Is Canada Life The Best Life Insurance Policy?

antoine fruchard Antoine Fruchard  updated on July 29, 2020

This is the ultimate review to guide you through the ins and outs of Canada Life life insurance. You might already know that Canada Life has several different contract options. 

Some are great. Some are less useful. Some are simply too expensive.

So, if you want to get better value for money from your insurance contract, as well as indicative quotes and tips to lower your insurance premium, then you’ll probably love the following article.

Let’s dive right in!

Is Canada Life the best life insurance for you?

When taking out life insurance, there are so many things to think about. Life insurance is one of the most important insurance plans to have, as it is the best way to protect your loved ones if something happens to you. 

Canada Life life insurance has a lot to offer. Here are the main points that you should look at before taking out life insurance with Canada Life. 

3 Safe overall rating for Canada Life

Rating CriteriaSafe RatingOur Review
Customer service satisfaction, claims and support

5 star rating on Defaqto
Policy documents are available on the website
no] A number of bad reviews as relating to customer care experience was recorded on review websites
2.5/5 rating on TrustPilot

Coverage options

Increasing and Decreasing cover are provided
Whole of life cover is provided
Accidental death benefit of up to £300,000 is given
Total and Permanent Disability Cover is provided

Value for money

Canada Life has flexible cover options which can easily suit individual needs
Gift cards are not provided
With Canada Life, if you stop paying your premiums, you won’t get any money back and your insurance policy will be cancelled

Financial strength

In 2017 it paid out on 99.8% of claims, which amounted to £252 million in life insurance and £21 million in critical illness.

Apps and technologies

Policy documents can be easily accessed
Mobile app is available
Quotes cannot be gotten online
The website is very congested and useful information is hard to sort out
No life chat option

Safe rating for Canada Life Life insurance

Expert and customer satisfaction reviews for Canada Life

Review organisationConsumer satisfaction rates for Canada Life Life insurance
Trustpilot2,5/5 based on 5 reviews
Defaqto5
Experts rating for Canada Life

Canada Life insurance in a nutshell

In summary, here are the main features you need to know when taking out life insurance with Canada Life. 

CriteriaCanada Life details
Minimum age17 years
Maximum age 75 years
Pay-out£750,000
Life insurance with free giftsNot stated
Extras

Bereavement Counselling helpline is available 24/7

Terminal illnessNo
Canada Life life insurance in a nutshell

What are Canada Life life insurance policy types?

When choosing life insurance, you have to make a lot of important decisions. You have to choose between different policy types to find which one would best cover your needs. As the first big choice, you have to choose between: 

  • Term life insurance. Term insurance splits into two types: level term or decreasing insurance. If you choose a term insurance, once again you would have to choose between these two. Sometimes, there is an increasing term insurance option. 
  • Whole of life insurance. This insurance will pay out when the policyholders die. Not all insurers offer this type of coverage. 

What is Canada Life term life insurance? 

There are two term life insurance options:

  • Level cover guarantees that your loved ones get a payment if you die during a specific period of time. You will receive the same amount during a fixed period. Life insurance can be for 5,10, 20 years, etc., depending on your needs. 
  • Decreasing cover guarantees that your loved ones get a payment if you die during a specific period of time. The amount decreases over the policy term. It is really useful if you have a loan, as the price tends to decline over time. You can choose an increasing cover as well.
CriteriaCanada Life life insurance
Minimum term5 years
Maximum term40 years
Pay-out£750,000
Minimum monthly premiumNot stated
Extras or any interesting facts 

The Canada Life App

Canada Life term life insurance

Should you take level or decreasing term life insurance?

Canada Life offers two types of term life insurance: one is level life insurance, the other one is decreasing life insurance. 

