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compare quotes todayWhat is Canada Life Insurance
Matt Hands, VP, Insurance
Canada Life is the third-largest life insurance company in Canada. It's the smallest of the big three Canadian insurance providers, behind Manulife and Sun Life. Canada Life was launched as a rebranding effort after Great-West Life, Canada Life Financial and London Life amalgamated in 2020. With over 175 years of experience serving the Canadian market, this new insurance endeavour is poised to serve another 175+ years.
A few things we’re proud of
1,200,000
monthly users
11 years
young
Over 1M
better choices made
Trusted partner
to Canada’s top financial institutions
The history of Canada Life Insurance
The earliest Great-West Life brand was the Canada Life Insurance Company, founded in Hamilton, Ontario in 1847, followed by London Life which was founded in 1874 and operates out of London, Onatrio. The Great-West Life Assurance Company was founded in Winnipeg in 1891, was the only Canadian life insurance provider based in Western Canada at the time. Canada Life is still headquartered in Winnipeg, Manitoba.
Great-West Life first acquired London Life in 1997 and then soon after worked to bring in Canada Life Financial in 2003. After years of hard work the Canada Life rebrand brand became official after regulatory approval of the amalgamation of the 3 companies on January 1, 2020.
Canada Life insurance products
A big focus of the Canada Life portfolio is on personal life insurance products, which at there core represent a contract that provides a binding guarantee that compensation will be paid in case of an injury, illness or death. Canada Life's personal insurance product suite includes term life insurance and permanent life insurance options, among other forms of insurance.
- Canada Life's term life insurance is available in 10 or 20 year terms, renewable until age 85. Term life insurance policies may also be convertible to permanent life insurance at the end of each term.
- Participating life insurance is a version of whole life insurance, it is a standard policy, with increasing, set, or limited payment options available. Canada Life doesn’t offer non-participating whole life insurance.
- Universal life insurance combines permanent life insurance with a tax-advantaged investment account, and provides the most flexibility possible on a permanent life insurance policy. Both set and limited payment options are available. Canada Life's universal life insurance is a great option for people who like felxibile coverage.
- Canada Life also offers life insurance-adjacent products, including disability insurance and critical illness insurance. These can be purchased alongside a life insurance policy or separately. Their critical illness insurance also offers a return of premium options, returning up to 100% of premiums to you if you don’t make a claim.
- Health and dental insurance plans are available to help cover medical costs that the government or your employer won't. They have guaranteed health insurance plans that require no medical exam and are priced competitively to make it easy for you to obtain the coverage you need.
- Creditor Insurance is a product designed to protect you and your family from debt if you were to incur a personal hardship, such as a critical illness, disability or death. This product is generally considered when you take out a mortgage, personal loan, line of credit or credit card, so that you don't leave behind a mountain of debt for your loved ones.
There insurance policies are designed not only for individuals they support joint life insurance applications and they even provide life insurance coverage for seniors.
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Matt Hands, VP of Insurance
With 6+ years of experience at Ratehub.ca, Matt’s focus has been on growing its newest business unit, Insurance. He is a thought leader and a valuable resource to respected publications across Canada. read full bio