Desjardins Insurance Review (February, 2024) – Services, Pricing, Pros & Cons

Desjardins is a Quebec-based insurer that offers a wide range of insurance products, including vehicle insurance.

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Last Updated: Feb 22, 2024

Desjardins Insurance

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Despite the fact that they provide various options for personalizing insurance plans, they exclusively sell insurance to residents of two provinces: Ontario and Quebec. Check out our Desjardins Insurance review to see all they offer.

If you reside in any of these provinces, Desjardins is worth considering when purchasing insurance.

However, they provide fewer premium discounts than some of their larger competitors, and their premiums may be higher.

Who is Desjardins Insurance?

Desjardins Group is a Canadian cooperative that manages the most prominent credit union in Canada and the world’s fifth-largest financial cooperative.

Through its cooperatives and subsidiaries, this insurance company is also actively involved in banking, life and general insurance, securities brokerage, venture capital, and asset management.

Desjardins Financial Security sells Desjardins Life Insurance Company products. Furthermore, the bank provides commercial services such as point-of-sale payments and cash management. In 2015,

Desjardins Insurance bought the Canadian branch of State Farm Insurance. Desjardins Insurance is a network of over 6,000 financial advisors centered mostly in Quebec and Ontario but with a national presence.

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Types of term life policies Desjardins Insurance offers

Desjardins Insurance offers a variety of term life insurance plans, each with its own set of features and riders.

These policies are designed to relieve the financial burden that a policyholder’s death might have on their dependents by covering expenditures such as unpaid mortgages, personal loans, burial fees, and other last preparations.

The following are the specifics of the various policies and riders:

Term 10

  • It is renewable every ten years until the age of 85.
  • upgradeable to a longer-term (Term 20 or Term 30).
  • convertible to permanent insurance up to the age of 70.

Term 20

  • renewable every 20 years until the age of 85.
  • Upgradeable to a longer-term
  • convertible to permanent insurance up to the age of 70.

Term 30

  • After the first 30-year term, it may be renewed once.
  • It is not possible to upgrade to a higher term.
  • convertible to permanent insurance up to the age of 70.

Term-to-Age-65

  • Non-renewable
  • It is not possible to upgrade to a higher term.
  • Convertible to permanent insurance until the age of 60.

Optional Riders:

  • Children’s safety
  • Accidental death and amputation
  • Premiums are waived due to disability.
  • Benefits of guaranteed insurability

Desjardins Insurance also offers two unique benefits:

  • If their requirements change, spouses and business partners may separate their shared coverage into two independent permanent insurance policies. Available for insurance with terms of 10, 20, and 30 years.
  • By adding a new insured, policyholders may transform their term insurance into joint last-to-die permanent life insurance. This option may be used to pay off estate taxes or leave a legacy. All four term lengths are available.

Coverage and Policy Details:

  • Available Term Lengths: 10, 20, 30, and 65 years
  • There are two types of terms available: single and joint first-to-die.
  • Maximum Amount of Coverage: Insurance coverage is available up to $10 million.
  • Renewability: Yes, for lengths of 10, 20, and 30 years.
  • Convertibility: Yes, up to the age of 70.
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Desjardins Insurance in Canada offers additional life insurance choices.

Desjardins Insurance provides its clients with a variety of life insurance products in addition to term alternatives.

Life Insurance That Is Permanent Permanent life insurance provides coverage from the time the policy is written until your death, as long as premiums are paid on a regular basis.

Desjardins Insurance provides a variety of permanent coverage options, including:

Basic Permanent Life Insurance

A streamlined lifetime coverage option for those aged 50 to 75, with no medical exam necessary and a guaranteed payment even if death happens during the first two years of the policy.

An accidental death benefit of 5x is provided until the age of 85, and advance payment of up to 50% of the death benefit is possible. The benefits vary from $5,000 to $20,000.

Personalized Permanent Life Insurance

Set, guaranteed premiums with the option to pay over 10, 15, or 20 years, or until the age of 65 or 100.

Benefit levels range from $1,000 to $10,000,000, with preferential pricing available for multiple coverages.

When combined with a charitable contribution plan, further tax savings may be gained.

Even if premiums are not paid, there are generous surrender values and continuous prorated coverage available.

Participating Life Insurance

This insurance combines lifetime coverage with tax-advantaged cash value and the potential for yearly payouts.

