Blue Cross life insurance review: Canada 2024
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Discover the methodologyIn the world of life insurance, Blue Cross Life Insurance Canada has been a trusted name for over 80 years, providing assurance and peace of mind. Known for reliability, Blue Cross is a longstanding leader in the industry.
But is it the right choice for you? Let's find out. Read on to learn what Blue Cross life insurance offers, its pros, cons, and costs.
Once you're aware of what's in store, use our comparator to compare Blue Cross plans with other providers, and get free personalized quotes in seconds. Decide if Blue Cross is really the best for you, or if there's another policy that suits you better.
Blue Cross Life Insurance: 6 Key Takeaways
- Established, reputable, and trusted provider of life insurance solutions.
- Blue Cross offers a wide array of life insurance products: term life, whole life, and universal life.
- No medical exams or invasive health inquiries for some plans.
- Blue Cross policies are adaptable and customizable with supplementary riders.
- Riders include child riders, waiver of premium riders, and accidental death options.
- Plans slightly vary from one province to another.
Our 2024 review of Blue Cross life insurance
Blue Cross Life Insurance Canada offers a versatile range of life insurance products, including term life, whole life, and universal life, and unique features like guaranteed issue plans and mortgage life insurance.
The flexibility to customize policies with riders, strong financial ratings, and a reputation for reliable service are standout features. It's ideal for those seeking tailored coverage, especially with options like the Flex Plan's adaptability and Express Life's no-exam guarantee life insurance policy.
However, potential drawbacks include limited availability in some provinces as compared to other life insurance companies. Overall, Blue Cross is best suited for those valuing customization and unique coverage features.
Before we go into the details, you can quickly compare Blue Cross plans with other providers right here. Use our comparator below to compare plans and get free life insurance quotes in seconds.
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Here are its pros and cons to give you a better idea of the Blue Cross life insurance policies:
Pros of Blue Cross Life Insurance
- Strong financial rating of A+ from AM Best
- Wide range of products to meet the needs of different customers
- Guaranteed issue life insurance plans, which do not require a medical exam
- Good customer service and customer reviews
Cons of Blue Cross Life Insurance
- May not have all of the features that some customers are looking for
- Not available in all provinces and territories in Canada
Can you get Blue Cross Life Insurance in your province?
First, before we explore the plans, let's see if your province has Blue Cross life insurance. Though Blue Cross life insurance is not available in all provinces and territories in Canada, you can easily find it in:
- Alberta
- British Columbia
- Manitoba
- New Brunswick
- Newfoundland and Labrador
- Northwest Territories
- Nova Scotia
- Nunavut
- Ontario
- Prince Edward Island
- Quebec
- Saskatchewan
- Yukon
<strong>What is Pacific Blue Cross life insurance? </strong>
Pacific Blue Cross is a British Columbia-based health insurance company that also offers life insurance. Their life insurance products are underwritten by Blue Cross Life Insurance Company of Canada.
How much does Blue Cross life insurance cost?
The premium rates for Blue Cross life insurance are influenced by various factors, some within your control and others not.
Factors like your age and gender are beyond your control, but maintaining good health and fitness can contribute to reducing your insurance costs. Additionally, choosing the right life insurance carrier can lead to significant savings in premiums.
The key question is, how affordable are Blue Cross term life insurance rates? To answer this question, we obtained quotes from the insurer for a 20-year term with coverage of $400,000 for both non-smoker males and females.
| Age | Male (27-year-old BC resident) | Female (27-year-old BC resident) |
|---|---|---|
| 20 | $28.92 | $20.39 |
| 25 | $30.04 | $21.14 |
| 30 | $32.26 | $24.84 |
| 35 | $37.08 | $28.92 |
| 40 | $50.80 | $39.68 |
| 45 | $78.98 | $58.96 |
| 50 | $132.75 | $91.96 |
| 55 | $237.31 | $157.96 |
We recommend that you get an individual quote to get the exact premium. You can use our comparator below to get free personalized quotes from Blue Cross and other best life insurance plans in Canada right here in seconds.
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What does Blue Cross life insurance cover?
