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

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Can you extend Canada Life life insurance?
You might be able to extend your Canada Life life insurance if your policy comes with a feature called guaranteed insurability. You can typically only extend the policy term if you’ve taken out a new mortgage. For the exact details, it’s best to check your policy documents.
Can you cash in Canada Life life insurance?
If you buy a term life insurance policy (the most common kind), you won’t be able to cash it in. You pay monthly premiums to be insured and the policy pays out if you die during your policy term. The kind of life insurance you can cash in is investment-linked whole life insurance – which is riskier than term life cover, more expensive, and only offered by some insurers.
What is the minimum age for a Canada Life life insurance policy?
You need to be at least 18 to take out an AIG life insurance insurance policy. Most people take out life insurance once they have financial dependents – i.e. other people who’d be financially affected by your death.
Is Canada Life good for life insurance?
Canada Life has been operating in the UK since 1903 and today helps people with retirement, investment and protection. It’s a highly reliable provider, but is only the right insurer for you if it offers a policy that’s suitable in your unique circumstances. An adviser will be able to help you work out which policy and insurer is best for you.