Desjardins Life Insurance Review: What You Need to Know

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In This Article

Key takeaways:

  • Desjardins Group offers one of the most affordable whole life insurance policies for children in Canada.
  • Their 5 Pay option is unique; it lets grandparents pay up their grandkid's policy in five years to transfer wealth efficiently.
  • Their Whole Life Guaranteed to 100 policy has a fixed lifetime life insurance premiums and guaranteed cash surrender values after the fifth year.

Our Desjardins life insurance review

To help you determine whether Desjardins Insurance is right for you, we reviewed their different products, prices, features and customer feedback.

Our rating for Desjardins life insurance: ★★★☆☆ (3/5)

Desjardins offers some of the most affordable whole life insurance policies for children

Their participating life insurance is a tax-efficient way to transfer your estate to beneficiaries, with five ways to use any dividends earned.

There's also the option to pay up the policy in five or ten years, making it a great option for parents and grandparents trying to transfer wealth efficiently with tax-advantaged cash value. 

Who is Desjardins Insurance?

Founded in Quebec in 1900, Desjardins Group is North America's largest federation of credit unions. Desjardins Group is often listed as one of the world's top 50 safest banks and financiers.

Desjardins is also a cooperative company, meaning their customers own a small unit of the company and can help make decisions on how it runs.

Desjardins Insurance quick facts:

  • Desjardins has a BBB Business Profile score of A-.
  • They serve over 7.5 million customers through their various insurance products.
  • Desjardins has one of the most significant brick-and-mortar presences in the life insurance industry with over 2,300 locations across Canada.
  • They also have ranked fourth on the Forbes list of The World's Top Female-Friendly Companies.

Desjardins life insurance rates

Let's take a look at some of life insurance policies Desjardins offers.

Type of life insurance plan Monthly rate
Whole life Guaranteed to 100 $276.30*
Term Life - 10 year $17.10*
Term Life - 20 year $22.95*
Term Life - 30 year $45.00*
Term Life - Term to 65 $45.00*
Universal Life Insurance $257.50*

*Prices are based on a 35-year-old, non-smoking woman seeking $500,000 in coverage.

Thinking about term life insurance? PolicyMe's rates are five to 10 per cent cheaper, plus we offer a couples discount and free child coverage.

Desjardins life insurance: pros & cons

Desjardins life insurance products

Term life insurance

Desjardins Insurance Company offers four types of term insurance products: 10-year term, 20-year term, 30-year term and term to 65.

The first three offer policy coverage until age 85 and are renewable and convertible until age 70. The term to age 65 policy cannot be renewed but can be converted until the age of 60.

Their term policies can cover up to $10,000,000 in coverage, and they offer joint first-die life insurance and last-to-die options for couples.

See how Desjardins' term life insurance prices stack up against the prices of products offered by other term life insurance companies in Canada.

Company Monthly benefits payment*
Desjardins Financial $22.95
RBC Insurance $22.95
PolicyMe $23.57
Empire Life Insurance $23.85
Humania $24.75
Canada Life $25.17
Assumption Life $26.10
Sun Life $28.80
Ivari $30.60
Canada Protection Plan $31.50
CIBC Life $36.46

*Prices are based on a 35-year-old, non-smoking woman seeking $500,000 in coverage.

PolicyMe has some of the most affordable term life rates in Canada, plus family friendly perks you won't get anywhere else.

Permanent life insurance

Desjardins Permanent life insurance policies provide long-term death benefit protection that can stay the same over the policy's duration and build up cash value.

This cash value can be used to reach other financial goals, such as:

Plus, your premiums may qualify for a tax deduction. Upon the insured's death, their beneficiaries will receive a tax-free lump sum payment of up to $20,0000 for life insurance with no medical questions.

Their basic coverage plan allows policyholders to get an advanced payment of up to 50% of their death benefit.

Their best whole life policies offer children's protection rider benefits that provide additional coverage for children whose guardians are insured by Desjardins. This optional benefit makes Desjardins stand out because it provides some of the most affordable rates for whole life for children.

Child whole life insurance policy

With Desjardins Child Life, you pay a fixed premium, which will remain the same throughout your child's lifetime. The policy will provide coverage for the entire life of your child, which means that they will be protected from the moment the policy is purchased.

One of the benefits of this policy is that it can be converted into a permanent life insurance policy later in life. This means your child can continue to have protection and build cash value even as they grow older and their needs change.

Desjardins also offers riders that can be added to the policy for an additional fee. These riders include things like accidental fracture insurance, which can provide an extra layer of protection for your child.

