Desjardins Life Insurance Review: What You Need to Know
Desjardins life insurance review (2025 update)
Founded in Quebec in 1900, Desjardins Group is a cooperative financial group, often listed as one of the world's top 50 safest banks and financial institutions. With over $470.9 billion in total assets, Desjardins serves 7.8 million members and clients, supported by 55,290 employees.
Desjardins offers both permanent and term life insurance products, alongside car insurance, home insurance, travel insurance, and group insurance.
Desjardins life insurance: Our verdict
Desjardins Group life insurance: Our verdict ★★★★☆ (3.6/5)
Our analysis of 30+ life insurance providers shows Desjardins holds a strong position in the Canadian market. Earning an above-average rating of 3.6/5, the company scores well in affordability, customer service, and overall reputation.
Desjardins offers the following types of life insurance:
- Term life insurance: Term plans offer affordable premiums and flexible coverage, with term lengths ranging between 10 and 30 years.
- Permanent life insurance: Customers have three permanent life insurance options, including whole life insurance, participating life insurance, and universal life insurance.
- Life insurance over 50: Individuals between ages 50 and 75 can access immediate, no-medical lifetime coverage with Desjardins 50+ Life Insurance plans.
Overall, Desjardins is a high-ranking insurer with long-standing financial stability and years of experience in the insurance industry. Its life insurance products cover the most common bases for policyholders.
Desjardins life insurance: Key features
Wondering what sets Desjardins apart from the rest of the life insurance industry? From plan structures to its cooperative foundation, here are the top key features:
- Desjardins mobile services app: Policyholders can review their insurance policies and access other financial services through the Desjardins app.
- Coverage add-ons: Policyholders can choose from nine additional coverage options for both term and permanent plans. Permanent plans may also include Critical Illness Advance and Long-Term Care Advance coverage.
- Multi-coverage discount: Desjardins offers reduced premiums for policyholders with two or more eligible insurance coverages on the same policy (e.g., life insurance and critical illness insurance).
- Assistance services: Most policies include medical phone assistance for easy access to advice from a nurse. Some policies also offer home assistance, psychological support, and homecare assistance.
- Dividend options: Participating life insurance policyholders can choose from 5 dividend options to grow their estate.
- Branch accessibility: Desjardins has over 2,300 branch locations across Canada, making in-person services highly accessible, especially in Quebec and Ontario.
Desjardins life insurance pros and cons
Desjardins ranks highly for affordability, customer service, and industry reputation. But every insurance provider has its highs and lows, and Desjardins isn’t exempt.
Here’s an overview of the pros and cons of Desjardins’ life insurance.
Desjardins life insurance cost and value
Desjardins scores above average for life insurance affordability, with an impressive 3.7/5 for its Term 20 plans. Below, we compared Desjardins, PolicyMe, and industry average rates for 20-year term, $500,000 coverage policies for non-smokers.
In general, Desjardins’ average term life insurance premiums are generally lower than industry averages.
Desjardins life insurance reviews and customer service
To help you determine whether Desjardins Insurance is right for you, we reviewed customer feedback from sources such as Trustpilot and Insureye. Here’s what some of Desjardins Insurance's customers have to say about their experience.
"...I have life insurance, benefits from them and have found their customer service is awesome. Highly recommend. Might switch my banking over to them too heard they are pretty good at finance!" - Trustpilot review on November 18, 2021.
"...I wouldn't use anyone else. The customer service in branch or on the phone is always professional and very knowledgeable and helpful." - Trustpilot review on October 10, 2024.
"I would give Desjardins negative 5 stars if there is one. Worst customer service ever. From agent to a manager, Desjardins doesn't care about its customers. The customer service is terrible ... They received complete payment instruction which they claimed they didn't receive ... They ignore the customer and put me on hold for more than half-hour for nothing. I called them countless times for one easy task. They failed me at all times. The agent even asked me to cancel my insurance contract if I am not satisfied with their services." - Insureye customer on July 29, 2021.
"I have given my full medical history and this company decided to deny my life insurance. On top of that, they refuse to tell me why they denied it ..." - Insureye review on February 28, 2019.
Desjardins life insurance products at a glance
Desjardins sells both term life insurance and permanent life insurance. Its term life products are typically more affordable and offer more valuable protection for individuals with temporary financial needs, like supporting young children or paying off a mortgage.
