Independent Life Insurance Reviews

Canada Life Life Insurance Reviews

(4 reviews)
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Category: Brokers, Agents
(1.5 out of 5 stars)
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Term Policy SCAM

(1.0 out of 5 stars)
by Ann May 12, 2020
...In 2010 I was offered what seemed like a great deal on an insurance policy with Canada Life, through Canadian Tire. It is a Canadian Tire Financial Services Term Life Insurance policy for $150,000. I purchased the policy on March 8, 2010, because I wanted to leave a substantial gift to my nephew. The term of the policy is 5 years and the premium increases every 5 years accordingly. Thus far, I have paid in to the policy an approximate amount of $5324.00. My premiums will increase as follows: April 2020 - March 2025 annual premium for the 5 year period of $4020 April 2025 - March 2030 annual premium for the 5 year period of $6909 April 2030 - March 2035 annual premium for the 5 year period of $11526.60 April 2035 - November 2038 (75th birthday) annual premium for the 68 month period $16,368.28 1. The plan has a provision called the Benefit Reductions at Older Ages. The provision states the following: On the Insured's 71st birth date the coverage shall reduce by 20% of the Amount of insurable show on this certificate and shall further reduce another 20% of the original Amount of Insurance shown on this certificate each birth date thereafter. Each amount of insurance with the value of $50,000 for an individual who has attained the age of 71 shall reduce by $10,000.00 on the individual's 71st birth date and shall further reduce by another 20% of the original Amount of Insurance on each birth date thereafter until age 75. That means my $150,000.00 policy will be worth $30,000 if I should live to the age of 75 and one day. However, I will have paid approximately $44,147 for the policy if I should live to age 75 and one day. This cannot be right. I am effectively paying 50% more than the policy will be worth should I reach the age of 75; the policy is worthless. 2.In 2010 the average life expectancy for a female in Canada was 81.25 years. Today the average life expectancy for a female in Canada is 85.5 years. The projected life expectancy for a female in Canada by the time I am 75, in 2038 will be 86.6. If the average life expectancy is far greater than the age of 75, the plan will only payout to those who die prior to that age. According to the Canadian Institute of Health Information, life expectancy in Canada in 1961 was 71 years old. 3. Premiums will continue to be paid from the date of my 71st birth date until the age of 75. However, the the amount of Insurance is reduced greatly. In my case, the total amount of insurance will reduce from $150,000 to $30,000 over the course of the 4 years between the ages of 71 and 75. The total amount of annual premiums for the 68 month period between my 71st birthday and the age of 75 will be $16,386 The total amount I will have paid to Canada Life as of November 2038 will be approximately, $44, 147 for a plan that will only be worth $30,000 as of the same date. During my call today to Canada Life I asked the agent about converting my plan to a permanent plan and taking the amount I have invested in to the plan to a better plan. He initially told me that I couldn't do it because the plan is not a convertible plan. I said there was nothing advising me of this in any of my documents. He then relented and said, "off the record, you can convert the plan but you have to call in and threaten to cancel and then we can offer you conversion." When I asked what my new premiums would be he said he, "couldn't tell me because he can only access that information once the request to cancel and convert has been submitted." Also, once the conversion request is submitted my current term plan would be cancelled and it cannot be reactivated. I could effectively be without any insurance plan whatsoever, despite the fact that I have already paid over $5000 to Canada Life, thus far. I simply want to be able to convert to a plan that does not excessively increase the rate of my premiums, transfer the amount invested into the current plan into a more reasonable insurance plant, and to have a life insurance plan that is equitable. The plan they have sold me is a farce. It has no cash value, it cannot be easily or transparently converted, and it will eventually cost me 50% more than the policy will be worth should I live out the life of the policy. This is a disappointment as well as a deception on the part of Canada Life...
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Horrible people

(1.0 out of 5 stars)
by madguy Apr 18, 2020
...I dealt with one of the rudest customer service agents and ended up hanging up due to harassment. I then complained to the complaint which they then informed her that I had complained. She then called me to confront me and harass me more. I then emailed saying I would not deal with this agent . 2 weeks later her manager called saying that is my case agent and she has to be the one to deal with my claim and then I responded that I would record the conversation this time since they denied recording the first conversation even though there is an automatic message saying the call would be recorded. Its been 2 1/2 months now without a single disability check and are not paying for my therapy sessions. They also transferred me between 3 provinces and multiple people to delay the claim...
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expensive and poor service

(1.0 out of 5 stars)
by pamlee May 06, 2019
...This insurance is expensive compared to other life insurance. We bought ours and when a broker came to us we were very upset that the Canada Life agent gave us pay for life and that the premium is very expensive compared to if we buy from other life insurance companies. It was more than 10 years since we were paying and our cash value was only $600 ( this is for ten years in contribution)! We transferred already. We also learned from other friends that they also have the same worse experience as us with Canada Life...
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God helps you!

(1.0 out of 5 stars)
by Disgusted Feb 18, 2017
...If you take on a Canada Life policy, you'd make sure you have a good insurance agent, if not Canada Life is not going to help you at all. I have come to realize that my agent is not better than an used car salesperson, promised me the world before taking my money, ensuring me if I cancel within 30 days she would personally refund me the money if Canada Life does not. When I got pressured into signing up for the products with Canada Life, the agent back dated the cheques (totally over $4500), for reason unknown to me, and cheques cashed immediately. When I contacted the agent to cancel the policies the agent delayed on submitting the cancellation request number of times till I demanded confirmation of the cancellation of all policies I took on. I sat quietly for over a month, there was no sign of any refund, I then contacted the agent for the first time inquiring about the refunds. The agent told me she would check with Canada Life, I never heard from after. I texted twice, called and left message once, she ignored me. One morning I found her on the phone unexpectedly, she then told me she had traced the refund, not to worry and it might take a few months but I would 'eventually' get it. The casual careless attitude of the agent upset me. The same day she forwarded me a stream of emails asking her whether I have received my cheques without the agent’s reply. I waited few more days with no feedback after asking to confirm the address where the refund cheques would have been sent to. I then decided to write Canada Life New directly. All I got back was the email from the New Business Associate of the Individual Insurance New Business department telling the financial institute to which my agent belongs to to advise her not to allow the client to contact Canada Life directly. It seems that Canada Life does not care what the agents and financial institutions out there representing them doing to their clients and policy holders. When something goes wrong clients of Canada Life would have nowhere to turn to. They don't care, don't want to be contacted. When they take your money, they want it 2 days ago, when they have to pay or return your money, they don't want to hear from you. If you have anything to do Canada Life, God Helps You!!!
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