See below for ratings, quotes, and an in-depth review of Canada Life's life insurance products.

Life Insurance Company Reviews > Canada Life Insurance Review

Our Rating



The Bottom Line

Canada Life prices are 5% lower than prices of competitors which makes them a great option for Canadians looking to buy term life insurance. However, Canada Life can be much slower than average to get the policy underwritten and approved. Expect 6-10 weeks to get approved.

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Company Facts

Customer Complaints

2.0 / 5

Based on InsurEye reviews

BBB Rating


More on Better Business Bureau Ratings

Pricing Comparison

Canada Life term life insurance pricing vs. competitor term life insurance products

Looking for the best value? See how the price of Canada Life's term life insurance stacks up against the prices of products offered by other Canadian term life insurance providers.

Scores are based on PolicyMe’s Term Insurance Price Index, an in-depth analysis of prices for 108 combinations of gender, age, term length, coverage amount, health status, and smoking status.

Company Ranking Average Price Relative to Market
RBC Insurance 1 6% Lower
Canada Life 2 5% Lower
Desjardins 3 2% Lower
BMO Insurance 4 2% Lower
Industrial Alliance 5 1% Lower
Manulife 6 Average
SunLife 7 1% Higher
Humania 8 4% Higher
Ivari 9 6% Higher
Assumption Life 10 14% Higher
TD Insurance 11 18% Higher

Canada Life Insurance Pricing by Customer Traits

Even if you and your next-door neighbour buy life insurance from the same insurance company, you may not pay the same price. That’s because life insurance companies base your price largely on your age, policy coverage amount, policy duration, smoking status, and current health status. Some companies are more lenient about specific customer characteristics and provide better pricing than other companies for people with these characteristics.

Here’s a breakdown of how Canada Life insurance prices compare to prices offered by other companies for various customer characteristics.

Customer Characteristics Pricing
Low coverage need (under $500,000) Excellent
Large coverage need (over $500,000) Average
Shorter coverage need (10 years) Average
Longer coverage need (20 years) Average
Male Average
Female Average
Under age 40 Average
Over age 40 Average
Exceptional Health Excellent
Smokers Average

Excellent – The company’s prices are more affordable than the rest of the market for customers with these characteristics
Good – The company’s prices are in line with the rest of the market for customers with these characteristics
Poor – The company’s prices are more expensive than the rest of the market for customers with these characteristics

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Product Options and Features

  • Term lengths 10 and 20 years
  • Coverage from $50,000 to $20,000,000+ (special quote required over $20,000,000)\

Common Features

  • Level premiums– Premiums remain the same for the entire length of your term
  • Guaranteed renewability– When your term insurance policy expires, you can renew  it without undergoing a medical review
  • Convertible– You can convert your term insurance policy into a permanent policy without undergoing a medical review
  • No-obligation review period– Once you receive confirmation that your policy has been issued, you have 30 days to sign a delivery receipt and authorize your payment method

Laura McKay

COO & Co-Founder

Laura brings 7 years of experience working in insurance & strategic operations as a management consultant at Oliver Wyman, after experiences at Manulife and Munich Re. In 2017, she launched a successful initiative for the World Economic Forum focused on innovation in insurance, working closely with insurers, tech pioneers, and policy-makers.

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