Frequently asked questions


Provided by Canada Life

Who needs life insurance?

Whether you have a spouse and kids, live on your own, want to protect your estate or are simply looking to leave a legacy, life insurance can play an important role in your financial security plans. A life insurance policy can cover things such as funeral costs, mortgages, loans, credit card payments, legal fees, estate taxes and medical expenses you might leave behind. It can also be used to leave a gift for a loved one or a charity.

If you own a business or have a business partner, life insurance can help with any outstanding debts in the case of death and ensure a smooth transition of ownership to your partner, an employee or a family member. Not only will a life insurance policy help leave your beneficiaries with financial security, it can also help to ensure they will receive fair value for your largest asset – your business. Without proper insurance, the claims of business creditors could significantly reduce your personal estate.

How much life insurance do I need?

The amount of life insurance you need ranges from three to 10 times your annual income. Before taking out a life insurance policy you should consider factors such as your spouse’s ability to earn an income, your savings and investments, how many dependents you have and how long they will depend on your income – as well as how much you can realistically afford. The insurance calculator is a good starting place to help determine your insurance needs.

Are there different types of life insurance?

There are two main types of life insurance:

  1. Term insurance – these products are best suited for meeting high and short-term protection needs at the lowest initial cost.
  2. Permanent insurance – these products offer lifetime protection, can build cash value and provide a death benefit.

What if I already have life insurance?

Even if you already have some form of life insurance, it’s still wise to make sure you are sufficiently covered – especially following a key life event. The birth of a child or grandchild, getting married, buying a new home, or planning for your children’s education can all change the coverage you need.

How do I apply?

Apply online or call Canada Life to ask for an application. Canada Life’s customer service representatives are available to answer your questions or help you with your application.

What if I change my mind after applying for coverage?

Once your application is approved, you will receive your Certificate of Insurance in the mail. If you are not completely satisfied with your insurance plan, you can call Canada Life within 30 days of receipt to cancel. Any premium paid will be refunded – no questions asked.

What if I smoke occasionally?

Even if you only smoke occasionally you are still classified as a smoker. You will only be considered at non-smoker rates if you haven’t smoked any cigarettes, and/or used tobacco products or nicotine substitutes in the past 12 months from the date Canada Life receives your application. If you are already covered and then start smoking you must let us know so that we can adjust your premiums accordingly.

What if I quit smoking after I am covered?

Let us know if you haven’t smoked cigarettes, and/or used any tobacco products or nicotine substitutes for more than 12 months so we can provide you with lower non-smoker rates, if available. Once we approve your non-smoker application, your new rates will kick in on the first day of the following month.

How do I increase the amount of my coverage?

You can apply for increased coverage at any time. Complete an Additional Coverage Application form and mail it to Canada Life.

How do I update my address, email or phone number?

Contact Canada Life by phone or in writing if you want to update your address, email or phone number.

How do I change my beneficiary?

You can change your beneficiary by completing a Change of Beneficiary form and mailing it to Canada Life. You can also contact a Canada Life customer service representative by phone and we’ll send you the form by mail. If your current beneficiary is irrevocable, you’ll need their consent to make the adjustment.

How do I cancel my coverage?

To cancel your coverage contact a Canada Life customer service representative Monday to Friday from 8:00 a.m. to 6:00 p.m. ET.

What if I have other questions?

Canada Life’s customer service representatives are available Monday to Friday from 8:00 a.m. to 6:00 p.m. ET to answer your questions or help with your coverage needs. Call us.

How do I name a beneficiary?

Once your application is approved, you will receive your Certificate of Insurance as well as a Beneficiary Designation form in the mail. To appoint a beneficiary, sign and return the Beneficiary Designation form to Canada Life. By appointing a beneficiary, you have ultimate control over who’ll receive the money.

What if I don’t name a beneficiary?

If you don’t name a beneficiary, the proceeds of your insurance become part of your estate and may be subject to provincial probate fees.