Fact CheckedAs of January 1, 2020, Great-West Life, London Life, and Canada Life and their holding companies, Canada Life Financial Corporation and London Insurance Group Inc., amalgamated into a single company – the Canada Life Assurance Company.
If you’re looking through Great West Life Insurance Reviews, you’re probably aware that it’s a very well-known company!
But there have been some BIG changes:
Are You A Great West Life Insurance Policyholder?
Do you have an existing Great West Life insurance policy? Are you wondering what the amalgamation of Great-West Life, London Life, and Canada Life means for you?
All Great West Life policies are now under the Canada Life Assurance Company to set the record straight. Long story short, your policy remains unchanged.
“The promises and commitments made to you By the Great West Life Assurance Company…continue as promises and commitments of The Canada Life Assurance Company.”
Rest assured, the transition happens automatically, and there are no new forms or paperwork to complete. If you’re concerned about online payments, you can continue making payments as always.
A Few Words About Great West Life Assurance Company
Great West Life was founded in 1891! So, they aren’t new to the life insurance business.
I like to see this because they’ve been around the block and know the industry intimately…
…not to mention the fact that they’re still in business.
In 1893, Great West Life Assurance paid out its first $1000 claim to the widow of a man who died in a bicycle accident! Since then, this company has been providing dependable services to policyholders.
By 1897, this insurer had established a presence in all the Canadian provinces. Hey, if you think their growth stopped there, think again! Great West Life Insurance hopped the border into the US by 1906, and the rest, as they say, is history.
Great West Life Insurance Company is owned by Great-West Lifeco, which also owns London Life, Canada Life Financial, Great-West Life & Annuity Insurance, and Putnam Investments. Power Financial Corporation, Canada’s second-biggest insurance holding company, has a 67.7% stake in Great West Lifeco.
Great West Life Financial Rating
Hey, check it out! Great West Life Assurance Company has some pretty nice ratings! AM Best gives them an A+! All of the financial agencies review them.
So why does that matter to you?
It means that they’re a financially sound company. If you invest money for 10, 20, or 30 years to protect your family, you want to ensure they have a solid monetary foundation.
Come on, no one wants the life insurance company they invest in to go belly up. That’s disconcerting.
Note: If the worst-case scenario were to happen, there are protections. It’s just not something you want to have to navigate.
And Great West Life Insurance Has a Heart, Too!
Yes, they do!
Great West Life Insurance company pioneered a student loan repayment plan!
Employees receive much-needed help with their student debt through employer-matched contributions while saving for retirement. That’s pretty cool!
This creative company also launched a cutting-edge virtual healthcare service in 2017. This program gives customers an online consultation and health assessment from top doctors.
Great West Life Insurance cares about the future of our planet, too! They recently earned an A rating from the Carbon Disclosure Project (CDP), making it the only Canadian financial services company to be included in the “Climate A-List”.
These accolades show a commitment to the well-being of clients that extends well past issuing policies.
Great West Life Insurance Products
Great West Life Assurance Company is a mega-company with an extensive offering, and I’m of two minds about this.
On the positive side, there are a lot of choices! They provide different types of insurance and could be a one-stop shop for your coverage needs.
On the negative side, there is something to be said about selling one type of product and knowing it inside and out.
It’s the difference between a specialist and a generalist. If I were to find coverage for my family, I would likely choose a company that only offers life insurance.
…but that’s just a personal preference!
So, let’s check out what they have on the menu now!
1. Universal Life Insurance
If you’re looking for coverage until the day you die, a permanent life insurance option like Universal Life might be just what the doctor ordered.
Universal Life Insurance is slightly more flexible than its Whole Life counterpart, but many variations are available.
I find very little when I look for more information on the Great West Life Insurance website.
This tactic is used to get people to contact their agents so they can sell policies. I prefer transparency and want to know more about an offering before speaking to an agent.
For me, this is a red flag.
2. Term Life Insurance
Great West Life Insurance has a term offering, but I’m struggling to get more information. Sigh.
They offer 10- and 20-year terms that are renewable at the policy anniversary closest to age 85. After that, nothing.
First, I would like you to note that 30-year terms are unavailable.
Secondly, they do not provide information about maximum coverage. Therefore, I cannot assess their product properly based on the information they provide on the site.
3. Participating Life Insurance
So, what is a participating policy? It’s an insurance contract that pays dividends to policyholders.
These dividends are paid out by the life insurance company based on the profits it generates from investments. They are typically paid out yearly.
There is usually a final payment at the end of the policy, but it depends on how it’s structured.
Contracts may include a guaranteed dividend figure. This would be negotiated before you sign on. This type of arrangement is known as a cash-value life insurance policy.
