Great West Life Assurance Company

Roots in Canada and the American West

The Great-West Life Assurance Company has been offering insurance products and financial services of over 100 years throughout North America. Today, the company is a wholly owned subsidiary of Great-West Lifeco Inc. and the Power Financial Corporation. Great-West Life has total assets of $134 million.

The Great-West Life Assurance Company is an important provider of group insurance, as well as insurance products for individuals. The products are often sold through their affiliates, SunTrust and Clark Consulting. They offer plans for individual term life, participating life, and universal life insurance. Their term life plans are extremely competitive. Features are below:

Term Life Plans Offered by Great West

Level term policies of 5, 10, or 20 years
Renewable without the need for a medical exam
Coverage stops at age 75 or 80
Option to convert to permanent insurance up to age 65 or 70, depending on the policy

Great West Group Plans

Available face values of up to $500,000 (or a combined maximum of $1 million for all life and accidental death coverage.)
Dependent term life for covered employee (designed as a straight death benefit)
Optional term life allows employees to increase existing coverage (only available to groups of more than 20 employees)
Plan member must be under age 65 to add optional term life coverage.
Group life conversion – if group coverage is reduced or ends, a plan member may be able to convert to an individual life insurance policy without a medical exam.

Financial ratings for Great West Life

A.M. Best: A+, Stable
Fitch: AA+
Moody’s: Aa3
Standard and Poor’s: AA

The financial strength of a company and potential for prolonged survival are represented by the above ratings.