canada life review
Canada Life Insurance Reviews UK
www.canadalife.co.uk

Canada Life Insurance Review & Advice

Is Canada Life Insurance a Good Company?

Defacto: 5 starsHealth Protection: AwardCover: Award

Background

Review: Canada Life Assurance history started back in 1847 by parent Great-West Life Assurance Company, a leading Canadian insurer with interests in Canada, the US and Europe. Their UK head office operations are run from Canada Life Potters Bar, Herts & Bristol Temple Quay.

Canada Life have operated in the UK since 1903. In the mid 1990's they purchased parts of these UK life insurance operations:- Manulife, Metlife's Albany Life, Windsor Financial Sales force & Crown Life.

Although they no longer had a Canada Life direct sales force, our Canada Life Insurance Review showed their many product lines were sold mainly via IFA's and brokers. Their old or new protection products covered both the personal & business work marketplace.

Note: With effect from 11/22 Canada Life UK have ceased to operate in the UK protection marketplace for new business. Contact Countrywide Assured who have taken over their protection clients.

Canada Life Insurance | Product Review

In our Canada Life Insurance reviews, we will look at some existing old broker only plans, key features and FAQ. Canada Life UK protection products should still give access to various support services;

CANADA LIFE INSURANCE App

* MORTGAGE PROTECTION Review

Designed to cover a repayment mortgage on death or terminal illness (with optional earlier critical illness at extra cost). As the mortgage balance slowly decreases during its repayment mortgage term, a Canada Life mortgage insurance term policy is designed to help mirror that of the mortgage. It is protecting what is for the majority of us, our biggest debt & to remain in their family home, our biggest asset.

Key features

  • Guaranteed fixed level premiums [no cash values]
  • 8% Decreasing loan rate
  • Terminal Illness means less than 12 months to live
  • Waiver of premium option with 13 weeks deferred period
  • Mortgage Increase option
  • Advance payment for funeral costs

Summary

Canada Life mortgage life cover was often well priced. It was usually cheaper than Canada Life mortgage level term insurance (which is used to insure interest only style mortgages). As such, if you were to sadly die during its term, your family and loved ones would still be able to protect the mortgage to help stay in their family home.

* CANADA LIFE INSURANCE Reviews

Offering family protection if the policy holder dies or is diagnosed with a terminal illness during the term. Offered also with optional earlier critical illness at extra cost. The Canada Life level term life insurance plan was available on either on single or joint life 1'st death basis.

Key features

  • Lump sum cover
  • Guaranteed premiums [no cash values]
  • Terminal Illness means less than 12 months to live
  • Level or Increasing cover
  • Life change and separation benefits
  • Waiver of premium option with 13 weeks deferred period
  • Advance payment for funeral costs

Summary

Our Canada life insurance reviews shows it was once a good competitor in the term life insurance market. Designed with many useful features to help protect your family & loved ones if you were to sadly die during its term. Range of complimentary Canada Life protection trusts to help ensure the proceeds go efficiently to the correct beneficiaries.

* CRITICAL ILLNESS Review

Helped ease financial worries if you or one of your children are diagnosed with various listed critical illness, as specified by Canada Life Insurance. The Canada Life critical illness term plan was available on either on single or joint life 1'st claim but not on a stand-alone protection basis.

Key features

  • Level, decreasing, increasing cover ( all available with optional lifecover )
  • Guaranteed premiums [ no cash value ]
  • Waiver of premium option with 13 weeks deferred period
  • Total permanent disability
  • Core full critical illness payments
  • Plus additional lower critical illness benefit conditions
  • Life event cover increase options

Summary

In their Canada Life review offering was a competitive range of adult and child benefits in the UK critical illness market if the policy holder or child is sadly diagnosed with a specified critical illness during the term. Available with additional critical illness, which could be valuable in making multiple claims.

Like most UK Insurers, Canada Life critical illness terms & conditions often changed regularly. Please call us for latest advice or check these updates out when doing any comparison critical illness cover quotes.

* WHOLE OF LIFE INSURANCE Review

Canada Life flexible whole of life policy was one that will always payout (whenever death may occur). Was available on either on single, joint life 1'st death or joint life 2'nd death basis. Ideal for people looking for indefinate life insurance, with no end or fixed term.

Key features

  • Guaranteed none reviewable premiums [ no cash value ]
  • Level or indexed cover
  • Minimum sum assured £25,000
  • Waiver of premium option with fixed deferred period
  • Guaranteed Insurability - Life event cover increase options

Summary

This Canada Life whole of life insurance plan was a flexible solution to those wishing to potentially mitigate IHT inheritance tax liabilities. It could also help you to provide a legacy gift for the family. Range of complimentary Canada Life's protection trusts to help ensure the proceeds go efficiently to the correct beneficiaries.

* Group Life Assurance Review

Range of Canada Life Group Insurance workplace benefits. They can provide a tax-free payment made to an employee’s family if they die, are critically ill or off long term sickness or injury while working for their employer. As an employer, you could choose who you may wish to cover within your policy eg; just include employees aged between 20 and 65.