CriteriaProvider Details
Canada Life term life insurance (level)
  • Canada Life provides life insurance for people who are up to 17 years old
  • Cover is provided in the case that the policyholder has been diagnosed with a terminal illness within the duration of the policy
  • Additional cover options like Permanent and Total Disability and Accidental Death Benefit are provided as optional extras
Canada Life decreasing term life insurance, also known as life insurance for mortgage
  • The decreasing cover that Canada Life offers is designed to reduce in line with the outstanding amount on a repayment mortgage or loan of the same interest rate
  • Premium to be paid remains fixed
Level or decreasing life insurance

Some providers also propose increasing life insurance, which is a similar concept as decreasing life insurance, but with the premiums getting higher rather than lower.

Canada Life provides Increasing cover and the policyholder can choose to increase the amount to be paid each year.

Should you take Canada Life whole life insurance?

The Whole of life cover provided by Canada Life is majorly tailored towards providing cover for high-net-worth and ultra-high-net-worth individuals.

Whole life insuranceCanada Life whole life insurance details 
Canada Life whole life insurance 
  • Lifelong protection is offered
  • The minimum amount of cover provided is £1 million.
Canada Life whole life insurance

Can you take out a Canada Life insurance with someone else?

Yes, you can either have a single or a joint policy at Canada Life.

Taking out a joint policy covers two people that are together under the same policy. In the end, it is cheaper than two single policies. It covers both of your contributions to the family. It only pays out once, and the sum will be given to the other partner if one dies. It leaves the surviving member of the couple without life insurance after the death of the first partner. 

Taking out a single policy pays for one person only. It pays out the amount chosen. Taking out two policies is more expensive, but you can choose the level you want, and it’s beneficial if the two partners don’t need to be insured at the same level. 

 What are Canada Life life insurance extras? 

You can add these extras at additional cost to your Canada Life life insurance: 

Details Reviews
Bereavement Counselling

Canada Life provides Bereavement Counselling which is put in place to help the family member’s of the policyholder

Accidental death benefit

£300,000 worth of Free accidental death benefit is provided for up to 90 days while the insurance application is being processed.

Waiver of premium benefit

This cover is provided in the case that the policyholder is unable to work for up to 13 weeks due to an illness or injury.

Total and Permanent Disability

In the case that the policyholder has been permanently disabled as a result of an accident and is unable to work again, financial support will be provided with your cover paid out at once.

Second Medical Option

In the case that the policyholder is diagnosed with a serious illness, this service can be used to get a second opinion from a medical expert.

Canada Life life insurance extras

Should you take out Canada Life life insurance critical illness cover?

What is critical illness cover? 

It is an extra that can be added to your policy, or can be combined with your standard life insurance. It pays out if you contract a disease. The illness developed must be specified in your policy contract. The most common illnesses covered are cancer and heart attacks, etc. If you become really ill, your insurance will pay out exactly as if you’ve passed away. 

Is Canada Life the best critical illness cover? 

Here are the main features when you take out Canada Life life insurance with serious illness:

CriteriaOverall life insurance and critical illness cover
Coverage

The Critical illness cover that Canada Life provides offers the following:

  • Cover for up to 52 specified Critical Illnesses or surgical procedures. Cover is also provided for 44 additional illnesses at a lower cost
  • Waiver of Premium in the case that the policyholder is unable to work due to an illness or accident
  • Total Permanent Disability is provided in the case that the policyholder cannot work again as a result of a disability
  • Provision of Children’s cover
Children’s Cover
  • Cover is provided for children between 30 days old and 22 years (if in full time education)
  • Cover is provided for six child specific illnesses from birth
  • 50% of the cover amount, up to a maximum of £25,000, if a child is diagnosed with, or undergoes the specific surgery described for one of the listed critical conditions
  • Funeral cover of £10,000 is provided
What should you know about Canada Life critical illness cover?

Canada Life paid 99.8% of their claims in 2017

Canada Life life insurance

How much is Canada Life life insurance?

The big question is knowing how much life insurance you’ll need. Your answer to this question (as well as your age) will mainly determine the price of your life insurance:

However, your life insurance price will also depend on several factors: 

  • Your medical conditions
  • Whether or not you are a smoker 
  • Which add-ons you add to your life insurance 
  • Your salary
  • The coverage you want
  • Whether you take out a joint policy or not 

So you must ask yourself the relevant questions for your own situation, for example: Do you have a loan? Do you have savings? Do you have debts? Do you have a family? Does your job offer protection? 

