Canada Life

Canada Life: Policy Options, Service Excellence, and Market Strength

Canada Life Assurance Company, established in 1847, is Canada’s first domestic life insurance company and one of the country’s largest and most trusted insurers. Following the 2020 merger with Great-West Life and London Life, Canada Life became a key subsidiary of Great-West Lifeco and a member of the Power Corporation group. It manages over CAD 125 billion in assets and serves more than 12 million Canadians, offering a broad spectrum of insurance and wealth management products. The company’s longevity, strong financial backing, and market adaptability have cemented its position as a foundational pillar of Canada’s insurance landscape.

Comprehensive Policy Options

Canada Life provides a full range of life and health insurance products designed to meet diverse customer needs at every stage of life. Its product portfolio includes:

Term Life Insurance

• Canada Life My Term™: Offers flexible, customizable term lengths from 5 to 50 years, in one-year increments.
• Level premiums fixed for the initial term with annual renewals after expiration until age 85.
• Convertible to permanent life insurance without medical underwriting before age 70.
• Options include single-life or joint first-to-die coverage.
• Available riders: Disability waiver of premium, accidental death benefit, child term insurance, and business growth protection, among others.

Permanent Life Insurance

• Whole Life Insurance (Wealth Achiever Plus): Lifetime coverage with guaranteed cash value accumulation and potential dividends.
• Universal Life Insurance: Flexible premiums and death benefits with investment components allowing cash value growth tailored by policyholders.

Critical Illness Insurance

Lump sum payments upon diagnosis of specified major illnesses, aiding with treatment and lifestyle adjustments.

Disability Insurance

Income replacement solutions for short- and long-term disability, supporting financial stability during health setbacks.

Health and Dental Insurance

Supplementary coverage for services not fully covered by provincial plans, including dental care, prescriptions, vision, paramedical treatments, and more.

Group Benefits

Comprehensive workplace insurance plans including life, health, disability, and dental benefits designed to enhance employee well-being and organizational productivity.

Creditor Insurance

Protects against outstanding debts in case of death, disability, or critical illness.

Wealth Management

Mutual funds, segregated funds, annuities, and personalized financial planning services complementing insurance coverage for holistic financial security and growth.

Service Excellence and Customer Experience

Canada Life emphasizes service excellence through multiple channels:

• Digital Accessibility: Customers can manage policies, submit claims, check coverage, and update information via online portals and mobile apps, enhancing convenience and transparency.
• Personalized Advice: Access to financial advisors and insurance specialists helps clients tailor products and plans to specific goals and life changes.
• Claims Support: Dedicated claims teams provide timely, empathetic assistance to help policyholders through sometimes complex claim processes.

Consumers value Canada Life for its comprehensive product flexibility, consistent service quality, and financial reliability.

Market Strength and Financial Stability

• Canada Life holds strong financial ratings including an A+ rating from AM Best and a AAA- brand rating, reflecting excellent creditworthiness and reliable claims-paying ability.
• The company benefits from a diverse revenue stream supported by its asset management and wealth divisions, which optimize returns to sustain competitive pricing and innovative offerings.
• Morningstar DBRS forecasts favorable outlooks for Canadian life insurers in 2025, pointing to robust market conditions sustained by solid equity markets and resilient demand across North American and Asian markets.
• Recent amalgamation of Canada Life Investment Management and Counsel Portfolio Services has further bolstered asset management capabilities and market reach.

Customer Reviews (2025)

1. Emma S., Toronto, ON:
   “Canada Life’s term life insurance was easy to customize, and their customer service helped me choose riders that fit my needs perfectly.”
2. Mark D., Vancouver, BC:
   “Their online portal is user-friendly and efficient. Claims processing was smooth when my family needed critical illness support.”
3. Sophie L., Calgary, AB:
   “I appreciate the flexibility of their universal life insurance and the investment options offered.”
4. James W., Montreal, QC:
   “My group benefits plan through Canada Life has great options for health and dental, and their employee wellness resources are excellent.”
5. Natalie K., Ottawa, ON:
   “Transparency and professionalism stand out. Their advisors took the time to explain complex insurance details clearly.”

Full Contact Details for Canada Life

Head Office:
Canada Life Assurance Company
330 University Avenue
Toronto, ON M5G 1R8
Canada

Customer Service:

• General Enquiries (Canada): 1-800-957-9777
• Claims: 1-800-957-9777
• Group Benefits Customer Service: 1-866-733-8612
• Website Support and Online Services: www.canadalife.com

Investor Relations:

• Phone: 1-866-528-3115
• Email: investorrelations@gwl.ca

Mailing Address:
P.O. Box 6000
Station A
Toronto, ON M5W 0L4
Canada

Social Media:

• Twitter: @CanadaLife
• LinkedIn: Canada Life

Canada Life’s extensive range of flexible and customizable insurance products, combined with strong financial backing and customer-first service philosophy, continue to make it a premier choice for Canadians seeking reliable life, health, and wealth management solutions in 2025.

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