Choosing the right life insurance is one of the most important financial decisions you can make to protect your loved ones. With so many options to choose from, it can be overwhelming to find the perfect fit.
That’s where this comprehensive review comes in. We’ll provide an in-depth look at Desjardins Life Insurance to help you determine if it’s the right choice for your needs.
Desjardins is one of the largest and most trusted insurance providers in Canada. But like any company, it has both advantages and disadvantages. We’ll outline the key pros and cons, available products, sample rates, and more so you can make an informed decision.
By the end, you’ll know what to expect from Desjardins life insurance and whether it’s a smart option for you. Let’s dive in!
Overview of Desjardins Life Insurance Company
Desjardins General Insurance Group Inc. (DGIG) is a subsidiary of the Desjardins Group – the largest financial corporation in Canada. They provide services for several provinces, including Ontario, Quebec, and Alberta.
| Founded | 1944 |
| Headquarters | Lévis, Québec (former) Montreal (current) |
| Employees | 1,800+ (2023) |
| Canadian Market Share | 9.00% (2022) |
| Insurance Products | Auto, RV, Motorcycle, Homeowners, Tenant, Condo, Travel, Life, Health, Loan & Credit, Group, and Pet Insurance |
| Website | Desjardins |
Source:
- https://en.wikipedia.org/wiki/Desjardins_Group#:~:text=It%20was%20founded%20in%201900,CEO%2C%20is%20based%20in%20Montreal.
- https://mitchinsurance.com/insurance-companies/desjardins/
Desjardins Insurance is one of Canada’s major insurance companies. In 2015, Desjardins purchased U.S. Insurer State Farm’s Canadian book of business, making it the third largest property and casualty insurance provider in the country.
While Desjardins is not technically a bank, it competes directly with the largest banks in Canada in terms of product offerings and assets. Desjardins has maintained its standing, both in the community over 40 years and the insurance brokers that facilitate the transactions between the company and its loyal clients. As a co-op financial organization, those values form the core of its business model.
Desjardins coverage is a good fit for customers who do not require any commercial insurance with their personal insurance. This is because the company focuses mainly on personal coverage, such as home and auto insurance policies.
Ratings
Desjardins holds an “AA1” Moody’s rating and an “A+” Standard & Poor’s rating. This means that Desjardins Car Insurance will not look for excuses when you file a claim.
Better Business Bureau (BBB), a non-profit organization that examines how companies handle customer complaints, gave Desjardins Insurance an “A+” rating as well.
Easy, Hassle-Free Claim Process
It is easy to make a claim via Desjardins’ phone number as the line is open 24/7. Here are the numbers to get your claims sorted as quickly as possible:
North America: 1-888-776-8343
Quebec: 418-835-9100
International: (Country code) + 800-463-5666-6
Another way to do this is to initiate the claim process on their website.
Online Services
Once you establish an online account, you can easily manage your insurance plan online. It is also possible to use your Desjardins auto insurance login details to file a claim from anywhere, at any time. Besides, the tool offers estimates for different vehicles, which can come in handy when purchasing a new one.
Mobile Application
Desjardins’ mobile app is available for download on both Google Play and App Store. Via this app, you can get online access to your insurance policy and claims, severe weather warnings, and a chance to make some savings on auto insurance.
Website
The website is filled with helpful information, such as prevention tips for your car to help keep you safe on Canadian roads.
Pros of Choosing Desjardins Life Insurance
There are several advantages to picking Desjardins Life Insurance for your coverage needs:
Large Selection of Products
Desjardins offers term life insurance, permanent life insurance, universal life insurance, and participating life insurance options to suit different needs:
Term Life Insurance
- 10, 15, 20, 25, 30-year terms
- Term to age 65
Permanent Life Insurance
- Whole life
- Universal life
- Participating life
Additional Options
- Child life insurance
- Joint first-to-die life insurance
This wide variety of policies provides you with plenty of choices.
Ability to Convert Term to Permanent Coverage
Many of their term life policies allow you to convert to permanent life insurance later on without medical underwriting, providing lifelong protection. Having this flexibility is a significant benefit.
Permits Joint Policy Applicants
Spouses and business partners can apply together on the same Desjardins life insurance contract. This provides convenience and potential discounts.
Multi-Policy Discounts Available
You can save money by bundling your life coverage with their other insurance products like critical illness, health and home insurance.
Valuable Riders and Add-ons
Desjardins offers enhancements like disability waivers, accidental death benefits, children’s insurance, and more, which augment your base protection.
Takes Non-Resident Applications
Even living outside Canada, you can still qualify for Desjardins life insurance. This unique flexibility broadens eligibility.