How to contact Canada Life life insurance?

Here are all the important phone numbers for contacting Canada Life life insurance: 

ServicePhone NumbersOpening Hours 
Get a quote at Canada Life0345 6060708Monday to Friday 9am – 5pm
How to claim at Canada Life0345 6060708Monday to Friday 9am – 5pm
How to cancel at Canada Life

Not available

Not available
Canada Life phone numbers

What are Canada Life general contact details? 

You will find in this table all the general contacts that you would need if you want to reach Canada Life life insurance: 

General contacts
Mailing address

High Street
EN6 5AF
Potters Bar
United Kingdom

Social media 

Facebook, Twitter, YouTube, LinkedIn

Chatbot

No

Canada Life general contacts

How to claim at Canada Life life insurance? 

You will find on this table the different possibilities for reporting a claim on your Canada Life life insurance: 

How to claim on your life insurance at Canada Life?
When to claim?

Claims should be made as soon as possible.

Claim by mail

Not Available

Claim by email[email protected]
Claim online

Not Available

Claim by phone0345 6060708
Claim at Canada Life life insurance

How to cancel my Canada Life life insurance? 

You will find on this table the different ways to cancel your Canada Life life insurance: 

How to cancel your life insurance at Canada Life
Fees
  • If the insurance policy is cancelled within 30 days, the premium paid would be refunded fully
  • If the insurance policy is cancelled after 30 days, no refunds would be made
Cancel by mail

Canada Life
Customer Services
PO Box 4993
Worthing,
BN99 4AE

Cancel by email

[email protected]

Cancel onlineNot available
Cancel by phone

Not available

How to cancel my Canada Life life insurance?

How do I get Canada Life life insurance quotes? 

Here are the different ways to get a life insurance quote at Canada Life: 

How to get a life insurance quote at Canada Life
Quote online

Not available

Quote phone0345 223 8000
Get a quote at Canada Life

How do I log into Canada Life life insurance?

Click on the "Log in" option on the Homepage

Do we recommend Canada Life life insurance?

Canada Life was founded in 1847 and offers individual and group insurance products. The individual insurance services offered by Canada Life are the Whole of life cover, Accidental death benefit, Total and Permanent Disability Cover. They have a 5 star rating on Defaqto but an average rating of 2.5/5 on TrustPilot. Their financial capability to pay out claims is assured as they it paid out on 99.8% of claims, which amounted to £252 million in life insurance and £21 million in critical illness in 2017. Their services are recommended as they have a high financial capacity to pay out claims.

What is life insurance? 

Life insurance is a contract between an insurance company and the policyholder. In exchange for an annual or monthly premium, the insurance company agrees to give out to a designated beneficiary a lump sum if the policyholder were to pass away. 

How does life insurance work in the UK?

Like with other types of insurance, it is a standard procedure: the policyholder pays a premium to a provider, with an agreed level of cover. 

Is life insurance worth getting?

Yes, it is worth getting life insurance when people depend on you financially, like your family.

What are the best life insurance with free gifts?

Lots of life insurance providers offer free gifts: 
– Royal London
– Legal & General
– Aviva
– Shepherds Friendly 
– OneFamily 
– British Seniors Insurance Agency

How much is life insurance in the UK? 

How much life insurance in the UK is depends on a lot of factors. However, with our data, we calculate that the average monthly cost of life insurance is £15. Of course, the price will depend on whether you take out joint or single life insurance, and the term of your insurance if you are not taking out  a whole life insurance policy. 

What is the best life insurance in UK?

There are lot of life insurance policy that have interesting features. Depending on these features, you can decide if this life insurance suits you. 
To find what is the best life insurance for you, use our tool to compare prices and offers from all the insurers on the market instantly.