Once again, I was struck by the lack of information, which means I don’t have sufficient details to opine about this offer.
4. Disability Insurance
Disability insurance offers great protection…
…especially if you own your own business.
If you are disabled and unable to work, you will receive a monthly payment to help subsidize your expenses.
Even if you have work-related disability insurance, additional coverage can help overcome the shortcomings of the original policy.
Typically, you select a coverage period and face value before signing the dotted line.
Unfortunately, once again, the website doesn’t give you much information.
“If you are self-employed, look into an individual disability insurance policy. Unlike a group plan, these types of plans don’t come with guaranteed underwriting so you have to qualify for the coverage through a physical health check and proof of earned income.”
How Disability Insurance Can Protect Your Income, Morning Star
5. Critical Illness Insurance
Did you know that technological advances make you more likely to survive a serious illness? That’s great news, but the bills don’t pay themselves if you do.
No one plans to be gravely ill, but it happens to the best of us at the worst times.
This insurance covers a specific group of illnesses. You’ll be issued a predetermined lump sum payment if you have one. This money can help you get the needed treatment, pay your bills, and care for your business.
Hey, who needs to worry about finances? When should you be thinking about your recovery?
Once again, there are very few details about Critical Illness Insurance on the Great West Life Insurance website.
Great West Life Insurance Quotes
Rates are no longer available in this article as they amalgamated with London Life and Canada Life in January 2020.
Great West Life Insurance Pros
1. Financial Stability
Great West Life Insurance Company is a serious insurer. It has been around for over 100 years and shows no sign of losing steam.
Their ratings are solid, so you can sleep well knowing you are protected if you buy a Great West Life Insurance policy.
3. A Company with a Conscience
Great West Life Assurance Company cares about the future, and its actions show this. It manages its carbon footprint, is concerned about student debt, and wants its policyholders to stay healthy and happy.
I like it a lot!
3. Diverse Selection of Products
I have mixed feelings about this. I like to see different kinds of insurance, but something needs to be said about specializing.
Sometimes, I think these companies cast their net out too far…
But I like that you can get wealth management advice and life insurance.
4. Great West Life Group Insurance
If you’re an employer, Great West Life Group Insurance provides a comprehensive platform for group benefits.
This is not my area of expertise, so I will leave this to the pros to assess, but from the outside looking in, this company seems to be on top of its game.
Great West Life Insurance Cons
1. Lack of Online Information
Sadly, Great West Life Insurance doesn’t share much information about its products. The goal is to get potential customers to speak with one of their agents.
I’m a fan of transparency, so this is a con.
2. No 30 Year Term Product
Hmmm, I don’t love their life insurance offerings. First of all, their Term coverage only lasts 20 years. So, if you want a 30-year term or beyond, you must check out another carrier.
Great West doesn’t appear to have any simplified-issue coverage, although the high cost of its Term life insurance would lead you to believe it may be a non-medical product.
As for their permanent products, they seem sparse, and I don’t have enough intel.
If you’re healthy and looking for Term coverage, this is not your company. I can’t speak to much else because they don’t provide enough information for me to talk about their products knowledgeably.
3. Not the most Affordable Life Insurance on the market
As mentioned above, you will likely pay more for your Term insurance if you’re healthy. I guess that if you shop around, you can find better rates.
But once again, I’m limited by the sparse information they provide about all their products.
4. Captive Agents
Tied agents sell their company’s products, period. There are no ifs, ands, or buts about it. If you’re lucky, you’ll get the right policy, but it’s a gamble.
The best way to find the most affordable AND comprehensive policy is to shop around. This requires the help of an independent life insurance agent. Policy Architects finds you the most lenient company for your particular health circumstances.
Making the right choice here can save you 10’s of thousands of dollars.
5. Customer Service
As I mentioned above, bad news travels fast, so I have to say that I don’t always trust the consumer reviews I see online.
Especially when I’m dealing with a large insurer that handles multiple products.
Great West Life Insurance is one of those companies. However, I am mentioning this as a con because there are many negative reviews, especially regarding Great West Life Health Insurance.
Is Great West Life Insurance Canada a Fit for YOU!?
Let me start by saying that Great West Life Assurance Company is a financially stable company with a long history.
You can sleep well knowing your investment in your family’s future is safe. This is a huge issue for most of us.
Who wants to see their life insurance company blow up in smoke?
But Remember, All Life Insurance Companies Are NOT Created Equal
They have different products and individual underwriting guidelines.
We work with the best life insurance companies in Canada. Even if you have your heart set on a specific company, call Policy Architects to see if you can do better!
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