Key takeaway
Desjardins Insurance is a strong mid-tier Canadian life insurer, particularly competitive in Quebec where it has deep cooperative roots. Their term life rates are competitive (often in the top 10 but not the top 3 cheapest), their simplified issue products offer good value for applicants who want fast approval, and their financial strength is excellent. Desjardins is best for Quebec residents who value the cooperative model and Francophones who want seamless French-language service.
Desjardins life insurance products
Desjardins Term Life: Available in 10, 20, and 30-year terms with coverage from $50,000 to $10 million. Includes conversion privilege to permanent products. Renewable at end of term.
Desjardins Whole Life (Assurance vie entière): Participating whole life with potential dividends. Cash value accumulation. Available as paid-up at 65, paid-up at 100, or 20-pay options.
Desjardins Universal Life: Flexible premiums and death benefit. Investment component with choice of accounts. Suitable for estate planning and CDA strategies for business owners.
Desjardins Simplified Issue: No medical exam required. Coverage up to $500,000. Health questionnaire only. Fast approval in 24–48 hours. Available for ages 18–65.
Desjardins rates compared to competitors
For $500,000 of 20-year term (healthy 35-year-old non-smoker): Desjardins typically quotes $28–$36/month. Competitive with the mid-range of the market. The cheapest available (Manulife, iA Financial, or Empire Life depending on the profile) is usually $25–$32/month.
Desjardins is most competitive for: Quebec residents (bundling discounts with Desjardins banking), applicants with minor health conditions (their underwriting is moderately favourable), and simplified issue products (their no-medical rates are competitive).
Desjardins is less competitive for: preferred-health applicants seeking the absolute lowest rate (Manulife and Sun Life have stronger preferred tiers) and high-coverage needs above $2 million.
The cooperative difference
As a cooperative, Desjardins is owned by its members rather than shareholders. This means profits are reinvested into member services, community initiatives, and dividend payments to participating policyholders rather than distributed to external shareholders.
In practice, this means Desjardins often offers competitive pricing (though not always the cheapest), strong customer service ratings in Quebec, and community-oriented values. Their member dividend history on participating whole life is solid, though not the highest in the industry.
For Canadians who value cooperative business models and want to support a member-owned institution, Desjardins offers a compelling alternative to publicly traded insurers.
Desjardins pros and cons
Pros: Strong financial stability (AM Best A+ rating). Full French-language service (best in industry for Francophones). Cooperative model with member dividends. Competitive simplified issue products. Wide product range including life, health, auto, and property. Bundling discounts for Desjardins banking members.
Cons: Rates are not consistently the cheapest — typically mid-pack for standard applicants. Distribution focused on Quebec (less advisor availability in other provinces). Online comparison tools are limited compared to independent platforms. Preferred rate tiers are not as competitive as Manulife or Sun Life for ultra-healthy applicants.
Who should choose Desjardins
Best for: Quebec residents who bank with Desjardins caisses populaires, Francophones who want seamless French service, applicants who value the cooperative model, those seeking simplified issue (no-medical) coverage at competitive rates, and Desjardins banking customers who benefit from bundling discounts.
Look elsewhere if: you want the absolute lowest rate regardless of insurer, you need preferred-rate pricing for excellent health, or you want to compare across all 50+ carriers simultaneously (Desjardins advisors are typically captive to Desjardins products).
Frequently asked questions
Is Desjardins life insurance good?
Yes. Desjardins is financially strong (A+ rated), offers a full product range, and is particularly competitive in Quebec. Their rates are mid-pack — good but not always the cheapest.
Is Desjardins cheaper than Manulife?
It depends on your profile. Desjardins is competitive for standard applicants and simplified issue. Manulife often wins for preferred-health applicants. Compare both before deciding.
Can I get Desjardins life insurance outside Quebec?
Yes. Desjardins Insurance operates across Canada. However, their advisor network is strongest in Quebec, and bundling discounts require Desjardins banking (primarily available in Quebec).
Does Desjardins offer no-medical life insurance?
Yes. Simplified issue coverage up to $500,000 with a health questionnaire only. Approval in 24–48 hours. Competitive rates for the no-medical category.