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Great-West Financial Insurance Review & Complaints: Life Insurance

Great-West Financial provides life insurance and financial planning services through their independent agents. If you're interested in a Great-West Financial retirement plan, read our Great-West Financial review to find out how this company compares.

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Eric Stauffer is a former insurance agent and banker turned consumer advocate. His priority is to help educate individuals and families about the different types of insurance they need, and assist them in finding the best...

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UPDATED: Sep 9, 2020

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Great West Life
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A Canadian-born insurance company with a long history and an international footprint, Great West Life is one of the biggest life insurance companies in the world. Offering a range of life insurance and financial products to U.S. customers, Great West has a good reputation with a strong financial standing.

Great West Life Summary

Great West Life was founded in Winnipeg, Manitoba, Canada in 1891, and maintains its headquarters there to this day. The company started out offering life insurance mainly to farmers and other locals. The company spread across the country and weathered the financial struggles of the early 20th Century. They spread into the US market starting with Fargo, North Dakota in 1906.

Great West Life was purchased by Power Corporation in 1969, and in 1984 Power Financial was created as a holding company for Great West and other subsidiaries. Today Great West LifeCo Inc. is the holding company, as part of Power Corporation, for Great West Life Assurance Company and several other companies, including Great West Life & Annuity. Great West LifeCo operates internationally with offices in the U.S. and in Canada and was the 12th largest life insurance company in the world as of 2017.

In the U.S., Great West Life & Annuity Company, also known as Great West Financial, writes a variety of life insurance policies as well as investment products. Life and investment products continue to be sold in Canada through Great West Life Assurance Company.

Products are sold through independent agents and financial specialists across their operating territory. Currently there is no online quoting and no online product sales.

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Insurance Products

Great West Life’s flagship product is still life insurance, but they also offer a range of other products to provide protection for the unexpected. In the U.S. products are offered through Great West Financial – also known as Great West Life & Annuity – a subsidiary of Great West LifeCo. The products differ somewhat in the U.S. and Canada, but the same basic options are available.

Life Insurance

Great West Financial offers several life insurance options to American customers. Included is the option for an easy to obtain term life insurance policy that will appeal to those looking to cover final expenses regardless of their health status.

  • Summit Term Life, a basic term life insurance policy with a range of term lengths and benefit options
  • Essential Term Life is a basic term life policy in 10 or 20 year terms available for a reasonable cost.
  • Whole life insurance is available with cash accumulation tax-deferred as well as possible dividends
  • Family Legacy Single Premium Universal life insurance is Great West’s universal product, offering lifetime coverage and legacy planning

Financial Planning Products

Great West Life offers a few basic retirement savings products. While the Canadian company offers more than is currently available in the U.S., Great West Financial does offer two major choices.

Annuities are available to provide retirement income with several options for the investment of funds as well as how income is paid out over time. Great West sells variable annuities in a variety of forms to allow choices in how funds will be invested.

The Great West Financial SecureFoundation Smart Future plan combines investment and retirement income to plan for both immediate and future needs.

Great West also writes a lot of business in the Group Benefits market, with products being offered through employers as voluntary benefits to their employees. In Canada, further products are available including supplemental health, disability, and critical care coverage.

Great West Life Rates

Great West Life doesn’t offer online quoting, so we are unable to offer a rate comparison. Quotes are only available through agents and financial professionals, and the site will direct customers to someone in their area.

This is not a company that presents itself as being a budget option, therefore we wouldn’t expect them to compete with the cheaper insurance companies. Great West is a company that relies on a strong reputation to earn and keep customers rather than on low-cost insurance or simple term insurance.

Great West presents their basic simple term life as an affordable option, but as with most products sold without a medical exam, rates are unlikely to compete with a full term policy.

Products are also frequently offered as employee benefits, and this is an area where companies like Great West are more competitive.

Consumer Research and Complaints

In the United States, Great West Financial has been accredited since 2008 and holds an A+ rating with the BBB. There are currently zero complaints listed in the last three years.

Great West Life Assurance Company in Canada has been accredited since 1978 and it also holds an A+ rating with the BBB. There is only one complaint against the company in the last three years.

On both counts, this complaint volume is low, even for a life insurance company, and especially for a life insurance company of this size.

Overall, reviews of Great West Life are positive, with a few complaints here and there, most of which are common to all life insurance companies. There is little of major concern and no red flags in the reviews – the company appears to have a solid reputation.

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Financial Strength

Rating Company Grade Financial Outlook
AM Best A+ Stable
Fitch AA Stable

Bottom Line

Great West Life is a large company with a long history and a solid reputation. They offer a good range of life insurance products as well as some basic investment options to plan for retirement.

Great West Life is unlikely to be one of the least expensive insurance companies around, so those who want the best premium will probably find it elsewhere. That said, company reputation and confidence in having claims paid are also a big part of the picture, so Great West may well be worth a look even for budget shoppers.

For a list of companies that we recommend, visit our Best Insurance Companies page.

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Review Information

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Great West Financial
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About Eric Stauffer

Author: Eric StaufferI am a former insurance agent and banker turned consumer advocate. My priority is to help educate individuals and families about the different types of insurance they need, and assist them in finding the best place to get it.


  1. My wife was given a single payment term life insurance policy when she retired from the university hospital in London ON. She wants to nominate a new beneficiary but we have found it impossible to contact the company using publicly available phone numbers. The current beneficiary is no longer alive and she wants to provide a new beneficiary. Can you provide us with a way to contact this company?

    Thank you
    Tom Brown

  2. My husband is retiring and got this to top up his income- a joke! Bank said he can take out maybe 50-100 per month for 40 years 9as its vested), he will be long dead by then! While they sit and collect interest on his money he invested- A complete rip off. Now we will have to hire a lawyer and make this scam public.

  3. I’ve had dealings with them and I’d have to say they screw things up often and they hire irresponsible people. I’ve spent hours on the phone trying to straighten out problems they created themselves. Unfortunately, a brokerage company I have an account with chose GW to manage their process. I’m looking into other options. but know this: when they screw up, it’s bad, with little accountability on their end.


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