Canada Life Term Life Comfort: Comprehensive protection analyzed for your loved ones
16 Jun 2025
Katrin Straub
Managing Director at nextsure
Are you looking for coverage for your family that covers the essentials while being budget-friendly? The Canada Life Risk Life Comfort promises exactly that – but what's really behind it? This article sheds light on the details and helps you assess the benefits for your situation.
The topic in brief and concise terms
The Canada Life Term Life Comfort offers affordable basic protection with guaranteed premiums, but without the flexibility options of the Optimal tariff.
The death benefit is exempt from income tax, but it is subject to inheritance tax; a cross-insurance policy can prevent this.
Independent ratings evaluate the Comfort plan differently (IVFP 2022: Very Good; Ascore 2024: Sufficient), necessitating an individual review.
Key Focus: Core Features of the Canada Life Term Insurance Comfort
The Canada Life Risk Life Comfort is designed as a basic insurance and targets price-conscious customers. It offers a guaranteed premium throughout the entire term, enabling a high degree of planning security for, for example, ten or twenty years. Provisional insurance coverage of up to one hundred thousand euros often takes effect as soon as the application is submitted. This tariff is available as individual cover for two people with their own insurance sum each or as a joint cover with a single sum for two people, with the benefit payable upon the death of the first deceased person. The focus is clearly on affordable death cover without extended options such as an advanced payment. Therefore, the Risk Life Comfort is an option for those seeking basic and reliable cover.
Practice Check: Benefits and Delimitation of Risk Life Comfort
In direct comparison with the RISIKOLEBEN optimal tariff from Canada Life, the focus of the Comfort variant becomes clear. While the Optimal tariff offers options such as an early payout in the event of a serious illness, child coverage, or a conversion option to an annuity, the Comfort tariff omits these additional components. This results in a lower premium, but also means less flexibility. An example: A thirty-year-old person, non-smoker, could expect a monthly premium of under ten euros for a sum insured of one hundred and fifty thousand euros over twenty years with the Comfort tariff. However, the exact costs always depend on individual factors such as age, health, and contract term. For young families who primarily want to insure a large sum for family protection at a low cost, this can be a suitable approach. The decision depends on whether one is willing to pay a higher price for more flexibility and additional benefits.
Financial aspects: Taxes and structuring options in Term Life Comfort
The payout amount for the Canada Life Risk Life Comfort plan is income tax-free for beneficiaries in the event of death. However, it is generally subject to inheritance tax. Exemptions apply, which vary depending on the degree of kinship: For spouses and registered civil partners, the exemption is five hundred thousand euros, for children, four hundred thousand euros. For unmarried couples or business partners, the exemption is only twenty thousand euros. To legally avoid inheritance tax, the so-called "cross-policy insurance" is an option. In this arrangement, two partners each take out a policy on the other's life and designate each other as policyholders and beneficiaries. This way, the benefit does not form part of the estate. The premiums for risk life insurance can be claimed as other precautionary expenses in the tax return, up to a maximum amount of one thousand nine hundred euros for employees or two thousand eight hundred euros for self-employed individuals. However, these amounts are often already used up by health and long-term care insurance contributions. A sensible arrangement is crucial here.
Expert Insight: Reviews and Key Contract Clauses of Risk Life Comfort
The assessment of Canada Life Risk Life Comfort by independent analysis firms varies. The Institute for Pension Planning and Financial Planning (IVFP) rated the tariff in December 2023 (for the 2022 rating year) in the category Non-Smoker Basic with an overall grade of "VERY GOOD". The subcategories Company and Yield received "Excellent", Flexibility "Good", and Transparency "Satisfactory". However, Ascore Analysis reached a different conclusion in July 2024 and rated the "Risk Life Comfort" tariff with only two out of six compasses, which corresponds to "Sufficient". These differing evaluations highlight the importance of an individual assessment. Regardless of ratings, certain contract clauses according to the German Insurance Contract Act (VVG) are relevant. This includes the pre-contractual duty of disclosure (§§ 19-22 VVG): Incorrect or incomplete answers to health questions can lead to the loss of insurance coverage. Also, the regulations regarding suicide (often a waiting period of three years) and the right of withdrawal are key aspects one should be aware of.