You may change your coverage as your requirements change, and payments can be paid over 20 years or until you reach the age of 100.

There are guaranteed benefits available, and profits may be used to buy more life insurance or lower the yearly price.

Even if premiums are no longer paid, coverage may be maintained.

Universal life insurance

Universal life insurance offers permanent life insurance as well as a self-directed long-term investment option, enabling policyholders to invest their policy’s cash value using alternatives provided by their insurer.

Desjardins Insurance promotes its universal life insurance as a good alternative for those who want to leave a large, tax-free legacy, invest money tax-free after all other possibilities have been tried, or lessen tax obligations on their estate.

After five years of ownership, policyholders may change their coverage without penalty. For the self-directed investing component of its universal life insurance, Desjardins provides over 30 diverse investment possibilities.

Health and disability insurance

Desjardins provides four categories of insurance coverage: critical illness, disability, healthcare, and accident.

Home insurance

Desjardins provides all-risk coverage as well as optional add-ons for liability, fire, theft, vandalism, water damage, storms and natural catastrophes, valuables, and other items.

Desjardins also offers insurance for tenants, condominiums, and cottages.

Recreational and leisure vehicles

Desjardins Insurance provides coverage for motorbikes, ATVs, boats, snowmobiles, and RVs.

Travel protection insurance

Desjardins offers travel insurance coverage for students, families, snowbirds, business travelers, and tourists to Canada for short excursions, prolonged stays, and regular travel.

Emergency medical treatment, emergency return journey, accident, luggage, and trip cancellation/interruption are all covered.

Credit and loan insurance

Desjardins insurance let policyholders to pay off a loan, line of credit, or credit card.

Pet insurance

Desjardins provides three plans (Bronze Paw, Silver Paw, and Gold Paw) with differing levels of coverage for accidents, diseases, dental care, preventive care, and supplementary coverage including alternative treatment, behavioral therapy, and medical equipment.

Commercial Insurance

Desjardins provides property, liability, commercial vehicle, and group insurance coverage alternatives for small and large enterprises.

Credit insurance, loan insurance, line of credit insurance, and credit balance insurance are all options for self-employed employees, freelancers, and company owners.

Critical Illness Insurance

Critical illness insurance is a sort of living benefits policy that pays a tax-free lump sum payment if you are diagnosed with a certain sickness or health event and get treatment while covered by the policy.

After a minimum of 30 days (90 days for cancer). When acquiring coverage, the term duration is set.

Desjardins Insurance provides critical illness insurance with a maximum coverage of $2.5 million, which covers 26 critical diseases, one of the highest in the business.

They also provide coverage for loss of independent existence, as well as partial compensation for 15 various ailments, generally 15% of the insurance up to $50,000, with a 1% payout for specific tumors up to $5,000.

The survival time for most diseases is 0 days, however, patients with cardiovascular disorders must wait 30 days.

Desjardins provides critical illness insurance for 10- and 20-year terms, as well as coverage up to the age of 65, 75, or 100, with 10 and 20 pay choices available for select periods.

They also provide a premium refund on death and a premium refund on expiration or cancellation after the fourth year of coverage. Read our review of Desjardins Critical Illness Insurance for more details.

Disability Insurance

Disability insurance (sometimes known as income protection insurance) is a policy that replaces a major amount of your salary if you become disabled until you recuperate and rejoin work or until the end of your coverage term.

Desjardins Insurance provides disability coverage up to the age of 65 for Canadians, with income replacement ranging from $200 to $10,000 based on age and employment.

Benefit durations may range from two to five years, or until the age of 65 or 70 (depending on the coverage chosen), and policyholders can enhance their monthly benefit without extra medical underwriting.

Desjardins also provides a partial premium return if the insurance is terminated on an appropriate surrender date.

Desjardins auto insurance rating: 3.5 stars

Desjardins provides a variety of coverage choices for vehicle insurance policies that may be customized to fit the requirements of most drivers.

Desjardins vehicle insurance, on the other hand, is only accessible in two provinces, Ontario and Quebec, and the quotations provided by Desjardins are rather pricey when compared to other major automobile insurance carriers.

Desjardins also offers fewer discounts than its bigger rivals. As a result, if you reside outside of the coverage area, Desjardins car insurance’s 3.5-star rating is meaningless.

