.svg)
.svg)
PolicyMe content follows strict guidelines for editorial accuracy and integrity. Learn more about our editorial guidelines.
To help you determine whether Desjardins Insurance is right for you, we reviewed their different products, prices, features and customer feedback.
Desjardins offers some of the most affordable whole life insurance policies for children.
Their participating life insurance is a tax-efficient way to transfer your estate to beneficiaries, with five ways to use any dividends earned.
There's also the option to pay up the policy in five or ten years, making it a great option for parents and grandparents trying to transfer wealth efficiently with tax-advantaged cash value.
Founded in Quebec in 1900, Desjardins Group is North America's largest federation of credit unions. Desjardins Group is often listed as one of the world's top 50 safest banks and financiers.
Desjardins is also a cooperative company, meaning their customers own a small unit of the company and can help make decisions on how it runs.
Let's take a look at some of life insurance policies Desjardins offers.
*Prices are based on a 35-year-old, non-smoking woman seeking $500,000 in coverage.
Thinking about term life insurance? PolicyMe's rates are five to 10 per cent cheaper, plus we offer a couples discount and free child coverage.
Desjardins Insurance Company offers four types of term insurance products: 10-year term, 20-year term, 30-year term and term to 65.
The first three offer policy coverage until age 85 and are renewable and convertible until age 70. The term to age 65 policy cannot be renewed but can be converted until the age of 60.
Their term policies can cover up to $10,000,000 in coverage, and they offer joint first-die life insurance and last-to-die options for couples.
See how Desjardins' term life insurance prices stack up against the prices of products offered by other term life insurance companies in Canada.
*Prices are based on a 35-year-old, non-smoking woman seeking $500,000 in coverage.
PolicyMe has some of the most affordable term life rates in Canada, plus family friendly perks you won't get anywhere else.
Desjardins Permanent life insurance policies provide long-term death benefit protection that can stay the same over the policy's duration and build up cash value.
This cash value can be used to reach other financial goals, such as:
Plus, your premiums may qualify for a tax deduction. Upon the insured's death, their beneficiaries will receive a tax-free lump sum payment of up to $20,0000 for life insurance with no medical questions.
Their basic coverage plan allows policyholders to get an advanced payment of up to 50% of their death benefit.
Their best whole life policies offer children's protection rider benefits that provide additional coverage for children whose guardians are insured by Desjardins. This optional benefit makes Desjardins stand out because it provides some of the most affordable rates for whole life for children.
With Desjardins Child Life, you pay a fixed premium, which will remain the same throughout your child's lifetime. The policy will provide coverage for the entire life of your child, which means that they will be protected from the moment the policy is purchased.
One of the benefits of this policy is that it can be converted into a permanent life insurance policy later in life. This means your child can continue to have protection and build cash value even as they grow older and their needs change.
Desjardins also offers riders that can be added to the policy for an additional fee. These riders include things like accidental fracture insurance, which can provide an extra layer of protection for your child.
It's important to note that Desjardins Child Life is only available in certain areas. If you're interested in purchasing this policy, you'll need to speak to a Desjardins advisor to get more information if this product is an available option.
Desjardins Insurance's participating life insurance product is best for those looking to pass on wealth, specifically to kids, in an efficient payment schedule.
They offer four time ranges which you can select from to pay your premiums ranging from 5 years, 10 years, 20 years and to age 100 with tax-preferred cash value benefits.
Although your premium and death benefits are guaranteed, your annual dividends are not, just like many other participating life insurance policies.
Let's look at what some of Desjardins Insurance's customers have to say about their experience.
To learn more about your monthly rate with Desjardins, you must make an appointment with an insurance agent through their website, by phone or by an in-person meeting in one of their office locations.
The lack of technological resources means that potential and current clients must reach out personally to an insurance agent with any inquiries they might have about coverage options.
For customers who are looking for a quick and tech-savvy user experience, Desjardins won't offer that kind of customer service.
We usually don't recommend getting life insurance for kids because children typically don't need it. Life insurance is recommended when you have people in your life who depend on you financially. Kids usually don't have people who rely on them financially. They typically are dependent.
But if you're looking for a whole life policy that can support your little one at the most affordable cost possible for a permanent policy, Desjardins is for you.
While their products offer some of the most affordable coverage in the insurance industry for whole life insurance, like any other permanent life coverage, the monthly rates are high.
If you're looking for the best investment options for your child, we recommend looking into RRSP and TFSA accounts first. They have a rate of return that can be up to 13 times higher than whole life!
Desjardins Insurance offers a variety of optional benefits to expand the coverage of its permanent life insurance policies.
These include:
There are also accelerated cash value options that allow access to the cash values to help pay for long-term care and other expenses before death.
Desjardins Insurance offers a comprehensive range of Property and Casualty insurance products to meet your needs, with options such as Home/Renter's insurance, Condo/Tenant's insurance and Valuables protection for jewelry and other high-value items.
For people with diabetes, Desjardins Insurance provides specialized life insurance coverage that can help protect you and your family against the financial impact of a critical health event or death.
Auto Insurance offers customizable coverage options to suit all types of vehicles, including liability protection, collision coverage, all perils coverage and uninsured motorist protection.
They also provide health insurance products such as Extended Health Care plans with options for prescription drugs, medical equipment replacement, ambulance services, vision care expenses and more.
Want to learn more about other life insurance options? Here are more reviews of Canadian life insurance companies:
Our sources:
Brier, E. (2022, November 2). Meet The World’s Top Female-Friendly Companies 2022. Forbes. https://www.forbes.com/sites/elisabethbrier/2022/11/02/meet-the-worlds-top-female-friendly-companies-2022/?sh=675d833c53cf
Quick facts about Desjardins. (n.d.). Desjardins.com. https://www.desjardins.com/ca/about-us/desjardins/who-we-are/quick-facts/index.jsp
WinQuote®. (n.d.). https://www.winquote.net/
