Lower term rates and best application experience yet

Did you know that half of Canadians think life insurance is too expensive? In fact, one-third expect it'll be triple the actual cost. Despite this, 31% still say they need insurance.¹ That's 8.4 million adults who could benefit from an advisor’s guidance.

The good news is that, on May 26, we are lowering many of our Canada Life My Term™ rates, especially for smaller coverage amounts. First-time insurance buyers, such as younger families or those looking to purchase a home, will especially benefit from these more affordable rates.

The application experience is also getting easier – from submission to commission.

These changes are designed to help you get more Canadians the coverage they need.

Here are some highlights:

Lower rates

10% rate reduction for T10 policies 500K and under (on average)
6% rate reduction for T20 policies 500K and under (on average)
Lowering many rates 500K and up – a market we’ve always been strong in

Select rates have gone up.

Better application experience

Questions tailored to your client
Less free-form text reduces back and forth with head office
More instant decisions so policies will be issued faster than ever

Have questions? Contact your Canada Life insurance sales partner.


If:	Then:
Web and Simple Protect applications received before 11:59pm CST on May 25, 2025 OR Paper applications received at head office on or before May 25, 2025	Will be issued as applied for (old rates). May request new rates. Advisor must submit a new illustration prepared May 26, 2025, or later.
Web and Simple Protect applications received on or after May 26, 2025 (after 11:59pm CST on May 25, 2025) OR Paper applications received at head office on or after May 26, 2025	New rates apply.
Backdating to save age	Regular backdating rules will apply.


If:	Then:
An application is in pending status on May 26, 2025	Will be issued as applied for (old rates). May request new rates. Advisor must submit a new illustration prepared May 26, 2025, or later.

For reissue requests received May 26, 2025, or later:


If:	Then:
A policy has been issued but not placed in force yet	May request new rates and will be handled as a reissue. Advisor must submit a new illustration prepared May 26, 2025, or later. The policy will be current dated, unless backdating to save age. May request changes to the original contract issued, but to keep old rates, the policy must retain the original issue date.
A policy is in force with old rates	May request new rates and will be handled as a policy replacement¹. Advisor must submit a new illustration prepared on May 26, 2025, or later. The new policy will be current dated, unless backdating to save age.

Applicable provincial legislative replacement requirements (e.g., LIRD, written explanation) as well as the Authorization to transfer funds/replace existing insurance (form 17-8913) will be required.


If:	Then:
Request to re-open is received on May 26, 2025, or later AND policy is postponed/declined/NPW/Not Taken	New rates apply. Advisor must submit a new illustration prepared May 26, 2025, or later. The policy is current dated, unless backdating to save age.


If:	Then:
Conversion applications received at head office on or before May 25, 2025	Will be issued as applied for (old rates). May request new rates. Advisor may need to submit a new signed illustration prepared May 26, 2025, or later.
Conversion applications received at head office on or after May 26, 2025	New rates apply. If an illustration is dated on or prior to May 25, 2025, the rates illustrated are not valid. Advisor may need to submit a new signed illustration prepared May 26, 2025, or later.
Guaranteed Issue applications	Rates that were in effect on the option date.
Backdating to save age	Regular backdating rules will apply.


If:	Then:
An application is in pending status on May 26, 2025, or a policy has been issued but not placed in force	Will be issued as applied for (old rates). May request new rates. Advisor may need to submit a new illustration prepared May 26, 2025, or later.


If:	Then:
Quotes processed on or before May 25, 2025	Old rates apply.
Quotes processed on or after May 26, 2025	New rates apply.
Policy Change applications received at head office on or before May 25, 2025	Old rates apply. May request new rates. Advisor may need to submit a new illustration prepared May 26, 2025, or later.
Policy Change applications received at head office on or after May 26, 2025	New rates apply. If an illustration is dated on or prior to May 25, 2025, the rates illustrated are not valid. Advisor may need to submit a new illustration prepared May 26, 2025, or later.


If:	And:	Then:
Base policy has date of issue on or before December 31, 2016	All scenarios	Not eligible to add a term rider as per Life 17 rules.
Base policy has date of issue on or after January 1, 2017	Canada Life policy	Will be issued with new Canada Life term benefit – (10/20/30) years.
Base policy has date of issue on or after January 1, 2017	Great-West Life or London Life policy	Will be issued with Simply Preferred term (10/20/30) rider.

LIMRA, Nearly One Third of Canadian Adults Report Living With a Life Insurance Coverage Gap, published July 11, 2024.

Canada Life and design and Canada Life My Term are trademarks of The Canada Life Assurance Company.