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London Life Insurance Reviews

London Life Insurance Reviews - AKA Canada Life: We've Got Some Inside Info!   

If you are checking out the London Life Insurance reviews online my bet is you know they are also known as Canada Life…

YEP. They are rebranding, along with Great West Life. They are now all under one roof.

…but before we even get started I want to let you know that I am a bit biased!

OK, more than a bit.

Full disclosure I am an independent life insurance agent and as such work with some of the very best life insurance companies across Canada.

That being said, I don’t EVER deal with London Life Insurance aka Canada Life.

Is that because they aren’t a good company?

NOPE!

It’s because they only work with captive agents and I am all for freedom 😉 I bet you have a lot of questions so let’s get on with this London Life Insurance Review right now and I will explain.

My Name is James and I'm an Independent Life Insurance Agent 

Yep!

So what does this mean EXACTLY? Well, it means I have access to rates from the best life insurance companies in Canada.

When you come to my office I don’t have any idea which life insurance company you are going to apply to because I need to get more information from you BEFORE we make this choice.

Why?

Not all life insurance companies are created equal! They all have different products and niches. For example, if you have well-controlled type 2 diabetes you will go with a different carrier than a person who is a triathlete with no family history of cancer.

While most examples are not that extreme it gives you an idea of what sort of work I do.

But that's not all! 

When you come to see me I am not motivated solely by a commission. Although I do love a good sale 😉

The goal is to find the most comprehensive coverage for you at rock bottom prices because you’re a client for life and I hope to work with you for years to come.

My independence allows me to scour the market for the lowest prices because I am not tied to a life insurance company for my livelihood. Nor does any life insurance carrier have any stake in my business.

Tied agents can only sell the products their life insurance company has. They absolutely will not tell you if your interests are better served by another company.

Because that means they lose a sale.

Canada Life Question

Aw come on buddy I have heard all these sales tactics. Most of these companies offer the same stuff right? 

Canada Life Answer

NOPE! They don't. The products all differ and some companies are more lenient than others when it comes to weight and medical conditions. It's important to know these nuances as this info may save you 10's of thousands of dollars over your term. 


…and I am absolutely NOT exaggerating this claim. 

Using the right independent agent can literally be one of the best things you’ll ever do.  

Life insurance is a BIG time purchase.  Those savings over decades really build up. That’s why you need to work with someone who knows all the ins and out so you don’t pay a dollar more than you should.

London Life Insurance

London Life Insurance AKA Canada Life 
Their Story

Canada Life Question

So lets find out a little bit more about London Life Insurance - which was also known as Canada Life Assurance Company! 

Canada Life Answer

Sounds GREAT! I heard they are a good insurer! 

London Life Insurance Company was founded in London, Ontario 1874. They are known for the marketing slogan “Freedom 55” encouraging people to retire early in life through financial planning.

This life insurance company is part of Great West Lifeco which is a subsidiary of the Great West Life Assurance Company. I did a review of them a few weeks ago

This past April London Life merged with Great-West Life and Canada Life – rebranding as Canada Life.

Canada Life is also a long-standing company. It was founded in 1847 and was acquired by Great West Life Assurance Company in 2003. Their headquarters are in Toronto, Ontario and they specialize in life, health, and disability insurances.

London Life Insurance

London Life Insurance:
Financial Rating 

Canada Life Question

Wow London Life Insurance or is it Canada Life...sounds like a really interesting company! 

Canada Life Answer

They are in the process of rebranding to Canada Life from London Life - but that's a new merger so it appears that the London Life Insurance site is still in tact. So let's see what the experts think about their financial standing. 

Financial ratings are scores given by industry experts to life insurance companies so potential customers can make educated decisions when they buy their policies.

London Life Insurance Company has some seriously good ratings from all the top services.

Check it out.

If you decide to buy a policy through London Life you can rest easy knowing your investment is in very capable hands.

 

London Life Insurance Company Ratings
London Life Insurance

London Life Insurance AKA Canada Life:  
Online Reviews 

Well if you have been reading my reviews you know I that I think people should tread carefully when relying on online comments when buying life insurance.

Why?

Because online reviews for life insurance don’t necessarily represent the companies accurately. First of all, a number of these insurers carry very diverse products. You need to ascertain if the complaints are about the one you are looking to buy.

Also, people who are making claims are under a lot of stress. If something goes south in their process they are unlikely to have a lot of patience. It just makes sense.

Sadly people are far more likely to sit down and make a complaint than they are to write a glowing review of a life insurance company. Simply because they expect seamless service and more often than not get it.

London Life Insurance (Canada Life Assurance Company) Reviews: Google 

One of the first places most people go for reviews is Google.

This is why I always start with them.  When I search for London Life Insurance nothing comes up in Google. My guess is this has to do with the rebranding to Canada Life.

Let’s check it out!

….and BINGO! Canada Life Assurance Company’s reviews are available.

