About Canada Life

Canada Life has been operating in the UK since 1903. It's owned by Canada Life Assurance Company and its parent company is the oldest Canadian life insurance company – Great-West Lifeco (founded in 1847). Today, Canada Life helps individuals in the UK with retirement, investment and protection, supporting people as they build better futures.

Canada Life life insurance policy features

If you buy life insurance through Canada Life, your policy is likely to come with the following features:

Guaranteed premiums The amount you pay every month in life insurance premiums is guaranteed to stay the same for as long as you hold the policy.
Guaranteed insurability This means you’d have the opportunity to increase your life insurance cover after certain life changes. In an Aviva policy, this includes: getting married or entering a civil partnership; becoming a parent; getting a significant pay rise; and taking out a new mortgage or increasing your mortgage.
Payment delay This benefit means you’ll be able to delay the payment of your monthly premiums beyond your usual pay date – giving you a little extra flexibility if you need it.
Reinstatement If you accidentally miss a monthly insurance payment and your life insurance policy gets cancelled, you can reinstate it without having to apply again – as long as you do so within a set period of time. This is a good thing because it means you won’t have to go through medical underwriting again (which could lead to your policy being more expensive).
Terminal illness benefit If you fall terminally ill while you hold a Canada Life life insurance policy – in other words, a doctor has said you have 12 months or less to live – you can claim the lump sum early, on diagnosis.
Waiver of premium Most life insurance policies come with this handy add-on that means you won't be required to pay your monthly premiums if you're off work for medical reasons. You usually need to be off for a certain amount of time before you can claim this benefit.

Canada Life life insurance extra policy benefits

Canada Life life insurance policies often come with a number of extra benefits, outlined below. These features are ‘non-contractual’, meaning they’re not related to the contractual conditions of your own policy, and are often provided by a third party. Bear in mind that they may be subject to change in the future.

Canada Life app Provides various discounts; counselling services; plus a wellbeing hub designed to help you assess your physical and mental health, learn about making positive lifestyle changes, as well as access podcasts, articles, toolkits, and more.
Bereavement counselling A 24/7 bereavement helpline and up to four face-to-face or phone-based counselling sessions.
Probate helpline Access to probate experts to help with obtaining probate and dealing with any related issues that may arise – including family disputes and will validity.

Canada Life life insurance claim rate

In 2018, Canada Life paid out 99.5% of life insurance claims. This amounted to £263m. Claims not being paid out is usually due to inaccurate information being provided when the policy is taken out (misrepresentation) or other policy exclusions.

Canada Life life insurance prices

The following prices are based on:

  • Healthy 25-year old male or female
  • £150,000 of level life insurance cover
Term Level cover Decreasing cover
Non-smoker Smoker Non-smoker Smoker
10 years £5.80 £7.50 £5.30 £6
20 years £6.30 £8.30 £5.50 £6.70
30 years £6.90 £10.40 £5.80 £7.90
  • Healthy 25-year old male or female
  • £250,000 of level life insurance cover
Term Level cover Decreasing cover
Non-smoker Smoker Non-smoker Smoker
10 years £8.20 £10.50 £6.70 £8
20 years £8.40 £11.90 £7.20 £9.20
30 years £9.70 £15 £7.60 £11.10
  • Healthy 35-year old male or female
  • £150,000 of level life insurance cover
Term Level cover Decreasing cover
Non-smoker Smoker Non-smoker Smoker
10 years £7.70 £12.40 £6.40 £8.80
20 years £8.30 £14.70 £6.60 £11
30 years £11.20 £22.70 £8.20 £14.30
  • Healthy 35-year old male or female
  • £250,000 of level life insurance cover
Term Level cover Decreasing cover
Non-smoker Smoker Non-smoker Smoker
10 years £11 £18 £8.30 £12.80
20 years £12.30 £22.70 £9.50 £15.80
30 years £16.20 £33.70 £9.50 £15.80

Quoted on 14/02/2020

It’s important to make an informed decision when buying life insurance – which is where Anorak can help. We scan all the major insurers to match you to the products most suitable for you, based on your unique needs. We give you peace of mind about who to go with (especially if your most suitable policy is from an insurer you’ve not used before).

Good to know: Our recommendations are regulated, completely impartial – and free. And we also have a team of human advisers who can help over the phone, if you prefer.

This review is intended for informative purposes only and does not constitute advice.