London Life Insurance Is NOW Part of Canada Life Assurance Company
Important Notice: On January 1st 2020 the Great-West Lifeco amalgamated the Great-West Assurance Company & London Life Insurance Company into the Canada Life Assurance Company.
Made famous for it's marketing slogan "Freedom 55", London Life Insurance has long history in Canada. They are very solid financially and distributed through a network of 3700 exclusive brokers, we give them 3.5 stars.
Recently, London Life has become part of Canada Life. That means If you're a London Life policyholder, your policy is now being administered by Canada Life. Their contact number is 1-888-252-1847.
James Heidebrecht - Founder of Policy Architects
“Amalgamation of Great-West Life, London Life and Canada Life completed – Following the required approvals, the Company proceeded with the amalgamation of Great-West Life, London Life and Canada Life, and their holding companies, Canada Life Financial Corporation and London Insurance Group Inc., into a single life insurance company, The Canada Life Assurance Company. This amalgamation was effective January 1, 2020 and will create operating efficiencies and simplify the Company’s capital structure to allow for more efficient use of capital. Great-West Lifeco will remain the parent company, and the amalgamated company retained all of the amalgamating companies’ current corporate office locations.”
Great-West Lifeco reports fourth quarter 2019 results; announces 6% dividend increase, Newswire.ca
As you can see, London Life Insurance is now part of the Canada Life Assurance Company.
Yes, it’s a very exciting time! They are rebranding along with Great West Life and they are all now under one roof.
Just as an aside, I never worked with London Life because they used captive agents and I am an independent life insurance agent. However, now that they’ve joined forces with Canada Life, I’ll be able to help existing policyholders with new Canada Life products.
If you need more information please click on the button below. It will bring you to our Canada Life Assurance Company Review.
The London Life Insurance Story
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 a part of Great West Lifeco.
This past April, London Life amalgamated with Great-West Life and Canada Life Assurance Company, rebranding as Canada Life this January. Founded in 1847 and headquartered in Toronto, Canada Life is also a long-standing company.
London Life Financial Rating
Financial ratings enable customers to see how the life insurance company they are considering is performing.
A little information goes a long way.
London Life Insurance Company (Great West Life) received some very good reports from all the top rating agencies.
Check it out.
It’s good to see they have a firm financial footing.
Agency | Measurement | Rating |
|---|---|---|
A.M. Best Company | Financial Strength | A+ |
Fitch | Financial Strength | AA |
Moody's | Financial Strength | Aa3 |
Standard & Poors | Financial Strength | AA |
Wow London Life Insurance or is it Canada Life...sounds like a really interesting company!
Yes and now that this company is doing business under the Canada Life brand you should check out their reviews in the future. But let's take a peek at past London Life Insurance reviews to see what they look like for reference.
London Life Insurance Reviews Online
London Life Insurance Reviews: Insureye
Insureye gives London Life Insurance 2.6 stars out of 5.
Again pretty good for a life insurance company.
If you read any of my previous reviews you see that insurers get hit with a LOT of negative comments because of the nature of the business.
Frankly, I don’t put too much stock in them. People who are irritated are far more likely to write a review than those who had a great experience.
Customer service seemed to be their biggest issue and HOPEFULLY they will resolve this with the merger with Canada Life.
London Life Insurance Products
Term Life Insurance
Term insurance is ideal for replacing income and protecting your mortgage. It is the most widely used life insurance product as it’s designed to fulfil a temporary need. Monthly premiums are guaranteed to remain level for the length of the term.
London life offers 10 and 20 term coverage with all the standard options.
Participating Life Insurance
Participating Life insurance is another word for cash value or whole life insurance. It is made up of two parts: an insurance component and an investment account component.
Every month when you pay your premium, one portion goes towards paying for the pure cost of your insurance and the other portion is deposited into an investment account inside your policy. Over time, the cash inside your policy can grow and compound tax-free or tax-deferred depending on when and if you take the money out.
Universal Life Insurance
Universal Life Insurance is similar to whole life insurance in the sense that it has an insurance component and an investment feature too. That’s where the similarities end. Unlike participating life insurance, it is more flexible and therefore more complicated as well.
Critical Illness Insurance
Critical illness insurance is designed to protect healthy people in the event they develop a serious illness, like a heart attack or life-threatening cancer. The benefit pays out a one-time lump sum when you get a critical illness as laid out by the definitions in the policy. If your condition does not meet the criteria of these definitions, the benefit will NOT be paid out. There are no restrictions on how you spend the money you receive from the insurance company.
London Life has a really handy critical illness risk calculator you can use to understand your risk of developing a serious illness such as cancer, disability or even death before the age of 65.
I’m a 55-year-old, non-smoking male. According to London Life’s risk calculator, the odds of me becoming critically ill before age 65 are 16%.
Disability Insurance
Disability coverage pays out a monthly benefit should you be unable to work due to a disability. There are many different plans and features so you want to make sure you take the time to get this right.
If you already have coverage through work, you can design an individual disability plan to fill in the gaps. For example, some group disability plans only cover you fully for about 2 years. Also, if you leave the group, you lose your disability benefits. A personal plan can ensure you’re covered even when there’s a gap in your employment.
Health and Dental Insurance
Similar to individual disability coverage, personal health and dental plan can protect you and your family if you’re leaving your job or not receiving any benefits through your employer. It can also complement the benefits you receive through your provincial healthcare plan.
These benefits include prescription drugs, dental, vision, paramedical, ambulance and other services.
Are You A London Life Insurance Policyholder?
Do you have an in-force London Life insurance policy? And are you wondering what the amalgamation of London life and Canada Life mean for you?
Not to worry, all London Life policies – that means yours – are now automatically, policies of the Canada Life Assurance Company. Rest assured, your policy remains unchanged.
“The promises and commitments made to you by…London Life Insurance Company…continue as promises and commitments of The Canada Life Assurance Company.”
Are there new forms or paperwork to fill out? No, you don’t need to sign anything, the transition all happens automatically. If you’re worried about your online payments, don’t be, you can continue to make payments as you always have.
Is London Life Right For You?
Well if you are looking for information on London Life Insurance NOW you know they’re part of Canada Life Assurance Company.
Canada Life is a very stable company with some solid life insurance products BUT are they the right company for you?
Choice means savings. At Policy Architects we look at your individual circumstance and apply to the insurer that best fits your needs.
This call may save you THOUSANDS over the course of your term. While we can sell you Canada Life Products are they the perfect fit for YOU. Call Policy Architects today we can help!
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