Desjardins Insurance has been serving Canadians since 1944 and is now one of the largest insurance providers in the country. With a wide range of life, health, home, and auto insurance options, it’s no surprise many look to Desjardins for their coverage needs.
But how do Desjardins’ products truly stack up? What do policyholders have to say? And are their rates competitive?
This review will analyze Desjardins Insurance based on expert assessments and customer feedback. We’ll take an in-depth look at their life insurance, examine policy costs, highlight key pros and cons, and ultimately help you determine if Desjardins is the right fit.
Overview of Desjardins Insurance
Desjardins Insurance is the insurance unit of the Desjardins Group, the largest association of credit unions in Canada. It has two main insurance subsidiaries:
- Desjardins Financial Security (DFS): This is the life and health insurance arm of Desjardins Group. It provides Desjardins’ suite of life insurance, critical illness insurance, and disability insurance products.
- Desjardins General Insurance: This subsidiary offers Desjardins’ property and casualty insurance, including auto insurance, home insurance and business insurance.
In this review, we will be focusing primarily on Desjardins Financial Security (Desjardins Life Insurance) and its life insurance products, as this is most relevant for readers considering coverage. But it’s helpful to understand the overall insurance structure under the Desjardins brand.
Some key facts about Desjardins:
- Headquarters: Lévis, QC
- Year founded: 1944
- Total Premiums written: $13.9 billion (2023) ,
- Total assets: $422.9 billion (2023)
- Financial strength rating: AA from Morningstar DBRS
(Source: https://www.desjardins.com/ca/about-us/desjardins/who-we-are/quick-facts/index.jsp)
Desjardins employs a large team of exclusive, career-focused agents. However, you can also purchase coverage directly online or over the phone through their contact center.
Next, we’ll take a deeper look into Desjardins’ life insurance products, which are an important consideration for many customers.
Desjardins Life Insurance Products Review
Desjardins Life Insurance offers both term and permanent life insurance to meet different needs. Here’s an overview of the key policies that are available.
Desjardins Term Life Insurance
Desjardins provides term life insurance with policy durations of 10, 15, 20, 25, and 30 years. They also offer term-to-age-65 coverage. Term life insurance is the most affordable form of protection. It covers you for a set period of time, after which your coverage expires unless you renew it.
Some notable benefits of Desjardins’ term life options:
- Renewable and convertible up until age 70
- Available coverage up to $10 million
- Ability to split joint policies into individual ones
- Preferred multi-policy rates
- Living Benefit providing early payout if terminally ill
One unique offering is the term-to-age-100 plan for people ages 50 to 75 with no medical exam, and there’s a 5x payout for accidental death before age 85.
Desjardins term life insurance policies provide strong temporary coverage but may cost more than budget options from online providers.
Desjardins Permanent Life Insurance
For lifelong protection, permanent life insurance is designed to cover you to age 100 or beyond. Desjardins’ permanent policies include:
Desjardins Participating Whole Life
Participating whole life insurance from Desjardins offers lifelong coverage along with the potential for dividends. It has guaranteed premiums, death benefits, and certain cash surrender values. Plus, it provides dividends from the insurer’s surplus funds that you can use to enhance your benefits. Dividends can be taken as cash, used to buy additional insurance (paid-up additions), or help offset premiums. This policy is useful for leaving an inheritance or paying estate taxes.
Desjardins Universal Life
Desjardins Universal Life Insurance combines permanent coverage with investment account options that allow you to direct a portion of your payments. It offers flexible premiums and the ability to adjust your death benefit. You can modify the policy without fees after holding it for 5+ years. Over 30 investment options are available to grow your savings based on your risk tolerance.
Additional Products From Desjardins
Critical Illness Insurance : Pays out if diagnosed with a covered critical illness like cancer, stroke, or heart attack. Useful for covering costs during treatment.
Disability Insurance : Replaces income if you cannot work due to illness or injury. Provides monthly benefit payments until recovery or the end of the benefit period.
Health Insurance : Covers healthcare costs like prescriptions drugs, dental, vision, and more that aren’t fully covered by government health insurance.
Accident Insurance : Provides additional financial protection in case of injuries or death resulting from an accident.
These supplemental plans provide financial security in case of an unexpected health event or disability.
Key Takeaways
- Good selection of both term and permanent life insurance
- Term policies are renewable and convertible
- Permanent options include participating life and universal life
- Also offers critical illness and disability insurance
Desjardins General Insurance Products
While this article focuses mainly on life insurance from Desjardins Life Insurance, it’s important to briefly discuss the property and casualty insurance products available from their sister company, Desjardins General Insurance.
Auto Insurance : Desjardins auto insurance provides coverage options for liability, collision, comprehensive, uninsured motorist, accident benefits and more. Discounts are available for bundling home insurance, insuring multiple vehicles, winter tires, and other factors.