Rating Methodology

Our method for establishing product ratings is simple. As seen in the table above, we separate a product or service into its different aspects.

We then compare each of these characteristics to similar choices and assign each a score out of five. Finally, we average the results to arrive at our final rating of five stars.

Advantages of Desjardins auto insurance

Here are some of the advantages of Desjardins vehicle insurance that you may enjoy:

1. There are several extensive coverage alternatives available.

Desjardins can design an insurance plan that matches your unique requirements, whether you own an old beater or the most recent luxury sports vehicle. When you request a quotation online, you will be presented with many alternatives that you may further customize to meet your needs.

2. With their optional safe driving program, you may save money.

Desjardins, like other vehicle insurance companies, offers a safe driving program called Ajusto that you may enroll in.

Your driving patterns, including speed, acceleration, braking, cell phone distractions, and more, may be recorded by using the Ajusto app on your mobile device.

If Ajusto identifies you as a safe driver, you might save up to 25% on your auto insurance cost after just 100 days.

3. There are many methods to save money.

Other strategies to save money on car insurance rates include combining house and auto insurance policies, utilizing winter tires, insuring several vehicles, and driving an electric or hybrid vehicle.

Desjardins’ long-term clients, as well as students and new graduates, are eligible for discounts.

Is Desjardins Insurance a good fit for you?

Desjardins Insurance provides distinctive term life insurance coverage alternatives that are suited for a wide range of Canadian consumers.

We can assist you in determining if Desjardins Insurance is the best option for you and provide Desjardins Insurance quotes as insurance advisors for Desjardins Insurance products.

As Canada’s top online life insurance expert, we will help you compare and choose a life insurance policy from all of our partner companies.

Speak with one of our knowledgeable specialists to get assistance creating a plan for your financial stability.

We can help you obtain the greatest and most reasonable coverage for the insurance amounts you need, all without the need for paper forms or postal services, eliminating face-to-face contact during this unusual moment.

Considerations for this insurance company

Desjardins vehicle insurance does, of course, have certain drawbacks.

1. Premiums are somewhat higher than normal.

We received auto insurance quotes from several companies while researching this article based on the same vehicle make and model, home address (in Ontario), and driver profile.

Desjardins provided us with the highest quote of all. Your findings may vary, but getting estimates from different providers before making a final selection is usually a smart idea. This might save you hundreds of dollars every year.

2. Not accessible in all parts of Canada.

Desjardins insurance is only available to citizens of Ontario and Quebec. This insurance is not available if you live somewhere else in Canada.

3. Fewer and smaller discounts are available.

When it comes to discount deals, Desjardins falls short of major insurance companies like TD.

 If you’re a seasoned driver with a lengthy history of driving without filing claims, bigger carriers are likely to offer you substantially higher savings than Desjardins.

4. Gig work isn’t covered by regular insurance.

Desjardins’ normal motor insurance, like that of other insurers, excludes gig work such as driving for food delivery or ride-sharing services.

While there are add-ons available for this reason, it’s worth noting that many individuals are unaware that they need additional insurance coverage if they want to use their personal automobile for business activities.

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Desjardins Insurance addressHead office: 401 W Georgia St, Vancouver, BC V6B 5A1
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FAQs about our Desjardins Insurance review

Who owns Desjardins Insurance?

Desjardins Insurance is owned by the Desjardins corporation, a Canadian cooperative financial corporation.

Who is Desjardins Insurance?

Desjardins Insurance is a Canadian insurance firm that provides a variety of insurance products and services, such as house insurance, vehicle insurance, life insurance, and travel insurance.

How to cancel Desjardins Insurance

You may cancel your Desjardins Insurance policy by calling 1-888-277-8726 or visiting one of their locations. Make a note of your policy number and any other pertinent information.

Is Desjardins Insurance reliable?

Desjardins Insurance has received generally favorable client feedback and is regarded as a dependable and trustworthy insurance company in Canada. However, like with every insurance provider, service quality varies based on individual experiences and circumstances.

Does Desjardins insurance cover rental cars?

Yes, Desjardins Insurance provides rental vehicle coverage as an extra add-on to their auto insurance policy. For additional information on this coverage option, contact customer care or visit their website.

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Desjardins Insurance

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April 28, 2023
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