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Wawanesa Life Insurance Review

Protect your family’s quality of life in the event of your death with the suite of Wawanesa life insurance products. 

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.

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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 life insurance policy for full protection in life and death.

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 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

  1. 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.

2. Instant issue

Wawanesa’s instant issue plan is designed for people between the ages of 45 and 75. All you need to do to determine your eligibility is answer five qualifying questions. Depending on how long you have your coverage for, you’ll typically be reimbursed for at least the face value of your policy if you die from natural causes and two times the face value if you die in an accident. You can choose from coverage up to $50,000 and you’ll be covered for life.

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 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 life insurance plans, there are a number of conditions and exclusions associated with your Wawanesa 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:

  1. Fill out the online application to provide personal information like your name, email address, proof of ID and relevant documents.
  2. Review and submit your application by printing or emailing it into Wawanesa.
  3. Get verified and negotiate the terms of your Wawanesa life insurance.

Benefits and drawbacks of Wawanesa life insurance

Compare other life insurance providers

Name Product Types of Insurance Coverage Range Issue Ages Medical Exam Required Province Availability
PolicyMe Life Insurance
Term Life
$100,000 - $10,000,000
18 - 75 years old
No
Alberta, British Columbia, Manitoba, Nova Scotia, Ontario, Prince Edward Island and Saskatchewan
Get fast and affordable term life insurance without the need for a medical exam with PolicyMe.
TermLite Term Life Insurance
Term Life
$10,000 - $1,000,000
18 - 80 years old
No
All of Canada
Get fast and easy-to-understand term life insurance with no medical exam and no paperwork required.
Sun Life Go Term Life Insurance
Term Life
$100,000 - $1,000,000
18 - 69 years old
No
All of Canada
Sun Life Go Term Life Insurance is a standard term life insurance option that guarantees your premiums in the first 10 or 20 years of your policy.
RBC Life Insurance
Term Life
$50,000 - $25,000,000
18 - 75 years old
No
Ontario, Alberta and Manitoba
Select from two unique RBC term life insurance plans to get flexible and affordable coverage that suits your lifestyle and budget. Get a free quote through PolicyAdvisor.
PolicyAdvisor
Whole Life, Term Life, Universal, No Medical
$25,000 - $5,000,000
18 - 75 years old
No
Alberta, Manitoba, Ontario
PolicyAdvisor is a digital life insurance brokerage that has partnerships with 20 insurers in Canada.
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Bottom line

Wawanesa offers reliable whole and term life insurance policies to Canadians. Find out what types of life insurance you can qualify for with Wawanesa and apply for a quote with a broker to find out how much you’ll have to pay to get insured.

Frequently asked questions

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