Desjardins Life Insurance Review 2025

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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 multple term plans — Term 10, Term 15, Term 20, Term 25, Term 30, or paying until the age of 65.
• 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 different term plan without providing proof of good health
• Convertible to permanent insurance up to age 70 without medical underwriting
• From age 18-75
• $25,000 to $5,000,000

Term 15

Features:

• Renewable every 15 years up to age 85
• Convertible to a different term plan without providing proof of good health
• Convertible to permanent insurance up to age 70 without medical underwriting
• Ages 18-70
• $25,000 to $5,000,000

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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 different term plan without providing proof of good health
• Convertible to permanent insurance up to age 70 without a medical
• Ages 0-65
• $25,000 to $5,000,000,000

Term 25

Features:

• Renewable every 25 years up to age 85
• Convertible to a different term plan without providing proof of good health
• Convertible to permanent insurance up to age 70 without a medical
• Ages 0-60
• $25,000 to $5,000,000

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
• Ages 0-55
• $25,000 to $5,000,000
• Coverage ends at age 85

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
• Ages 0-64
• $25,000 to $5,000,000
• Coverage ends at age 65

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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:

Estate Enhancer

• Designed to maximize death benefit payouts
• Dividend scale increases steadily over time
• Premium payment options: 10 pay, 20 pay, or to age 100
• Available for ages 0-75 (80 for pay to age 100)

Accelerated Growth

• Focused on higher cash surrender values in medium term
• Shows accelerated dividend growth in first 10-15 years
• Premium payment options: 10 pay, 20 pay, or to age 100
• Minimum coverage amount of $100,000

5 Pay PAR

• Provides paid-up coverage after 5-year payment period
• Dividends maximized for long-term growth
• Available for ages 0-65
• Enhanced insurance is the only dividend option at issue

Here are some key features of Desjardins' permanant life insurance:

Coverage Options

• Individual coverage
• Joint first-to-die (2-5 insureds)
• Joint last-to-die (2 insureds)
• Joint last-to-die with paid-up first death[1]

Dividend Options

• Paid-up additions
• Enhanced insurance
• Annual premium reduction
• Cash payment
• Dividends on deposit[1]

Tax Treatment

• Policy values accumulate tax-free
• Death benefits are not taxable
• Policy loans or surrenders may generate taxable gains
• Dividends become taxable when exceeding policy's adjusted cost basis[1]

Benefits

• Permanent lifetime protection
• Guaranteed cash surrender values
• Annual dividend payments
• Flexible premium payment options
• Tax-efficient growth potential
• Access to cash values through loans or withdrawals[1]

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

​Universal life Term 10

Features

• Ages 18-75
• Coverage from $25,000 to $20,000,000. However, it is possible to ask for more.
• The cost is level for the first 10 years
• If the insured is ages 18-60 at the purchasing point of the policy, they stop paying at 90
• If the insured is ages 61-75 at the purchasing point of the policy, they stop paying after 30 years or age 100
• No surrender fee
• Can be converted into permanent product until age 70
• Can exchange for Term 20 within first 5 years of policy purchase

​Universal life Term 20

Features

• Ages 0-60
• Coverage from $25,000 to $20,000,000. However, it is possible to ask for more.
• The cost is level for the first 20 years
• If the insured is ages 18-60 at the purchasing point of the policy, they stop paying at 90
• If the insured is ages 61-75 at the purchasing point of the policy, they stop paying after 30 years or age 100
• No surrender fee
• Can be converted into permanent product until age 70
• Can't be exchanged with Term 10

​Universal life Term to 100

Features

• Ages 0-75
• Coverage from $25,000 to $10,000,000. The amount is fixed.
• The cost is level for the duration of the plan
• Payments stop at the age of 100
• No conversion privileges

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.

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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 - $41.40

Sun Life $400K - $49.05

Cost Savings over 20 years: $1836

Example 2: 60 Year Old Female, Non Smoker, Regular Health, 20 Year Term:

Desjardins Insurance $250K - $150.98

Sun Life $250K - $173.70

Cost Savings over 20 years: $5452.80

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.

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