Choose the right term and insurance sum
The optimal term of a term life insurance policy largely depends on the individual life situation. If it secures a loan, the term should at least match the loan duration, often with a buffer of two to three years. For securing children's future, a term until the end of their education, typically until the youngest child is 25 years old, is advisable. The sum insured should be chosen to cover the financial obligations and the standard of living of the dependents for a reasonable period. A common rule of thumb is three to five times the annual gross income. For property loans, the sum insured should at least cover the remaining debt. A precise needs analysis, which also considers existing assets and liabilities, is essential. Consider the monthly expenses your family has and how long this support would be needed. An amount set too low may fail to fulfill the purpose of coverage, while an unnecessarily high amount would increase the premiums. A cost-benefit analysis is crucial here.
Health Issues: Honesty as the Foundation of Protection
A central point when taking out any term life insurance, including Canada Life Term Life Comfort, is the health questions. Insurers use these to assess the risk and calculate the premium fairly. It is of utmost importance to answer all questions truthfully and completely. Concealed pre-existing conditions or incomplete information may be considered a breach of the pre-contractual duty of disclosure (§§ 19 ff. VVG). This can have serious consequences: the insurer may withdraw from the contract, terminate it or refuse payment in the event of a claim. Even if a condition lies years in the past or is considered minor, it must be disclosed if asked about. Document your answers and the questions asked carefully. In case of doubt, it is better to disclose more information than too little. Non-payment due to false information is an avoidable risk. Seek medical advice if unsure or get support from an independent advisor.
nextsure: Your partner for individual risk analysis
Choosing the right term life insurance is a very personal decision that depends on many factors. The Canada Life Risk Life Comfort can be a good and affordable solution for certain needs, especially if a basic level of protection is the priority. However, it's crucial to carefully analyze your own requirements and also consider alternatives such as whole life insurance or other risk rates. nextsure supports you as a digital insurance portal in assessing your individual situation. We help you determine the actual need for protection and find the optimal solution for you. Our experts take into account all relevant aspects, from the insurance sum to the term and even tax optimization opportunities. Use our expertise for your financial security.
Request your individual risk analysis now: Have your insurance situation checked free of charge and receive concrete optimization suggestions.
More useful links
Wikipedia provides general information and a definition of term life insurance.
The Federal Statistical Office (Destatis) offers comprehensive statistics on mortality and life expectancy in Germany.
The Consumer Advice Centre offers independent information and advice on term life insurance from the consumer's perspective.
The German Pension Insurance provides information on pensions for survivors and their prerequisites.
The Federal Agency for Civic Education (bpb) highlights the far-reaching consequences of demographic change.
You can also find current life tables and additional demographic data at the Federal Statistical Office (Destatis).
The German Association of Insured offers a detailed guide to term life insurance.
FAQ
Für wen eignet sich die Canada Life Risikoleben Komfort besonders?
Sie eignet sich für preisbewusste Personen und Familien, die eine solide Grundabsicherung für den Todesfall suchen, beispielsweise zur Absicherung von Krediten oder zur finanziellen Versorgung der Hinterbliebenen, und dabei auf umfangreiche Zusatzleistungen verzichten können.
Was bedeutet 'garantierter Beitrag' bei der Canada Life Risikoleben Komfort?
Ein garantierter Beitrag bedeutet, dass sich die Prämie für die Versicherung über die gesamte vereinbarte Laufzeit nicht erhöht, was eine hohe Planungssicherheit bietet.
Kann ich zwei Personen mit der Canada Life Risikoleben Komfort absichern?
Ja, der Tarif bietet sowohl einen Individualschutz für zwei Personen (ein Vertrag, zwei getrennte Versicherungssummen) als auch einen Gemeinschaftsschutz (ein Vertrag, eine Versicherungssumme, Auszahlung beim Tod der ersten Person).
Welche Rolle spielt das VVG für meinen Vertrag bei der Canada Life Risikoleben Komfort?
Das Versicherungsvertragsgesetz (VVG) regelt grundlegende Rechte und Pflichten, wie die vorvertragliche Anzeigepflicht (Gesundheitsfragen), Kündigungsrechte, Folgen bei Nichtzahlung von Beiträgen und Bedingungen für die Leistungserbringung.
Wie kann ich Erbschaftsteuer bei der Risikolebensversicherung vermeiden?
Durch eine „Über-Kreuz-Versicherung“. Dabei schließen Partner gegenseitig Verträge ab, bei denen der Versicherungsnehmer auch der Begünstigte ist. Die Auszahlung erfolgt dann nicht als Erbe.
Was passiert, wenn ich bei den Gesundheitsfragen etwas Falsches angebe?
Falsche oder unvollständige Angaben können als Verletzung der vorvertraglichen Anzeigepflicht gewertet werden. Der Versicherer kann dann vom Vertrag zurücktreten, kündigen oder die Leistung verweigern.
