For over 80 years, Blue Cross has been a trusted name among top life insurance companies in Canada. This review provides an extensive look at Blue Cross life insurance to help you make an informed decision when choosing among Canadian providers.
Who is Blue Cross?
- Financial Strength (AM Best): C++ (Marginal)
- Product Line: life insurance, health insurance, travel insurance, and home insurance.
- LifeBuzz Rating: 3.5⭐
Blue Cross is a leading insurance provider in Canada, serving over 8 million Canadians nationwide. It comprises seven independent regional Blue Cross companies – Pacific Blue Cross, Alberta Blue Cross, Saskatchewan Blue Cross, Manitoba Blue Cross, Ontario Blue Cross, Quebec Blue Cross, and Medavie Blue Cross.
Blue Cross also includes the national provider Blue Cross Life Insurance Company of Canada, which offers individual and group life and disability insurance policies.
Together, the regional plans and Blue Cross Life provide trusted insurance solutions tailored to the needs of individuals and families across Canada. Blue Cross Life ensures customers have the right personalized coverage while demonstrating a commitment to exceptional service and protecting financial well-being (more information at https://www.bluecross.ca/about/)
Is Blue Cross Life Insurance Available in Your Province or Territory?
Blue Cross life insurance is available through the following provinces and territories:
- Alberta
- British Columbia
- Manitoba
- New Brunswick
- Newfoundland and Labrador
- Northwest Territories
- Nova Scotia
- Nunavut
- Ontario
- Prince Edward Island
- Quebec
- Saskatchewan
- Yukon
It is not available directly from Blue Cross in:
- Newfoundland and Labrador
- Nunavut
- Northwest Territories
How Does Blue Cross Life Insurance Work?
Blue Cross Life Insurance Company of Canada offers one of the largest selections of life insurance in the country. Available products include:
- Term life insurance (10, 20, 25, 30 years)
- Whole life insurance
- Universal life insurance
- Mortgage life insurance
- Guaranteed issue life insurance
Key Features of Blue Cross Life Insurance:
- Customizable protection: Policies can be enhanced with optional supplementary riders, such as child riders, waiver-of-premium riders, and accidental death riders. This allows you to tailor coverage to your family’s specific needs.
- Financial stability: Blue Cross maintains an A+ (Superior) rating from AM Best, indicating excellent financial strength to uphold policy obligations.
- Unique no medical exam options: Blue Cross sets itself apart with guaranteed issue life insurance options that do not require a medical exam or health assessment.
- Drawbacks to consider: Availability of Blue Cross life insurance is limited compared to other national providers. It is not offered in all provinces or territories.
With its focus on flexibility and unique offerings such as guaranteed issue, Blue Cross is an excellent option for Canadians seeking customized coverage. However, provincial availability limitations are worth considering.
What Does Blue Cross Life Insurance Offer?
Here is an overview comparing the key features of Blue Cross’ main life insurance policies:
| Plan | Term Lengths | Coverage Amount | Exams Required | Conversion Options |
|---|---|---|---|---|
| Term Life | 10, 20, 25, 30 years | $25K – $5M | No exam < 45 years up to $1M | Can convert to permanent |
| Flex Plan | 10-30 years initial term | $5K – $1M | Yes | Converts to whole life at 65 |
| Express Life | Lifelong term | Up to $20K | No exam | No conversion |
| Mortgage Life | Matches mortgage term up to age 70 | $10K – $2M | Yes | No conversion |
Blue Cross Term Life Insurance
Blue Cross Term Life insurance provides temporary financial protection for your loved ones for a set number of years.
- Available for terms of 10, 20, 25 or 30 years to match your specific needs
- Offers coverage amounts ranging from $25,000 up to $5 million
- No medical exam is required for qualified applicants under age 45 seeking up to $1 million in coverage
- Premiums remain level for the selected term length
- Ensures your family is financially secure through your working years or until major debts are paid off
- Provides income replacement and inheritance funds for beneficiaries
- Ideal for family breadwinners and those with young children
Blue Cross Flex Plan
The Blue Cross Flex Plan adapts to provide lifelong protection that evolves as you age.
