in ,

Humania Life Insurance Review 2024: Tailored for the Canadian Market

Humania Life Insurance Review- Tailored for the Canadian Market
Humania Life Insurance Review- Tailored for the Canadian Market

Humania Assurance is one of the oldest and most trusted life insurance companies in Canada, with over 150 years of history dating back to 1874.

In this comprehensive review, we’ll provide an in-depth examination of Humania life insurance products, pricing, financial strength, customer service, and more. Whether you’re considering Humania for term, whole, or no medical life insurance, this guide will equip you with everything you need to make an informed decision.

What is Humania Life Insurance?

Humania Assurance is a Quebec-based mutual life insurance company providing coverage to over 200,000 policyholders across Canada. As a policyholder-owned insurer, Humania is dedicated to serving the best interests of its client base rather than shareholders.

Humania Life Insurance stands out from the crowd, offering features and benefits that rival those of specialized providers like Canada Protection Plan. In fact, Humania’s offerings surpass what many household names in the industry, such as Manulife and RBC Life Insurance, are able to provide.

Some quick facts about Humania:

  • Headquarters in Saint-Hyacinthe, Quebec
  • Over $600 million in total assets
  • Approximately $158 million in annual premiums
  • No AM Best financial strength rating currently
  • A+ rated by the Better Business Bureau (BBB)

Humania focuses on making life insurance acquisition fast and convenient through simplified underwriting and online applications. Their HuGO Term Life product offers near-instant approval, with coverage issued in as little as 15-45 minutes in most cases.

Below, we’ll take a deep dive into the various life insurance products available from Humania to suit different needs and budgets.

What Types of Life Insurance Does Humania Offer?

What Types of Life Insurance Does Humania Offer
What Types of Life Insurance Does Humania Offer

Humania offers three main types of term life insurance coverage:

HuGO Term Life Insurance

HuGO Term Life is Humania’s proprietary instant-issue term product that is available completely online. HuGO boasts one of the fastest and most convenient application processes in Canada.

HuGO Term Life Features:

  • Multiple term lengths available: 10, 15, 20, 25, and 30 years
  • Face amounts from $50,000 up to $5,000,000
  • The majority of applicants were approved in 15-45 minutes
  • Fully electronic application with no paperwork
  • Guaranteed renewable to end of term
  • Convertible to permanent coverage until age 65
  • Exchangeable for a longer term until 4th policy year
  • Child life insurance rider available

HuGO’s level death benefit and guaranteed level premiums make it easy to lock in coverage with predictable costs for the duration of the term. The swift online underwriting process makes HuGO ideal for healthy applicants needing life insurance in a hurry.

Term Life Insurance

Humania’s traditional fully underwritten term life insurance policy with standard industry features. The comprehensive application process makes larger amounts of coverage available.

Key Term Life Policy Features:

  • Renewable terms of 10, 15, 20, 25 and 30 years
  • Renewable annually up to age 80
  • Convertible to permanent life insurance until age 65
  • Face amounts from $50,000 up to $2,000,000
  • Child life insurance rider available
  • Accidental Death Rider is available
  • Up to 8 optional “Living Benefits” riders

Humania’s traditional term life includes multiple renewal guarantees and conversion options to provide stability and flexibility over the long term. Optional riders allow you to customize coverage for evolving needs.

More : Term life insurance

Insurance Without a Medical Exam

Humania’s simplified issue term life insurance product for applicants who may not qualify for regular health underwriting. No medical exam or health questions are required.

No Exam Term Life Features:

  • Face amounts from $10,000 to $300,000
  • Not available for applicants over age 70
  • 10, 20, and 100-year level premium term lengths
  • Renewable annually until age 80 on 10 & 20-year terms
  • Accelerated death benefits for terminal illness
  • Rider for waiver of premium due to disability
  • Rider for 20-year premium refund

Humania’s no medical exam life insurance offering accepts applicants with a wide range of health histories, with no lab tests or medical requirements. The premium refund rider provides added value.

