While life insurance does not go on sale per se, insurance companies do offer promotions from time to time. Canadian insurance providers like Manulife, iA, SSQ, RBC, and Canada Life have offered limited-time promotional pricing on some of their insurance products. Check here or with your advisors often to see which company can offer the best rates for your needs.
While term life insurance does not go on sale, Canadian insurance companies occasionally offer promotions to prospective customers. 2022 has brought us unprecedented offers from some of the top insurance companies in Canada. Read below for details on offers from Manulife, Industrial Alliance, SSQ, Canada Life, and RBC.
CANADA LIFE DISCOUNTS AND OFFERS ON LIFE INSURANCE
As of March 7, 2022, Canada Life is offering premium rate reductions on new term life insurance policies and term riders on universal and participating life insurance policies. Term 10, 20, and 25 policies will see rate reductions from 14-28% and riders will see generally lower rates than previously offered.
Term 10 – Up to a 26% lower rate for non-smokers under 50 with coverage amounts of $500,000 or higher
Term 20 – Up to a 14% lower rate for non smokers under 50 with coverage amounts of $250,000 or more
Term 25 – Up to 28% lower rate for all ages and coverage amounts (smoking and non-smoking)
Riders – General rate decrease on new riders, but not on rider renewals
Read our full Canada Life term life insurance reviews to learn more about some of the eligible policies and contact our advisors for further help with Canada Life insurance products.
EMPIRE LIFE DISCOUNTS AND OFFERS ON TERM LIFE INSURANCE
Effective March 15 2022, Empire Life has reduced their premium rates for their Solution 10, 20, 25, and 30 term life insurance products. Discounts for their term Solution products are 5.4%, 4.7%, 6.2%, and 4.9% respectively.
By using PolicyAdvisor’s online tools you can get term life insurance quotes from Empire Life in minutes and see these new rates.
Read our full Empire Life Insurance review to learn more about some of the eligible policies and contact our advisors for further help with Empire Life insurance products.
MANULIFE DISCOUNTS AND OFFERS ON TERM LIFE INSURANCE
Effective November 20, 2021, Manulife is offering discounted term life insurance rates for their following categories:
- Family Term-10 and Business Term-10
- Family Term-20 and Business Term-20
- Family Term with Vitality Term-10
- Family term with Vitality Term-20
- The discount includes rate reductions up to 13% for term-10 and 10% for term-20 policies.
Additionally, with their Vitality program, you have opportunities to save on insurance rates, gain rewards, and other discounts by participating in their educational, fitness, and health-related actives in the program.
Please note, the discount applies to all bands and HealthStyles, but not all ages—speak to your advisor for more qualification information.
Read our full Manulife review to learn more about some of the eligible polices and contact our advisors for further help with Manulife products.
SSQ DISCOUNTS AND OFFERS ON TERM LIFE INSURANCE
In May 2021, SSQ made major changes to the premium rates for its term life insurance products. While all of their term plans received lower premium rates, significant adjustments (between 3-5%) were made to their 15, 20, 25, and 30 year term life insurance policies. This can mean significant savings when purchasing a term life insurance policy from SSQ.
Read our full SSQ term life insurance review to learn more about some of the eligible policies and contact our advisors for further help with SSQ insurance products.
DESJARDINS DISCOUNTS AND OFFERS ON TERM LIFE INSURANCE
As of February 1, 2022, Desjardins has lowered prices for its term life insurance products. These decreases could be up to 12% depending on the applicant’s age and desired amount of coverage. Discounts apply to Term 10, Term 20, Universal Life Term 10, and Universal Life Term 20 policies with coverage of at least $100,000. Desjardins also offers additional discounts when you apply for multiple insurance coverages at the same time.
Read our full Desjardins life insurance review to learn more about some of the eligible policies and contact our advisors for further help with Desjardins insurance products.
INDUSTRIAL ALLIANCE (IA) DISCOUNTS AND OFFERS ON TERM LIFE INSURANCE
In June 2021, Industrial Alliance (iA) lowered the premium rates for there T20 (20 year term life insurance) and Pick-A-Term (between T11-T29) products. By using PolicyAdvisor’s online tools you can get term life insurance quotes from iA in minutes and see these new rates. This rate change can equal significant savings over the course of a term life insurance policy you hold with iA.
Read our full Industrial Alliance term life insurance review to learn more about some of the eligible policies and contact our advisors for further help with iA insurance products.
RBC INSURANCE DISCOUNTS AND OFFERS ON LIFE INSURANCE AND DISABILITY INSURANCE
RBC Insurance is offering a 20% discount on their Professional Series disability insurance for specific occupations. Applicants must have at least 3 years of experience in their field, earning a minimum of $100,000 net income in the last two years. Eligible occupations include the following:
Business/Law | Accountants, Actuaries, Architects, Engineers, Executives (4A), Lawyers, Quebec Notaries, Judges
Tech | Computer Specialists (Executives, Consultants, Hardware & Software Developers/Designers, Analysts, Programmers)
Medical | Medical Specialists (excluding GP, Family Physicians, and Emergency Medicine specialists), Optometrists, Pharmacists, Dental Specialists (Endodontists, Periodontists, Oral & Maxillofacial Radiologists, Prosthodontists, Pediatric Dentists, Specialists in Oral Medicin and Pathology, Dental health specialists, and Orthodontists)
Please note, the discount applies only to the base policy and does not include term life insurance riders added to other RBC Insurance policies.
Read our full RBC Insurance review to learn more about some of the eligible policies.
EQUITABLE LIFE DISCOUNTS AND OFFERS ON TERM LIFE INSURANCE
PROMOTIONS PREVIOUSLY OFFERED IN 2021
For a limited time, Equitable Life is offering a 15% reduction on your first year of Term Insurance premiums.*
For this discount, it’s important to note it is only for the first year—after that, premiums may increase. Other carriers may provide discounts for the entire term (10 or 20 years).
Please note the promotion is for standalone term applications received from September 7, 2021 until December 31, 2021. Does not include riders on the term insurance plan or term insurance riders on par whole life or UL plans.
Read our full Equitable Life review to learn more about some of the eligible polices and contact our advisors for further help with Equitable Life Insurance products.
HOW TO GET TERM LIFE INSURANCE PROMOTIONS AND OFFERS
You can get term life insurance promotions and offers by speaking with an expert at Lifecare Insurance. Our team has experience with all of Canada’s largest insurance companies and can help you find the right coverage while taking advantage of these limited-time offers. Book some time with us today to find out how.