- Initial term period selected from 10 to 30 years
- Option to convert to permanent whole life insurance at age 65 without additional medical underwriting
- Coverage amounts available from $5,000 up to $1 million
- Can add optional riders like disability, critical illness, and accidental death
- Allows you to lock in insurability while young and shift to permanent coverage later in life
- Provides lifelong financial security for the spouse and peace of mind in retirement
- Cash value accumulation is available to borrow against in later years
Blue Cross Express Life
Blue Cross Express Life is guaranteed-issue life insurance that requires no medical exam.
- No health questions or medical exam required
- Offered to applicants under age 55
- Provides up to $20,000 in coverage
- Financial protection for those unable to qualify for traditional life insurance
- Limitations include reduced payouts within the first 6 months
- Simple online application process for quick coverage
- Affordable premiums make basic coverage accessible
Blue Cross Mortgage Life Insurance
Blue Cross Mortgage Life Insurance covers your outstanding mortgage loan balance.
- Secures mortgage amounts from $10,000 up to $2 million
- Matches the length of new mortgages up to age 70
- Can ensure primary residence, secondary properties, or buildings up to 8 units
- Ensures an unpaid mortgage does not financially burden your family if you pass away
- Provides continued housing stability and preserves your real estate investment
- Ideal for new homebuyers with large mortgages
- Peace of mind knowing your mortgage will be repaid
In summary, Blue Cross life insurance provides customized protection for your family’s financial future. They offer plans tailored to different needs, from basic guaranteed issue coverage to permanent lifetime protection.
Other Insurance Offerings from Blue Cross
In addition to life insurance, Blue Cross also provides other insurance solutions for Canadians:
Health Insurance
Blue Cross offers comprehensive health insurance plans to complement provincial healthcare coverage. Their plans cover expenses for prescription drugs, dental, vision, therapy, medical equipment, and more. Coverage is available for individuals, couples, and families.
Travel Insurance
Blue Cross travel insurance provides emergency medical coverage for trips outside your province or Canada. Plans safeguard you from trip cancellation, interruption, and delay, as well as emergency medical costs abroad. Different coverage tiers are available.
Pet Insurance
Blue Cross pet insurance helps cover veterinary costs for illness, injury, and preventative care. Options include reimbursement of 80%, 90%, or 100% of eligible expenses. Annual coverage maximums range from $4,000 to unlimited.
Group Benefits
Blue Cross provides employee benefit plans for small, medium and large businesses. Offerings include extended healthcare and dental, disability insurance, life insurance, and critical illness. Customizable plans are available.
In summary, Blue Cross delivers comprehensive insurance protection beyond just life insurance. Their health, travel, pet, and group benefits complement their strong life insurance offerings for complete coverage.
How Much Does Blue Cross Life Insurance Cost?
The cost of life insurance with Blue Cross depends on personal factors like your age, gender, health condition, lifestyle, and province of residence.
To give you an idea of potential rates, here are sample quotes for a 20-year $400,000 term life policy from Blue Cross:
| Age | 20 Year Term, $400,000 Coverage |
|---|---|
| 27, Male, Non-smoker | $28.92 |
| 27, Female, Non-smoker | $20.39 |
| 35, Male, Non-smoker | $37.08 |
| 35, Female, Non-smoker | $28.92 |
| 45, Male, Non-smoker | $78.98 |
| 45, Female, Non-smoker | $58.96 |
Getting a personalized quote is recommended to find the exact premium costs for your life situation. Our online quoting tool below can provide customized quotes from top providers for comparison.
Overall, Blue Cross offers competitive pricing on par with other top life insurance providers in Canada. Term life plans are very budget-friendly, while permanent life insurance options have higher premium costs.
How to Apply for Blue Cross Life Insurance
Applying for Blue Cross life insurance coverage is quick and simple. Here are the four steps:
- Get a Quote: Start by using an online quoting tool or contacting your regional Blue Cross provider.