Blue Cross Life Insurance in Canada offers a variety of term life insurance plans, each with its own specific coverage features and benefits. Here is a summary of the most popular plans and what they cover:
Blue Cross Term life insurance
Blue Cross's life insurance policies provide flexible coverage options, ranging from $25,000 to $5 million, catering to individual needs. With term lengths available between 10 and 40 years, Blue Cross offers term life insurance, whole life insurance, and universal life insurance.
Notably, individuals under 45 can secure up to $1,000,000 in coverage without the need for a medical exam. Term Life Insurance, available for 10, 20, or 25 years, offers cost-effective coverage for a specified term, ensuring financial protection during that period.
Flex Plan by Blue Cross
The Blue Cross Flex Plan is specifically crafted for individuals seeking comprehensive health insurance coverage that extends until their retirement years.
- Upon reaching the age of 65, you can transform your plan into a whole life insurance policy, offering enduring coverage that lasts a lifetime.
- Unlike term life insurance, permanent life insurance safeguards you without a predefined term limit.
- Furthermore, these Blue Cross plans accumulate cash value, which can be accessed for various purposes while you are still alive.
The Flex Plan serves as an ideal choice, particularly for self-employed individuals. With the flexibility to select coverage ranging from $5,000 to $1 million, Blue Cross empowers you to tailor your insurance to your exact needs.
Good to know
Moreover, the company offers the convenience of adding supplementary riders, such as health, dental, and disability. These life insurance riders act as valuable enhancements, ensuring your Blue Cross plan aligns perfectly with your requirements.
Express Life by Blue Cross
Express Life is a guaranteed issue life insurance plan designed to provide coverage without the need for a medical examination or intrusive health inquiries.
- This plan extends its guarantee of coverage to all individuals who are below a specific age threshold.
- Guaranteed-issue life insurance plans cater to those who may not qualify for traditional life insurance or simply prefer to avoid a medical exam.
- The maximum coverage amount available under Express Life is $20,000, which is typically sufficient to address expenses related to funeral or burial arrangements, as well as end-of-life medical bills.
- Individuals looking to leave a modest legacy for their children or grandchildren may also find Express Life to be a suitable option.
Good to know
In the unfortunate event of a policyholder passing away within six months of acquiring Express Life coverage, beneficiaries will receive only the premium contributions made to the policy, not the full death benefit. Blue Cross, however, offers flexibility by allowing policyholders to adjust their coverage according to their specific requirements.
Blue Cross Mortgage Plan
The Blue Cross Life Insurance Company of Canada extends its offerings to include mortgage life insurance, a term life insurance policy meticulously tailored to safeguard your repayment mortgage.
- With the flexibility to secure coverage ranging from $10,000 to $2 million, this plan aligns with your specific mortgage needs.
- It remains in effect for the entire duration of your mortgage, ensuring seamless coverage throughout this critical period.
Blue Cross permits the purchase of these plans to cover your primary residence, secondary dwelling, or even a building comprising up to eight units.
This invaluable security not only preserves your financial investment but also provides peace of mind to your loved ones, sparing them the need to deplete their savings to settle the mortgage in the event of your untimely passing.
Does Blue Cross life insurance offer additional coverage?
In addition to the basic coverage features and benefits listed above, Blue Cross insurance plans may also offer the following:
- Riders: Riders are optional add-ons that can be added to your life insurance policy to customize your coverage. Some popular riders include child riders, waiver of premium riders, and accidental death riders.
- Conversion options: Some Blue Cross Life insurance plans offer conversion options. This means that you can convert your term life insurance policy to a permanent life insurance policy, such as whole life insurance or universal life insurance, without having to take another medical exam.
- Living benefits: Some Blue Cross Life insurance plans offer living benefits. This means that you may be able to access the death benefit before you die if you are diagnosed with a terminal illness or need long-term care.
How to contact Blue Cross life insurance?
Blue Cross Life Insurance reviews online are largely positive for their customer service. So, if you need assistance, here are a few ways to contact Blue Cross life insurance:
- Online: You can visit the Blue Cross website and fill out a contact form.
- Phone: You can call Blue Cross customer service at 1-800-667-4511.
- Mail: You can send a letter to Blue Cross Life Insurance Company of Canada: 10009 108 Street NW, Edmonton, AB T5J 3C5
When contacting Blue Cross, be sure to have the following information ready:
- Your name and contact information
- Your policy number, if you have one
- The reason for your contact
