other life insurance carriers. However, Canadian Premier can provide discounted pricing for basic protection needs.
How Can I Buy Canadian Premier (Securian) Life Insurance in Canada?
Because Canadian Premier (Securian) uses an exclusive business-to-business distribution model, they do not sell policies directly to Canadian consumers.
Instead, Canadian Premier distributes their supplemental insurance products through the following partners:
- Financial institutions
- Retailers
- Independent insurance distributors and administrators
- Affinity groups
- Other licensed business partners
This means you cannot purchase Canadian Premier insurance directly from their website or get an online quote. However, their distribution model allows partners flexibility in tailoring offerings, support and pricing.
If you are interested in Canadian Premier life insurance, you’ll need to get a personalized quote and apply through one of their licensed partners in Canada. The application process and experience will vary depending on the partner.
Some may allow you to apply entirely online, while others still require paperwork submissions. Be sure to inquire with the distributor on the process to accurately quote and apply.
Is Canadian Premier (Securian) Life Insurance a Good Choice for Canadians?
Whether Canadian Premier life insurance fits your specific needs will depend on your personal situation as a Canadian consumer. Let’s summarize some key positives and drawbacks:
Pros of Canadian Premier Life Insurance
- Specializes in discounted supplemental policies unavailable from most insurers
- No medical exam is required for simplified issue plans
- Covers older Canadians often excluded by competitors
- Quality option for extra coverage alongside an existing policy
- Strong financial backing with AM Best “A” rating
Cons of Canadian Premier Life Insurance
- Unable to apply or get quotes directly from Canadian Premier
- Limited product selection and low coverage maximums
- Must purchase through third-party distributor partner
- Less customizable than policies from national insurers
- Unknown claims service and customer support
Overall, Canadian Premier Life Insurance offers affordable supplementary coverage for Canadians seeking to augment an existing policy or who don’t qualify for traditional life insurance.
Their niche supplemental insurance products provide essential protection often unavailable to higher-risk demographics.
While not ideal for all buyers, Canadian Premier fills a void in Canada’s insurance market by covering older age groups and higher-risk individuals. Their policies can provide basic coverage when needed.
What are the Alternatives to Canadian Premier (Securian) Life Insurance?
If you require higher death benefit amounts or prefer purchasing directly online, here are some alternatives to evaluate:
Sun Life
- Apply and manage policies completely online
- Up to $50 million maximum coverage
- Wide range of products for Canadians
Full review: Sun Life Insurance Canada
Manulife
- Buy coverage directly from their website
- Up to $50 million in maximum benefits
- A broad selection of customizable policies
Full review: Manulife Life Insurance
Canada Life
- Purchase 100% online, including application
- Up to $10 million in coverage
- Variety of term lengths and permanent options
Full review: Canada Life Insurance
RBC Life
- Fully online quoting and application
- Up to $5 million in coverage
- Competitive rates on Canadian Premier policies
- Streamlined customer experience
Full review: RBC Life Insurance
No matter which life insurance provider you choose, be sure to compare quotes across multiple carriers. This helps find the optimal blend of pricing and coverage for your unique needs as a Canadian.
While Canadian Premier fills an important niche, it pays to explore options from Canada’s largest and most recognized insurance providers. See how the top life insurance companies compare when it comes to financial strength, variety of policies, and customer satisfaction. Our comprehensive guide covers everything you need to know about the biggest life insurance firms in Canada.
Quality Budget-Friendly Life Insurance Option for Canadians
Finding the right life insurance to protect your loved ones is a crucial part of financial planning. When it comes to discounted supplemental coverage, Canadian Premier Life Insurance delivers quality options often unavailable elsewhere.
Their simplified underwriting and affordable pricing make Canadian Premier an excellent choice for:
- Final expense coverage
- Critical illness insurance
- Extra protection alongside an existing policy
While maximum benefits are relatively low, Canadian Premier provides immense value within its niche by covering higher risk applicants excluded by competitors. Their expertise in supplementary insurance backed by financial strength and stability is unmatched in Canada.
For substantial death benefit protection exceeding Canadian Premier’s limits, leading insurers like TD life insurance, Canada life insurance, Costco Life Insurance, Specialty Life Insurance or Wawanesa life insurance warrant consideration. However, for affordable supplemental coverage, few can beat Canadian Premier Life Insurance – a trusted Canadian life insurance provider..