Reputable Company
Backed by the large Desjardins Group cooperative, the insurer has exceptional financial strength you can depend on.
Access to Credit Union Network
As part of a major credit union, Desjardins provides access to branches across Canada for in-person service.
Clearly, Desjardins life insurance has some useful advantages. But what are the downsides?
Cons of Choosing Desjardins Life Insurance
While Desjardins has plenty of strong points, there are some potential drawbacks to consider as well:
Only 6 Term Life Options
Desjardins offers just 6 preset term lengths. Some competitors provide more customizable term lengths.
Term Premiums Can Be Expensive
Desjardins’ term life rates are generally higher than some other top insurers. You may find cheaper rates elsewhere.
No Online Quoting System
Many insurers allow you to easily get quotes online. But Desjardins requires speaking with an agent, which requires more effort.
Mixed Reviews on Customer Service
While satisfaction is generally strong, some customers report communication issues and slow claims resolution.
So, make sure to weigh the pros and cons carefully when choosing coverage. Next, let’s look at sample rates.
Cost of Desjardins Life Insurance in Canada
Life insurance rates vary substantially based on personal factors such as age, gender, health, lifestyle, and coverage amount.
Here are sample 20-year term rates from Desjardins for a healthy non-smoker:
| Age | $250,000 Coverage | $500,000 Coverage | $1,000,000 Coverage |
| 25 | Male: $19.80 Female: $13.80 | Male: $29.70 Female: $20.70 | Male: $49.50 Female: $34.50 |
| 35 | Male: $21.00 Female: $15.30 | Male: $31.50 Female: $22.95 | Male: $53.00 Female: $39.75 |
| 45 | Male: $48.60 Female: $34.80 | Male: $72.90 Female: $52.20 | Male: $121.50 Female: $87.00 |
| 55 | Male: $152.10 Female: $101.70 | Male: $228.15 Female: $152.55 | Male: $380.25 Female: $254.25 |
| 65 | Male: $453.30 Female: $315.90 | Male: $679.95 Female: $473.85 | Male: $1,133.25 Female: $789.75 |
These premiums tend to be higher than top competitors, making Desjardins one of the more expensive options for straight-term insurance.
Bundling policies together may provide multi-policy discounts to lower overall costs. Now let’s overview the term products.
Desjardins Term Life Insurance Policies
Desjardins Life Insurance offers six different preset term length options for Canadians. Here are more extensive details on each of their term policies, along with illustrative examples of how they work:
Desjardins Term 10
The Desjardins Term 10 policy provides life insurance coverage for 10 years. Some key features include:
- Renewable every 10 years until age 85 without medical underwriting
- Convertible to permanent life insurance at any point until age 70
- Exchangeable for a higher term length up to Term 30 before renewal
For example, a 35-year-old could purchase a 10-year term policy and renew it at age 45 for another 10 years of coverage. At age 55, they could convert to a permanent life insurance policy from Desjardins without needing a medical exam.
Desjardins Term 15
The Desjardins Term 15 policy provides 15 years of life insurance coverage. Details include:
- Renewable every 10 years until age 85 with no medical underwriting required
- Can convert to permanent life insurance at any point until age 70
- Allows exchanging for Term 20, Term 25 or Term 30 before renewal date
For instance, a 30-year-old could get a 15-year term policy and then exchange it for a 20-year term at age 40 to extend their coverage duration. At age 50, they can convert to a permanent life insurance policy without medical testing.
Desjardins Term 20
The Desjardins Term 20 policy provides 20 years of life insurance protection. Key features include:
- Renewable every 20 years until age 85 without the need for medical underwriting
- Option to convert to a permanent life insurance policy until age 70
- Can exchange for Term 25 or Term 30 before the 20-year renewal date
For example, a 25-year-old purchases a 20-year term policy and then exchanges it for a Term 30 at age 40 to extend their coverage until age 65. At that point, they could convert to a permanent life insurance policy for Desjardins without requiring any medical exam.
Desjardins Term 25
The Desjardins Term 25 policy provides 25 years of life insurance coverage. Details include:
- Renewable every 10 years until age 85 without medical underwriting
- Convertible to permanent life insurance at any point until age 70
- Can exchange for a Term 30 policy before the 25-year renewal date
For instance, a 30-year-old takes out a 25-year term policy but then exchanges it for a Term 30 at age 40 to extend protection until age 70. At that point, they could convert to a Desjardins permanent life insurance policy without providing any medical evidence.