It's important to note that Desjardins Child Life is only available in certain areas. If you're interested in purchasing this policy, you'll need to speak to a Desjardins advisor to get more information if this product is an available option.

Participating life insurance and universal life insurance

Desjardins Insurance's participating life insurance product is best for those looking to pass on wealth, specifically to kids, in an efficient payment schedule.

They offer four time ranges which you can select from to pay your premiums ranging from 5 years, 10 years, 20 years and to age 100 with tax-preferred cash value benefits. 

Although your premium and death benefits are guaranteed, your annual dividends are not, just like many other participating life insurance policies.

Desjardins life insurance customer reviews

Let's look at what some of Desjardins Insurance's customers have to say about their experience. 

Positive Desjardins life insurance reviews

  • "... I have life insurance, benefits from them and have found their customer service is awesome. Highly recommend. Might switch my banking over to them too heard they are pretty good at finance!" - Trustpilot review on November 18, 2021.

Negative Desjardins life insurance reviews

  • "I would give Desjardins negative 5 stars if there is one. Worst customer service ever. From agent to a manager, Desjardins doesn't care about its customers. The customer service is terrible ... They received complete payment instruction which they claimed they didn't receive ... They ignore the customer and put me on hold for more than half-hour for nothing. I called them countless times for one easy task. They failed me at all times. The agent even asked me to cancel my insurance contract if I am not satisfied with their services." - Insureye customer on July 29, 2021.
  • "I have given my full medical history and this company decided to deny my life insurance. On top of that, they refuse to tell me why they denied it ..." - Insureye review on February 28, 2019.

How do you get Desjardins life insurance quotes?

To learn more about your monthly rate with Desjardins, you must make an appointment with an insurance agent through their website, by phone or by an in-person meeting in one of their office locations.

The lack of technological resources means that potential and current clients must reach out personally to an insurance agent with any inquiries they might have about coverage options. 

For customers who are looking for a quick and tech-savvy user experience, Desjardins won't offer that kind of customer service.

Bottom line: Desjardins offers one of the best whole life insurance options for children in Canada

We usually don't recommend getting life insurance for kids because children typically don't need it. Life insurance is recommended when you have people in your life who depend on you financially. Kids usually don't have people who rely on them financially. They typically are dependent.

But if you're looking for a whole life policy that can support your little one at the most affordable cost possible for a permanent policy, Desjardins is for you.

While their products offer some of the most affordable coverage in the insurance industry for whole life insurance, like any other permanent life coverage, the monthly rates are high.

If you're looking for the best investment options for your child, we recommend looking into RRSP and TFSA accounts first. They have a rate of return that can be up to 13 times higher than whole life!

FAQ: Desjardins life insurance review

What are some of Desjardins Insurance's Optional Benefits?

Desjardins Insurance offers a variety of optional benefits to expand the coverage of its permanent life insurance policies.

These include:

  • Accelerated Death Benefit, which helps provide financial support in case of a terminal illness diagnosis 
  • Complete Disability Benefit, which pays the policy's premiums if you become disabled 
  • Waiver of Premium, which waives your premium payments if you become disabled.

There are also accelerated cash value options that allow access to the cash values to help pay for long-term care and other expenses before death.

What are the other types of life insurance Desjardins Insurance Company offers?

Desjardins Insurance offers a comprehensive range of Property and Casualty insurance products to meet your needs, with options such as Home/Renter's insurance, Condo/Tenant's insurance and Valuables protection for jewelry and other high-value items.

For people with diabetes, Desjardins Insurance provides specialized life insurance coverage that can help protect you and your family against the financial impact of a critical health event or death.

Auto Insurance offers customizable coverage options to suit all types of vehicles, including liability protection, collision coverage, all perils coverage and uninsured motorist protection.

They also provide Health Insurance products such as Extended Health Care plans with options for prescription drugs, medical equipment replacement, ambulance services, vision care expenses and more.

Want to learn more about other life insurance options? Here are more reviews of Canadian life insurance companies:

Our sources:

Brier, E. (2022, November 2). Meet The World’s Top Female-Friendly Companies 2022. Forbes. https://www.forbes.com/sites/elisabethbrier/2022/11/02/meet-the-worlds-top-female-friendly-companies-2022/?sh=675d833c53cf

Quick facts about Desjardins. (n.d.). Desjardins.com. https://www.desjardins.com/ca/about-us/desjardins/who-we-are/quick-facts/index.jsp

WinQuote®. (n.d.). https://www.winquote.net/

Laura McKay

COO & Co-Founder
About the Author

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