Compare Canada Life Life Insurance Quotes Against The Market

Founded in 1847, Canada Life is a historic institution and is recognized as the oldest domestic life insurance company in its home market. Now operating as a subsidiary of Great-West Lifeco, it serves millions of individuals globally with a diverse suite of products ranging from basic term cover to complex, wealth-building participating policies. For those in the UK seeking a provider with deep roots and 'Big Three' market status, Canada Life is a legacy brand known for its financial stability.

At a Glance: Canada Life Insurance

• Financial Strength: Holds an A+ (Superior) rating from AM Best

• Product Range: Offers Term, Whole Life (Participating), and Universal Life insurance

• Key Advantage: Manages one of the largest participating accounts with a dividend payment history spanning over 170 years

• Best For: Individuals requiring permanent coverage with built-in "cash value" or business owners seeking flexible, tax-sheltered growth

Types of Insurance Cover Available

Canada Life organises its protection products into three primary pillars designed to meet different financial goals:

1. Term Life Insurance (My Term™)

This is designed for temporary protection, such as covering a mortgage or providing income replacement during the years children are still at home.

• Flexibility: The "My Term" plan allows you to select a specific term length between 5 and 50 years (up to age 85)

• Renewability: Policies renew automatically at the end of the term without requiring a new medical exam, though premiums will increase

• Convertibility: Most term plans can be converted into permanent insurance (Whole or Universal) without additional medical underwriting, typically up to age 70

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2. Participating Life Insurance (Whole Life)

This is the provider’s flagship permanent product where premiums are managed within a large "Participating Account"

• Dividends: Policyholders may receive annual dividends; while not guaranteed, Canada Life has paid these every year since 1848

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• Cash Value: Over time, the policy accumulates a cash value that can be borrowed against or withdrawn for retirement or emergencies

• Plan Options: Estate Select focuses on long-term death benefit growth for heirs, while Wealth Select is tailored for earlier cash value accumulation—often preferred by business owners

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3. Universal Life Insurance

Universal Life (UL) offers the most flexibility by separating the insurance cost from the investment element.

• Investment Choice: Policyholders decide how to invest excess premiums, such as in fixed-income accounts or equity-market-linked options

• Premium Flexibility: You can increase, decrease, or occasionally skip payments if the policy has sufficient cash value to cover the costs

Additional Living Benefits & Riders

Beyond traditional death benefits, Canada Life provides "living benefits" that pay out during your lifetime if you face health challenges:

• Critical Illness Insurance (LifeAdvance): Provides a tax-free lump sum upon diagnosis of one of up to 26 covered conditions, such as a heart attack, stroke, or cancer

• Disability Insurance: Offers a monthly income if an injury or illness prevents you from working

• Policy Riders: You can customise cover with add-ons like the Accidental Death Benefit, Waiver of Premium (which pays your premiums if you become disabled), or a Children’s Term Rider

• Business Growth: Allows business owners to increase coverage as their company's value rises without new medical exams

Pros and Cons

How to get an Canada Life life insurance quote

Navigating life insurance products can be complex. Our independent advisers can provide unbiased comparisons of Canada Life against other providers to ensure your legacy is protected with the best possible value. 

Get started to speak with one of our advisers today to see if a Canada Life is your best fit, and receive more suitable recommendations, where applicable.