The Canada Life Assurance Company was founded in 1847 in order to provide Canadians with life insurance. It has its headquarters in Toronto. D. Allen Loney is the President and CEO of the company, and Paul A. Mahon is the President and COO of the Canadian branch. As the first domestic life insurance company in the entirety of Canada, Canada Life is proud to continue its long tradition of providing high-quality products and services. In the past, Canada Life only dealt with insurance products in Canada, but today, it sells insurance and wealth management products to customers outside of Canada as well, primarily in the United Kingdom, Isle of Man, Ireland and Germany. Canada Life also used to do business in the United States under the name of the Canada Life Insurance Company. However, in 2003, the Canada Life Insurance Company was purchased by Great-West Lifeco, and in 2009, that branch of Canada Life merged with the Great-West Life and Annuity Insurance Company. Anyone who purchased an insurance policy with the United States division of Canada Life prior to the merger should look to Great-West for fulfillment of their policy.
Some of the products and services offered by the Canada Life Assurance Company include savings and investments, disability insurance, critical illness insurance, retirement income, creditor insurance and life insurance. The life insurance products sold by Canada Life fall into two categories: term life insurance and permanent life insurance. Term life insurance is a type of life insurance product best suited for people who have high protection needs for only a short period of time. Reasons why someone would buy term life insurance include creating an estate for your heirs and paying off mortgages, taxes, business loans, lines of credit or personal loans. Canada Life’s term life insurance products are marketed under the name of Simply Preferred term life insurance. Simply Preferred policies are available for periods of five years, ten years or twenty years. After a Simply Preferred policy ends, you have the option of renewing it. At any point during the life of your policy, you have the option of converting it to a permanent life insurance one.
Permanent life insurance comes in the forms of universal life insurance and participating life insurance. Permanent life insurance provides coverage for your lifetime, as opposed to just a specific period of time. Universal life insurance allows you to get this lifetime coverage as well as a tax-advantaged investment component. Canada Life sells universal life insurance under the name of Millennium universal life insurance. Canada Life’s participating life insurance, known as Wealth Achiever or Estate Achiever, also gives you lifetime coverage, plus a tax-advantaged savings component and the opportunity to receive policyholder dividends.