stmLooking for information about Canada Life Asssurance Company? You’ve come to the right page. This article features top 10 things you should know about Canada Life. Read on!
The Canada Life Assurance Company was Canada’s first domestic life insurance company, founded in 1847 (174 years ago) by Hugh Cossart Baker, Sr.
Here Are The Top 10 Things You Should Know About Canada Life
1) Canada Life has an A+ rating according to AM Best Ratings. The company has a total assets of $219.7 Billion with an annual premium of $36.4 Billion. They are headquartered at Toronto, Canada.
2) The company offers three main types of Life insurance products, namely; Whole Life Insurance, Universal Life Insurance and Term life insurance.
Whole Life Insurance: This is also called permanent life insurance and it covers you throughout your life from the day you buy the insurance. However, it does not come cheap. Whole life insurance is very expensive.
Universal Life Insurance: This is a form of permanent life insurance and it is very similar to the whole life insurance as it offers lifetime insurance coverage. But, the difference is that it’s cash value growth is not guaranteed, premiums are flexible and more affordable.
Term Life Insurance: This life Insurance offers term life coverage in years such as; 10, 20, and 30-year term periods. They also offer Term-to-age 65, this covers you from the day you buy the insurance until you reach age 65.
You can also change your term life coverage into a whole life or universal life coverage without running a medical test but it’s quite expensive.
3) The insurance company also offer all the standard insurance riders such as; Riders Available On Single-Life Policy and Riders Available on Joint First-To-Die Policies
4) Canada Life Insurance also provides a range of personal insurance products apart from their standard whole life, universal life and term life insurance. The additional insurance coverage includes; Disability Insurance, Critical illness insurance, Health and Dental insurance.
5) You and your closest friend may have to pay different premium rates for the same life insurance product. That’s because various factors are put into consideration and can affect the calculation of premium rates. These factors may include age, medical history, existing health conditions, and smoking status, etc.
6) As an employee at the insurance company, you are entitled to some certain benefits. Workplace benefit helps you pay your family’s healthcare expenses, and your premiums cost will likely be cheaper than a personal health and dental plan.
7) Whether you have an individual insurance policies, investments or retirement savings. Your policies with the life insurance company won’t change. The way you access your policies, information and the service you receive will remain the same.
8) Whether you’re just starting a business or well established and known, Canada Life insurance for business owners is a good option that helps protect your business and keep it running steadily.
9) Canada Creditor insurance is very cheap and convenient. It protects and make sure your loved ones aren’t responsible for paying any of your outstanding debt.
10) Canada Life Company is a subsidiary of Great-West Life and London Life. Then Irish Life is a subsidiary of Canada Life.
Final Words On Canada Life
With over 175 years in business and $219 billion in assets and an A+ A.M. best rating, Canada Life is a reliable and trustworthy life insurance company in Canada. It is one of the country’s largest and well known life insurance company which has millions of customers.
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