Home Insurance: Home insurance from Desjardins covers property damage, belongings, additional living expenses, liability, and theft. Bundling with auto insurance can lead to discounts. Flood insurance and earthquake coverage are available as add-ons.
Business Insurance : Policies for small and medium-sized businesses include general liability, property, crime, and commercial auto insurance. Specialized coverage for professionals is also available.
Travel Insurance : Plans for emergency medical coverage, trip cancellation, interruption, and delay during trips. Useful for out-of-province and international travel.
Group Insurance : Desjardins provides group life, disability, critical illness, and health/dental insurance policies for employers to cover their employees. Useful for supplementing workplace benefits.
Pet Insurance : Helps cover veterinary bills for accidents, illnesses, surgeries, prescriptions, and more related to your cat or dog. Options include 80% or 90% reimbursement.
Desjardins Life Insurance Costs and Premiums
The cost of life insurance depends on many factors – including age, gender, health, lifestyle, and more. Here are sample monthly rates from Desjardins for healthy nonsmokers of different ages:
Desjardins $500,000 Term Life Insurance Rates
| Age | 10-Year Term | 20-Year Term |
|---|---|---|
| 30 | Male: $22.95 Female: $16.20 | Male: $31.50 Female: $21.65 |
| 40 | Male: $28.80 Female: $21.15 | Male: $45.45 Female: $33.75 |
| 50 | Male: $67.50 Female: $48.15 | Male: $126.00 Female: $84.60 |
| 60 | Male: $208.80 Female: $151.20 | Male: $403.20 Female: $281.25 |
Desjardins $500,000 Whole Life Insurance Rates
| Age | Monthly Premium |
|---|---|
| 30 | Male: $265.05 Female: $221.40 |
| 40 | Male: $422.10 Female: $338.40 |
| 50 | Male: $715.05 Female: $559.80 |
| 60 | Male: $1,126.80 Female: $938.70 |
Desjardins $100,000 Critical Illness Insurance Rates
| Age | Monthly Premium |
|---|---|
| 30 | Male: $38.98 Female: $28.26 |
| 40 | Male: $50.83 Female: $46.26 |
| 50 | Male: $96.84 Female: $85.68 |
| 60 | Male: $250.74 Female: $184.05 |
- For both term 10 and term 20, premiums are significantly lower for females compared to males of the same age. This reflects the higher life expectancy for women.
- Premium costs increase much more rapidly with age for whole life compared to term policies. This is because permanent life insurance is designed to last a lifetime.
- At age 30, the term 10 premium is about 10% of the cost of whole life for both genders. This shows the affordability of shorter term coverage for temporary needs.
- By age 60, the premium for a 20-year term policy is around 35-40% of the whole life premium. So permanent life gets relatively more expensive compared to term at older ages.
- For whole life, the premium difference between genders narrows at older ages – by 60, women pay just 20% less than men compared to over 30% less at age 30.
Term premiums stay low compared to permanent insurance, especially for younger buyers. Whole life gets comparatively more costly as buyers age due to accumulating cash value.
Factors like smoking status, health, location, and more affect rates as well. Overall, Desjardins offers competitive pricing, but might not be the most affordable in all cases.
Desjardins Life Insurance Price Comparison
Here’s how Desjardins term life insurance costs stack up against some competitors:
| Company | Monthly Rate |
|---|---|
| Desjardins | $31.50 |
| Sun Life | $28.80 |
| Manulife | $27.00 |
| RBC Insurance | $23.49 |
| iA Financial | $33.75 |
For a 20-year policy, Desjardins provides strong rates, but some top insurers like Manulife or RBC may offer even more budget-friendly pricing.
For permanent protection, here is a whole life insurance monthly premium comparison:
| Company | Monthly Rate |
|---|---|
| Desjardins | $276.30 |
| Sun Life | $323.48 |
| Canada Life | $256.72 |
| Manulife | $288.76 |
| RBC Insurance | $260.28 |
Desjardins ranks competitively for whole life insurance as well. Rates can vary significantly based on the cash value accumulation options you choose.
Overall, Desjardins offers affordable pricing across both term and permanent life insurance products. But be sure to shop around, get quotes, and compare costs from multiple insurers.
Next, let’s analyze the pros and cons of Desjardins Life Insurance based on expert assessments.
Desjardins Life Insurance: Key Pros and Cons
Desjardins Life Insurance has many strengths as one of Canada’s largest and most established insurers. But there are also some potential drawbacks to weigh.
Pros of Desjardins Life Insurance
- Wide range of policies: Desjardins provides an extensive selection of term, universal, and whole life insurance options.
- Renewability: Term life policies are renewable up to later ages like 85. Useful for extending temporary coverage as needed.
- Early conversion: Term policies can convert to permanent insurance up until age 70. This guarantees future insurability.
- Good financial strength: Desjardins maintains an A rating from A.M., which best signifies financial stability.
- Helpful agents: Local Desjardins reps take time to explain policies and ensure customers’ needs are met.