- Complete the Application: You will fill out a detailed application covering your personal information, medical history, and lifestyle.
- Underwriting: Blue Cross’s underwriting team reviews your application. They may request medical records or require a paramedical exam, depending on your age and the coverage amount.
- Policy Issue: Once approved, you will receive your policy documents. Coverage begins after you review the policy and make your first premium payment.
How to Make a Claim
In the event of a claim, the beneficiary should contact Blue Cross Life as soon as possible. The process generally involves:
- Initial Notification: Contact Blue Cross to initiate the claim and receive the necessary forms.
- Submit Documentation: Complete the claim forms and provide required documents, most importantly, the original death certificate.
- Claim Review: The claims department will review the submission to ensure all conditions of the policy have been met.
- Receive Payout: Once approved, the tax-free death benefit is paid directly to the named beneficiaries, typically by cheque.
Overall, Blue Cross strives to make the claims process as smooth and supportive as possible during difficult times. Their experienced team will guide you through each step and provide prompt payment of approved claims.
What Are the Pros and Cons of Blue Cross Life Insurance?
Blue Cross life insurance has several advantages, but also some potential limitations to consider:
Pros of Blue Cross Life Insurance:
- Excellent financial strength and stability, as demonstrated by AM Best A+ rating
- Ability to customize coverage through supplementary riders
- Guaranteed issue plans are available without the need for medical exams
- Positive reputation for customer service
Potential Cons to Consider:
- Provincial availability limitations compared to national life insurance providers
- Missing niche features like term life to age 100 plans
For most Canadians, Blue Cross can provide tailored and competitive life insurance coverage. Just account for differences in provincial availability and shop around for the best policy fit.
In addition to Blue Cross, there are several other highly-rated life insurance companies in Canada to consider, including Manulife, Canada Life, iA Financial, Walnut Insurance, Equitable Life, CIBC Life Insurance, BCAA Life Insurance, and RBC Insurance. Comparing quotes among the top providers is wise to find the best rates and coverage for your specific needs.
Summary
Blue Cross is a leading life insurance provider known for its customized policies and unique offerings, such as guaranteed-issue plans. With over 80 years in Canada, they provide versatile coverage focused on flexibility. Their competitive pricing, ability to add riders to policies, and conversion options for shifting term plans make Blue Cross a top choice.
However, availability varies by province, so confirm they operate in your region. Compare quotes, too, since affordability can differ between providers. For most Canadians wanting adaptable protection, though, Blue Cross is a top contender worth considering. Their customizable plans can provide the right life insurance to safeguard your family.
Frequently Asked Questions
What benefits are included with Blue Cross life insurance?
Base death benefit coverage is included on all life insurance plans. Optional benefits like waiver of premium, accelerated payouts for terminal illness, and conversion to permanent coverage may also be available.
Can I get life insurance if I have a health condition?
Yes, Blue Cross has specific policies like guaranteed issue life insurance that are designed for people with health issues who cannot qualify for traditional coverage.
Is Blue Cross life insurance renewable?
Term life insurance from Blue Cross is renewable up until the end of the term length. Permanent policies like whole life are renewable for life as long as premiums are paid.
How do I change beneficiaries on my Blue Cross life insurance?
Log in to your online account portal and navigate to the beneficiary section. You can update or change beneficiaries and assigned percentages there.
Does Blue Cross offer mortgage life insurance?
Yes, Blue Cross has mortgage life insurance that covers the balance of your mortgage up to $2 million. It matches the mortgage terms and provides stability.
What is the Blue Cross life insurance customer service number?
You can call Blue Cross Life Insurance at +1 (866) 316-4458. Customer service hours are Monday to Friday from 9AM-5PM Eastern Time.
How do I pay my Blue Cross life insurance premium?
Premiums can be paid monthly, quarterly, semi-annually or annually by pre-authorized bank withdrawal, online banking, cheque, or credit card.
