Wawanesa Insurance Life Insurance Review 2024
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Our articles are written by experts in their fields (finance, trading, insurance etc.) whose signatures you will see at the beginning and at the end of each article. They are also systematically reviewed and corrected before each publication, and updated regularly.
Discover the methodologyLooking for a good life insurance plan with comprehensive coverage to protect you and your family? Consider Wawanesa Insurance.
Boasting over 120 years of experience and serving 2+ million policyholders in Canada and the USA, Wawanesa Life Insurance is a big player. But is it the right choice for you? Does it meet all your needs?
This review of Wawanesa Life Insurance, delves into key aspects such as cost, coverage, and the enrollment process, helping you make an informed decision. Use our free comparator and see how it fares against other life insurance plans and get multiple free personalized quotes right here.
Wawanesa Insurance Canada: 5 Key Takeaways
- Reputed company with over 120 years in the market
- Offers among the highest whole-life guaranteed cash values
- Term life insurance discounts are available through layering
- Life insurance coverage is available up to $10,000,000
- They have an ‘A’ rating from AM Best
Our Wawanesa life insurance review: Best plans on a budget
Wawanesa Life Insurance Company has been a part of the Wawanesa Group since 1960 and complements the company’s insurance offerings that have been expanding since 1896. Wawanesa Life is licensed throughout Canada and has its headquarters in Manitoba through which it processes all its underwriting and policy issuance, as well as premiums, claims, and customer support administration functions.
Wawanesa Life Insurance, with over 120 years of experience, stands out as a reliable choice for comprehensive coverage. Boasting an 'A' rating from AM Best, it demonstrates financial strength. Best suited for those seeking affordable rates for both term and whole life insurance, Wawanesa offers guaranteed premiums, attractive dividend options, and coverage up to $10,000,000.
While lacking an online calculator and application, its straightforward policies and strong financial standing make Wawanesa a solid option for individuals and families looking for dependable life insurance. However, those seeking extensive online features may find alternatives more suitable.
If you want to see how Wawanesa stacks up against other life insurance companies, you can do it right here using our comparator below. Explore plans from the best providers in Canada and get free personalized quotes in no time right here.
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Here's a quick look at the key points:
Pros of Wawanesa Insurance
- Affordable rates for both term and whole life insurance
- Minimal medical underwriting requirements
- Multiple term and whole life insurance products
- Term life insurance products are renewable
- Term life insurance discounts are available through layering
- Comprehensive and simplified critical illness policies available
- Strong ‘A’ rating from AM Best
Cons of Wawanesa Insurance
- No online life insurance calculator
- No online application availability
- Do not have a universal life insurance product
How much does Wawanesa insurance plan cost?
Wawanesa life insurance costs vary depending on several factors including age, health, smoking status, coverage amount, and type of policy. Term life insurance, for example, will be significantly more affordable than whole life insurance and the younger you are when you take out a life insurance policy, the lower your premiums will be.
Specific prices can only be obtained by speaking directly to a Wawanesa representative. However, we have listed a range of expected life insurance costs per month for healthy, non-smoking men and women of differing ages.
This table is based on a 20-year term life insurance policy with a coverage amount of $500,000.
| Age | Female | Male |
|---|---|---|
| 30 | $20-$25 | $30-$35 |
| 40 | $35-$40 | $50-$55 |
| 50 | $90-$100 | $130-$140 |
| 60 | $300-$350 | $400-$450 |
Your life insurance premiums with Wawanesa Life will vary depending on your situation. If these premiums seem right to you, then try out our life insurance comparison tool to compare the best life insurance providers in Canada and get free quotes based on your unique preferences.
What does Wawanesa life insurance cover?
Wawanesa life insurance is a great way to get coverage for your family protection, business, or any special needs specific to your situation. Life insurance products in general are specifically good when looking to cover any of the following.
Life insurance can cover your family's needs including:
- Mortgage or Rent
- Education costs
- Funeral & final expenses
- Survivors' income
Life insurance can also cover any business needs that may arise such as:
- Funds for a company buy and sell agreements
- Family business continuance
- Collateral Insurance
Special needs may come in the form of:
- Surviving critical illness
- Maximize retirement income
- Bequest to charity
What types of life insurance does Wawanesa Life offer?
