Breaking News Great West Life Assurance Company
& Canada Life Assurance Company Become ONE!
If you’re searching for great west life assurance company chances are, you already heard the big news that they have been amalgamated into the Canada Life brand.
In fact, they are not alone, London Life Insurance and Canada Life Assurance Company join them under the Great-West Lifeco umbrella.
This is a very exciting time for this company and they already have some very positive results.
Great West LifeCo (their holding company) reported a 6% dividend increase for their 4th quareter of 2019 and have consolidated AUM of $1.6 Trillion.
Now that’s not too shabby!
If you want to find out a little bit more about Great West Life Assurance Company and their past performance you can check out our pre-amalgamation review here:
Looking for current info? Check out our Canada Life NOW! This is where their consolidated products will be from here on out!
“For more than 125 years, our three Canadian insurance companies have built a deep history of honouring commitments and promises to Canadians. As one company, this won’t change,” added Canada Life president and chief operating officer Jeff Macoun.
Macoun added that all three companies have been leaders in the life insurance space for generations. Thanks to amalgamation, Canada Life will also combine its Canadian open participating accounts, and will launch new Canada Life participating life products early next year.
Great West Life Assurance Company, London Life Insurance & Canada Life Assurance Company Stronger Together
Think about it. If you own three similar companies but they all had different operating systems, products, underwriting policies, and marketing approaches…
What would you do?
Great-West Lifeco made the smart choice to join forces to create a mega-life insurer. The plan is to consolidate their operations over the next 24 months so they can concentrate on technology, innovation and providing the best possible products and services to their clients.
In today’s world moving with the times is more important than ever and Great-West Lifeco is attempting to stay ahead of the trend.
The History of Great-West Lifeco (Canada Life's Holding Company)
Great-West Lifeco was founded in 1891 by Jeffrey Hall Brock. Hey, you wanna hear an interesting fact about this company? Two of their policyholders died on the Titanic in 1912!
At the time this company was launched 31 out of 40 insurance companies doing business in Canada were foreign-owned…
… and NONE of those insurers were based in Western Canada. Leaving a huge opportunity.
Great-West Lifeco saw this niche and filled it.
If you think this is where the story ends, you are sadly mistaken. Not satisfied with just doing business in Canada Great-West Lifeco entered the US market in 1906…
…and in the early 1940’s penetrated the Eastern Canadian market as well.
Quite frankly, their agressive business model is one to be admired. It seems they have very solid leadership too as they managed to withstand two world wars and a depression.This is one of the things I like most about life insurance companies with long histories.
Acquisitions Is Their Game
It’s clear that Great-West Lifeco is run by motivated people and they continued to grow the company by leaps and bounds. By 1942 they were the FIRST Canadian insurer to adopt accident and health insurance business models.
As they expanded their offerings they also expanded their footprint.
Great-West Lifeco acquired the following companies:
- Great-West Life Assurance Company
- London Life Insurance
- Canada Life Financial
- Canada Life Assurance Company
- Indiana Health Network
- Putnam Investment Trust
- US Bancorp Retirement Plans
- MetLife Retirement Plans
- Irish Life & Irish Life Assurance
As I mentioned earlier Great West Lifeco then went on to amalgamate Canada Life Assurance Company, London Life Insurans and Great West Life Assurance Company under the Canada Life brand in 2020. This move really makes them a powerhouse in the Canadian Life insurance market.
So What Do These Changes Mean for Advisors & Clients?
Advisors and clients needn’t worry. There is a plan afoot to roll out their consolidated offering and in the future, this move will simplify their operations and hopefully make them more lucrative.
The President of Quebec Affairs, Monique Maynard shares her views:
“for our company and the entire industry,” she says. “Internet sales do not replace existing channels. They only result in adding an alternative. More Quebecers will have access to insurance” with this new channel, “but advice remains essential and will continue,” she says.
The idea that AI is going to immediately take over the life insurance industry is a myth. Sure things are going to become increasingly automated but the role of independent agents is still vital.
Canada Life will, however, will be continuing to invest in applications like SimpleProtect, a tool that allows agents to complete applications in 20 minutes.
If You Are Looking for Great West Life Assurance Company...
You Better Check Out Canada Life - But Call US First!
Well now that the Great West Life Assurance Company has been amalgamated into Canada life…
…what’s going to happen?
It looks like Canada life is poised to become a serious force in the Canadian life insurance market.
It’s a very interesting time for them but what about their potential clients?
I am sure they are going to take great care of them. The only question is, are they the right insurer for your personal circumstances?
My advice is to call an independent life insurance agent BEFORE you call ANY company directly. We will go through all your details to make sure that the insurer you are considering offers the best possible rates AND coverage.
Call us today!