Life insurance FAQ

How do I cancel my life insurance policy?

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.

Can I have more than one life insurance policy?

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.

Who can be a life insurance beneficiary?

You can name a family member, friend or charitable organization as a beneficiary.

Can I make changes to my life insurance policy?

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.

Can I change the beneficiaries on my life insurance policy?

Yes. To change the beneficiaries on your life insurance policy, call us at 1-888-558-5525 Phone number of Desjardins Insurance. This link opens your phone app..

If you have 50+ Life Insurance, fill out the Designation, revocation or addition of beneficiary(ies) (PDF, 1.33 MB) This link will open in a new window. form.

Can I borrow against my life insurance?

If you have a participating life insurance policy, you can borrow against its cash value.

Learn more about our participating life insurance.

How soon can I borrow against my life insurance policy?

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.

Is life insurance part of an estate?

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. 

Is life insurance taxable in Canada?

The death benefit is not taxable in Canada. But if you don't name a beneficiary, fees may apply, depending on the province.

Can you write off life insurance premiums as a business expense if you're self-employed?

No. If you're self-employed, you can't write off life insurance premiums as a business expense.

How do I set up a pre-authorized debit agreement to pay my life insurance?

To set up a pre-authorized debit, fill out the Pre-authorized debit agreement (PDF, 1.20 MB) This link will open in a new window. form.

If you have 50+ Life Insurance, call us at 1-877-838-7616 Phone number of Desjardins Insurance. This link opens your phone app..

How do I update my life insurance policy if I quit smoking?

To update your life insurance policy if you quit smoking, call us at 1-888-558-5525 Phone number of Desjardins Insurance. This link opens your phone app..

If you have 50+ Life Insurance, fill out the Change in smoking habits (PDF, 1.28 MB) This link will open in a new window. form.

Does medical assistance in dying (MAID) affect life insurance?

No, MAID doesn't affect life insurance. So beneficiaries can still receive the death benefit specified in the policy.

Does life insurance cover suicide?

Yes, life insurance covers suicide if the policy has been in force for at least 2 years.

Can I get life insurance if I've had cancer?

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

Can I get life insurance after a heart attack?

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