Canada Life’s Term Life policies: Traditional and Well-Priced

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Canada Life Assurance Company, one of Canada’s oldest and most reputable life insurance companies, has a very well-priced traditional term 10 and term 20 plans. The plans are renewable and convertible to any of their permanent policies. Both plans have a $100,000 minimum face amount; the Term 10 plan is available to applicants aged 18 to 75, while the Term 20 plan is available to applicants aged 18 to 65.

Canada Life offers preferred rates for those who qualify on amounts over $250,000, on both smoker and non-smoker policies. The plans also have the following riders/benefits available as add-ons: accidental death benefit, guaranteed issue rider, waiver of premium rider, limited waiver of premium rider, and children’s life insurance rider. The children’s life insurance rider is available in multiples of $2,500, up to $25,000. It covers all children—natural, adopted or step-children of the insured—up to the age 25; they can then convert up to five times their coverage without a medical to a permanent plan.

On the downside, the $100,000 minimum face amount makes it problematic for older applicants on a tight budget to cover a temporary insurance need, such as a mortgage or business loan.

Below are examples of Canada Life’s Term 10 rates at $250,000 of coverage:

Insured………..Standard Rates:….Preferred Rates:
35-yr male N/S:…$18.00/month………$13.73/month
45-yr male N/S:…$31.95/month………$25.20/month
55-yr male N/S:…$73.80/month………$56.70/month