Wawanesa Life offers a wide variety of different life insurance products which typically fall into one of two basic categories. These categories are Temporary and Permanent Life Insurance.
Temporary or term life insurance is usually affordable. It’s an easy option for individuals who want to secure their families’ futures for a specific time and a specific amount but with a limited budget. Since the temporary life insurance products have an expiry date, it is possible to outlive the insurance without receiving any payout.
Permanent life insurance, on the other hand, is a good solution for anyone wanting an open-ended length of insurance coverage and a guaranteed legacy to leave for their children and grandchildren.
A quick rundown of Wawanesa Life’s temporary vs permanent life insurance can be seen below.
| Policy type | Term | Permanent |
|---|---|---|
| More affordable | ||
| Policy Fee | ||
| Guaranteed premiums | ||
| Coverage (payout) available | $10,000-$10,000,000 | $10,000-$10,000,000 |
| Cash Surrender Value | ||
| Variable length of cover | ||
| Add-ons available | ||
| Annual dividends |
What does Wawanesa Term Life Insurance cover?
Term life insurance is the simplest form of life insurance available and it is offered by Wawanesa Life in increments of 10, 15, 20, 25, and 30 years, Term to Age 80 or Term to Age 100. The coverage available, also known as payout or sum assured, is flexible and ranges from $10,000-$10,000,000.
The premiums are also guaranteed to mean that once your insurance has started the premiums will not increase for the remainder of the term.
The table below shows the term life increments depending on age, available coverage, and conversion rules of Wawanesa Life’s Term Life insurance policies.
| About | Details |
|---|---|
| Issue Ages (current age) |
|
| Issue Volumes | $10,000 - $10,000,000 |
| Conversion | Term 10, 15, 20, 25, 30, and Term to Age 80: Before reaching age 71, where the policy remains in force, you may convert the policy to a permanent plan. |
One downside of term life insurance is that they have an expiry date. This means that if you have a term length of 20 years and you live longer than that, your insurance will cease to exist and you will receive nothing in return.
However, Wawanesa’s term life insurance is renewable every 10 years after the initial term ends, up to the age of 85. After that, one final renewal can be made to the age of 100, after which the insurance coverage will continue without any extra premium payments.
Key features of Wawanesa Term Life Insurance are:
- Affordable, simple, and easily understood
- No policy fees
- Coverage ranges from $10,000-$10,000,000
- Premiums are guaranteed
- Variable term lengths to suit all needs
- Lifetime terms can be renewed every 10 years
If you want to explore other term life insurance plans from other providers, you can do it right here using our comparator below. Compare multiple plans and get free personalized quotes in no time.
Compare the top term life insurance options today
What does Wawanesa Whole Life insurance cover?
Wawanesa Life offers two whole life insurance products which are Whole Life – Pay to Age 100 or 20 Pay Whole Life. Both of these life insurance products offer whole life cover subject to premium payment, with the only difference being how long you have to pay premiums.
With Whole Life – Pay to Age 100 you will have to pay premiums until age 100, and with 20 Pay Whole Life you only pay premiums for 20 years but the premiums will be higher.
Similar to term life insurance, your whole life insurance premiums are guaranteed which means they will never increase nor will your coverage decrease when your premiums have been paid in full. However, whole life insurance has a few extra features that set it apart from term life insurance which are:
- Receive annual dividends - Every whole life insurance holder is eligible to receive annual dividends which are based on the performance of the life insurance account. The annual dividends are not guaranteed.
- Paid-up additions - Eligible annual dividends are used to purchase Paid-Up additions which increases the overall death benefit coverage.
- Cash value - The life insurance policies will have a cash value as early as the 5th year after inception. An account will have a guaranteed cash value in addition to any cash value that has been purchased by the Paid-Up additions. The policyholder can choose to surrender their life policy for the cash value.
- Policy loans - A policyholder can request a cash loan against the life insurance policy. The limits of the loan will vary.
Key features of Wawanesa Whole Life Insurance are:
- No policy fees
- Coverage ranges from $10,000-$10,000,000
- Premiums are guaranteed
- Premium payment options of either 20 years or up to the age of 100
- Continued coverage after 100 years of age without additional premiums
- Annual dividends (not guaranteed)
- Paid-Up additions available
- Guaranteed cash surrender value after 5 years
- Policy loan available
What does Wawanesa Critical Illness insurance cover?