Cons of Desjardins Life Insurance
- Claims complaints: Some customers report delays and unsatisfactory claims experiences.
- Limited online experience: Unable to get instant quotes or purchase policies completely online.
- Complex permanent policies: Whole life and universal life have complicated mechanics that agents must explain.
- Can be expensive: Permanent and longer-term life insurance is pricier than some competitors.
- Mostly regional: Large presence in Quebec, smaller distribution and support in other provinces.
Overall, Desjardins is a leading insurance provider in Canada with an emphasis on service and support. But be sure to weigh the advantages against drawbacks like claims issues and pricing competition from online insurers before making a decision.
Desjardins Life Insurance Reviews: What Customers Are Saying
Understanding customer feedback is crucial in determining an insurer’s real-world reputation. Here are key themes from Desjardins Life Insurance reviews:
Positive Desjardins Life Insurance Reviews
- “Helpful local agents”: Many compliment Desjardins reps for taking time to explain policies and answer questions.
- “Good prices and rates”: Numerous reviews mention lower premiums from Desjardins
- “Smooth purchase experience”: Some praise the easy application and onboarding process.
- “Great service” – Some customers report very positive service interactions and experiences.
Negative Desjardins Insurance Reviews
- “Claims denials and delays”: The most common complaints cite long claims processing times or unfair claim denials.
- “Poor customer service”: Some felt agents provided misinformation or were unwilling to address issues.
- “Billing errors”: Customers report incorrect premium charges, double-billing, and other invoice issues.
- “Lack of responsiveness”: Waiting lengthy periods for callbacks from agents or claims staff is a recurring grievance.
Based on reviews, Desjardins Insurance appears to provide decent service during the sales process. However, customers report the most satisfaction issues during claims and ongoing service after policies are purchased.
Are Desjardins Life Insurance Rates Competitive?
For many insurance customers, getting the most affordable rate is a priority. So how do Desjardins Insurance premiums stack up?
As the comparisons earlier show, Desjardins offers strong competitive pricing across life insurance. They aren’t always the absolute lowest cost option, but frequently rank among the better rates among major national players.
For example, Desjardins term life insurance rates start at just over $15 per month for 20-year coverage of $250,000 for a 30-year-old woman. This beats out the rates from top competitors like Sun Life and Canada Life.
However, direct life insurance providers can offer cheaper pricing still – sometimes up to 15-20% less.
Overall, while not always the cheapest, Desjardins does offer fairly-priced life insurance relative to competitors. The exact costs will depend on your situation.
Is Desjardins the Right Insurer for You?
Desjardins Insurance provides a quality option for life, critical illness, disability coverage for Canadians. They shine in providing strong customer service during the initial sales process and offer flexible insurance plans with helpful agents. Their pricing across products is also quite competitive overall.
However, potential drawbacks like subpar claims experiences and lack of online quoting create disadvantages vs. some other insurers. Direct life insurance providers may also offer cheaper premiums.
So, is Desjardins right for your insurance needs? Ask yourself:
- Do you value local in-person support or prefer fast online service?
- How important are lowest absolute rates vs. brand reputation to you?
- Do you prioritize ease of purchasing above all else?
If you want personable agent relationships, don’t mind higher prices, and value remarkable service during enrollment – Desjardins is likely a great fit.
However, if online convenience, top-value pricing, or tech-enabled customer experiences are paramount – you may wish to look at direct insurers or competitors like Manulife and RBC Insurance as well.
Regardless of which path you take, be sure to get multiple quotes, read recent provider reviews, and closely compare coverages so you select the optimal insurance for securing your financial future.
The Bottom Line: Desjardins Offers Strong Life Insurance Options
Desjardins Insurance is one of the largest and most trusted insurance providers for Canadians seeking life, critical illness, disability, home, and auto insurance. They offer flexible life insurance policies like renewable term life and cash value permanent life to suit different needs and budgets. Their participating whole life insurance also provides unique lifelong coverage plus dividends from insurer profits.
While customer service is generally excellent, claims management remains an area of improvement for Desjardins based on reviews. But pricing is competitive and policies offer solid features overall. If you prioritize a personal buying experience with helpful agents guiding you, Desjardins Insurance delivers. Just be sure to get multiple quotes and compare your coverage options before making a decision.
At the end of the day, choosing the right protection that fits your specific needs and preferences is what matters most – and Desjardins Insurance policies will be the ideal solutions for many Canadians seeking stability from a reputable national insurer.
Want the complete landscape of life insurance options in Canada? Our site offers extensive reviews profiling the Biggest Life Insurance Companies in Canada. We cover Sun Life, Manulife, Canada Life, RBC Insurance, Industrial Alliance, and more, with the same rigorous attention to products, pricing, ratings, customer experience, pros/cons, and insider advice. If you’re looking for alternatives to Desjardins, exploring our reviews is a great way to find the right fit.
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Frequently Asked Questions (FAQs)
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