Canada Life Review 2025
Following the 2020 consolidation of Canada Life, Great-West Life, and London Life — what the combined company offers today.
4.1/5
bremo.io Verdict: Canada Life is a massive, financially strong insurer with competitive term life rates and an extensive advisor network. The post-merger integration is largely complete, and the combined entity offers a comprehensive product suite. Advisor experience and pricing vary — compare before deciding.
About Canada Life
The Canada Life Assurance Company — as it stands today — is the result of a major consolidation completed in 2020, when Canada Life, Great-West Life, and London Life were merged under the Canada Life brand. The parent company is Great-West Lifeco Inc., a subsidiary of Power Corporation of Canada. Canada Life is among Canada's largest insurers by assets and policy count, federally regulated by OSFI.
Canada Life Insurance Products
Life Insurance
- Canada Life My Term: Term life insurance available in 10, 15, 20, and 30-year terms; competitive pricing for many age/health profiles
- Canada Life Participating Life: Whole life with dividend-earning participating account
- Canada Life Universal Life: Flexible universal life insurance
- Anniversary Date Increasing Term: Term coverage that increases over time
Health Insurance
- Critical Illness Insurance: Comprehensive critical illness coverage
- Disability Insurance: Individual and group disability products
- Health and Dental Plans: For individuals and families without group coverage
Retirement and Investment
Canada Life is also a significant wealth management company, offering:
- Segregated funds (insured investment products)
- Annuities (income and deferred)
- Group RRSPs, DPSPs, and DC pension plans
- GIAs (Guaranteed Interest Accounts)
Canada Life Rates: How Do They Compare?
Canada Life's term life rates are competitive and frequently rank among the lowest available in Canada, particularly for healthy Canadians aged 30–55. The combined entity's scale allows for competitive pricing across product lines. Their My Term product (formerly LifeAdvance) is a strong starting point for term life shoppers.
Compare broker quotes: Canada Life distributes primarily through licensed brokers. An independent broker can compare Canada Life's rates against Manulife, Sun Life, iA Financial, and others simultaneously — always the recommended approach.
Post-Merger Integration: How Is It Going?
The 2020 merger was significant — combining three major brands with millions of policyholders, hundreds of thousands of group plans, and different legacy systems. As of 2025, the integration is largely complete:
- Single brand (Canada Life) and unified advisor force
- New digital client portal (MyCanadaLife) launched
- Legacy policyholder contracts honoured under original terms
- Some legacy systems still being unified — some service inconsistencies reported
Pros and Cons
Pros
- Competitive term life rates — often among lowest in Canada
- Massive scale; very strong financial position
- Comprehensive product suite: insurance + wealth
- Broad advisor network across Canada
- Strong group plan capabilities
Cons
- Post-merger service inconsistencies reported by some policyholders
- Complex organization — advisor experience varies significantly
- Legacy systems not fully unified
- Less consumer-facing digital presence than Manulife or Sun Life
Canada Life Financial Strength
| Rating Agency | Rating |
|---|
| DBRS Morningstar | AA (Stable) |
| Standard & Poor's | AA- (Very Strong) |
| Moody's | A1 |
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Who Is Canada Life Best For?
- Canadians seeking competitive term life rates who will work through a broker
- Those interested in segregated funds alongside life insurance
- Employers seeking group benefits with integrated wealth management
- Existing Great-West Life, London Life, or Canada Life policyholders who want to understand their current coverage