Anyone bought any products from Canada Life Insurance?

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Feb 11th, 2023 4:15 pm

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Feb 10th, 2023 9:42 pm

coolmanfever [OP]: Sr. Member; Oct 22, 2016; 524 posts; 192 upvotes

Feb 10th, 2023 9:42 pm

Anyone bought any products from Canada Life Insurance?

Hello all,

I am interested to purchase insurance policy to diversify some of my assets. I ran into Canada Life during my search. It seems like Canada Life is the biggest and longest running insurance policy issuer in Canada.

https://www.canadalife.com/insurance/li ... rance.html

Anyone owned insurance policy from Canada Life? Is Canada Life a legit insurance policy issuer?

9 replies

Feb 10th, 2023 9:48 pm

cheapshopper: Deal Fanatic; Jan 31, 2007; 5212 posts; 5382 upvotes; Richmond Hill

Feb 10th, 2023 9:48 pm

coolmanfever wrote: ↑ Hello all,

I am interested to purchase insurance policy to diversify some of my assets. I ran into Canada Life during my search. It seems like Canada Life is the biggest and longest running insurance policy issuer in Canada.

https://www.canadalife.com/insurance/li ... rance.html

Anyone owned insurance policy from Canada Life? Is Canada Life a legit insurance policy issuer?

I have critical illness policy with them.
Had the policy over 15 years now. Not sure how it compare to other company and wish i never need to use it.

******************************************************
Bright side of RFD: Often find good deal
Dark side of RFD: Tons of stuff that I don't need but still got them because of RFD
******************************************************

+3

Feb 10th, 2023 10:40 pm

xgbsSS: Deal Fanatic; May 11, 2014; 5840 posts; 7926 upvotes; Rankin Inlet, NU

Feb 10th, 2023 10:40 pm

Canada Life is one of Canada's large insurance companies. They'll be as legit as any in Canada

When buying life insurance, do not really go by brand especially permanent insurance.

1) You have to first qualify for the company based on health
2) You need to see what they quote your cost of insurance. If the cost of insurance for you is expensive, despite being a "better" company, it won't benefit you as much
3) Most if not all insurance companies in Canada are part of Assuris which is essentially like life insurance insurance if a life insurance company fails
4) A bigger focus should be on the return of the participating account (see dividend return) as well as features of the policy. For example, some Whole Life participating policies allow you to pre-pay or pre-deposit your premiums where available, helping to earn you dividend sooner
5) Canada Life is a private company. Some people may benefit more from a mutuality where profits are held by the participating policy holders (eg. Equitable, Assumption, Beneva etc.)

And before even doing this, you need to assess whether Participating Whole LIfe insurance is for you. Perhaps Universal Life is better where you have more flexibility of when you deposit or pay the premiums and investment choice. Perhaps you aren't really a good candidate for permanent insurance too.

1) Have you maxed your registered accounts (TFSA and RRSP)?
2) Are you a high income earner?
3) Do you have potential estate issues such as owning a family cottage, small business you want to keep to the next generation, land etc.?

most people do not benefit from Participating Whole Life insurance.

Perhaps post your situation here. @ParadigmWM might be a good person to assess your situation

Support your local Credit Union!

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+2

Feb 10th, 2023 11:27 pm

akfdqwer: Newbie; Dec 1, 2022; 27 posts; 14 upvotes

Feb 10th, 2023 11:27 pm

Yes, Canada Life is legit. My mom had life insurance with them for 30 years, and when she passed away last year, we got the money in less than a week.

+1

Feb 11th, 2023 12:25 am

ADenariusSaved: Deal Fanatic; Jan 11, 2020; 5755 posts; 4495 upvotes; TheprimOrdialsingula…

Feb 11th, 2023 12:25 am

I saw their building outside my work window, when I had a job.

But then again, not all institutions with large ornate pre-WW2 buildings in prime real estate are legitimate. *ahem*

This one should be fine...

Bank ISAs, CDIC! <= 4.50%: https://forums.redflagdeals.com/bank-in ... sd-2579841
HISA ETFs, NO CDIC! <= 4.96%: https://forums.redflagdeals.com/high-in ... s-2574002/

+1

Feb 11th, 2023 9:12 am

franklin777: Member; Jun 16, 2016; 444 posts; 479 upvotes; ottawa

Feb 11th, 2023 9:12 am

A couple years ago we got 20 yr term life & critical illness from Canada Life. We contacted a few insurance agents and found that Canada life was cheaper than Sunlife or Manulife. Our dental insurance is also with them at work.

