The Canada Life Assurance Company was founded in the year 1847. It is known as the very first domestic life insurance company in the country, and it is now a subsidiary of Great-West Life.
Today, the company has more than 13 million customers and has paid more than $9 billion in benefits. Income has been provided for more than 76,000 Canadians claiming disability, and they have paid more than 50 million claims in life insurance.
With so much experience. The Canada Life Assurance Company has a lot of experience with the needs of their fellow Canadians.
Canada Life reviews average 3.9/5 stars, with many employees recommending the company to a friend and 86% approving of the CEO.
The following are some of the policies this company offers, and the kinds of benefits they include. This may help people to decide whether this is the right company for them.
Canada Life Term Life Insurance
Term life insurance with Canada life is very flexible to the needs of customers. Furthermore, it can help to meet their specified budget.
This policy is great for young families and people, as well as business owners who are just starting out. Even though their budget may be lower, their need for protection is just as important.
Benefits of Term Life Insurance:
- Locked-in premiums for the whole term
- Customers choose the amount that they are covered for
- A choice between two terms lengths: 10 years and 20 years
- Can be renewed after the term or upgraded to permanent
Canada Life Participating Life Insurance
This type of policy is great for customers who are looking for long-term protection, as well as the options to build wealth over time.
With this policy, people can take part in policyholder dividends. This money can be used to buy a house, lower premiums or to keep as cash. Keep in mind, dividends are taxable when taken out.
People who may benefit from this policy include those with estate planning in mind since a Participating life policy can help to prepare for any inflation.
Premiums from this policy go into a participating account, where asset managers invest the money and try to increase its value. Those policies that perform well often provide larger funds for their policyholders.
Benefits of Participating Life Insurance:
- The cash value can be taken at any time while living
- Basic coverage and basic cash value are certain
- The policy never ends so long as premiums are paid
- Lasts longer than term life without renewal increases
- The potential for significant wealth gains
Canada Life Universal Life Insurance
Universal life insurance from Canada Life offers a range of possibilities for policyholders. Not only does it provide lifelong coverage, but it is combined with tax-advantaged investment options.
People who like to be hands-on with their finances can work on their financial goals as they pertain to their risk tolerance. Premiums are paid to the coverage, and some are invested on a tax-advantaged basis.
Benefits of Universal Life Insurance:
- Permanent coverage so long as premiums are paid
- Helps to grow wealth while the policyholder is still living
- Insurance can be manipulated over time to reflect needs
- Policyholders choose the level of risk they want to take
- Premiums can be paid how the person sees fit (Set schedule, when they can afford it, etc.)
Why Choose Canada Life Assurance Company?
With so many insurance companies to choose from, it can be difficult to narrow down the options. Here are some reasons to consider this life insurance company:
A happy employee often means a happy customer. Employees gave Canada Life a good rating, which often points to happier, harder-working teams.
Positive agents find great policies for everyone’s individual needs.
Life insurance should always be as unique as the person who has it. We don’t all work with the same budget or financial goals, so having a range of options for coverage is ideal.
All customers are unique. Agents will gather important information about each person, and help them find a policy that suits them best.
If their needs change as time goes on, an agent will be able to direct them to a policy that does the same.
Canada Life is an active part of their communities, which often says a lot about the integrity of a company.
They have been a part of more than 900 initiatives across Canada communities, donating more than $12 million to charities in 2015.
Additional Insurance Products from Canada Life
Not only can customers purchase life insurance with Canada Life, but they can also combine their policies with extra coverage.
Policies like Disability Insurance provide income in the event of a serious injury or disability caused at work. Life insurance doesn’t help with this kind of issue.
Additional insurance products include:
- Critical Illness Insurance
- Disability Insurance
- Creditor Insurance
Canada Life also offers life insurance, disability insurance and critical illness insurance for business owners.
Those people who are thinking about their life insurance options might consider a long-standing company like Canada Life.
As the first domestic life insurance company in the country, this establishment has proven its stability and experience in the field.
For those looking for the most affordable insurance rates, it’s a good idea to get multiple quotes ahead of time. This way, people can compare the options and decide which company has their best interests at heart.
While some companies may have cheaper rates, it’s important to also consider the experience of a company and how dependable they are.