Is Humania Assurance life insurance good? 2024 review
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Discover the methodologyLife doesn't always go according to plan. For those moments when it doesn't, a good life insurance plan can be vital for securing your loved one's financial future.
But, with so many life insurance providers in Canada, it can be overwhelming to pick the right one for you and your family. In this Humania Assurance life insurance review, we explore their range of plans, their prices, pros, cons, and more, so you can decide if it works for you.
You can also compare plans from multiple providers and get free personalized life insurance quotes using our HelloSafe comparator so you can find a policy that truly fits you and your family's unique needs.
Humania Assurance Life Insurance: 5 key takeaways
- A mutual insurance company and one of the oldest providers in Canada
- Has no-medical life insurance option
- A variety of riders and benefits are available
- Instant-issue policies available offering quick coverage
- Competitive rates and flexible policy options, with coverage amounts up to $5 million
Our review of Humania Assurance life insurance: Great choice for instant online approval
Humania Assurance was established in 1874 in Quebec making it one of the oldest life insurance companies operating in Canada today. The mutual insurance company has more than 200,000 customers and offers a variety of plans. It has a no-medical life insurance policy making it more accessible for those who need senior life insurance, which many competitors do not offer.
Humania has made a name for itself by offering competitive pricing on the plans and it also offers a digital policy. Besides life insurance, it offers a variety of other types of insurance including health, disability insurance, critical Illness, and travel insurance.
The insurance company has a HuGO life insurance policy which is their unique approach toward insurance. It also offers a high coverage amount and has competitive pricing.
Humania Assurance has a relatively thin product line, so Canadians looking for universal life and participating life insurance policies should look elsewhere. For everyone else, the instant issue, of renewable policies is worthy of consideration.
We recommend that you compare multiple policies before deciding if Humania is the right choice for you. All you need to do is use our comparator below to compare coverages and plans from the best life insurances in Canada and get free personalized quotes, in seconds.
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Let’s take a quick look at the pros and cons of Humania life insurance.
Pros of Humania Assurance life insurance
- Coverage up to $5 million
- Competitive rates
- Flexibility to renew, convert, and exchange policies
- No medical life insurance plan up to $300,000
- Digital policy
- The user-friendly online application process
- Multiple coverage terms
- Policies over $100,000 automatically qualify for HuGO Critical Illness Insurance ($25,000) and HuGO Debt Insurance (up to $1,500/month)
Cons of Humania Assurance life insurance
- The conversion option is open only until the age of 65.
- Whole life insurance is unavailable upfront (term policies can be converted to term 100)
How much does Humania Assurance life insurance cost?
It is always a good idea to have an idea of the premiums to expect before you make an application for a life insurance policy. In the table below, you will see the monthly insurance premiums for non-smoking men and women for a coverage amount of $400,000 and a term of 20 years.
| Age | Male (non-smoker) | Female (non-smoker) |
|---|---|---|
| 30 | $26.19 | $19.35 |
| 40 | $40.59 | $29.43 |
| 50 | $110.07 | $76.95 |
| 60 | $287.91 | $189.99 |
These life insurance prices are an estimate. Pricing may vary based on your profile. Smokers should expect much higher rates than the ones listed here. You can easily compare Humania life insurance with different insurance providers using our comparator.
What type of life insurance does Humania Assurance offer?
Humania Assurance life insurance's flagship policy is HuGO term life insurance. It also has a robust no-medical exam life insurance policy and a more limited permanent life insurance policy.
| Insurance Plan | HuGO Term life insurance | Insurance without a medical exam | Permanent life insurance |
|---|---|---|---|
| Term |
|
|
|
| Maximum coverage | $5 million | $300,000 | $50,000 |
| Age | Up to 80 years | 18-70 years | 18-70 years |
| Renewable | n/a | ||
| Exchange privilege | |||
| Riders |
|
|
Humania Insurance comes with three types of life plans and robust critical illness coverage. Let’s take a look at the available plans.
