Desjardins Financial Security aka Desjardins Life Insurance:
Find Out If It's The Right Insurer For Your Family!
If you are checking out Desjardins Life Insurance Reviews online chances are you know they sell insurance as Desjardins Financial Security! If you are looking for more info, you are in the right place.
Chances are you’ve heard of them – because they are widely known. But does that mean they are the right fit for your needs?
The thing is life insurance shopping isn’t one size fits all despite what many think.
There are lots of nuances – that can literally save you thousands of dollars and lots of hassle.
So, let’s take a look at Desjardins Life Insurance right now to see how they compare.
Hey, there friend! My name is James Heidebrecht and I am the founder of Policy Architects. We are a boutique agency that serves the needs of Canadian families from all walks of life.
Life insurance is a great business to be in because I get the chance to meet people just like you…
….and to help them set up a safety net to protect those they love.
If you are looking for a simple point and click solution, we are not the company for you. My goal is to give personalized service to clients who want the best.
The result? You get the most affordable rates for the most comprehensive product available today.
Ugh so annoying - let's face it, you're simply a life insurance guy who wants to make a buck.
Sadly a lot of people feel this way before they speak with me. Sure this is my job but I only make money if you buy a policy...
...our services are free unless you decide to pull the trigger. We also like to think of our clients as clients for life. So you get top level advice. Every. Single. Time.
Face It If You Have Debt & Dependents You Need Life Insurance
Sadly we all die. I am not going to mince words. This is one of those things that no one ever wants to talk about.
…I want to change that. Death shouldn’t be terrible and all of us should plan for it.
If you have debt like a mortgage, a car, or a credit card balance and you have people that depend on your pay check – life insurance is a no brainer.
Sure you can roll the dice and hope nothing happens – but if it does can your family weather the storm? Chances are they need your income to pay the bills.
That’s where we come in. Life insurance is an awesome tool and it’s super affordable. Ok enough about me. Let’s dig into this Desjardins Life Insurance NOW!
‘But do I really need life insurance?’, you may ask. The answer very much depends on your circumstances, and, perhaps even more importantly, on those of your other family members. If your family consists of only two people, and you both earn well, then a life insurance may not be necessary. On the other hand, a family with children where one partner is the main or sole provider could find itself in substantial financial hardship, or even lose the family home if the worst was to happen.
What's The Story Morning Glory?
Desjardins Life Insurance aka Desjardins Financial Security
Do we really have to talk about their history - gotta be honest I really don't care that much...
Well then you should! The background of the company select is highly relevant. Let's face it a life insurance company that has a long history has more experience than one that was created recently.
The Desjardins Group, based in Montreal, is a Canadian cooperative founded in 1900 and is the largest federation of credit unions in North America…
…BUT banking isn’t their only gig. They have over 20 subsidiaries offering insurance services and products, real estate, venture capital funds, and brokerage.
Desjardins is also a multinational company with interests in 50 developing countries.
For the purposes of this article, I am going to look at their life insurance arm, Desjardins Financial Security which was founded in 1948 under the name Desjardin Life Insurance.
In 1962 they acquired La Sauvegarde becoming the largest life insurance company in Quebec. Many acquisitions, a rebrand, and restructuring later they were incorporated by the Dejardins Group as Desjardins Financial Security.
They are the 4th largest life and health insurer in Canada and are heavily involved in the American Life Insurance market after acquiring State Farm in 2014.
Desjardins Life Insurance: Financial Rating
What is a financial rating?
The next step in the due diligence process is checking out their financial stability. Did you know life insurance companies are graded? Yep. Let's take a look
Life Insurance is a highly regulated industry and the financial standing of companies are assessed yearly by rating agencies.
This is to help the consumer make the right choice when it comes to the fiscal integrity of the insurer they select.
Desjardins is not a newcomer to the market and they earn some high marks. Check it out:
- Standard & Poor’s gives then an A+
- Moody’s – Aa2
- Dominion Bond Rating Service – AA
NICE! You can rest easy knowing you are being protected by a stable company with a lot of experience in life insurance.
Now let’s see what the public thinks…
Desjardins Financial Security: Reviews
As we all know the internet brings good things to our lives. We have the ability to scope out information with the touch of a button.
BUT as with anything, there can be a dark side. Online reviews don’t always portray companies accurately. There are those that manipulate reviews – one way or the other.
Reviews are fairly anonymous so anyone can say anything without consequence.
Not to mention the fact that making a life insurance claim is seriously stressful so it’s a time where you’re less likely to be understanding when it comes to hiccups.
