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Canada Life Health Insurance Plan

Learn about Canada Life Health Insurance Plan

Canada Life Financial is a Canadian insurance company, founded in 1847 and headquartered at 330 University Avenue, Toronto, Ontario. Canada Life was the first domestic life insurance company to be established in Canada. It is a subsidiary of Great-West Life Assurance Company, after being acquired by the latter in 2003. Canada Life provides insurance and wealth management services and products in Canada and also internationally in Isle of Man, the United Kingdom, Ireland, and Germany. The company has more than 13 million Canadian customers, has paid over $9.1 billion benefits and has up to $100 billion in retirement and investment holdings for Canadians.

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What Does Canada Life Group Benefit Cover?

Canada Life is UK’s number one group insurance provider; it offers several group insurance coverages, each coverage has awesome coverage benefits. These include:

  • Group Life Assurance: this provides a tax-free lump sum and/or an ongoing income if the person dies while under the policy coverage.
  • Group Income Protection: this provides the employee a replacement income if he is not able to work due to a long-term injury or illness.
  • Group Critical Illness: this provides the employee with a tax-free lump sum if he is diagnosed with a condition covered by the policy and survives the recovery period. It covers 13 core illnesses with an option to add additional 28 illnesses.

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What are the Different Health Insurance Plans Offered by Canada Life

Canada Life offers critical illness insurance for individuals, business owners, and groups. The coverage pays a lump sum to the insured in the event that he is diagnosed with any of the covered conditions.

The group critical illness plan covers 13 core illnesses including Alzheimer’s disease, heart attack, cancer, Parkinson’s disease, multiple sclerosis, cardiac arrest, stroke and so forth. It also gives an option to add additional 28 illnesses. Support services are provided at no additional costs.

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News about Canada Life Insurance

As part of its corporate social responsibility, Great-West Life, the parent company of Canada Life, contributed $25,000 to help victims of wildfires in British Columbia. The media reports indicated that about 200 fires burned over 400 square kilometers of land throughout the province. This forced over 14,000 people from their homes while more than 1,300 firefighters in British Columbia and other parts of Canada battled the blaze.

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Canada Life Insurance FAQ

How do I make a claim?

To make a claim in a group coverage, your employer is required to submit a claim form and any supporting information that may be required.

How do I apply for group creditor insurance?

To apply for this type of insurance, the borrower is required to answer a few health questions. However, if the borrower applies for higher coverage amounts, he/she may be required to provide a detailed health questionnaire or other medical evidence.

How does the group creditor insurance work?

The group creditor insurance provides several benefits such as life, disability, and critical illness coverage but the benefits are designed to be in line with the insurance certificate.

Benefits may include a lump sum for some types of claims and they are made directly to the lender. In some other cases, benefits may be relevant in making the required loan payments.

Can I cancel my group creditor insurance plan after I enroll?

Yes. You can cancel your Canada Life’s group creditor policies at any time.

How do I make changes to my group insurance policy?

If you are an employer or the financial advisor of the group, you are allowed to make changes to a group insurance policy in writing. It is important to notify Canada Life as early as possible because a policy cannot be changed from a date earlier than when notified. Further, you can also inform Canada Life of upcoming changes even if the details are not yet finalized.

How is the benefit paid in a group insurance plan?

Canada Life makes benefit payments primarily through bank transfers. However, due to the legal framework surrounding each payment, the ultimate receipt of the payment may not be the same for each product.

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