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How Canada Life is supporting you during COVID-19. Learn more

The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company have become one company – The Canada Life Assurance Company. Learn more

The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company have become one company – The Canada Life Assurance Company. Learn more

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Freedom 55 Financial is a division of The Canada Life Assurance Company and the information you requested can be found here.

42% of Canadians have less than 6 months of living expenses saved – but 53% of plan members would be willing to pay more for extra coverage.  

Helping your employees to purchase insurance that eases the financial burden of these life events – at a lower rate than if they’d purchased it individually – is 1 way you can support them through challenging circumstances

Canada Life offers 3 ways to make sure your employees are covered if the worst happens. 

Base

Group life, accidental death and dismemberment and critical illness insurance can be offered at no cost to employees. You can customise your plan – and contain costs – by choosing from various levels of coverage.

Voluntary / Optional

Your plan members can choose to purchase additional coverage, at a group rate that is generally more affordable than purchasing it individually. 

You select the products (optional life, optional critical illness and/or voluntary accidental death & dismemberment) and features to offer your plan members. 

Members can enrol in these products using our traditional paper-based enrolment form and you coordinate payroll deductions for their premiums. This coverage terminates when their plan ends.

Portable Benefits

Administered directly by Canada Life, these are products that employees can take with them when they change jobs, while still paying a more affordable group rate – and there are no administration requirements or extra fees for you. The products and features offered are the same for all plan members. 

Members will be able to enrol in portable life, portable critical illness and/or portable accidental death and dismemberment through our online tool. Plan members pay via credit card or pre-authorized debit and the coverage stays with them even if they leave their employer plan. Portable benefits cannot be combined with plan sponsor elected optional products.

Optional / Voluntary
Portable
Who pays for it?
Employee
Employee
Can I customise my plan?
Yes

No

Are premiums deducted through payroll?
Yes

No – member can pay via credit card or pre-authorized debit

Does the coverage end when an employee leaves their employer plan?

Yes
No
Does it require administrative work by my company?
Yes
No
Is it more affordable for the employee than purchasing it individually?
Yes
Yes

How do plan members enrol?

Paper evidence of insurability form

Online enrollment tool

Talk to an advisor
Learn more about portable benefits