Key features

  • Group Life Assurance, Group Critical Illness or Group Income Protection
  • Option to Insure a multiple of salary, % of salary or fixed benefits
  • A tax-deductible business expense
  • No medical underwriting in most cases
  • May cover a wide range of organisations eg; Ltd Company, Equity Partnerships
  • Will cover most UK employees eg; permanent, zero hours, temporary, directors, part time
  • Emotional support to help those grieving or looking after their loved ones
  • Redundancy cover, National Insurance option
  • Set up your own trust or use a pre-arranged Master Trust

Canada Life Group Flexible benefits range was competitive in the Group market. As the employer, you can either select the type of benefits you may offer, including any core or voluntary benefits. Or you could put your employees in control of their own benefits package using your flexible benefits platform.

Note: Canada Life UK are not to be confused with similar sounding Sun Life of Canada.

canada life review 'Canada Life' Insurance Review - FAQ

Can you make changes to your Canada Life Insurance Policy?

In terms of changing your existing 'Canada life insurance' policy, often you can request some of the following:

  • reduce or perhaps extend the period of cover
  • decrease or increase the amount of lifecover
  • remove indexation option or any specific paid for policy features
  • change the collection date of your usual premiums
  • life assured removed from a joint policy if a couple split

As they are no longer accepting new business your will need to contact Countrywide Assured. Any changes could be subject to their policy terms based on your circumstances at the time & may well affect your premiums.

How do I cancel my Canada Life Insurance?

You may cancel your Canada Life Insurance plan at any time, if your circumstances change. Like all life insurance, you did have the right to change your mind within 30 days of your policy starting. Canada Life will then refund any premiums taken and your Life insurance cover would then end. 

However, if you should cancel the policy at any other time, you won't get anything back because your policy usually has no cash in values at anytime. This also means if your health changed adversely afterwards & you then tried to request your Canada life insurance policy is put back onto cover again, this maybe declined. 

We suggest you seek professional advice before taking this course of action.

Single v Dual Life & Joint life Insurance?

Single life insurance means it covers just that 1 person only. It then pays out the chosen amount of cover if the person dies, or is terminally or critically ill during the term of the policy or whenever the event occurs it occurs if whole life.

The benefit of having 2 seperate plans (known as dual life insurance) if in a relationship & one partner claims, then the surviving partner still has their own seperate policy. 

Canada 'joint' life insurance policy means it jointly covers 2 lives but then usually pays out on '1st death or claim' basis. This means once the chosen amount of cover is paid, the policy benefits would then end. This is usually the cheaper option for Insurers ( as it only pays benefits once ) but conversely leaving the surviving partner without any cover.

Should I put my Canada Life Insurance into Trust?

When placing an existing plan into trust helps ensure it will be paid to the executors of the deceased’s estate. They will handle the administration, known as probate in N Ireland, England, Wales and confirmation in Scotland. If not, the benefits will fall into your estate if you died prematurely.

If you have not made a will this can then cause further complications with the life insurance monies.

Until probate is fully granted, no monies can be paid out to those named in the will. On average, this can take upto 6 months. By not placing the plan into trust may also swell up the total estate values, leading to potentially Inheritance Tax IHT issues.

So placing a Canada Life UK policy in trust can help to ensure that the policy proceeds go to the correct beneficiaries you decide to nominate at that stage. It can also help avoid possible probate delays & IHT costs. Ask the Insurers to kindly provide their available standard trust form wordings & seek legal advice if unsure.

Importance of Disclosure & Claims?

All Insurers in our Canada Life Insurance Review show they are in business to protect, insure & payout. Insurance cover is therefore based on your full disclosure at the time you took the original Canada Life policy out ie; being 100% as honest & accurate as possible. It is not always easy to remember all your historic health details when applying.

The Consumer Insurance Act 2013 says you must not be acting careless, deliberate or reckless when applying. If so, it may not payout ! eg; If you vape, then you must tell them you are smoker (even if it costs more).

Should you make a claim, your Insurers will send you a claim form for you to complete. Once received back, they will usually contact your GP to confirm any health details. They will then assess if your insurance claim is valid and cross check if you originally disclosed all the correct details.

If you are looking at Canada Life Insurance Review to look at the Insurers recent claims payout, you will see that it is Good (but our Canada Life Insurance reviews UK show like most Insurers - not 100%).

What if my health or lifestyle changes after I have taken the policy out?

Any health or lifestyle changes since, usually does not void your existing Canada Life policy, if it wasn't relevant at that time of initial underwritten insurance eg; diagnosed high cholesterol or heart disease.

It maybe the Insurers request GP reports when you originally apply, to check any health details disclosed. Likewise they may not.

So take care to doubly re-check on your application what you initially disclosed to the Insurers, as this information then stands now and in the future. Please check your original T&C's.

If doing a Canada Life Insurance Review & looking for more cover, then sorting out your ideal life insurance cover may seem a difficult task, so don’t do it alone. It’s a good idea to get professional advice from an expert – we’re here to help.

Canada Life Insurance Reviews UK Article by Martyn Spencer Financial Adviser (2024)

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