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If you're considering insurance, you've probably come across Desjardins Life Insurance. But is it the right insurer for you?
In this review, we'll take a closer look at Desjardins' policies and prices to help you decide. We'll also compare it to other providers to see how it stacks up.
So, whether you're already familiar with the Desjardins general insurance group or just starting your research, keep reading for an in-depth look at this popular insurance provider.
Who Are Desjardins Insurance?
The Desjardins Group, founded in 1900, is one the largest financial institutions in Canada. However, they do more than banking. They also have more than 20 subsidiaries offering life and general insurance such as Desjardins auto insurance products or home insurance, venture capital, credit unions, securities brokerage, asset management, Desjardins financial security investments.
Desjardins Financial Security Investments is the life insurance arm of the Desjardins Group. It sells Desjardins Insurance through a network of over 6,000 financial advisors.
Desjardins Insurance Facts & Financial Information
The Facts
Founded in 1900
Headquartered at Lévis, Quebec, ON
Financial Information
$40 billion in Financial Assets
~$9 billion in annual insurance premiums
AM Best Financial Strength Rating: N/A
Desjardins Insurance Review
Online reviews do not necessarily portray insurance companies accurately. This is because, statistically speaking, people are more likely to leave a review when their experience is bad than when it is satisfactory. For this reason, we recommend you do not base any decisions solely on online reviews.
Like some other insurers, Desjardins has no Google reviews. Some companies use this strategy to prevent frustrated customers from damaging their online presence.
We did find some reviews about Desjardins on Insureye — and they are mostly negative. The insurer only managed one star out of five stars, which is a poor performance by any standard.
Empire Life Insurance Review:
Insureye Reviews 1.0 / 5 stars ★
Dundaslife.com Rating: 3.75 / 5 stars ★★★★
Products and Features
Desjardins Insurance offers an array of insurance products such as their Desjardins auto insurance and home insurance, but more importantly four term life insurance plans.
Term Life Insurance
Term insurance is the simplest and cheapest form of Desjardins financial security investments. It is ideal for covering short-term and medium-term financial needs.
Desjardins offers four term life plans. You can buy them as an individual or a joint policy. The insurer offers the following two interesting benefits on its term life plans:
- Couples and business partners can split a joint policy into two individual permanent plans if their needs change in the future. Available for three term plans — Term 10, Term 20, and Term 30.
- You can convert your individual term insurance policy into a joint last-to-die permanent life plan by adding another insured. This feature — available on all four plans — allows you to leave a legacy or cover estate taxes.
In addition, Desjardins Insurance Company offers buyers a chance to win preferred rates if they purchase more than one policy at a time. Desjardins rewards customers who buy more than one policy at a time with their preferred rates.
Term 10
As the name suggests, the plan lasts for 10 years. Your premiums remain the same during the policy term. At the end of the term, you can renew it at a new rate if you want.
Features:
- Renewable every 10 years up to age 85
- Convertible to a term 20 or term 30 plan without providing proof of good health
- Convertible to permanent insurance up to age 70 without medical underwriting
Term 20
A good option for young families, term 20 can be used both as income replacement and debt protection.
Features:
- Renewable every 20 years up to age 85
- Convertible to a term 30 plan without submitting proof of insurability
- Convertible to permanent insurance up to age 70 without a medical
Term 30
Want to cover your loved ones until they are completely independent? Term 30 might just be what you need.
With many Canadian parents helping their kids with higher-education fees and mortgages, longer term plans have become more popular than before. You can lock in a low monthly rate by buying early and cut down insurance costs substantially.
Features:
- You can renew the policy once — after the expiry of the initial term
- You cannot exchange a 30-year plan for a higher term
- Convertible to permanent insurance up to age 70 without any underwriting
Term-to-age-65
This term insurance plan provides protection during the years your financial dependents need it most. Just like with a term 30 plan, buying it early can save you money on your insurance premiums.
Features:
- Convertible to a permanent life insurance plan up to age 60 without a medical
- You cannot renew this plan
Permanent Life Insurance
Permanent insurance pays the death benefit regardless of when you pass away. That is, there is no expiry date attached to the plan. Most permanent life policies also include a savings component — known as cash value — which grows on a tax-deferred basis.
Even though permanent insurance is more expensive and complicated than term life, it can be a good option in certain situations. For example, parents of children with special needs may prefer the certainty of a permanent life plan. It may also be the right choice for those who want to leave a legacy or own a business.
Desjardins Insurance Company offers the following permanent life solutions:
Life Insurance Basic Coverage
Here are the main features of this product:
- Available for people in the group of 50-75
- The coverage amount available for $5k, $7k, $15k, or $20k
- Does not require a medical exam
- There is no waiting period (Most no-medical plans come with a two-year waiting period)
- Access up to 50% of the policy’s face value if you develop a terminal illness and have less than a year to live
- 5x benefits in the event of an accidental death up to age 85
- 30-day trial period (That is, you will get a full refund if you cancel the policy within 30 days of its issue date)
Life Insurance Personalized Coverage
This plan provides more comprehensive protection but involves a medical test.
