Independent Life Insurance Reviews

Canada Life Life Insurance Reviews

(12 reviews)
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Category: Coverage, Conditions
(1.5 out of 5 stars)
Customer Service:
Value for Money:

Waste of Your Money

(1.0 out of 5 stars)
by UnhappyCustomer May 14, 2020
...There's no point in paying for disability insurance through this company. Long or short-term, they will not pay. They will deny your claim and make you jump through hoops to appeal it, all while you're too sick or injured to deal with it. I ended up going through EI Sickness anyways. Why pay into something that won't even be there when you need it? The adjusters are very rude, and just the stress of dealing with mine worsened my condition. Don't buy insurance from these people, you're flushing your money down the drain...
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Planning to get life insurance to protect your family, including children? Make sure that you get enough coverage. According to studies, it takes about $250,000 in total to raise a child to the age of 18 (and that doesn’t include any post-secondary education costs).

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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Harrassing bullies to the max

(1.0 out of 5 stars)
by veryill Apr 30, 2020
...After paying health insurance to Canada Life I became very ill and unable to work. At this time of Covid-19 pandemic they are forcing me to go out and "Find Employment" despite what my medical doctors are totally against. They refuse to send me any documents of their rules. Harass me to no end. Very unprofessional. They even told me not to see my doctors as they don't even know what diseases are that I am diagnosed with. Really do not even deserve any stars on reviews. Very insensitive and could care less about clients. Pitiful their attitudes...
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Did you know that if you are a 30-year old male, a term life insurance policy for 20 years with coverage of $200,000 will cost you around $19/month? Getting your term life insurance quote today will allow you to benefit from a great rate.

didn't pay for claims

(1.0 out of 5 stars)
by Loki Jan 23, 2020
...Hello to everyone who had the misery of dealing with this so-called Insurance Company that pulls in 10 billion yearly and they can't even pay two months coverage of disability properly and reasonably. I had surgery and was out of work for two months and just because I returned to work shortly after two months, so they only paid $20 towards my line of credit to cover me for ONE day. I had to pay my surgeon $45 to have a medical report done to send to Canada Life for the surgery I endured. Like everyone here, I've been paying for useless insurance coverage when they don't even cover your psychology therapy bills of having to deal with these thieves! Anyone willing to start a class action with this scam of a company who only collects and doesn't pay out. My line of credit piled up with interest and monthly payments where I am no longer to even give them a payment heading towards bad credit while Canada Life only gave $20 towards my line of credit. There are no words at this given moment to express how furious I am along with several others who were royally screwed by this company. Beware! Do Not go with Canada Life! It is insulting for a $10 Billion company that can't spare to pay for two months' coverage or can't spare $600...
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Don't care, won't pay.

(1.0 out of 5 stars)
by Upset Feb 19, 2017
...Before signing up they will promise you they world, but when time comes to pay they won't part with your money. You will have to wait forever, and they don't want to hear from you at all. If your agent is not going to help you, Canada Life won't either. Once they have your money, nobody cares, you are on your own...
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Did you know there is a 35% chance of developing a critical illness before you are 65 and 65%-70% chance before you turn 81? That means getting a critical illness insurance quote is no less important than getting life insurance. Your choice.

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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life insurance

(5.0 out of 5 stars)
by Lorna Jan 26, 2017
...Th yet we're very nice and helped me throughout and they paid the life insurance within a month...I would recommend this company...
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Did you know that one in three Canadians, on average, will be disabled for more than three months before they turn 65? Get a disability insurance quote today to make sure your income is secure, even when you are temporary disabled.

I'd rate 0

(1.0 out of 5 stars)
by injured Dec 02, 2016
...I've held 3 policies over the 12 years I've been with my bank and since I experienced nerve pain and been place off work and waiting for a lengthy drawn out night mare of a discussion I've been told I'm to high risk they are shredding my contract and sending all my premiums back to me. these guys are crooks. I called my branch manager expressed the disgusting product that they are endorsing and that is a bad reflection on their business. We'll see where this goes but this bank has been warned I will pull pin on them after 12 years and working where i work and the elbows i rub this experience will cost both business dearly as because everyone will hear the "peace of mind" that are all lies sold to un-expecting clients...
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Canada Life will not pay

(1.0 out of 5 stars)
by Disappointed Jun 28, 2015
...I purchased life and disability insurance through RBC home protector and their provider is Canada Life. Last November I had a back injury and I have been of work for almost 7 months now. I applied for the disability insurance I was paying for and thought I had. Once I sent all my medical info regarding my injury to Canada Life, they wanted more info from my family doctor going back 2years from date I purchased the insurance. They found a medication prescribed to me in that 2year period . The medication was for something other than anything they indicated on the application form questions I answered when I applied for the insurance. They declined me coverage for my back injury and cancelled my coverage for disability. I appealed there decision with a letter from my doctor explaining the medication treatment and they still declined me a second time. I took it to a lawyer last week. He said Canada Life is treating me unfairly and that I stand a great chance of settling this in my favor. Problem is he said I could end up paying him more than the coverage I would get back from Canada Life. At least he was honest. More than I can say for this insurance company...
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Canada Life does not pay

(1.0 out of 5 stars)
by anomoysis Feb 11, 2015
...Scotia bank sold coverage to us on our mortgage and Credit lines. When my spouse passed away and I submitted my claim Canada Life decided they were only going to pay a portion of the claim. They "averaged" our line 12 months prior to my spouses diagnosis and that's all they would pay. When we spoke to our bank rep who sold this insurance to us they had no idea of this averaging by Canada Life. If the reps at the bank are not updated on the rules and they are the ones pushing this product down their customers throats is the bank not liable for our lose?Canada Life will not return phone calls and have left me with a large loan to pay. I will be forced to hire a lawyer to hopefully get my claim paid. DO NOT ever let the bank talk you into mortgage insurance--go get term from a LICENSED insurance Broker...
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it's ok I guess...

(4.5 out of 5 stars)
by alex Nov 13, 2013
...My insurance broker offered me both Sunlife and Canada Life's term life policies which were the cheapest for my age and health condition - they would cost nearly the same...
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Did you know that mortgage insurance is the same as life insurance but more expensive and offers less protection? By cancelling it and getting life insurance , you would typically save around 30%-40% for the same coverage.


(4.5 out of 5 stars)
by nappo Jun 04, 2012
...I am happy with the coverage and protection it offers.No hassles with premiums...
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