Company Reviews
List of the Biggest Life Insurance Companies in Canada (Updated for 2023)
May 18, 2023
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5 minutes
Key takeaways:
We've reviewed Cover Direct's different life insurance products, prices, features and customer feedback.
Looking for quick-issue term life insurance? Cover Direct Life Insurance Company is a good place to start looking—but only for short-term life insurance.
Cover Direct boasts excellent customer service with a whopping 4.8/5 score on Trustpilot. Most reviews mention they got approved via phone or email within minutes.
The main problem is that their products' premium rates are age-based. This means your premiums go up yearly.
Cover Direct Insurance Agency is a new insurance provider specializing in quick-issue yearly renewable life insurance.
Yes, Cover Direct is a legitimate company, though they're new to the Canadian life insurance scene. They began offering life insurance in 2021.
They are a division of Neilson Financial Services, a British insurance brand conglomerate specializing in 'hybrid' distribution. They are also financially backed by Canadian Premier, same as PolicyMe.
Let's compare how age-based renewal premiums add up over 15 years. We've put a typical term life insurance policy you can get with PolicyMe to show how much of a price difference your monthly payments can be.
With PolicyMe, your premiums start affordable and stay affordable. And our term rates are up to five and 20 per cent lower than comparable policies.
Get a no-obligation quote in just minutes and see how inexpensive life insurance can be.
Let's compare how Cover Direct's age-based renewal prices compare to rates from some of the best Canadian companies:
*for a 35-year-old female policy owner seeking $500,000 in coverage (non-smoker, average health) for a 20-year term.
Read up on some of the pros and cons of Cover Direct life insurance based on their different coverage plans.
Curious how PolicyMe stacks up? Here's a few highlights of what we offer:
That's the PolicyMe advantage.
Cover Direct offers one type of product: "age-based" annual renewable life policies to customers between the ages of 18 to 65.
Let's see how yearly renewable life insurance works in the short term versus the long term.
Coverage lengths vary from a 10-year term to a 30-year term, and policyholders can select from coverage amounts up to $1.5M.
Cover Direct also offers policyholders some optional riders, like long-term disability coverage and critical illness coverage (for a cost!).
You might also consider yearly renewable term life insurance if:
But because premiums increase yearly, it's not a good choice for those looking for longer-term solutions or comprehensive coverage options.
Cover Direct's yearly renewable policy can cover you until age 65 if you choose to renew for that long. The coverage lets you adjust the death benefit amount depending on your needs. It also allows you to invest in an account that can grow over time, like universal life insurance.
Here's a chart of the maximum insured amount you can get with Cover Direct depending on your age:
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But if you're looking for some of the most competitive rates for universal life policies, look into Canada Life, Manulife and Sun Life first.
Cover Direct Canada offers a child rider that can provide extra financial coverage to your basic insurance plan.
This rider covers burial expenses, pays out if a child passes before adulthood and covers any non-refundable medical costs associated with illnesses or events not covered by other policies.
Cover Direct Canada offers a critical illness insurance rider that covers up to 15 different illnesses.
This policy can help pay for medical treatments, make up for lost wages, or cover other expenses incurred during a period of illness.
But there are other options out there if you're looking for comprehensive critical illness insurance.
PolicyMe provides affordable coverage for 44 conditions—more than any other Canadian insurer. That means more bang for your buck!
Don't have time to sift through every review out there? We've collected the most relevant reviews so you can decide for yourself.
To get a quote, you have to apply for a life insurance product. Here's a summary of the process:
Cover direct is good to consider if you're looking for short-term coverage with instant approval and an online quote and application process.
Unlike many life insurance companies, they offer a super fast application process, and applicants in good health can be instantly approved for an initially low cost.
But those affordable rates can get pricey fairly quickly.
Term life insurance with level premiums is the better option if you you're in good health and think you'll need coverage for more than just a few years. Your premiums will stay the same throughout your entire term, so you won't get the sticker shock of your monthly premiums going up each year.
Get a quote with PolicyMe in just minutes and see how affordable term life insurance can be.
Cover Direct Canada is a division of Neilson Financial Services, a British insurance company. Cover Direct is also backed financially and underwritten by Canadian Premier as of 2021, when the company launched their life insurance products for Canadian residents.
Yes, Cover Direct Canada offers accidental death coverage as part of its Family Life Insurance policy as an additional coverage option.
This accidental death coverage provides additional financial protection in the event of unexpected death due to an accident or illness.
If you want to calculate how much policy coverage you should take out with them, you can use Cover Direct's coverage calculator.
But if you're looking for specific numbers like your possible premium costs, you'll have to calculate that yourself.
Want to learn more about other life insurance options? Here are more reviews of Canadian life insurance companies:
Our sources:
Help Protect Your Family With Cover Direct. (n.d.). Cover Direct. https://www.coverdirect.ca/life-insurance/
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