Wawanesa Life offers two critical illness insurance policies named Critical Illness Core and Critical Illness Comprehensive. Critical Illness Core is a simplified critical illness policy that only covers 4 critical conditions but is more affordable, whereas the Critical Illness Comprehensive product is a fully underwritten policy that covers 26 critical conditions.
Both of these critical illness policies are considered temporary, or term, life insurance products as they only last for a certain term length. These are:
- Critical Illness Term 10 - This is a renewable policy with a guaranteed premium for the first 10 years. The premiums will increase every 10 years if the policy is subsequently renewed. The Term 10 policy can be exchanged for a Term to Age 75 policy, or Term to Age 75 Return of Premium on Expiry policy before the policyholder turns 60.
- Critical Illness Term to Age 75 - The Term to Age 75 provides critical illness cover for a guaranteed premium up to the age of 75, after which the policy ends without any returns to the policyholder.
- Critical Illness Term to Age 75 (Return of premium on Expiry) - This policy provides critical illness cover for the insured up to the age of 75 with a guaranteed premium. On the policy anniversary following age 75, the policy will terminate and a Return of Premium on Expiry will be payable.
The table below summarizes the key aspect differences between Wawanesa Life’s Comprehensive and Core critical illness insurance policies.
| Policy | Critical illness Comprehensive | Critical illness Core |
|---|---|---|
| Underwriting | Fully underwritten | 8 qualifying questions |
| Issue Age | 18-60 (age last) | 18-60 (age last) |
| Issue Volume | $10,000 - $1,000,000 | $10,000 - $100,000 |
| Covered Conditions | Yes! Term 10 may be changed to Term to Age 75 or Term to Age 75 with Return of Premium on Expiry before the policy anniversary immediately following the insured person’s 60th birthday. | 4 covered conditions |
| Plan Types | Critical Illness Term 10; Critical Illness Term to Age 75; Critical Illness Term to Age 75 (Return of Premium on Expiry) | Critical Illness Term 10; Critical Illness Term to Age 75; Critical Illness Term to Age 75 (Return of Premium on Expiry) |
| Available Riders | Child Critical Illness; Disability of Waiver Premium | Yes! Term 10 may be changed to Term to Age 75 or Term to Age 75 with Return of Premium on Expiry before the policy anniversary immediately following the insured person’s 60th birthday. |
| Exchangeable | Yes! Term 10 may be changed to Term to Age 75 or Term to Age 75 with Return of Premium on Expiry before the policy anniversary immediately following the insured person’s 60th birthday. | Yes! Term 10 may be changed to Term to Age 75 or Term to age 75 with Return of Premium on Expiry before the policy anniversary immediately following the insured person’s 60th birthday. |
What types of life insurance add-ons does Wawanesa Life offer?
Wawanesa Life offers several add-ons to both their whole life insurance and term life insurance products. An insurance add-on is also known as a ‘rider’ and the availabilities of riders vary depending on the insurance policy.
The following table shows which add-ons are available on Wawanesa Life’s insurance products.
| Insurance type | Term Life Insurance | Whole Life Insurance | Critical Illness Insurance |
|---|---|---|---|
| Accidental Death Benefit | |||
| Child Protection | |||
| Child Critical Illness | |||
| Disability Waiver of Premium |
(only available on juvenile policies) | ||
| Mortgage Protection |
If you want to explore the best life insurance options with the most comprehensive coverage and add-ons, use our comparator tool below. Compare plans and get free personalized quotes in seconds.
Compare the best life insurance companies
Does Wawanesa Life require a medical exam for life insurance coverage?
Wawanesa Life may require a medical exam for life insurance coverage but the requirement depends on your age, type of application process, insurance product, and the coverage amount.