Wow! Now they have some of the best Google reviews I have seen. Sure it’s only 3 stars out of 5 but unbelievably this is far better than most.

Canada Life Assurance Company Google Review

London Life Insurance (Canada Life Assurance Company) Reviews: Insureye 

London Life Insurance Reviews Insureye

I wasn’t able to find Canada Life Reviews on Insureye yet – but they still have the London Life Insurance reviews and they give them 2.6 stars out of 5.

Again pretty good for a life insurance company.

So let’s take a closer look to see what people are unhappy about.

As this is primarily a life insurance company, there are a lot of complaints about policies. The one thing that stands out is that there seems to be a distinct lack of communication. People seem very unhappy about their customer service.

Canada Life Question

Hmm I read some of those reviews and it seems like people don't seem to have a designated agent to help them along the way. 

Assurance Humania

Another reason to work for an independent life insurance agent like myself. We want clients for life which means keeping on top of what's going on throughout the life of your policy.

London Life Insurance

London Life Insurance aka Canada Life Products 

Ahhhh one of the best parts of any review. The products!

Keeping on top of everything that is happening in the industry is VERY important. This means familiarizing myself with the latest products and underwriting changes.

So let’s take a look at what Canada Life Assurance Company (London Life Insurance) has to offer right now.

London Life Insurance Term Coverage

Term life insurance is my “go-to”! It’s flexible and VERY affordable. If you are like most people want income replacement just in case a sudden death occurs then term life insurance is for you.

Typically you select a face value (the amount of money you want, a term (the length of time you need coverage) and then take a medical exam. The life insurance company you select then assigns you a rating depending on the findings that determine how much you pay.

London Life Insurance (Canada Life) provides term coverage. From what I read they offer 10 and 20 year terms.

There is little to no information available on the website about this offering.

London Life Insurance Universal Coverage

Universal Life insurance is a permanent product, which means you are covered until the day you die.

For obvious reasons, this protection costs more than term because there is a guaranteed payout for your beneficiary. That being said, Universal Life Insurance is more flexible and affordable than some of its permanent cousins like Whole Life.

Permanent life insurance works the same as term in that you select a face value and take a medical exam to determine how much you pay. The main difference is the cash value accumulation feature or investment component. 

Universal Life allows you to adjust your payments over time, leave a nest egg for loved ones or use the proceeds while you are still alive. 

London Life Insurance offers a number of investment accounts to grow your money. Some are riskier than others but with risk also comes the opportunity for more rapid growth. 

The website offers information about past performance for customers to peruse. 

London Life Insurance Participating Coverage

This is another permanent policy. If you are looking for coverage for life and a cash value accumulation feature this is the policy for you.

You pay premiums along with other London Life (Canada Life) Policyholders and a portion is invested in their managed account. Investment decisions are made by London Life (Canada Life) and earnings may be distributed as dividends.

Dividendend may be used to buy more coverage, make payments or taken as cash (subject to tax).

They provide PDFs for their account investment reports.

Canada Life Question

Am I missing something? There's not a lot of information is there? 

Canada Life Answer

No you're not. This is deliberate. London Life Insurance aka Canada Life REALLY wants you to contact an agent. That is there ultimate goal. 

London Life Insurance

London Life Insurance AKA Canada Life: 
Application Process

Welllllll…..

There’s not much to say here. There aren’t any super cool tools, not calculators or estimates. Simply a call to action.

Connect with an advisor.

You hit the button and are brought to a page where you have to give the following info:

  • First & last name
  • Email address
  • Phone number
  • Postal code
  • Which product your interested in
  • Are you a current customer

Then you send your request and you recieve a message that an advisor will be in touch in the next 2  – 3 business days.

NOPE! I Don't Like This Process 

First of all, I don’t like this process one little bit. 

I have to hand over all my personal information to get a call in 2 – 3 business days.  How do I even know if I want to buy their products? There’s not estimate of cost and very little information.

Sigh. Not a fan.

Canada Life Question

Yeah I don't like that. I wonder if I will get endless calls once I send my info. How do their rates compare anyway? 

Canada Life Answer

The thing is you don't know. My whole approach to life insurance is to be forearmed with lots of information. Sales people are good and you want to get a good understanding of what's on offer BEFORE you get on a call. 

London Life Insurance

London Life Insurance AKA Canada Life Assurance Company: 
 Rates

So I am going to do some investigation – which you can do too! Just remember online quotes are just a guestimate and just the start of the process.

NOTE: NEVER rely on them solely.

Looking around the web I am able to find Canada Life Assurance Rates on Term4Sale!

Let’s see how they stand up to the competition.