Frequently Asked Questions (FAQs)
How do I make a claim with Canadian Premier life insurance?
To make a claim on a Canadian Premier life insurance policy, you will need to contact the administrator or partner who sold you the policy, not Canadian Premier directly. The administrator will assist you with submitting the required claim forms and documentation.
What is the claims process for Canadian Premier life insurance?
The claims process for Canadian Premier life insurance policies involves submitting a notice of claim along with supporting documentation, such as a death certificate, to your policy administrator. The administrator verifies eligibility and submits the claim to Canadian Premier for processing and payment.
Who pays the claims on a Canadian Premier life insurance policy?
Claims on Canadian Premier life insurance policies are paid out by Canadian Premier Life Insurance Company. But you submit a notice of your claim through the administrator or partner who arranged the policy.
Does Securian Insurance offer accidental death coverage?
No, accidental death insurance does not appear to be one of the supplemental life insurance products offered by Securian Insurance in Canada at this time.
What are Securian Insurance's financial ratings?
Securian Canada has an A (Excellent) rating from AM Best. This indicates very strong financial strength to back up their policies and claims-paying ability.
Is Securian Insurance cheaper than Sun Life Insurance?
Securian Insurance, which operates Canadian Premier life insurance, tends to offer lower priced coverage compared to large insurers like Sun Life. But actual rates depend on personal factors.
How quickly does Securian Insurance pay out life insurance claims?
Securian insurance aims to process claims as quickly as possible once all documentation is submitted. Most claims are paid out within 1-2 weeks of completing the claims process.
Can I get a Securian Insurance quote online?
You cannot get a direct quote for Securian Insurance products online. Quotes need to be obtained through one of their licensed administrator partners.
Is Canadian Premier life insurance guaranteed issue?
Some Canadian Premier policies, like simplified issue terms and Life 50 Plus permanent coverage, are guaranteed issues that require only simplified health questions. Their term life plans involve full underwriting.
What types of supplemental insurance does Canadian Premier offer?
Canadian Premier focuses on providing supplemental simplified issue term life, guaranteed issue permanent life, and critical illness insurance coverage.
What is the maximum coverage for Canadian Premier critical illness insurance?
Canadian Premier's critical illness insurance coverage can go up to $300,000 based on the policy terms.
Is Canadian Premier life insurance renewable?
No, Canadian Premier's term life insurance plans are not renewable at the end of the term. You would need to reapply and medically qualify again.
How long does it take to get approved for Canadian Premier life insurance?
For simplified issue plans, approval is instant if you qualify based on the health questions. Underwritten policies take about 2-6 weeks for approval once requirements are submitted.
Does Canadian Premier sell 20-year term life insurance?
Yes, Canadian Premier offers 20 year guaranteed level premium term life insurance policies through some of their administrator partners.
What are the eligibility requirements for Canadian Premier life insurance?
Eligibility varies by product. The simplified issue term is ages 18-59. Permanent Life 50 Plus is ages 50-75. Term life is ages 18-75. Critical illness is 18+.
Is Canadian Premier life insurance available outside Canada?
No, Canadian Premier and Securian Insurance products are only available within Canada and for Canadian residents at this time.
How do I cancel my Canadian Premier life insurance policy?
To cancel a Canadian Premier policy, you need to contact the administrator who sold you the coverage to initiate cancellation and get any applicable refund per policy terms.
What is the phone number for Canadian Premier Life Insurance customer service?
Canadian Premier cannot be contacted directly for policy service. You need to contact the licensed partner through whom you purchased the insurance.
Does Canadian Premier offer ten-year term life insurance policies?
Yes, Canadian Premier's term life insurance offering includes a ten-year guaranteed level premium term length option.
Article Sources:
For a deeper look at our dedication to accuracy, transparency, and independence, please refer to the Lifebuzz.ca Editorial Policy. We take great pride in being Canada’s most trusted life insurance news source:
- Canadian Premier Insurance Company Review: Credible or Not? – https://www.policyme.com/
- Is Canadian Premier Life Insurance good? 2024 Review – https://hellosafe.ca/
- CAPIC POLICY 51504: Monthly premium rates
- Canadian Premier rebrands to Securian Canada, following acquisition of Sun Life’s Sponsored Markets business – https://www.securian.com/
- Securian Canada Insurance Review 2024 – https://www.dundaslife.com/
