CAA Life Insurance is one of the most trusted life insurance providers in Canada that offers affordable coverage from $100,000 to $5 million, with exclusive 10% discounts for CAA members. It’s a good choice for families, homeowners, and seniors seeking straightforward term life or guaranteed issue policies with easy online enrollment. However, those needing highly customizable or investment-linked coverage may find better options elsewhere.
What is CAA Life Insurance?
CAA Life Insurance, underwritten by Securian Canada (formerly Manulife), provides accessible life insurance solutions for Canadians in partnership with regional clubs like AMA and Atlantic CAA. It offers a range of products, including term life insurance, guaranteed issue insurance, limited whole life, and universal life insurance policies.
Key Features of CAA Life Insurance
| Feature | Details |
| Coverage Amounts | $100,000 – $5,000,000 (Term) / $5,000 – $25,000 (Guaranteed Issue) |
| Policy Underwriter | Securian Canada (previously Manulife) |
| Discounts | Automatic 10% savings for CAA members |
| Medical Exam | Not required for Guaranteed Issue plans |
| Term Lengths | 10, 20, or 30 year options |
| Issue Ages | 18-75 (Term) / 40-75 (Guaranteed Issue) |
Additional perks: Term policyholders get $10,000 free coverage for their children. You can also easily bundle Critical Illness insurance with your Term Life application.
This CAA Life Insurance review are ideal for:
- Families looking for affordable term life coverage
- Seniors aged 40-75 want simple, guaranteed issue plans
- CAA members who can save 10% on their premiums
- Business owners and individuals seeking essential financial protection
- Those preferring a quick online application process
What Types of Life Insurance Does CAA Offer?
CAA provides temporary and permanent options. Here are the key policies:
CAA Term Life Insurance
CAA Term Life policy offers coverage for a specified term (10, 20, and 30 years), providing a tax-free lump sum to your beneficiaries if you pass away.
- Coverage Amounts: $100,000 to $5 million
- Discounts: 10% off for CAA members; couples save an extra 10% in year one
- Complimentary Child Coverage: $10,000 in free insurance for each child
- Best for: Young families, homeowners, and budget-conscious shoppers
Ideal for temporary low-cost protection.
CAA Guaranteed Issue Life Insurance (CAA life insurance for seniors)
CAA’s guaranteed issue life insurance provides payouts from $5,000 to $25,000 with no medical exam required for applicants aged 40-75.
- Guaranteed approval for Canadian residents aged 40-75
- Lifetime Coverage: Permanent insurance with level premiums for life
- No Health Questions: Acceptance is guaranteed regardless of medical history
- Best for: Seniors or individuals with pre-existing health conditions
Best for seniors or high-risk applicants.
CAA Whole Life Insurance (Limited Availability)
CAA’s whole life insurance is only available in select provinces like Alberta and offers permanent protection and tax-advantaged cash value growth.
- Availability: Select provinces only (e.g. Alberta, Northwest Territories)
- Lifetime Protection: Coverage lasts your entire life as long as premiums are paid
- Builds Cash Value: Many policies allow tax-advantaged savings accumulation
- Best for: Those wanting lifelong protection with investment growth potential
A good option for permanent coverage with investment features.
CAA Universal Life Insurance (Limited Availability)
Universal life is offered through CAA’s Alberta branch and combines permanent life insurance with investment features.
- Availability: Primarily offered through CAA AMA (Alberta)
- Investment Feature: Policyholders can invest in a variety of tax-sheltered funds
- Flexible Premiums: Allows you to adjust payments based on your financial situation
- Best for: High net worth individuals desiring premium flexibility and cash value growth
Ideal for high-net-worth investors seeking flexible premiums.
Pros and Cons of CAA Life Insurance
CAA Life Insurance has benefits and drawbacks, like any policy. Understanding both can help you decide if it’s the right choice. Here’s a quick look at the pros and cons.
Pros of CAA
- Very competitive Term Life rates, especially for CAA members
- No medical exams are needed for Guaranteed Issue – just fill out a simple health questionnaire
- Exclusive membership discount of 10% on all life insurance premiums
- Up to $10,000 free coverage for kids with Term Life plans
- Fast online quotes and streamlined digital application process
Cons of CAA
- Whole & Universal Life policies have limited availability outside Alberta/AMA
- Specific plans cannot be transferred or continued if you move to a new province
- Fewer riders and customization options compared to some competitors
How Much Does CAA Life Insurance Cost?
CAA life insurance premiums are based on factors like your age, gender, smoking status, health, coverage amount, and policy type. Here’s a sample monthly rate chart for a $500,000, 10-year Term Life plan for non-smokers:
| Age | Female | Male |
| 25 | $23.40 | $32.40 |
| 30 | $23.40 | $32.40 |
| 35 | $25.20 | $32.80 |
| 40 | $32.40 | $37.40 |
| 45 | $42.80 | $53.20 |
| 50 | $61.80 | $79.00 |
| 55 | $91.60 | $114.20 |
| 60 | $140.80 | $186.40 |
Keep in mind these are starter estimates only. Your unique quote will depend on your specific situation and insurance needs. Use our quick calculator below to get a personalized rate in seconds!
Customer Reviews & Complaints
Online reviews specifically mentioning CAA Life Insurance are somewhat limited. But feedback on CAA Insurance’s services in general on sites like the Better Business Bureau and Mitch Insurance show:
- Many customers appreciate the affordable rates and exclusive member discounts
- Several policyholders complimented the user-friendly online quote and application tools
- A few positive reviews highlighted helpful, friendly phone support from CAA advisors
- Some complaints cited issues with communication/notices around rate or coverage changes
- Other negative reviews mentioned delays, errors, or confusion when processing claims
How to Apply for CAA Life Insurance?
There are three easy ways to get CAA life insurance:
- Online – Use their instant quote tool to see estimated rates in under 60 seconds
- Phone – Call 1-866-714-9007 to speak with a knowledgeable, non-commissioned licensed advisor
- In-Person – Book a meeting at your nearest CAA branch to discuss options with an agent
Pro Tip: Always compare life insurance quotes from multiple companies before choosing a policy. Use our free tool to view rates from Canada’s top insurers quickly!
The Bottom Line
CAA Life Insurance is a solid choice for CAA members who want simple, budget-friendly term or guaranteed acceptance coverage. But if you’re looking for more comprehensive policy options or sophisticated investment features, it’s wise to compare quotes from additional life insurers. See rates from Canada’s most trusted providers and decide on the best life insurance for you and your family’s needs.
If you want to explore more, here are some of the top life insurance providers in the market are Co-operators Life Insurance, Manulife insurance, CIBC life insurance, Sun Life insurance, Wawanesa Insurance, RBC insurance.
FAQs about CAA Life Insurance
Can I still buy CAA life insurance if I'm not currently a CAA member?
Yes! CAA life insurance is available to all eligible applicants. However, you must be a member to receive the automatic 10% savings.
Does CAA also offer critical illness insurance to supplement my life insurance?
Yes, CAA has critical illness plans that provide a lump-sum benefit if you're diagnosed with a covered condition. These policies must be purchased together with Term Life insurance.
If I purchase life insurance from CAA in one province, can I transfer it if I move to another province?
Policy portability varies depending on the product and where you originally bought it. Ask your CAA insurance advisor if your plan can be continued in your new province of residence.
