Crown Life Assurance was a Canadian life insurance company that was purchased by Canada Life Assurance in 1998. Although Crown Life Assurance no longer exists, the spirit of the company lives on through Canada Life Assurance’s dedication to providing high quality insurance products to people living in Canada, the United Kingdom, the United States, Brazil, Ireland and Germany.
Canada Life was founded in 1847 and is based in Toronto, On. It was the first company to provide domestic life insurance in Canada. In addition to life insurance products, Canada Life also offers products and services such as wealth management products, savings and investments, retirement income, disability insurance, critical illness insurance and creditor insurance. Canada Life is owned by the Great-West Life Insurance, which also owns the insurance company London Life. These companies are part of the Power Financial Corporation Group. Together, the three of these companies provide service to over 12 million Canadians. The President and CEO of Canada Life International is D. Allen Loney, and the President and COO of Canada Life’s Canadian division is Paul A. Mahon.
Canada Life offers three kinds of life insurance products: term life insurance, participating life insurance and universal life insurance. Canada Life’s term life insurance is called Simply Preferred. Under the Simply Preferred policy, you can select a 5 year, 10 year or 20 year plan. Your premiums will remain constant throughout the life of your policy – there will be no unexpected increase in rates. You have the option of converting your term life insurance policy to a permanent life insurance policy, if you so choose. The healthier you are, the better the premium rate you will receive – Canada Life likes to reward insurees for living healthy lifestyles.
After your plan has expired, you have the option of renewing without the requirement to undergo medical exams or present a new proof of health. The price of the policy will increase upon renewal, but not outrageously – the price increase only reflects the fact that you are now older and thus more likely to die and require the company to issue a payment to your beneficiaries. Your renewal is guaranteed; Canada Life cannot refuse to let you renew.
Canada Life’s universal life insurance is called Millennium Universal. In addition to coverage in the event of your death, you will also receive a tax-advantaged investment component. Universal life insurance policies are a great way to provide both security and an additional source of income. The two kinds of participating life insurance sold by Canada Life are Wealth Achiever and Estate Achiever. Participating life insurance is similar to universal life insurance as both have two components – the difference between the two products is that universal life insurance has an investment component while participating life insurance has a savings one. With participating life insurance, you have the potential to earn additional income through policyholder dividends; this is the only type of life insurance product that allows you to earn income through dividends.
You learn more about insurance companies by clicking on the following links: SSQ Insurance, Confederation Insurance, Western Life Insurance, HUB Insurance, Industrial Alliance Pacific Insurance, CompCorp Insurance, Freedom 55 Life Insurance, and Blue Cross. For a full list of companies please click here.