Canada Life
Just the facts
Established
1847
AM best Rating
“A” (Excellent)
About Canada Life
Founded in 1847, The Canada Life Assurance Company was Canada’s first domestic life insurance company.
At Canada Life, we’re focused on improving the financial, physical and mental well-being of Canadians. Our customers across Canada trust us to provide for their financial security needs and to deliver on the promises we make.
That trust is built on the dedication, skill and energy of our employees and advisors and their commitment to our customers and to our communities.
Canada Life is a subsidiary of Great West Lifeco Inc. and is a member of the Power Corporation group of companies.
Unique stand out qualities/Community involvement
In 2021, Canada Life:
- Helped families cope with loss, paying out more than $6.3 billion in life and health insurance benefits.
- Provided income for over 110.000 people who became disabled and could no longer work.
- Made over $947 million in annuity payments, helping Canadians fund their retirement with a secure income stream.
- Helped over $27,800 employers provide benefit plans and more than 10,500 employers offer retirement savings plans for their employees.
- Contributed $10.1 million to Canadian communities.
Community involvement
Our goal is to make a positive impact on the world around us and elevate our corporate giving to ensure our support is reaching Canadians from coast-to-coast. We support our communities by funding initiatives through donations and volunteerism.
Environmental responsibility
Managing our environmental footprint is the right thing to do for the well-being of our stakeholders, communities and long-term viability as a business.
Focus on well-being
Our programs and services are developed with one question in mind: will this help advance our commitment to the financial, physical and mental well-being of Canadians?
Our workplaces
Putting customers at the centre of what we do is our company’s vision, and it’s our people who make it possible.
Life Insurance product offerings
Term Life Insurance
- Term life Insurance is temporary coverage that provides the people or charities you name as beneficiary with a tax-free payout if you die within the term you choose. The money can be used to pay bills, the mortgage, kids’ education or to keep your business running
- The payments you make, called premiums, are set for the term you choose and won’t change during that period.
- Temporary coverage
- Lower cost
- Fixed payments
- Option to convert to permanent
Permanent Life Insurance
- Permanent life Insurance is guaranteed lifelong coverage that protects the people you care about. But it’s more than just insurance. Over time your policy can build value you can access for cash during your life, with certain tax implications.
- You can access money in your policy through a loan or a withdrawal. And when you die, the people you’ve chosen receive a tax-free payment, similar to term life insurance
- Lifetime coverage
- Higher cost
- Flexible payments
- Opportunity to build cash value
- Simple, straightforward and cost-effective
Helpful Links to Further Knowledge
For further information regarding Manulife see the links attached below:
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