Matt Hands, Sr. Business Unit Director
Great-West Life (Canada Life) is the third-largest life insurance company in Canada. It's the smallest of the big three Canadian insurance providers, behind Manulife and Sun Life. It’s currently rebranding as Canada Life, which brings together include Great-West Life, London Life Insurance Company, and Canada Life Financial.
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The earliest Great-West Life brand was the Canada Life Insurance Company, founded in Hamilton, Ontario in 1847, followed by London Life, which was founded in 1874. The Great-West Life Assurance Company was founded in Winnipeg in 1891, was the only Canadian life insurance provider based in Western Canada at the time. Great-West Life (Canada Life) is headquartered in Winnipeg, Manitoba.
Great-West term life insurance is available in 10 or 20 year terms, renewable until age 85. Term life insurance policies may also be convertible to permanent life insurance at the end of each term.
Participating life insurance from Great-West is a standard, participating life insurance policy, with increasing, set, or limited payment options available. Great-West doesn’t offer non-participating whole life insurance.
Great-West universal life insurance combines permanent life insurance with a tax-advantaged investment account, and provides the most flexibility possible on a permanent life insurance policy. Both set and limited payment options are available.
Great-West life insurance also offers life insurance-adjacent products, including disability insurance and critical illness insurance. These can be purchased alongside a life insurance policy or separately. Great-West critical illness insurance also offers a return of premium options, returning up to 100% of premiums to you if you don’t make a claim.
Life insurance is individually specific, and you won't know what policies and rates you're eligible for until you receive multiple quotes. Receive quotes today to make the right decision when you're ready.compare quotes today
Great-West life insurance pros
- Like the other big three life insurance companies, Great-West Life (Canada Life) has a highly sophisticated options for permanent life insurance.
- Offers critical Illness coverage with a return of premium option
Great-West life insurance cons
- Being the smallest of the big three Canadian life insurance companies, Great-West has less product variety compared to Sun Life and Manulife
- Does not offer a non-participating whole life insurance policy
- Does not offer a Term-to-100 life insurance policy
Great-West Life (Canada Life) has received excellent ratings from all of the major credit ratings agencies:
- Standard and Poor’s: AA (Very strong)
- Moody’s: AA3 (High quality)
- A.M. Best: A+ (Superior)
- DBRS: AA (Excellent)
Ratehub.ca is not affiliated or otherwise associated with Hub International Canada.
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Matt Hands, Business Director of Insurance
With 6+ years of experience at Ratehub.ca, Matt’s focus has been on growing its newest business unit, Insurance. He is a thought leader and a valuable resource to respected publications across Canada. read more
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