See the maximum medical exam and underwriting requested for Wawanesa Life’s whole life insurance below:
| Age and application type | <$500k | $500k to 1.5M | $1.5M to $3M | $3M |
|---|---|---|---|---|
| 18-45 Quick App + Tele |
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| 18-45 Full Application |
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| 46-60 Quick App + Tele |
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| 46-60 Full Application |
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| 61-70 Quick App + Tele |
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| 61-70 Full Application |
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Below you can see a table for the maximum medical exam and underwriting requested for Wawanesa Life’s Term Life insurance.
| Age and application type | <$500k | $500k to 3M | $3M |
|---|---|---|---|
| 0-45 Quick App + Tele |
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| 0-45 Full Application |
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| 46-60 Quick App + Tele |
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| 46-60 Full Application |
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| 61-70 Quick App + Tele |
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| 61-70 Full Application |
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Does Wawanesa Life offer other insurance products?
Whatever your insurance or financial needs, Wawanesa Life will likely have a plan or product that can be tailored to suit your needs. In addition to term life and whole life insurance, Wawanesa Life offers a range of corporate and personal insurance policies, in addition to various investment products that can help secure your financial future.
The suite of services includes:
- Term Life Insurance
- Whole Life Insurance
- Critical Illness Insurance
- Mortgage Protection
- Children’s Plans
- Family Insurance
- And much, much more
How to get Wawanesa life insurance quotes?
Before requesting a quote from Wawanesa Life, try comparing quotes from more than 20 of Canada’s leading life insurers.
Compare the best life insurance companies
To get a Wawanesa Life insurance quote you may also contact them directly or request a quote through a local advisor. All the contact details for Wawanesa Life are listed below.
| Wawanesa Life | Contact Details |
|---|---|
| Address | 400 - 200 Main Street Winnipeg, MB R3C 1A8 |
| Telephone | (204) 985-3940 |
| Toll-Free | 1-888-997-9965 |
| Fax | 1-888-985-3872 |
| [email protected] | |
| Customer Service for Local Advisor | 1-800-263-6785 |
Does Wawanesa offer life insurance discounts?
Wawanesa Life does offer a form of discount on their term life insurance products by way of layering. When layering, an individual can include up to 4 add-ons to their base life insurance policy and the combination of the various term lengths of all the coverages leads the policyholder to receive volume discounts.
As with most providers, it's cheaper to get multiple types of insurance at once than to buy separate policies.
What are the FAQs on Wawanesa Insurance?
Is Wawanesa a good insurance company?
Objectively, Wawanesa is a good insurance company in Canada as they have been given an A rating from AM Best.
This rating is important because it indicates that the company is financially strong and more likely to withstand financial headwinds compared to companies with lower ratings. As such, Wawanesa Life can be considered to be more likely to meet its obligations to policyholders when compared to lower-rated providers.
Is there a Wawanesa Life insurance calculator?
Wawanesa Life does not have an online life insurance calculator like many other insurance providers. However, you can use HelloSafe’s life insurance calculator to figure out how much life insurance you can get, and use our comparison table to compare Canada’s life insurance providers!
Is Wawanesa life insurance a good option for seniors in Canada?
Wawanesa Life insurance is a good option for senior citizens in Canada simply because coverage is available to them up to the age of 70 for term life insurance, and up to the age of 80 for whole life insurance. However, the premiums may be expensive depending on an individual's exact age and health at the time of application. Life insurance rates rise with age.
How to contact Wawanesa Life Insurance customer service?
Wawanesa Life offers ongoing customer service and support to all of its policyholders and their office hours are Monday - Friday 7:30 am to 7:30 pm central time. The customer support team is dedicated to providing all clients with claim help as well as simply answering questions with regard to your individual insurance policy. Wawanesa Life can be contacted for general queries and claims using the following contact details.
| Inquiry | Telephone | Fax | |
|---|---|---|---|
| General Customer Queries | 1-800-263-6785 | [email protected] | - |
| Individual Life Insurance & Critical Illness Insurance Claims | 1-844-318-0411 | [email protected] | 1-855-496-3028 |
There are next to no online customer reviews for Wawanesa Life, nor does the company have much of an online presence in terms of social media. All contact with the company goes through the contact details recorded above, or through a local advisor.
Is there a Wawanesa Life insurance app?
Wawanesa Life does not have any mobile application available to its individual or group policyholders. If you want to review your insurance policy, contact Wawanesa Life through the contact details listed above, or speak directly to your insurance advisor if you have one.