For the purposes of this section I am using male and female, non-smokers with a standard rating throughout the decades:

Policy Architects
Age$250,000$500,000
35 Year Old Male$22.50$35.10
35 Year Old Female$17.78$26.55
40 Year Old Male$30.60$52.20
40 Year Old Female$22.50$37.80
45 Year Old Male$49.05$82.35
45 Year Old Female$33.98$57.15
50 Year Old Male$78.30$141.30
50 Year Old Female$54.90$92.25
55 Year Old Male$139.50$258.75
55 Year Old Female$93.83$171.45
60 Year Old Male$249.75  $468.00
60 Year Old Female  $166.95$320.40
65 Year Old Male $450.00$891.00
65 Year Old Female$297.00$585.00

*Quotes above are for Canada Life Assurance Company 20 Year Term Renewable, Covertible, monthly, Standard Health Class, non-smoker. Your rates may differ depending on your unique circumstances. November 2019.

Please Note: 

So it looks like their rates are pretty competitive but they never come up as the cheapest company. In fact, if you’re a man or a senior citizen you can do better. 

 

Check out this example to get a better idea: 

Canada Life Assurance Company Rates

35 Year Old Male Non Smoker - Standard Rating 20 Year Term 

Canada Life Assurance Company $500K 

$35.10


Canada Life Assurance Company Rates

35 Year Old Male Non Smoker - Standard Rating 20 Year Term 

Wawanesa $500K 

$32.85


So as you can see Wawanesa is less expensive – but not by a whole lot more. 

BUT if you look at it over 20 years it’s $540.00.

The thing is rates are always pretty close in your 30’s if you are standard or better. What happens as you age? Check out the rates for a man in his 50’s! 

Canada Life Assurance Company Rates

60 Year Old Male Non Smoker - Standard Rating 20 Year Term 

Canada Life Assurance Company $500K 

$468.00


Canada Life Assurance Company Rates

60 Year Old Male Non Smoker - Standard Rating 20 Year Term 

Wawanesa $500K 

$429.75


So if you’re an older male the difference is pretty big if you select Wawanesa. To be exact he saves $9180!

Yep.

But this isn’t all. Different companies specialize in different niches. This all hinges on your getting a standard rating.

Remember some companies are more lenient than others for specific conditions so if he goes up a rating with another carrier the savings are even more significant.

London Life Insurance

London Life Insurance AKA Canada Life
Pros

Canada Life Assurance Company Pros

Solid Company With a Great Rating 

London Life Insurance and Great West Life are now consolidated under the Canda Life Assurance Company umbrella.

This company has been in business since 1847 – which means it’s VERY solid. Hey if you can get around World Wars and Depressions – my hat is off to you.

Also the financial rating companies like them too!

AM Best gives them an A+, DBRS an AA (Superior), Fitch AA, Moody’s Aa3 (Superior), Standard & Poors AA! You can’t go wrong with this company when it comes to security.

Canada Life Assurance Company Pros

Relatively Competitive Rates 

London Life Insurance AKA Canada Life has pretty competitive rates. You can’t really complain when it comes to how much they charge for premiums.

…although they are not the lowest in the bunch. 

Canada Life Assurance Company Pros

Pretty Good Google Reviews 

For online life insurance reviews, Canada Life Assurance Company has some pretty good results.

Hey, they aren’t 4 or 5 stars but if you compare them to other companies they are glowing 🙂 

London Life Insurance

London Life Insurance AKA Canada Life Assurance Company: 
Cons

Canada Life Assurance Company Cons

The Application Process Is Meant to Gather Info 

I am not a fan of the application process. They are harvesting your information and giving you very little information in return. The whole goal seems to be to get you to speak with a tied agent. 

Canada Life Assurance Company Cons

Tied Agents 

Which brings me to the fact that they work with tied agents.

If you read my reviews you know I feel very strongly that EVERYONE should work with an independent life insurance agent.

This isn’t to tout my own wares, although it would be GREAT if you gave Policy Architects a call.

The reason is that all life insurance companies are NOT equally. Hey, don’t get me wrong, I am sure Canada Life Assurance Company is a terrific insurer…

…BUT my guess is we can find you better rates. The key to finding the right policy is comparison shopping and you only get that through an independent agent. A tied agent always has to promote their own products.

Canada Life Assurance Company Cons

Limited Life Insurance Products 

They have basic life insurance coverage but I don’t see anything particularly exciting in their lineup. 

London Life Insurance

Is London Life Insurance (Canada Life Assurance Company) 

FOR YOU? 

Wow! I now know a lot more about Great West Life, London Life, and their amalgamation into Canada Life Assurance Company. It looks like an exciting time for this interesting company.

While Canada Life looks like a very stable company with some solid life insurance products, I suggest giving us a call before you sign on the dotted line.

If you’ve been reading our posts you know how important it is to contact an independent life insurance agent BEFORE you choose a company.

This decision will potentially save you THOUSANDS over the course of your term. While I can’t sell you Canada Life Products I do have access to the best life insurance companies in Canada. Give us a call today to see how we can help.

James Heidebrecht London Life Insurance

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