Great-West Life’s Term Life Policies: Coverage for All Children

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In 2003, Great-West Life Assurance Company acquired Canada Life Assurance Company. The transaction brought together three of the largest insurance companies under one financial roof—Canada Life, Great-West Life and London Life Insurance Company.

Great-West Life’s Term 10 and Term 20 plans mirror Canada Life’s Term 10 and Term 20 plans, but each company brands its own plan and uses its own distribution team. They are renewable and convertible to any of their permanent policies. Both company’s plans have a $100,000 minimum face amount, and 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.

Great-West Life offers preferred rates on amounts over $250,000 for those who qualify, 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 age 25, and they can convert into a permanent plan up to five times their coverage without a medical.

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 Great-West 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