- Available for people in the age group of 65 – 100
- Guaranteed level premium
- Coverage amount available is $1000 - $10 million
- You can get 10-, 15-, or 20-year term
- Option to stop premium payments and keep coverage
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Life Insurance Participating Coverage
A participating life insurance policy allows you to receive annual dividends when the insurer makes a profit.
- You can pick a 20-yr term up to pay to 100
- Your death benefit amount and premiums will remain the same
- You can use dividends to reduce premiums or buy additional coverage
- Option to stop premium payments and keep coverage
- Ability to add disability waiver of premium rider
- Ability to buy additional coverage without proof of good health
Universal Life Insurance
Universal life insurance is a type of permanent life insurance. That is, it provides coverage until your death and builds cash value. Furthermore, it offers greater flexibility than other permanent life policies.
- Withdrawals made after 5 years do not involve any fees
- 30 investment options available
- Ability to add riders, such as accidental death benefit rider and disability waiver of premium
Riders Offered by Desjardins
Life insurance riders are additional benefits that you can add for a small fee to a basic policy. These add-ons let you customize your life insurance plan according to your unique needs.
Like any other major life insurer, Desjardins offer many life insurance riders, including:
- Children’s protection: Additional insurance added to your term life plan that provides coverage for your child in case of death. When your child reaches adulthood, they may be eligible for a permanent life plan without proof of good health.
- Disability waiver of Premium: Life insurance protects you, while the disability waiver of premium rider protects your life insurance policy. This rider pays all life insurance premiums due should you become critically ill or disabled.
- Accidental death & dismemberment: This rider pays a cash benefit in the event of an accidental death or dismemberment. Dismemberment includes the loss of speech, hearing, eyesight, and limbs or the loss of use of body functions or parts.
- Guaranteed insurability benefit: This rider lets you buy additional insurance without any further medical questions or checkup.
Desjardins Life Insurance Rates
Every life insurer has their own unique underwriting process to calculate premium rates. That is why you are likely to receive different rates for the same coverage from different insurance carriers.
We got quotes from Desjardins to find out how competitive the rates are. These quotes are for $400,000 in coverage over a 20-year term length for healthy, non-smoking men and women of different ages.
Term Life Insurance Review – Price Comparison vs. Competitor Products
Picking the right insurer can save you hundreds of dollars in premiums, if not more, over the course of the policy term.
For example, by buying a 20-year term policy from Desjardins instead of Sun Life, a 40-year-old male can cut down his insurance cost by $1490. For a 60-year-old female picking Desjardins over its competitor could mean a saving of $864.
Example 1: 40 Year Old Male, Non Smoker, Regular Health, 20 Year Term:
Desjardins Insurance $400K - $42.12
Sun Life $400K - $50.13
Cost Savings over 20 years: $1922
Example 2: 60 Year Old Female, Non Smoker, Regular Health, 20 Year Term:
Desjardins Insurance $250K - $151.20
Sun Life $250K - $168.07
Cost Savings over 20 years: $4049
Why We Like Desjardins
Long, impressive history
Desjardins is not new to insurance. They have been in the business for more than 70 years. Today, over 5 million Canadians use Desjardins insurance, health insurance, pet insurance, Desjardins auto insurance and retirement savings solutions. Given this, if you choose to purchase life insurance with Desjardins, you can rest easy knowing your investment is in capable hands.
An impressive array of insurance products
Desjardins Insurance Company offers a wide range of insurance products, including term, permanent, home insurance, disability, critical illness, disability insurance, and pet insurance.
Top class critical illness coverage
Desjardins gives you a great choice of critical illness insurance products. You can opt for 20-pay, pay for life, and pay to age 65. In addition, most of these plans have a return of premium rider. This rider pays all the premium dollars you pay into the plan at the end of the policy term if you do not make a claim.
Covers multiple lives in one policy
You can buy a joint term life policy to cover your and your spouse’s life. What is more, if your needs change down the line, you can split the joint policy into two individual policies.
What We Did Not Like About Desjardins
- Term life insurance products are not among the cheapest
While competitively priced, Desjardins’ term life plans are not as affordable as some other plans offered by the competition.
- Website does not provide much information
Desjardins’ website does not provide important information, such as coverage or rental car coverage amount available, and other information about their life insurance plans. You must contact one of their tied agents if you are interested in finding out more about their products.
- No online quote
If you were counting on Desjardins to provide online quotes like many of its competitors, you are in for a disappointment. The insurer still does things the old way and provides quotes only through insurance agents.
Is Desjardins Insurance right for you?
If you are looking for life insurance, Desjardins is a strong choice. As this review of Desjardins life insurance discusses, they offer a wide range of term and permanent life insurance policies to fit most risk profiles and financial goals.
👉 See our reviews for the best life insurance in Canada
Steven has a deep background in life insurance. At Dundas Life, he's helped 1000s of clients find the right insurance coverage while also training dozens of insurance advisors during his career. Previously at Finaeo, Steven oversaw compliance and coaching for over 350 independent insurance brokers. Steven is also rated the #1 Insurance Agent in Toronto on Rate-My-Agent.
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