Is Canada Life The Best Life Insurance Policy?
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Discover the methodologyThis 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 Criteria | Safe Rating | Our Review |
|---|---|---|
| Customer service satisfaction, claims and support |
5 star rating on Defaqto | |
| Coverage options |
Increasing and Decreasing cover are provided | |
| Value for money |
Canada Life has flexible cover options which can easily suit individual needs | |
| 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 |
Expert and customer satisfaction reviews for Canada Life
| Review organisation | Consumer satisfaction rates for Canada Life Life insurance |
|---|---|
| Trustpilot | 2,5/5 based on 5 reviews |
| Defaqto | 5 |
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.
| Criteria | Canada Life details |
|---|---|
| Minimum age | 17 years |
| Maximum age | 75 years |
| Pay-out | £750,000 |
| Life insurance with free gifts | Not stated |
| Extras | Bereavement Counselling helpline is available 24/7 |
| Terminal illness | No |
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.
| Criteria | Canada Life life insurance |
|---|---|
| Minimum term | 5 years |
| Maximum term | 40 years |
| Pay-out | £750,000 |
| Minimum monthly premium | Not stated |
| Extras or any interesting facts | The Canada Life App |
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.
| Criteria | Provider Details |
|---|---|
| Canada Life term life insurance (level) |
|
| Canada Life decreasing term life insurance, also known as life insurance for mortgage |
|
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 insurance | Canada Life whole life insurance details |
|---|---|
| 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. |
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:
| Criteria | Overall life insurance and critical illness cover |
|---|---|
| Coverage | The Critical illness cover that Canada Life provides offers the following:
|
| Children's Cover |
|
| What should you know about Canada Life critical illness cover? | Canada Life paid 99.8% of their claims in 2017 |
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:
| Service | Phone Numbers | Opening Hours |
|---|---|---|
| Get a quote at Canada Life | 0345 6060708 | Monday to Friday 9am – 5pm |
| How to claim at Canada Life | 0345 6060708 | Monday to Friday 9am – 5pm |
| How to cancel at Canada Life | Not available | Not available |
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 |
| Social media | Facebook, Twitter, YouTube, LinkedIn |
| Chatbot | No |
scottish widows life insurance contact number
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 phone | 0345 6060708 |
Here are all the important Canada Life life insurance contact number!
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 |
|
| Cancel by mail | Canada Life |
| Cancel by email | |
| Cancel online | Not available |
| Cancel by phone | Not available |
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 phone | 0345 223 8000 |
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.
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.
Yes, it is worth getting life insurance when people depend on you financially, like your family.
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.
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.
Lots of life insurance providers offer free gifts:
- Royal London
- Legal & General
- Aviva
- Shepherds Friendly
- OneFamily
- British Seniors Insurance Agency
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.