Humania Permanent Life Insurance Options

For lifelong protection, Humania offers one straightforward no medical exam whole life insurance product:

Permanent Life Insurance Details:

  • Face amounts from $5,000 to $50,000
  • No health exams or physician records required
  • Level premiums payable for life
  • Guaranteed cash values and dividends
  • Available for applicants aged 18 through 70
  • Included terminal illness accelerated benefit

This permanent plan is best suited for smaller amounts of final expense or funeral coverage. For larger permanent policies, buyers may want to also get quotes from top mutual life insurers that specialize in permanent protection.

More : permanent life insurance

Critical Illness Insurance from Humania

To complement its life insurance offerings, Humania provides a suite of critical illness insurance solutions, including:

  • Critical Illness Insurance Without Medical Exam
  • Prodige Critical Illness Insurance
  • Term Critical Illness Insurance
  • Children’s Critical Illness Insurance
  • Cancer Insurance

Policyholders can secure lump-sum payouts in the event of diagnosis with covered conditions. Maximum benefits range from $25,000 up to $1 million across Humania’s critical illness products.

How Much Does Humania Life Insurance Cost?

How Much Does Humania Life Insurance Cost
How Much Does Humania Life Insurance Cost

To give an idea of pricing, first, we’ll look at sample monthly premiums for a 20-year HuGO Term Life policy:

AgeMaleFemale
30$26.19$19.35
40$40.59$29.43
50$110.07$76.95
60$287.91$189.99

Figures based on $400,000 coverage amount. Pricing is for non-tobacco user in good health. Actual rates vary based on personal factors.

Next, we’ll compare Humania term life rates to competitor Sun Life:

40 Year Old Male, Non-Smoker

Insurer$400K CoverageMonthly Cost
Humania$400,000$40.59
Sun Life$400,000$50.13

Potential savings with Humania over 20 years: $2,290

55 Year Old Female, Non-Smoker

Insurer$250K CoverageMonthly Cost
Humania$250,000$86.62
Sun Life$250,000$95.62

Potential savings with Humania over 20 years: $1,860

Based on these illustrations, Humania provides very competitively priced life insurance, especially for younger age bands. Your personalized premiums may differ based on health, lifestyle, and other underwriting factors.

Is Humania Life Insurance Financially Sound?

Humania Assurance currently holds no financial strength rating from third-party agencies like A.M. Best or DBRS. While not ideal, this is common among smaller niche insurers.

As a mutual company, Humania is not beholden to shareholder profit demands, allowing for more conservative long-term financial management. With over $600 million in total assets, they do have a stable capital base to uphold policyholder obligations.

For additional assurance, it may be prudent to keep Humania life insurance policy amounts within recommended limits for unrated insurers. An experienced advisor can provide guidance in this regard.

What Do Humania Life Insurance Reviews Say?

Humania has earned positive customer feedback across various online rating platforms:

  • A+ accredited with the Better Business Bureau with zero complaints on file during the past three years
  • 4 out of 5 stars on Google Reviews based on 130+ reviews
  • 3.5 out of 5 stars on InsurEye based on ten reviews

Negative Feedback Summary:

  • Longer than expected claims processing time in some cases
  • Difficulty contacting company representatives
  • Delayed policy delivery

While the majority of feedback is favourable, prospective buyers should weigh coverage costs and convenience against potentially slower claims and customer service response times.

What Are the Pros and Cons of Humania Life Insurance?

What Are the Pros and Cons of Humania Life Insurance
What Are the Pros and Cons of Humania Life Insurance

Advantages of Humania Life Insurance

Competitive Pricing: Humania offers below-average term life insurance rates, particularly for younger, healthier individuals. Bundling coverage also brings multi-policy discounts.

Multiple Term Lengths: Humania accommodates both shorter 10-20-year terms as well as longer 25-30-year coverage for lifetime needs.

Accelerated Underwriting: HuGO brings a simplified instant-issue purchase process, with most applications approved in under 45 minutes.

Policy Flexibility: Renewability, convertibility, and exchangeability provide continued coverage as needs evolve.

