Freedom Plan


The Freedom Plan can prove invaluable in protecting your financial situation against the unexpected events that can happen in life. Through a combination of benefits, this plan offers you and your family peace of mind for the future.

The Canada Life Freedom Plan is a unit linked protection plan, which offers clients’ whole of life assurance.

Subject to benefits chosen by you on your Freedom Plan, Canada Life can pay out a tax-free lump sum if you die, suffer a life-threatening illness or are diagnosed as being terminally ill. You choose the size of the lump sum or income (in the case of Income Protection) you want to receive, and whether you want Life Cover, Serious Illness Cover, Income Protection or all three.

Premiums are reviewed at the expiry of any applicable guarantee period. A review can result in increased premiums or a reduction in benefits. Policy conditions will contain full details.

Life Cover

This provides a tax-free lump sum in the event of death to help your family maintain the same standard of living that they enjoy today.

Serious Illness Cover

You have the option of having Serious Illness Cover under your Canada Life Freedom Plan. If you suffer a serious illness, a cash lump sum won't make you better but it should help to reduce the impact of the illness on your life. It can help to ease any financial pressures and give you time to recover.

It is important to realise that not all illnesses are covered by this plan. Below is a list of illnesses that are covered and while Canada Life covers the most comprehensive range of illnesses in the marketplace, we don't include ailments such as diabetes and tumours detected at an early stage which are easily treatable. Please refer to the specific product policy conditions for further details.

Income Protection

Income Protection is a benefit available through Canada Life's Freedom Plan. It is designed to pay an income in the event of illness or injury, where you can satisfy the physical health and/or mental health test outlined below. Income Protection is available in one of two ways:

  • As one of a combination of benefits with Life Cover and/or Serious Illness Cover.
  • As a benefit on its own i.e. Standalone Income Protection.

You decide the amount of gross income you want to protect, when you'd like your payments from Canada Life to start (the deferred period which is the length of time the claimant must be disabled before the benefit payments start) and the age at which you wish to stop your cover i.e. when you plan to retire.

For more information please see the Freeedom Plan Factsheet
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Warning: The value of your investment may go down as well as up.

Warning: This product may be affected by changes in the currency exchange rates.