Canada Life Insurance Review

Canada Life is one of the largest Life Insurance companies in Canada, because of this, many people want to know if Canada Life is a good company. Let’s take a look at where they are good and what to look out for when considering Canada Life.

Canada Life has a large suite of products and offers. Some of those products include:

• Group Benefits
• Life Insurance 
• Disability insurance 
• Critical Illness insurance 
• Segregated funds 
• Annuities 

Pros: (that make Canada Life worthwhile):

• Because they have so many assets, they are safe but regardless of what happens in the market 
• 4 different term lengths 
• Multiple rider options 
• Can convert Term Life Insurance into a permanent product at any time 

Cons:

• No final expense insurance 
• Minimum coverage is $100,000 for term life insurance 
• Canada Life term options tend to be more expensive than other options 

So, why is Canada Life recommend so often? Well listen up, we are about to share with you some industry knowledge that many clients don’t know.

Canada Life, Great-West Life, and London Life all in all the same company, held under different names.

This is one reason all 3 companies seem so larges, in essence, they are all the company. Now when you look at companies life investors group, they may look like a place where you can purchase multiple companies, however many of the higher up have said the majority of their business goes to Canada Life.

The average insurance advisors in Canada is 57. Many of these advisors started with Canada Life and continued to recommend Canada Life. This isn’t always a bad thing, however, it might not always end up being the best recommendation.

All in all, is Canada Life a good insurance company?

The short answer is, yes. They are a strong company with good products that have a variety of options. What you need to look out for are the advisors that will recommend Canada Life to every one of their clients, regardless of your situation. In some cases, Canada Life might be the best recommendation for you. In other cases, there may be a better alternative. As always, contact a broker that is unbiased toward anyone one company.