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Great-West Life Insurance

great west life logo

Great-West Life is a leading Canadian insurer with insurance options for all faucets of your life, including life insurance, critical illness insurance, and more. Great-West Life customers feel secure no matter what insurance product they purchase, because they know that regardless of what happens, they and their family are in good hands.

Historically Canadian

Great-West Life was started in 1891 by Jeffry Hall Brock as a western-based insurance company and became a national name within six years. In 1942, it became the first Canadian company to offer accident and health insurance.

Great-West Life is a member of the Power Financial Corporation. The subsidiaries under Great-West Life are London Life and Canada Life; all of their policies are underwritten by Great-West Lifeco Inc.

Term Life

As with other term life insurance options, this choice is ideal for those needing protection for a definite period of time, a great option for those who may not have the money for a permanent plan. The premiums for term life tend to be lower and stay the same during the term.

If you die during the coverage period, your beneficiaries get a tax-free cash benefit. People are able to get coverage for 10 or 20 year terms. At the end of the term, policies can be renewed at a higher premium or converted to permanent life insurance, with no additional health questions asked.

Participating and Universal Life Insurance

When you sign up for participating life insurance, you can grow your money tax-free. All of the funds go into a participating account with other people in the plan and, if the investments go well, you will get dividends. This is in effect for your entire life, as long as you pay your premiums on time. If you do receive dividends, they can be used to buy more coverage, reduce annual premium payments, earn interest inside the policy or be withdrawn as cash. When you die, the money from your insurance goes to your beneficiaries, tax-free.

Universal life insurance works in a similar way, but combines traditional life insurance and the tax-advantaged investment part. When you pay a premium, part of that money will go towards your policy and administration, while the other part is invested. Universal life gives you the flexibility to choose where you want to invest your money and you set your own schedule in payments and can adjust premium payments. The money not going towards the premium can be withdrawn at any time and used how you wish. Similar to other life insurance plans, when you die, your beneficiaries receive a tax-free death benefit.

Disability, Critical Illness and Health + Dental Insurance

Many employers have disability coverage for their employees, but having a personal plan can give you more security and ease of mind. If you’re unable to work due to a disability, whether it be physical or mental, you’d receive a monthly payment with this plan after a waiting period. You determine the length of the coverage and how much you get. This plan can act as income protection and help prevent the need to dip into savings.

Critical illness insurance can give you money when you need it most. If you experience any of the covered illnesses (and meet a survival period) you receive a lump-sum cash payment that can be used however you choose. Great-West Life also offers the Return of Premium option, which means if you don’t get diagnosed with a covered illness during the coverage period, you get 100 per cent of your money back.

Many people receive health and dental insurance through their employer, but Great-West Life has options for those who don’t or those moving into retirement. This can include coverage for emergencies, prescriptions and more. There are no overall lifetime plan maximums and pre-existing medical conditions don’t disqualify you for coverage.

Finance Plans and more

Beyond being a life and health insurance company, Great-West Life offers other plans including:

  • Investment and savings packages
  • Retirement income packages
  • Banking Services
  • Group Benefits and retirement packages
  • Business Owner Insurance

Great-West Life has packages for whatever you need in life, including health and financial plans. With a history of quality service that dates back more than 125 years, you can rest assured that when you choose Great-West Life, you’ll be in great hands.

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