Key takeaway
Desjardins consistently offers the cheapest term life insurance rates in Canada for healthy non-smokers under 50. Their 20-year term rates are typically 10–20% below Sun Life and Manulife. The trade-off is a smaller product range and less brand recognition outside Quebec.
Desjardins term life insurance rates and features
Desjardins offers 10, 15, 20, 25, and 30-year term products with coverage up to $10 million. Their rates for healthy non-smokers aged 25–45 are consistently among the lowest in Canada. A 30-year-old male non-smoker can expect to pay $18–$24/month for $500,000 of 20-year term coverage — often $5–$10/month less than Sun Life or Manulife.
All Desjardins term policies include a conversion privilege allowing you to convert to permanent insurance without a new medical exam. This conversion right is available until age 71 or the end of the level premium period, whichever comes first — competitive with the industry standard.
Desjardins whole life and universal life products
Desjardins offers participating whole life insurance through their Héritage product line, which pays dividends and builds cash value. While their whole life dividend history is shorter than Canada Life's or Sun Life's, recent performance has been competitive.
Their universal life product provides flexible premium payments and investment options within a tax-advantaged structure. UL is particularly popular with business owners looking for corporate-owned insurance with an investment component.
Financial strength and claims experience
Desjardins Insurance is rated A+ (Superior) by AM Best, reflecting strong financial stability. As part of the broader Desjardins Group with over $400 billion in assets under management, the insurance subsidiary benefits from significant financial backing.
Claims processing is generally smooth, though some policyholders report that customer service in English Canada is less responsive than Quebec-based support. Online policy management tools are functional but less polished than Sun Life's or Manulife's digital platforms.
Who should choose Desjardins life insurance?
Desjardins is the strongest choice for healthy non-smokers under 50 who prioritize the lowest possible premium on straightforward term coverage. They are also competitive for Quebec residents who benefit from integrated Desjardins Group services.
If you need specialized underwriting for health conditions, extensive rider options, or the most polished digital experience, Sun Life or Manulife may be better fits despite higher premiums.
Frequently asked questions
Is Desjardins the cheapest life insurance in Canada?
For healthy non-smokers under 50 buying term life insurance, Desjardins is frequently the cheapest or second-cheapest option. They are typically 10–20% less expensive than Sun Life and Manulife on identical term coverage.
Is Desjardins a good insurance company?
Yes. Desjardins has an A+ (Superior) rating from AM Best, is regulated by OSFI, and is backed by Assuris policyholder protection. They are part of the largest credit union federation in North America with $400B+ in assets.
Does Desjardins offer no-medical life insurance?
Desjardins offers simplified issue products with limited health questions and no medical exam required, though coverage amounts and pricing are less competitive than their fully underwritten term products.
Can I buy Desjardins life insurance online?
Desjardins distributes primarily through independent brokers and financial advisors rather than direct-to-consumer online sales. You can get a Desjardins quote through LowestRates.io or an independent broker.