Desjardins Financial Security aka Desjardins Life Insurance Review
We give Desjardins Life Insurance 3.5 stars. Solid carrier with a long history! Excellent suite of critical illness and disability insurance products.
James Heidebrecht - Founder of Policy Architects
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.
This insurer is 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.
‘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.
Desjardins Financial Security: What's The Story Morning Glory?
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 you select is highly relevant. Let's face it an insurer 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 Desjardins 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 Desjardins 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 Financial Rating
What is a financial rating?
Did you know life insurance companies are graded like in school? Yep. The financial community gives them a mark based on certain criterion including, longevity, solvency, etc. 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 Life Insurance Reviews Online
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 Desjardins 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 some of the worst reviews I’ve seen since starting this project.
Hmmm. Unfortunately, it seems that some people have been denied health insurance claims. I think this is one of the things clients 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.
Thanks for that! I never really thought too deeply about the reviews but it 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 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 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 penalty 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
Looking For A Desjardins Life Insurance Quote?
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 Life Insurance Application
So I can’t say a lot about this Desjardins 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 Desjardins.
Desjardins Life Insurance: Rates
|35 Year Old Male||$20.48||$33.30|
|35 Year Old Female||$15.98||$25.20|
|40 Year Old Male||$28.80||$48.60|
|40 Year Old Female||$21.50||$35.55|
|45 Year Old Male||$44.55||$77.40|
|45 Year Old Female||$32.18||$55.35|
|50 Year Old Male||$73.80||$130.05|
|50 Year Old Female||$54.68||$89.10|
|55 Year Old Male||$128.70||$230.40|
|55 Year Old Female||$91.13||$161.10|
|60 Year Old Male||$245.03||$443.45|
|60 Year Old Female||$168.48||$308.25|
|65 Year Old Male||$383.18||$715.50|
|65 Year Old Female||$257.85||$486.90|
*Quotes above are for Desjardins Term 20, monthly, Standard Health Class, non-smoker. Your rates may differ depending on your unique circumstances. June 2020.
Looking For A Desjardins Life Insurance Quote?
Desjardins Financial Security Uses Mostly Captive Brokers
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.
Desjardins Life Insurance may be the BEST company ever for your situation…
OR it may not. You will never know if you can’t compare their rates and offers fairly. To get the most objective advice, consult an independent broker who can quote you Desjardins and other carriers as well.
Desjardins Life Insurance Pros
Great Financial Ratings And Long History
Desjardins Financial Security 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.
Large Suite of Insurance Products
Desjardins Life Insurance has a wide of products including term, permanent, critical illness and disability insurance, just to name a few.
Top Notch Critical Illness Coverage
Desjardins has a fantastic choice of critical illness insurance products. Options include pay for life, pay to age 65 and 20- Pay. Most of their plans have a return of premium (ROP) feature as well. This means if you pay into a plan and don’t make a claim, you’re eligible to get all the money you paid into the plan back.
One of the Best Selections of Disability Insurance
Desjardins has an excellent and complete suite of disability insurance products.
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 Easily Available to Consumers
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.
Products Mostly 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.
Is Desjardins Life Insurance Right For YOU?
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. They mostly use captive agents to sell their products. While I’m sure these brokers are professional and do a good job serving clients, I can’t stress how important it is to work with an independent agent.
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