Life insurance FAQ
Questions about life insurance? Learn more about how it works, eligibility requirements, coverage and cancelling your policy.
What's your question about?
To cancel a 50+ Life Insurance policy, call us at 1-877-838-7617 Phone number of Desjardins Insurance. This link opens your phone app.
To cancel any other type of life insurance policy, call us at 1-866-647-5013 Phone number of Desjardins Insurance. This link opens your phone app. and we can walk you through the process.
How life insurance works
Yes, you can have more than one life insurance policy.
For example, you could have term life and permanent life insurance policies, which would allow you to cover different needs.
You can name a family member, friend or charitable organization as a beneficiary.
Yes, you can request changes to your policy.
As your needs evolve, your coverage can too. You could increase or decrease the death benefit, for example. Note that conditions and limitations may apply.
For more information, give us a call.
If you have a participating life insurance policy, you can borrow against its cash value.
Learn more about our participating life insurance.
Your participating life insurance policy determines when you can borrow against your policy. Read it carefully to find out when you can access the cash value.
Yes. When you don't name a beneficiary, your life insurance is automatically part of your estate. If you do name a beneficiary, then your life insurance is not part of your estate.
The death benefit is not taxable in Canada. But if you don't name a beneficiary, fees may apply, depending on the province.
No. If you're self-employed, you can't write off life insurance premiums as a business expense.
No, MAID doesn't affect life insurance. So beneficiaries can still receive the death benefit specified in the policy.
Yes, life insurance covers suicide if the policy has been in force for at least 2 years.
If you've had cancer, you may be eligible for life insurance under certain conditions. Factors taken into account include:
- The type of cancer
- The number of years since your last treatment
Yes, you can take out life insurance after a heart attack, depending on certain factors, including:
- The severity of your heart attack
- The number of years since your heart attack
Looking for more about life insurance?
Find out more about our life insurance products: term, permanent, participating, universal and life insurance over 50.
Life insurance and living benefits products are manufactured by Desjardins Financial Security Life Assurance Company.