Canada Life Insurance Review 2023

Canada Life is an insurance and asset management company that’s been operating in the UK since 1903.

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Canada Life is an insurance and asset management company that’s been operating in the UK since 1903. It boasts of 3.5mn customers, £40bn of equities under its management, and 470,000 pensions in force. The company is the UK subsidiary of the Great-West Lifeco group, which has operations in Canada and other European locations.

What life insurance products does Canada Life offer in the UK?

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Canada life insurance review

Canada Life offers two term life insurance products.

Canada Life offers two term life insurance products. A term life policy provides you life cover for a predetermined period of time, unlike a whole life policy, which covers you for the rest of your life.

Life Insurance

The first product offered by the company is a standard term life policy which provides cover between three to 40 years. You can then choose from three types of term life cover:

  • Level Term: Your life insurance payout stays the same during the insurance term, as does your monthly premium. This type of product is best for interest-only mortgages and for leaving a lump sum inheritance.
  • Decreasing Term: Your life insurance payout decreases over time, but so does your monthly premium. This product is mainly used for repayment mortgages and other types of debt that reduce over time.
  • Increasing Term: Your payout amount increases over time, but so do your monthly premiums. This product aims to cover you from inflation.

Life Insurance with Critical Illness Cover

In addition to the standard term life insurance products offered, the company offers the same packages in addition to Critical Illness Cover. This is an add-on to your policy that will provide you with cover if you fall critically ill within the insurance term.

The policy provides full cover for 52 illnesses and a lower payout for 44 other illnesses. With this policy, your children are also automatically covered, from 30 days to 18 years old, or 22 if they’re in full-time education.

Flexible Life Plan

In addition to its term life policies, the company also offers a whole life insurance product that provides you with cover for the rest of your life until you pass away. Canada Life offers you an investment option with its whole of life plan, where part of your monthly premium is invested into four funds, selected from a list of 100 available funds. The return from this investment can be used to help cover the cost of your life insurance. Within this investment policy, the company offers more options that should be discussed to find the one that best suits your needs.

What are the features and benefits of Canada Life Insurance?

Canada Life offers an array of benefits with its life insurance products that could help you decide whether it’s the right company for you. Here, we’ve put together a list of some of the key features that you should be aware of:

  • Flexible Plans: Choose a plan that meets your needs, with term life, whole life, and investment plans available.
  • The company offers investment opportunities with its Flexible Life Plan.
  • Canada Life App: All life insurance customers get access to the company’s app, which offers 1,000s of discounts at various retailers and discounts of up to 25% on cinema tickets and gym memberships.
  • Choose to cover up to £1,000,000 with its standard life cover policy, or up to £750,000 through the life + critical illness cover policy.
  • The company paid 99.8% of life insurance claims in 2019.

How much does Canada Life Insurance cost?

We compare plans from the leading life insurance providers

The cost of your life insurance policy will depend on various factors. Firstly, the company considers your age, height, weight, smoking status, health, medical history, and existing health conditions. The cost will also be affected by how much coverage you need. The best way to get a set estimate is to get in touch with the company for a quote, but premiums can start from as little as £5 per month.

The company doesn’t offer an online quote calculator, so you’ll need to get in touch with one of their advisors.

Overview of Canada Life’s key policy details

Cover Options Term life and whole of life
Cover Period Between 3 to 40 years. Coverage offered up until 85 years of age.
Critical Illness Cover Available for an extra monthly cost.
Maximum Applicant Age 80 for the standard life plan and 65 for the life + critical illness cover plan.
Minimum Entry Age 18.
Joint Life Policy Both single and joint life policies are available.

Canada Life Ratings

The UK rating company Defaqto awarded Canada Life its 5-star award for its standard life insurance policy, a 3-star award for its whole of life policy, and a 5-star award for its life + critical illness cover policy.

The UK firm Fairer Finance gave Canada Life Insurance:

  • A 95.83% Claims score
  • An 85% Complaints Performance score
  • A 52.06% Transparency score
  • A 78% Fairer Finance score

How much life insurance coverage do you need?

The amount of cover you need will depend on what you’d like your life insurance payout to cover. If you’re struggling to come up with a figure, use a life insurance calculator to help you in the process. It’s always best to be thorough, as you don’t want to pay for more than you need.

Is Canada Life Insurance the right company for you?

Canada Life is a fantastic option if you require an array of life insurance products. Unlike many providers, the company has a wide selection of policies available, with affordable prices and excellent benefits. The Canada Life App is a great incentive that will save you money on retail purchases.

The company’s maximum applicant age of 80 is much better than most of its competitors, many of which cap off at 70, whilst the positive awards given by Defaqto and Fairer Finance highlight the company’s trustworthiness and capabilities.

If you’re only looking to cover something small, such as your funeral costs, you’ll likely have to choose a different provider that offers an Over 50s life insurance policy. For the most part, however, Canada Life is a great insurance company with a wide selection of products that are certain to meet your needs.

Defaqto ratings

Type Plan name Rating
Critical illness (decreasing) Life Insurance Plus Critical Illness 4
Critical illness (level term) Life Insurance Plus Critical Illness 5
Life assurance (decreasing) Life Insurance 3
Life assurance (level term) Life Insurance 5
Defaqto ratings were reviewed on 01/10/2023