Canada Life Insurance Review 2025
Canada Life is an insurance and asset management company that has been operating in the UK since 1903.
The policy provides full cover for 52 illnesses and a lower payout for 44 other illnesses.
Canada Life is an insurance and asset management company that has been operating in the UK since 1903.
The policy provides full cover for 52 illnesses and a lower payout for 44 other illnesses.
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Canada Life is an insurance and asset management company that has been operating in the UK since 1903. It boasts 3.5 million customers, £40 billion of equities under management, and 470,000 pensions in force. The company is the UK subsidiary of the Great-West Lifeco group, which operates in Canada and other European locations.
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Canada Life offers two term life insurance products.
Canada Life offers two term life insurance products. A term life policy provides life cover for a predetermined period, unlike a whole life policy, which covers you for the rest of your life.
The first product offered by the company is a standard term life policy which provides cover for between three to 40 years. You can then choose from three types of term life cover:
In addition to the standard term life insurance products offered, the company offers the same packages with added Critical Illness Cover. This is an add-on to your policy that provides cover if you become critically ill within the insurance term.
The policy provides full cover for 52 illnesses and a lower payout for 44 other illnesses. With this policy, your children are also automatically covered, from 30 days to 18 years old, or 22 if they are in full-time education.
In addition to its term life policies, the company also offers a whole life insurance product that provides cover for the rest of your life. Canada Life offers an investment option with its whole of life plan, where part of your monthly premium is invested in four funds, selected from a list of 100 available funds. The return from this investment can be used to help cover the cost of your life insurance. Within this investment policy, the company offers various options that should be discussed to find the one that best suits your needs.
Canada Life offers a range of benefits with its life insurance products that could help you decide whether it is the right company for you. Here, we have put together a list of some of the key features that you should be aware of:
We compare plans from the leading life insurance providers
The cost of your life insurance policy will depend on various factors. Firstly, the company considers your age, height, weight, smoking status, health, medical history, and existing health conditions. The cost will also be affected by the amount of coverage you need. The best way to get an accurate estimate is to contact the company for a quote, but premiums can start from as little as £5 per month.
The company does not offer an online quote calculator, so you will need to get in touch with one of their advisors.
| Cover Options | Term life and whole of life |
| Cover Period | Between 3 to 40 years. Coverage offered up until 85 years of age. |
| Critical Illness Cover | Available for an extra monthly cost. |
| Maximum Applicant Age | 80 for the standard life plan and 65 for the life + critical illness cover plan. |
| Minimum Entry Age | 18. |
| Joint Life Policy | Both single and joint life policies are available. |
Defaqto is a UK-based financial information company that provides independent ratings for financial products. Their star ratings, from 1 to 5, indicate the quality and comprehensiveness of a product, helping consumers make informed decisions. A 5-star rating signifies an excellent product with a comprehensive range of features, while a 1-star rating suggests a basic product with limited features.
As of March 7, 2025, Canada Life’s Defaqto ratings show a mix of performance compared to competitors. For Whole of Life Assurance, Canada Life International Ltd holds a 3 out of 5 star rating. This places them in a competitive landscape where some providers excel.
When we look at key competitors, we see varied ratings. Aviva, for instance, scores highly with 4 out of 5 stars for their Whole of Life Assurance plan. Legal & General also achieves 4 out of 5 stars for their Whole of Life Protection Plan, while Zurich leads with a 5-star rating for their Business Whole of Life plan.
For consumers, Canada Life’s 3-star Defaqto rating for Whole of Life Assurance suggests a solid, dependable product. However, those seeking the highest quality and most comprehensive features might consider exploring 4 and 5-star rated options from companies like Aviva, Legal & General, and Zurich to ensure they are getting the most extensive coverage available.
The amount of cover you need will depend on what you would like your life insurance payout to cover. If you are struggling to determine a suitable figure, use a life insurance calculator to assist you. It is always best to be thorough, as you do not want to pay for more coverage than you require.
Canada Life is a good option if you require a variety of life insurance products. Unlike many providers, the company has a wide selection of policies available, with competitive prices and valuable benefits. The Canada Life App is a significant advantage, offering potential savings on retail purchases.
The company’s maximum applicant age of 80 is more generous than many of its competitors, most of which have a maximum age of 70. The Defaqto ratings, alongside scores from Fairer Finance, further emphasize the company’s reliability and capabilities.
If you are only looking for minimal coverage, such as to cover funeral costs, you may need to choose a different provider that offers an Over 50s life insurance policy. However, for most needs, Canada Life is a strong insurance company with a comprehensive selection of products that are likely to meet your requirements.
| Type | Plan name | Rating |
|---|---|---|
| Critical illness (decreasing) | Life Insurance Plus Critical Illness | 4 |
| Critical illness (level term) | Life Insurance Plus Critical Illness | 5 |
| Life assurance (decreasing) | Life Insurance | 3 |
| Life assurance (level term) | Life Insurance | 5 |