No Exam Options: Humania’s simplified underwriting accepts applicants with a variety of health histories.

Online Applications: Applying and managing policies is convenient through Humania’s digital platforms.

Critical Illness Included: HuGO policies over $100k qualify for bundled critical illness and debt insurance.

Potential Disadvantages:

No Whole Life Insurance: Humania lacks a participating whole life product for permanent protection and cash value growth.

Limited Permanent Options: The maximum coverage on their no exam whole life product is $50,000.

Narrow Availability: Humania availability is primarily concentrated in Quebec, with limited presence elsewhere.

No Insurer Ratings: Humania holds no financial strength ratings from third-party agencies.

Customer Service Lags: Response times for inquiries, claims, and service issues are longer than average based on reviews.

Website Limitations: Less self-service capacity compared to larger peers.

Is Humania a Good Choice for Life Insurance?

Humania Assurance delivers reliable term and no medical life insurance solutions with streamlined underwriting and competitive premiums. For younger, healthier consumers, their digitally-driven purchase process brings welcome simplicity.

Those seeking larger permanent cash value policies may want to consider other specialized mutual life insurers with broader nationwide availability and financial ratings.

Across Canada, over 50 highly rated insurers actively compete for your business. We recommend comparing personalized quotes to identify your best option. An advisor can evaluate Humania against alternatives to ensure the optimal long-term life insurance solution for your specific needs and budget.

How To Get Quotes and Apply for Humania Life Insurance

If you reside in Quebec or Ontario and want to review Humania’s offerings, you have a few options:

Compare Quotes Online

Get personalized rates for Humania alongside other top insurers using Lifebuzz’s free online comparison platform. Just answer a few quick questions to see real quotes side-by-side.

Connect With an Advisor

Schedule a call with a licensed advisor who can provide specific quotes and walk through Humania’s application process in your province.

Apply on Humania’s Website

To apply directly, visit Humania.ca and use their built-in quoting engine. The online application takes just minutes for nearly instant decisions.

An advisor can guide you to the best value tailored specifically to your budget and needs. To explore your options, compare rates now:

[button text=”Compare Quotes” url=”https://lifebuzz.ca/” style=”primary” opens_in=”current_tab”]

The Bottom Line on Humania Life Insurance

Humania Assurance brings simplicity to the life insurance purchase process with seamless online underwriting and competitive pricing. For fast affordable term insurance, Humania hits the mark for many younger individuals and families.

Those wanting permanent cash value options, higher policy limits, or financial strength reassurance may prefer a larger and more broadly available insurer. Comparing quotes from Canada’s top 50+ life insurance companies ensures you find the right fit.

Frequently Asked Questions (FAQs)

What is the minimum coverage for Humania Life Insurance?

Humania's permanent life insurance starts at a minimum of $5,000 in coverage. Their term life plans start at $50,000 minimum coverage.

What is the maximum payout on Humania Life Insurance?

The maximum payout on Humania's HuGO term life product is $5 million. Their permanent plan has a lower maximum benefit of $50,000.

At what age does Humania Life Insurance typically expire?

Humania term policies expire at the end of the selected term length, which can range from 10-30 years. Some terms are also renewable annually until age 80.

Is Humania Life Insurance guaranteed issue?

Humania's simplified issue term life plans are guaranteed issue based on simplified health questions. Their fully underwritten policies require full medical underwriting.

What types of riders are available with Humania Life Insurance?

Riders like waiver of premium, accidental death, and dependent child coverage can be added to Humania term life policies for additional benefits. Critical illness can also bundle.

Does Humania Life Insurance build cash value?

No, Humania's term life insurance policies do not build cash value. Only permanent life insurance policies have an accumulating cash value component.

Is Humania Life Insurance renewable?

Yes, Humania term life plans are guaranteed renewable up to the expiry age stated in the policy at the same premium. Renewability provides coverage continuity.

Is Humania Life Insurance convertible?

Humania's term life plans are convertible into a permanent policy until age 65 or 70 depending on the product. Conversion allows moving to permanent coverage without a medical exam.