MOST life insurance claims are uneventful – which means successful. That being said, people are unlikely to take the time out to write a glowing review.
Soooo long story short – keep online reviews in perspective. Sadly life insurance companies really get slammed.
In my humble opinion, you need to read the comments to see what it is that people are unhappy with. Some of the complaints are not connected to the product you are interested in…
…or are out of the control of the life insurance company. Perspective is everything.
Desjardins Life Insurance Reviews: Google
I would like to know how this works. Like Sun Life, no Google reviews are available for Desjardin Life Insurance.
Probably a smart move for the reasons I mentioned above.
They are a huge life insurance company and there are bound to be complaints due to the nature of the business.
…but does the lack of transparency work for them or against them? That’s for you to decide.
Desjardins Life Insurance Reviews: Insureye
Ouch! Well, this is not good. Insureye gives them 1 star out of 5. I think these are the worst reviews I’ve seen since starting these two years ago.
Hmmm. Unfortunately, it seems that some people have been denied claims. I think this is one of the things people fear the most.
To be fair, this is not common. Some people are denied claims but it usually has to do with inaccurate information being given by a client when then fill out their application.
Sometimes this is outright fraud and other times it’s an honest mistake or oversight. This is why it’s SO important to work with an independent agent that really cares.
We know the importance of filling out the application. If you get an agent that’s not doing his or her job things can fall through the cracks.
For me this revuew is a red flag.
Thanks for that! I never really thought too deeply about the reviews but it really makes me look at them differently.
I'm glad because I think this perspective applies to all reviews. Do we really know where they are coming from?
Desjardins Life Insurance: Products
As an independent agent, it’s absolutely imperative that I keep my finger on the pulse of all the products out there. After all different people have different needs.
But before I get started my first impression is that all roads seem to lead you to connect with one of their tied agents. Grrrr…
Let’s see what I can dig up:
Desjardins Financial Security Term Life Insurance
It covers a period of time when you feel most vulnerable. It traditionally requires a medical exam. For the most part, people use it for income replacement and it’s by far the most affordable option.
In a nutshell, you select a coverage period, face value and the insurance company rates you after a medical exam which determines how much you pay.
Here’s what Desjardins Life Insurance has to offer:
- 10,20 or 30 year terms
- To Age 65
- Term coverage is convertible to permanent without a medical exam
- If you and your spouse get coverage at the same time they offer a discount
- Coverage for Children
- Premium Holidays for Disabilities
- Increase Your Benefit Without a Medical Exam
Desjardins Financial Security Permanent Life Insurance
If you want coverage until the day you die and/or cash value accumulation, then permanent insurance is the right choice for you.
It’s a more complicated product than term and offers a lot of different options – not to mention the fact that it’s far more expensive.
For the most part, I recommend term insurance, but there are times when permanent coverage fits the bill.
Here’s what Desjardins has to offer:
Desjardins Life Insurance Basic Coverage
- Coverage ages 50 – 75
- $5k, $7K, $10K, $15K or $20K face value available
- No medical exam coverage just answer 4 questions
- No waiting period (typically there is a 2 year waiting period)
- 5x benefits for accidental death up to age 85
- Advance payment of up to 50% of the death benefit (life expectancy is diagnosed by a physicians as less than 2 years)
- 30 day trial period
- Access to convalesence assistance and psychological assistance
Desjardins Life Insurance Personalized Coverage
This is more comprehensive coverage which requires a medical exam.
Here is their offering:
- Available for people ages 65 – 100
- You can get 10, 15 or 20 year terms
- Coverage from $1000 – $10Million
- Guranteed level premiums
- Discount if you buy more than one policy at the same time
- Generous cash surrender values
- Partial coverage even if you have to stop paying premiums
- Premium holiday coverage in the event of a disability
- Increase your benefit without a medical exam
- Critical illness insurance
- Long term care advance
Desjardins Life Insurance Participating Coverage
- Doesn’t give an age requirement for participation
- Doesn’t give face values available
- You can choose a 20 year term up to pay to 100
- Guatanteed premiums and death benefit
- Possible dividend
- Use potential dividends to buy more coverage or reduce premiums
- Option to stop payments and keep coverage
- Premium holiday for disability
- Buy more coverage without a medical exam
Desjardins Life Insurance Universal Life Insurance
Universal Life insurance is a great product. It’s more flexible than most permanent policies but still offers the investment component.
If you are looking for a more cost-effective way to get coverage until the day you die this may be the solution for you.
