Desjardins Term Life Insurance review

Desjardins term options

Desjardins term life insurance is manufactured by Desjardins Financial Security Life Assurance Company. You choose a term of 10, 15, 20, 25 or 30 years, or coverage that lasts until age 65. Desjardins says your cost stays fixed until the policy is renewed. Shorter terms line up with debts that have an end date, while the to-65 option covers your working years.

Desjardins also says coverage can change with you: you can increase or decrease your insurance amount as your needs shift. Joint coverage is not mentioned on the official pages we reviewed, so ask an advisor if you want to insure two people on one policy.

Coverage amounts and issue ages

Desjardins does not publish a minimum or maximum coverage amount, or the ages at which you can apply, on its term life pages. A footnote says only its financial security advisors can assess your needs and check your insurability, which suggests limits are set during the advisor process. Ask for the limits that apply to you in writing before you compare Desjardins with other term plans.

Medical exams

Desjardins’ term page says that as your life changes, your policy can too, and that there’s no need to take a medical exam. That line appears in the context of adjusting a policy, and Desjardins gives no amount, age or health-question conditions. Because the same page says advisors check your insurability, it is unclear whether a new policy can be issued without an exam. Expect health questions at the least, and ask your advisor whether an exam or other medical evidence applies to the amount you want.

Renewal, conversion and riders

Desjardins says your policy is automatically renewed when it expires, and term life insurance is renewable up to age 85. Your cost is fixed only until renewal, so expect it to change when a new term begins. You can convert term life insurance into permanent life insurance before you turn 70; Desjardins does not say whether health evidence is needed to convert. Riders Desjardins lists:

• Accident
• Accidental death, dismemberment or loss of use
• Accidental dismemberment or loss of use
• Accidental fracture
• Business insurability coverage
• Children’s accidental fracture
• Children’s life protection
• Guaranteed insurability benefit
• Disability waiver

How to apply

Desjardins offers an online quote, but says the quote is not a formal proposal. To buy, you work with a Desjardins financial security advisor, who assesses your needs and checks your insurability. We found no option to complete the purchase online. Bring your questions about coverage limits, issue ages, medical requirements and conversion rules to that meeting, since Desjardins does not publish them on its term pages.