London Life Insurance Company is an insurance company that was founded in London, Ontario back in 1874. London Life Insurance is owned by parent company Great-West Lifeco. Over the past 130 years, London Life Insurance has helped Canadians acquire insurance products such as life insurance, disability insurance, critical illness insurance, health insurance and dental insurance. In addition to insurance products, London Life Insurance also offers financial advice and planning through its Freedom 55 Financial division.
In terms of life insurance products, London Life Insurance offers three: participating life insurance, universal life insurance and term life insurance. Participating life insurance and universal life insurance are both types of permanent life insurance, which is designed to cover an insuree for their lifetime. The way it works with participating life insurance is that the premiums you pay are deposited into a participating account. Within this participating account, your funds are commingled with premiums from other London Life Insurance policyholders. The insuree and their fellow policyholders all have the opportunity to earn dividends from the money in this account. Universal life insurance, on the other hand, provides a tax-advantaged investment to the insuree. Under a universal life insurance policy, the insuree can pick one of several investment options. This type of life insurance is pretty flexible ; within limits, the insuree can decided how much money they want to pay out, how much money they want to take out or borrow, and how they want to use the money they’ve withdrawn.
London Life Insurance’s term life insurance is for people who can’t pay for or aren’t interested in paying for full life coverage. The “term” in term life insurance refers to the specific period of time the insuree is covered for under their policy. Term life insurance, in a nutshell, is for people who need a large amount of coverage for relatively short period of time for the lowest initial rates. Insurees with London Life Insurance can get term life insurance for either a period of ten or twenty years with an option to renew once the period has ended. Many insurees have the option of converting their term life insurance policy into a permanent one.