- Doesn’t give you age requirements for participation
- Doesn’t give you available face values
- Make changes to your policy if your needs change pentalty free after 5 years
- 30 investment options (no information available)
- Insurability guarantee to increase benefit without a medical exam
- Premium holiday should you become disabled
- Accidental death benefit
Term life insurance often makes sense for families whose children are financially independent. But for parents of special-needs children who need payments to continue beyond a certain period, advisors recommend a “second-to-die” life insurance policy that pays out to a special-needs trust that disburses the money for care.
Thanks! That really gives me some insight into what Desjardins has to offer.
Yeah I really enjoy checking out all the products available. There's so much going on in the life insurance industry.
Desjardins Financial Security: Application Process
So I can’t say a lot about this Desjardin Life Insurance when it comes to their website user experience OR their application process.
When a potential client logs on to their site, it takes a lot of navigation to get to the meat of their offering and even then the details are very basic.
It’s clear from the get-go that they want you to contact one of their tied agents. Sure I guess that makes sense for them – but to be honest I really prefer how some of the other companies like RBC and BMO offer an up to date and transparent process.
There is no way to get further information other than contacting a rep for Desjardin.
Desjardins Life Insurance: Rates
OK, this is what you’ve been waiting for! How does Desjardins stack up when it comes to premiums?
Let’s take a look at non-smoking men and women throughout the decades. For the purposes of this review, I am using a standard rating.
This is because it’s the most common rating people receive and I don’t want to start off creating false expectations to lure you in.
Hey, I truly believe life insurance is insanely affordable so I don’t have to exaggerate.
That said if you are in great health and don’t have a long family history of illness rates will be substantially cheaper.
Remember the best way to save serious cash is to contact an independent life insurance agent TODAY!
|35 Year Old Male||NA||NA|
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|45 Year Old Male||NA||NA|
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|55 Year Old Male||NA||NA|
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|60 Year Old Male||NA||NA|
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|65 Year Old Male||NA||NA|
|65 Year Old Female||NA||NA|
Desjardins Financial Security Uses Tied Agents
Please BEWARE. Comparison shopping is the way to save serious cash. Not all life insurance companies are created equal. The guidelines they use to determine your rates vary…
…as does their leniency or lack thereof for specific medical conditions.
Dejardins Life Insurance may be the BEST company ever for your situation…
OR it may not. We will never know because we can’t compare their rates and offers.
If you think that most companies offer the same products and prices you are incorrect!
Finding the right fit can literally save you 10’s of thousands over the course of your term. This is no little thing.
Desjardins Life Insurance Pros
Long History & Good Financial Ratings
Desjardins Life Insurance isn’t new to the market. They have been in business for over 70 years and as such have shown themselves to be capable of running a fit company.
Their financial rating is also very good.
If you choose them for your policy you can feel confident that your investment is safe.
Desjardins Life Insurance Cons
Website User Experience & Lack of Information
I found Desjardin’s website to be dated. It’s also tough to dig up information about their products. Their goal is clearly to get you to contact one of their tied agents.
Personally I prefer sites that keep up with the times, offering you tools and calculators that clarify their offerings. For me, transparency is always the better route.
Their Rates Are Not Available
Also you can’t easily access their rates. All of this secrecy makes me feel like their rates are going to be costly.
There’s no way for me to weigh them against the competition.
Bad Customer Reviews
I don’t typically put a lot of stock in these but Dejardin’s reviews are particularly bad and mention denied payouts.
This could be indicative of any number of issues including poor advice from tied agents.
For me, though it’s a red flag.
Products Only Available Through Tied Agents
I am honestly NOT saying this because I am an independent agent…
….but getting the best prices relies on you shopping around. Even if you contact an agent at Desjardins DON’T sign up until you speak to an independent agent to make sure this is the best deal you can get.
This call may save you thousands.
Why You Need to Call Policy Architects TODAY
If you are looking through Desjardins Life Insurance reviews GOOD for you! It means you are doing your homework.
That is awesome. Life insurance isn’t one of those riveting topics that people enjoy talking about…
…BUT I appreciate the fact that you know how important it is.
Desjardins is a good company with a VERY solid financial rating. Sadly I was unable to pull up that much information about their products or rates. To do that you need to speak to a tied agent.
It’s hard to convey how strongly I feel about consulting an independent agent even if you are determined to work with Desjardins Financial Security.
Find out what they offer and then come talk to us. My guess is we can find you a better deal. This call may save you thousands.