What is the maximum payout on Humania life insurance?

Humania's HuGO term product offers up to $5 million in life insurance coverage. Their permanent and no exam plans have lower maximums around $300,000 or less.

How long does underwriting take for Humania Life Insurance?

Humania's HuGO term life product offers near instant underwriting decisions in as little as 15-45 minutes. Their other products have longer underwriting timeframes.

Can I manage my Humania Life Insurance policy online?

Humania currently has limited online account access. Policy changes must be made over the phone rather than online portal.

Does Humania Life Insurance pay dividends?

Humania's permanent participating whole life insurance pays dividends. However, their term life insurance policies do not pay dividends.

What conditions are covered by Humania Life Insurance?

Humania's term life plans cover death from any cause. Add-on critical illness coverage provides benefits for heart attack, stroke, cancer, and other major conditions.

How do I check the status of my Humania Life Insurance application?

You can call Humania's customer service line at 1-800-773-8404 to check the status of a pending life insurance application and get updates on the underwriting process.

How long does it take Humania Life Insurance to pay out a claim?

Humania aims to pay out straightforward life insurance claims within 5-10 business days after receiving full documentation. More complex cases may take longer to investigate.

What documents do I need to file a claim with Humania Life Insurance?

To file a life insurance claim, you'll need to submit a certified death certificate, beneficiary statement, and any other forms provided by Humania. An advisor can help guide you.

How can I pay my bill for my Humania Life Insurance?

Humania accepts monthly pre-authorized bank withdrawals as the primary premium payment method. Quarterly, semi-annual, and annual schedules may also be available.

Can I get a copy of my Humania Life Insurance policy?

Yes, you can request a copy of your Humania policy at any time by calling their customer service line at 1-800-773-8404 and providing your policy number.

Is Humania Life Insurance a broker?

No, Humania is a direct life insurance carrier, not a broker. They underwrite and issue all policies directly without involving brokers or agents.

What is the NAIC number for Humania Life Insurance?

Humania Assurance's NAIC company code number is 79988. This number is assigned by insurance regulators in the United States.

Article Sources:

To fully appreciate our rigorous adherence to veracity, transparency, and editorial independence, consider reviewing our Editorial Policy at Lifebuzz.ca. It is this dedication that positions us as the ultimate dependable life insurance news outlet in Canada.

  1. Humania Life Insurance Review Canada: Everything You Need To Know – https://www.policyme.com/
  2. Humania Life Insurance Review – Updated 2024 – https://www.policyadvisor.com/
  3. Is Humania Assurance life insurance good? 2024 review – https://hellosafe.ca/
  4. Humania Term Life Insurance Review 2024 – https://www.dundaslife.com/
  5. Humania Life insurance
Rate this post

Written by Ben Nguyen

Ben Nguyen is an award-winning insurance expert and industry veteran with over 20 years of experience. He is the chairman and director of IDC Insurance Direct Canada Inc., one of Canada's leading online insurance brokerages.

Ben is renowned for his extensive knowledge of life, health, disability, and travel insurance products. He is the prolific author of over 1,000 educational articles published on LifeBuzz, BestInsuranceOnline, and InsuranceDirectCanada. His articles provide Canadians with advice on making smart insurance decisions.

With a Bachelor's degree in Actuarial Science and a Fellow of the Canadian Institute of Actuaries (FCIA) designation, Ben is frequently interviewed by media as an insurance industry spokesperson.

He has received numerous honors including the Insurance Council of Canada’s Pivotal Leadership Award, the Canadian Insurance Hall of Fame induction, and the President’s Medal from the Canadian Institute of Actuaries.

Ben continues to shape the vision and strategy of IDC Insurance Direct as chairman. He is dedicated to advancing the insurance industry through his insightful leadership.

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

    Foresters Life Insurance Canada Review 2024- Is It the Right Choice for You

    Foresters Financial Life Insurance Canada Review

    Manulife Life Insurance: The Canadian Choice? Full Review and Breakdown

    Manulife Life Insurance: The Canadian Choice? Full Review and Breakdown