Churning: CIBC Aventura VI *2, CIBC Aeroplan VI, BMO Airmiles WE
Chequing: CIBC
Credit card: Rogers WE, Triangle WE, Costco MC, NBC WE
Brokerage: WS Trade, CIBC IE

+1

Feb 11th, 2023 10:14 am

cheapshopper: Deal Fanatic; Jan 31, 2007; 5212 posts; 5382 upvotes; Richmond Hill

Feb 11th, 2023 10:14 am

xgbsSS wrote: ↑ Canada Life is one of Canada's large insurance companies. They'll be as legit as any in Canada

When buying life insurance, do not really go by brand especially permanent insurance.

1) You have to first qualify for the company based on health
2) You need to see what they quote your cost of insurance. If the cost of insurance for you is expensive, despite being a "better" company, it won't benefit you as much
3) Most if not all insurance companies in Canada are part of Assuris which is essentially like life insurance insurance if a life insurance company fails
4) A bigger focus should be on the return of the participating account (see dividend return) as well as features of the policy. For example, some Whole Life participating policies allow you to pre-pay or pre-deposit your premiums where available, helping to earn you dividend sooner
5) Canada Life is a private company. Some people may benefit more from a mutuality where profits are held by the participating policy holders (eg. Equitable, Assumption, Beneva etc.)

And before even doing this, you need to assess whether Participating Whole LIfe insurance is for you. Perhaps Universal Life is better where you have more flexibility of when you deposit or pay the premiums and investment choice. Perhaps you aren't really a good candidate for permanent insurance too.

1) Have you maxed your registered accounts (TFSA and RRSP)?
2) Are you a high income earner?
3) Do you have potential estate issues such as owning a family cottage, small business you want to keep to the next generation, land etc.?

most people do not benefit from Participating Whole Life insurance.

Perhaps post your situation here. @ParadigmWM might be a good person to assess your situation

Exactly, whole life is a product for a some very specific reason.

Some agent try to push it to people dont need it. Thats why it got a bad name.

+1

Feb 11th, 2023 10:50 am

ADenariusSaved: Deal Fanatic; Jan 11, 2020; 5755 posts; 4495 upvotes; TheprimOrdialsingula…

Feb 11th, 2023 10:50 am

"Buy term and invest the difference." For most people...

Bank ISAs, CDIC! <= 4.50%: https://forums.redflagdeals.com/bank-in ... sd-2579841
HISA ETFs, NO CDIC! <= 4.96%: https://forums.redflagdeals.com/high-in ... s-2574002/

Feb 11th, 2023 12:22 pm

dmehus: Deal Addict; Mar 25, 2012; 2885 posts; 1880 upvotes; Kelowna

Feb 11th, 2023 12:22 pm

coolmanfever wrote: ↑ Hello all,

I am interested to purchase insurance policy to diversify some of my assets. I ran into Canada Life during my search. It seems like Canada Life is the biggest and longest running insurance policy issuer in Canada.

https://www.canadalife.com/insurance/li ... rance.html

Anyone owned insurance policy from Canada Life? Is Canada Life a legit insurance policy issuer?

You can also obtain a mortgage from The Canada Life Assurance Company, primarily through Investors' Group or Investors' Planning Counsel but possibly through mortgage brokers as well. Note that it's not the original Canada Life insurance company; it is the successor name for The Great-West Life Assurance Company, following Great-West's amalgamation with the original Canada Life (and related holding company) and simply adopting the Canada Life name. Parent holding company remains Great-West Lifeco.

Cheers,
Doug

Disclosure: I hold Great-West Lifeco common shares in my registered accounts.

Feb 11th, 2023 4:15 pm

coolmanfever [OP]: Sr. Member; Oct 22, 2016; 524 posts; 192 upvotes

Feb 11th, 2023 4:15 pm

thank you for the information. Really helpful.

Reason that I am looking into participating whole life insurance from Canada Life is because I make high income within my own corporation, and I already max up my TFSA and RRSP, and I am healthy and in my late 30's. I am trying to find ways to minimize tax in my corporation. During my research, some high income earner owning corporation buy participating whole life insurance with corporation income, and then use the cash value in the policy as collateral to borrow against to get line of credit (which is tax free) to invest into real estate or other businesses. Kinda like infinite banking concept described in this thread. https://forums.redflagdeals.com/leverag ... t-2468453/

but it just sounds to be too good to be true so not sure if there is a catch, but i am willing to give it a try with smaller premium payment to start if I can find a legit insurance company with reasonable cost.

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