Wawanesa Life Insurance Review
- Types of Insurance
- Term Life
- Minimum Coverage
- $50,000
- Maximum Coverage
- $10,000,000
- Age Range
- 18 - 75
- Medical Exam Required
- No
Summary
Protect your family’s quality of life in the event of your death with the suite of Wawanesa life insurance products.
Wawanesa is a private life insurance provider that operates exclusively in Canada and is licensed in every province. It offers term and permanent life insurance for reasonable prices, with no hidden fees. It also provides critical illness insurance that you can layer into your Wawanesa life insurance policy for full protection in life and death.
There are two main types of life insurance on offer from Wawanesa, with a couple of different subtypes depending on what kind of coverage you're looking for.
Pros
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Different forms of coverage. You can get a term or permanent life insurance policy based on your preferences.
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Free coverage after 100. With a permanent policy, you’ll only have to pay premiums up to the age of 100.
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24/7 customer support. You can reach a customer service agent at any time of day or night to file a claim.
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Preferred underwriting. You can save money on your insurance policy if you have a healthy lifestyle and are a non-smoker.
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Dividends go towards extra insurance. You’ll get insurance top-ups as the dividends you earn are reinvested.
Cons
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No online application. You’ll have to fill out your paperwork manually and email it in as there is no online application portal.
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Limited pricing information. You won’t know how much your insurance will cost until you request a quote from a Wawanesa insurance broker near you.
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Less competitive rates. You may not get the most competitive rates on your Wawanesa Life Insurance if you’re taking out a larger policy (according to customer reviews).
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Some exclusions. You may not be protected against certain risks or injuries, depending on your policy specifications and how much coverage you request.
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Higher rates for seniors. You’ll typically pay more for life insurance once you’re over the age of 60.
What is Wawanesa Life Insurance?
Wawanesa is a private life insurance provider that’s been a member of the Wawanesa Group of Companies since 1960. It offers individual and group plans for a number of renewable and permanent products. To obtain a quote, you need to contact a Wawanesa broker to discuss your particular insurance needs.
The price that you’ll pay for Wawanesa Life Insurance can vary based on what type of coverage you want, how old you are and how long you intend to hold your policy. It may also depend on factors like your gender, health, hobbies, occupation and family history of disease.
What types of life insurance does Wawanesa offer?
There are two main types of life insurance on offer from Wawanesa, with a couple of different subtypes depending on what kind of coverage you’re looking for.
Permanent insurance
Whole life
You’ll pay premiums on this type of insurance for 20 years (or up to the age of 100) depending on which option you choose. Once your policy is paid off, you’ll have guaranteed life insurance for the rest of your life. You’ll also earn dividends on your stocks which will be reinvested for you to top up your protection. Whole life benefit payments range from $10,000 to $1,000,000.
Temporary insurance
1. Lifetime term
Lifetime term plans consist of renewable and convertible term insurance for 10, 15, 20, 25 or 30 years. You can also choose to get a plan that keeps your premiums the same up until the age of 80. With this type of Wawanesa Life Insurance, your premiums can typically be renewed until the age of 100, after which the insurance coverage will continue for the rest of your life with no additional premiums.
2. Quick issue critical illness
Quick issue critical illness is designed to provide funds to help you financially care for yourself and your family and maintain the same quality of life after surviving a critical illness. This plan pays out a tax-free lump-sum living benefit to the owner of the plan if the insured person becomes ill or is injured and can no longer work. These plans include a 10-year renewable option, a level premium to age 75 option and a flexible return of premium option.
What’s the difference between permanent and term life insurance?
There are a couple of main differences between permanent and term life insurance that you should be aware of before you pick the option that’s the best fit for you.
Feature | Term insurance | Permanent insurance |
|---|---|---|
Policy length | Provides temporary coverage | Provides lifelong coverage |
Key demographic | Best fit for young families and homeowners with outstanding mortgages. | Best fit for older individuals who are retired and no longer have mortgage payments or children to support. |
Key benefits | Initially inexpensive High coverage amounts | Guaranteed lifelong coverage Premiums stay the same for the duration of your policy Tax-preferred cash growth |
Main drawbacks | Coverage is temporary (ends when you stop paying premiums) Costs typically go up when you renew | More expensive than term insurance |
How much does Wawanesa Life Insurance cost?
You’ll pay different amounts for your Wawanesa Life Insurance based on a number of personal factors:
- Type of insurance. You’ll usually have to pay higher premiums for a permanent life insurance policy than you will for a term policy.
- Age. You’ll pay higher premiums as you get older, which is why a permanent policy can be worth it as you age.
- Health history. You’ll often have to pay higher premiums if you have a pre-existing condition or a family history of disease.
- Weight. You’ll usually pay higher premiums if you’re overweight since this puts you at a higher risk of getting certain diseases (like cardiovascular disease).
- Substance use. You’ll pay more each month if you’re a smoker or habitual drinker.
- Occupation and hobbies. Your premiums will typically be higher if you work in a dangerous job or you indulge in thrill-seeking activities like skydiving or rock climbing.
What exclusions do I need to know about?
Like most insurance plans, there are a number of conditions and exclusions associated with your Wawanesa Life Insurance coverage. In particular, Wawanesa will void your coverage if you die as a result of suicide or self-inflicted injury. You also won’t be covered if you die while committing a crime or while under the influence of drugs or alcohol (in some cases). You also may void your coverage if you provide false, incorrect or incomplete information during the application process.
How to apply for Wawanesa Life Insurance
You can apply for Wawanesa Life Insurance through PolicyAdvisor by clicking the green ‘Get a quote’ button above. You’ll need to fill out an online application and provide the following information:
- Fill out the online application to provide personal information like your name, email address, proof of ID and relevant documents.
- Review and submit your application by printing or emailing it into Wawanesa.
- Get verified and negotiate the terms of your Wawanesa life insurance.
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Bottom line
Wawanesa offers reliable whole and term life insurance policies to Canadians. Find out what types of Wawanesa Life Insurance you can qualify for and apply for a quote with a broker to find out how much you’ll have to pay to get insured.
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