A Closer Look: Canada Life Competitive Term Solutions

Their rates are among the best in the industry and now Canada Life is lowering them on their Term 10 and Term 20 plan, effective May 19th.

Canada life's Term plans can be a tad confusing for the consumer because all their plans are issued under the brand name "Simply Preferred Term" when in fact. They have five classifications;

Non-Smokers

• Gold (Standard)

• Platinum (Preferred)

• Diamond Plus (Super Preferred)

Smokers

• Silver (Standard)

• Silver Plus (Preferred)

The new rates apply to single life and joint first-to-die, stand-alone policies, along with Term 10 and Term 20 riders added after May 18, 2009 to:

• All participating life insurance inforce policies

• Universal life insurance inforce policies issued after May 30, 2005

Additional value-added features include:

• A wide selection of benefits and riders to tailor your coverage.

• The fact that Term 10 may be converted to a Term 20 policy, prior to the fifth policy anniversary, without evidence of insurability.

• The ability to convert to a choice of participating or non-participating permanent life insurance.

i.e. 40, male non-smoker with $250,000 @ standard/gold rates Term 10, means $22.05/month, or Term 20 means $36.08/month.