Desjardins Term 30
The Desjardins Term 30 policy provides 30 years of life insurance protection. Key features:
- Renewable once after 30 years until age 85 without medical underwriting
- Option to convert to a permanent life insurance policy until age 70
- Cannot exchange for a longer term length after taking out the policy
For example, a 30-year-old purchases a 30-year term policy from Desjardins. This provides coverage until age 60. At that point, they could renew for another 25 years until age 85. They could also convert to a permanent life policy from Desjardins until age 70 without requiring any new medical testing.
Desjardins Term to Age 65
The Desjardins Term to Age 65 policy provides life insurance coverage until age 65. Details include:
- No renewability after the term expires at age 65
- Can convert to a Desjardins permanent life insurance policy until age 60
- Cannot switch to a longer-term length after taking out the policy
For instance, a 45-year-old purchases a Term to Age 65 policy from Desjardins, getting protection until age 65. At that point, the coverage expires. However, they did have the option to convert to a permanent life insurance policy from Desjardins until age 60 without the need for additional medical underwriting.
Desjardins Permanent Life Insurance Options
In addition to term insurance, Desjardins also provides permanent life insurance to Canadians, including whole life, universal life, and participating life policies.
Here are more in-depth explanations of each permanent insurance option, along with examples:
Desjardins Whole Life Insurance in Canada
Desjardins Whole Life insurance provides permanent lifelong coverage as long as premiums are paid. Key features include:
- Lifelong coverage is guaranteed as long as premiums are paid
- Builds cash value that grows tax-deferred
- Dividends can be earned to reduce overall costs
- Available death benefit amounts range from $1,000 to $10,000,000
For example, a 30-year-old could purchase a Desjardins Whole Life policy with $500,000 of coverage. As long as they pay their premiums, they are guaranteed coverage for their entire lifetime up to age 100. Their policy also builds up a cash value they can borrow against if needed.
Desjardins Universal Life Insurance in Canada
Desjardins Universal Life Insurance combines permanent coverage with investment components. Details include:
- Provides lifelong coverage along with investment features
- Flexible premium payments, death benefit amounts, and cash withdrawals
- Over 30 investment options to choose from for the cash value funds
- Cash value grows tax-deferred until withdrawn
For instance, a 40-year-old could take out a Desjardins Universal Life policy with $750,000 of coverage. They can pay flexible premiums and adjust their death benefit later if needed. Their cash value is invested across a selection of funds and grows tax-free.
Desjardins Participating Life Insurance in Canada
Desjardins Participating Life insurance offers permanent coverage while accumulating cash value. Features include:
- Provides lifelong insurance protection
- Earns dividends based on the company’s investment performance
- Pay premiums for 20 years or until age 100
- Dividends can be used to purchase extra insurance coverage
For example, a 35-year-old takes out a $1 million Desjardins Participating Life policy. Their premiums are payable for 20 years until age 55. The policy builds up dividends that the individual can use to purchase additional insurance protection above their $1 million base death benefit.
Additional Insurance Offerings from Desjardins
Beyond life insurance, Desjardins also provides:
Critical Illness Insurance
- Pays out a lump sum on diagnosis of covered conditions like cancer, stroke, blindness, deafness, 3rd-degree burns, multiple sclerosis, Alzheimer’s disease and more
- Maximum coverage up to $2 million
- Child critical illness insurance available
Disability Insurance
- Replaces lost income if injury/sickness prevents you from working
- Benefit amounts from $200-$10,000 monthly
- Choice of benefit payment periods: 2 years, 5 years, to age 65, or to age 70
Health Insurance
- Covers healthcare costs like prescription drugs, dental, vision, hospital stays, therapies, medical equipment, and more
- Individual health plans available
- Travel insurance is also offered.
Auto Insurance
- Provides standard coverages like third-party liability, collision, comprehensive, accident benefits for injuries, and more
- Specialty vehicle options like motorcycles, ATVs, RVs, boats
- Discounts for multi-vehicle, winter tires, anti-theft devices
Home Insurance
- Protects dwelling, belongings and liability from damage and lawsuits
- Options for homeowners, condos, tenants
- Bundling home and auto policies provides discounts
Next, let’s examine the ideal customers for Desjardins insurance.
Who is Desjardins Life Insurance Good For?
Based on our review, Desjardins life insurance best suits:
- Those seeking permanent lifelong policy protection
- People want bundles of policies from one trusted insurer
- Families who prefer having joint coverage under one contract
- Anyone prioritizing an established, reputable company
It meets the needs of many Canadians looking for solid coverage backed by an insurer with over 75 years in business and cooperative values.
But the limited term lengths, higher term costs, and lack of online quotes make Desjardins less ideal for some groups like:
- Younger consumers on a strict budget seeking bare-bones basic term insurance
- Tech-savvy customers who value a convenient digital quoting process
- Policy buyers strictly compare premiums from a wide range of insurers
Ultimately, your specific situation dictates whether Desjardins is a good fit. Now, let’s examine how to get a personalized quote.
