Canada Life Critical Illness (CI) Review

With Canada Life being one of the largest critical illness insurance companies in Canada they tried to create something for everyone. Let’s take a look to see how Canada Life Critical Illness insurance stacks up.

Available Critical Illness Insurance Terms 

With Canada Life, they don’t offer as wide a range of available terms as some of the other companies. However, they have terms that are 10 years, to age 75, and to age 100 that are available. A large number of people who purchase CI purchase a term 20, so the fact that Canada Life doesn’t offer a term 20 might be a reason to look at other options.

Other Features

Canada Life Critical Illness Insurance has many other features when it comes to its CI policies. Some of those features include:

• Limited pay options (15 and 20 pay options available)
• Loss of independence 
• Partial Payment 
• Large coverage amounts (up to $2.5 Million) 

Survival Period

One major difference with Canada Life CI policies is their Survival Period. With most companies’ survival period being 30 days where Canada Life has a 0 day survival period. This is still unique in the industry. Now keep in mind, you still need a licensed doctor to diagnose your conditions, which can still take some time. But unlike most companies where you will need to wait 30 days before filing a claim you can do so right away with Canada Life.

Who is Best for Canada Life?

Canada Life has a very strong product. Where they fall short is price. Canada Life is not competitive on price. That may be because they have 0 day survival period. So you end up paying a little more for the added benefit.

PROS

• Large coverage amounts (up to $2.5 Million of coverage)
• 25 covered conditions
• No survival period (on most conditions)
• Partial benefit payouts (on specific conditions)
• Limited pay and return of premium options available (15 and 20 years)
• Child critical illness coverage is available
• Second event coverage is also available

CONS

• Loss of independent existence is a separate rider with additional cost
• Return of premium riders are expensive
• No term 20
• More Expensive than most of their competitors

Canada Life comes to the table with a very strong CI product. If you are looking for benefits Canada Life is a good company to look at. Yes, their price is a little more than others however,  you have to think, you get added benefits for this policy.