Here are the key features of Desjardins term life plans:
And here’s an overview of Desjardins permanent life insurance options:
- Whole life: Permanent life insurance plans with payment periods of 10, 15, or 20 years, or up to age 65 or 100. Premiums are fixed, and policyholders can get back a portion of their paid premiums if coverage is reduced or ended early. Desjardins’ whole life policies also offer a cash surrender value option, which can be cashed out as of the fifth policy year. Policyholders can also stop paying premiums as of the eighth year for a lower coverage amount.
- Participating life: Includes a cash value component and five options for potential yearly dividends. Premiums, coverage, and some cash surrender values are guaranteed, and payment options range between 5 to 20 years, or up to age 100.
- Universal life: Offers lifetime coverage and a savings fund for tax-free growth. Premiums are flexible, and policyholders can choose from 30 investment options. Funds can be withdrawn to cover critical illness, disability, or loss of autonomy.
- 50+ Life Insurance: Lifelong, affordable coverage designed for individuals ages 50 and 75 that does not require a medical exam. Applicants must answer four health questions to determine eligibility, and coverage ranges from $5,000 to $20,000. Policyholders can receive up to 50% of the payout if their life expectancy is less than two years, and beneficiaries may receive five times the death benefit if accidental death occurs before age 85.
How Desjardins compares to other insurers
Desjardins is a leader in the financial sector and a household name for insurance, but they do have some competition when it comes to the most popular company features.
To help you make the best choice for your life insurance needs, here's an overview of how Desjardins compares to other leading Canadian insurance companies.
Desjardins life insurance vs PolicyMe life insurance
Desjardins and PolicyMe are both high-scoring providers when it comes to affordability, customer experience, and industry reputation. However, PolicyMe offers slightly better term life insurance rates than Desjardins.
For those seeking a fully digital, fast, and affordable means to term life insurance, PolicyMe may be the best option.
The bottom line: Who should consider Desjardins?
Desjardins may be a smart life insurance option for families or individuals looking for affordable term or whole life coverage, flexible participating life insurance, or those who want to bundle life insurance and critical illness or disability coverage for a multi-coverage discount.
Overall, Desjardins is a financially stable, reputable provider with years of experience providing life insurance products to Canadians across the nation. Its life insurance plans are worth considering if you're looking for a budget-friendly option, but it’s best to compare life insurance quotes and coverage options from other providers before making a final decision.
Methodology: Best life insurance in Canada
To find the best life insurance companies in Canada, we evaluated over 20 of the largest and most well-known insurers in the country using three categories:
- Affordability: To determine which insurers charge the lowest premiums, we gathered over 2,000 life insurance quotes. Our price data spans smokers, non-smokers, and birth sex, across six age groups from 18-70 and five products (including term and permanent life insurance).
- Customer service: To find out which life insurance companies offer the best customer experience, we averaged review scores from the Better Business Bureau, Trustpilot, Insureye and Google. We also counted the number of contact methods each insurer offers to its customers.
- Industry reputation: To ensure our recommendations were financially sound, we reviewed each life insurance company’s financial stability ratings from leading credit agencies A.M. Best, Morningstar DBRS and S&P Global. We incorporated Glassdoor reviews to reflect each insurer’s ability to manage and support its employees.
All three categories received a final, averaged score out of 5. We combined these three categories into a final overall quality score on a 10-point scale.
PolicyMe does not receive compensation for any life insurance reviews.
FAQs: Desjardins life insurance
Jaya is a researcher and writer with 3 years of experience in insurance and finance. She writes in-depth content that bridges technical expertise with accessible insights. Her work spans topics such as life insurance, health and dental coverage, car insurance, and financial literacy, helping Canadians make informed decisions about their financial protection. With a background in market research and editorial strategy, she collaborates closely with subject matter experts to ensure accuracy, clarity, and value in every piece.
Jaya is a researcher and writer with 3 years of experience in insurance and finance. She writes in-depth content that bridges technical expertise with accessible insights. Her work spans topics such as life insurance, health and dental coverage, car insurance, and financial literacy, helping Canadians make informed decisions about their financial protection. With a background in market research and editorial strategy, she collaborates closely with subject matter experts to ensure accuracy, clarity, and value in every piece.