HuGO term life insurance
HuGO is Humania's best-known life insurance product. You can easily buy the policy online within minutes and you can get approved instantly. In many cases, there is no medical test required making buying simple, fast, and user-friendly.
Policies come in various length terms to suit different needs and start from 10 years with coverage up to the age of 80. HuGO also has guaranteed renewability. The plan also has a gold and platinum renewal option and the plan is convertible to a permanent term 100 policy.
Gold is a default option and the renewal rate is the market premium rate at the time of renewal. However, the platinum option will allow buyers to lock in a 40% lower rate than the default rate at the time of renewal. But there is the tradeoff of paying about 13% more on the initial term.
- The terms are 10, 15, 20, 25 and 30 years.
- You also enjoy a guaranteed level premium which means there is no change in the premium rate in the policy.
- The maximum coverage amount is $5 million and it can be exchanged for a longer term.
Humania life insurance without a medical exam
Those with an underlying health condition that disqualifies them from a standard life insurance policy might want to consider the no medical exam term policy offered by Humania. All you have to do is answer six health questions and you will get instant coverage once approved. The $300,000 maximum coverage is a large amount for a policy that doesn't require an exam and that can be renewed.
- The plan has a maximum coverage of up to $300,000 and the term ranges from 10 years to 20 years and 100 years.
- This plan is available for people aged between 18 years to 70 years and it comes with a guaranteed renewal up to the age of 80 for the 10-year term and 20-year term plans.
- The plan also has critical and disability insurance without any questions asked and if approved, you enjoy immediate coverage.
Humania no-medical permanent life insurance
The no medical permanent life insurance requires no medical exam and offers life coverage. Eligibility depends on the answers to the health questions that are asked during the application. The maximum of $50,000 makes it a good option for funeral expense insurance, but those who want long-term permanent plans should look at other providers.
- The coverage amount is small and can go up to $50,000.
- It is available for people aged between 18 years to 70 years and does not include any cash value component.
- The plan also has a guaranteed level premium.
How do I get a Humania Assurance life insurance quote?
Humania life insurance quotes are available through this website. However, before picking any one provider, it pays to compare. You can quickly compare life insurance quotes from more than 20 providers right here using our comparator tool below. You can get free personalized quotes in seconds.
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Alternatively, Humania offers instant quotes through its website. Just fill in your age, gender, tobacco use, and the policy you want.
What does Humania Assurance life insurance cover?
Humania life insurance offers tax-free payment to your beneficiaries. This money can be used to cover anything. These commonly include:
- Mortgage and rent payments
- Final expenses such as funeral costs
- Living expenses for the survivor
- Higher education and tuition fees
- Surviving critical illness
- Retirement income
- Charitable donations
Life insurance is the perfect way to provide financial security and cover any number of needs.
Is there a Humania Assurance life insurance calculator?
No matter the type of insurance policy you choose, before you contact them, get an idea of the coverage you require and the premium you will have to pay for the same. Use our life insurance calculator and get a coverage amount within a few minutes.
You can also get an estimate from the Humania’s life insurance calculator on its website. It is simple and easy to use. Just click "Calculate Your Premium" on the top nav bar. Humania life insurance reviews particularly praise the easy online calculator option.
Once you know how much life insurance you need, you can compare plans from multiple providers and find a policy that suits your unique needs. All you need to do is use our comparator below and get free quotes from Canada's top life insurance companies, in a few moments.
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How do I contact Humania Life Insurance customer service?
Need to contact Humania life insurance? It's easy. Here are the details you need to get in touch.
| Humania Life Insurance | Contact details: |
|---|---|
| Contact number: | 1-800-773-8404 |
| Fax Number: | 1-844-704-7400 |
| Email: | [email protected] |
| Address: | 1555 Girouard St W, Saint Hyacinthe, Quebec, J2S 2Z6, Canada |