How to Get a Desjardins Life Insurance Quote
Since Desjardins does not provide online quotes, you must ask an agent for a personalized quote. Here are some options to get a Desjardins life insurance quote, along with additional details:
Work with an Independent Insurance Broker
- An independent broker licensed in your province can provide quotes for Desjardins’s life insurance products. They have access to pricing from multiple insurance companies.
- Brokers can help you compare Desjardins rates and policies side-by-side with other top insurers like Canada Life, Sun Life, RBC Insurance, and Manulife.
- They can advise you on the pros and cons of different products and companies and recommend the best options for your specific needs.
- Independent brokers work for you rather than one insurance company. They can shop the market on your behalf and negotiate your rate.
Read more: Insurance Brokers vs Insurance Agents in Canada
Call Desjardins Insurance Directly
- You can call Desjardins insurance contact center at 1-877-838-8185 to speak with a company agent.
- The agent can answer questions about Desjardins’ life insurance products and provide you with a personalized quote.
- They have extensive knowledge about the company’s policies, riders, options, and pricing.
- One downside is that the Desjardins agent can only provide quotes for their products rather than comparing multiple insurers.
Use an Online Insurance Marketplace
- Online insurance marketplaces allow you to easily compare life insurance quotes from Desjardins with those of other top insurance companies.
- These websites provide side-by-side comparisons from over 15+ insurers, saving you time.
- You can get unbiased guidance from licensed advisors through the marketplace to understand the differences in products and insurers.
- The easy online quote process only takes a few minutes.
- This option gives you quotes from Desjardins plus the ability to see competing rates from other insurers all in one place.
Getting quotes from multiple sources ensures you secure the best life insurance coverage and rates tailored specifically to your needs as a Canadian. An experienced professional can guide you in finding the right policy.
Conclusion: Is Desjardins Life Insurance Worth It?
In summary, Desjardins Life Insurance offers excellent benefits, such as diverse policy options, the ability to convert term coverage to permanent coverage, multi-policy discounts, and strong financial backing.
However, the restricted term lengths, expensive term rates and lack of online quotes may be disadvantages for some purchasers.
Desjardins is tough to beat for permanent protection or bundled policies. However, those seeking ultra-low-cost term insurance may find better value than competitors.
Use this review as a starting point, then get quotes to discover your best option. And work with an experienced advisor who can guide you to the right life insurance product that protects what matters most – your loved ones.
We have also researched on other top life insurance companies in Canada such as: Manulife Insurance, Canada Protection Plan, TD Insurance, Sun Life, Ivari, Wawanesa Life Insurance, Foresters Financial Life Insurance in Canada if you are interested.
FAQs related to Desjardins Life Insurance Company
How much does life insurance cost from Desjardins?
Life insurance rates at Desjardins depend on factors like your age, gender, health, lifestyle, and amount of coverage.
What types of life insurance does Desjardins offer?
Desjardins offers several types of life insurance including term life (10, 15, 20, 25, 30 years, to age 65), permanent life (whole life, universal life, participating life), joint first-to-die, and child life insurance policies.
Where is Desjardins Insurance located?
Desjardins Insurance is headquartered in Lévis, Quebec. It operates as a subsidiary of the Desjardins Group, the largest association of credit unions in Canada.
Why choose Desjardins life insurance?
Reasons to choose Desjardins life insurance include their financial strength and stability, ability to convert term to permanent coverage, access to credit union branches, bundling discounts, reputation, and ability to take non-resident applications.
When was Desjardins Life Insurance founded?
Desjardins Life Insurance was founded in 1944 as part of the Desjardins Group. Desjardins has been serving Canadian communities since 1900.
Do I need a medical exam for Desjardins life insurance?
A medical exam is usually required for permanent life insurance from Desjardins. However, they offer simplified issue whole life insurance for ages 50-75 that only requires answering health questions.
Can I get a Desjardins Insurance quote online?
Unfortunately you cannot get a quote online directly from Desjardins. You need to speak with a company agent or use an insurance marketplace that provides online Desjardins quotes.
Is Desjardins only for French Canadians?
No, Desjardins insurance serves all Canadians nationwide, not just French Canadians. Service is available in both English and French.
What is the claims process like with Desjardins?
Desjardins has a toll-free number to start a claim. Simple claims are typically processed quickly but complex claims may take longer. Some customers have complained about delays.
Does Desjardins sell insurance through brokers?
Yes, Desjardins works with independent insurance brokers across Canada in addition to their own tied agents and credit union branches. Brokers can provide quotes on Desjardins products.
