Humania Life Insurance Review 2024: 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 the 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?

Humania provides a diverse range of insurance solutions to meet the needs of Canadians at every stage of life. Their product portfolio includes term and permanent life insurance, critical illness protection, disability coverage, accident insurance, travel medical, and specialized health policies.

Term Life Insurance

Term life insurance provides affordable coverage for a specified duration, with the option to renew or convert to permanent insurance. Humania offers three term life products to suit different needs and budgets:

HuGO Life Insurance

HuGO is an innovative digital term life insurance product that offers paperless applications and instant approval decisions. Key features include:

• Available Terms: 10, 15, 20, 25, or 30 years, plus coverage to age 80 and 100
• Face amounts: $50,000 to $5 million
• Renewable and convertible to age 65; exchangeable in the first 5 policy years
• Accelerated underwriting with no medical exams for most applicants
• Riders available: Accidental death, disability waiver of premium, child term rider
• Special offer: Applicants approved at standard rates for $100,000+ automatically qualify for $25,000 of critical illness coverage (for 25 conditions) and disability insurance up to $1,500/month

Traditional Term Life Insurance

Humania’s fully underwritten term life product is designed for those who need higher coverage amounts and can qualify based on their health and lifestyle. Features include:

• Available Terms: 10, 15, 20, 25, 30 years, and coverage to age 80
• Face amounts: up to $2 million
• Renewable to age 80 and convertible to age 65
• Multiple optional riders: Waiver of premium, accidental death, guaranteed insurability
• Premium discounts are available for families, and when buying multiple policies

Insurance Without Medical Exam (IWME) – Term Life

For hard-to-insure applicants, Humania offers a simplified issue life product with no medical exams required. IWME Term Life features:

• Instant coverage with just 6 eligibility questions and no medical underwriting
• Face amounts: up to $300,000 for ages 18-70
• Available Terms: 10 and 20 years (renewable to age 80) and 100 years

Permanent Life Insurance

Permanent life insurance provides lifelong coverage and builds cash value over time. Humania offers a straightforward permanent life product with simplified underwriting:

Insurance Without Medical Exam (IWME) – Permanent Life

This policy is designed to provide affordable final expense coverage without the need for medical exams. Features include:

• Eligibility: Ages 18-70, face amounts from $5,000 to $50,000
• Level premiums payable for life, with premiums waived at age 100
• Guaranteed cash value accumulation and annual dividend payments
• Includes a terminal illness accelerated death benefit
• No medical exams or health questions are required to qualify

Critical Illness Insurance

Critical illness insurance provides a lump-sum benefit if the insured is diagnosed with a covered serious illness, such as cancer, heart attack, or stroke. Humania offers a range of critical illness products to suit different needs and budgets:

Term Critical Illness Insurance

This flexible critical illness product offers comprehensive coverage with term lengths ranging from 10 to 30 years and up to age 75. Features include:

• Choice of Basic (4 illnesses) or Enhanced (25 illnesses) coverage
• Face amounts from $25,000 to $1 million
• Return of premium option: 75% of premiums returned if there are no claims after 15 years or at age 65
• Early detection benefit: Pays 10% of the sum insured (up to $10,000) for diagnosis of non-life-threatening cancer
• Optional waiver of premium if disabled rider

Critical Illness Insurance Without Medical Exam

For those who may not qualify for traditional critical illness coverage, Humania offers a simplified issue product with no medical underwriting:

• Available Terms: 10 or 20 years (renewable to age 65)
• Covers 4 major illnesses: cancer, coronary bypass, heart attack, stroke
• Face amounts: $5,000 to $100,000
• Return of premium upon death benefit
• Instant approval with just 6 eligibility questions and no medical exams

Prodige Critical Illness Insurance

Prodige is a comprehensive critical illness product, offering lifetime coverage and multiple payment and return of premium options:

• Available plans: Basic (4 illnesses), Comprehensive (24 illnesses) or Enhanced (25 illnesses)
• Face amounts: $25,000 to $1 million
• Premium payment options: Pay for life, 20 years, or to age 65
• Return of premium option: 100% of eligible premiums returned if no claims after 10 years
• Optional riders: Life insurance, return of premium on death
• Guaranteed renewable coverage to age 75 or 100

Prohealth Cancer Insurance

This standalone critical illness policy provides lump-sum benefits if the insured is diagnosed with cancer. It covers both minor and major cancers and features:

• Online instant issue with no medical exams
• Level-guaranteed premiums for the first 10 policy years
• Face amounts from $5,000 to $75,000

HuGO Critical Illness Insurance

Clients approved for HuGO Life Insurance at standard rates automatically qualify for this complimentary critical illness coverage:

• $25,000 of critical illness coverage, covering 25 conditions
• No additional application, underwriting, or premium required
• Includes access to the Teladoc Medical Experts service
• No exclusions or limitations for pre-existing conditions

Children360 Critical Illness Insurance

Children360 is a critical illness product designed specifically for children aged 0-17. It covers 37 childhood illnesses and conditions and features:

• Face amounts from $10,000 to $50,000
• A lump-sum benefit is paid if the child is diagnosed with a covered condition
• Online application with instant approval decision and no medical exams
• Guaranteed conversion to an adult critical illness policy at age 25 with no medical underwriting
• Return of premium on death benefit included

Disability Insurance

Disability insurance provides income protection if the insured becomes unable to work due to illness or injury. Humania offers several disability products with varying features and benefit amounts:

HuGO Debt Insurance

Clients approved for HuGO Life coverage at standard rates are automatically eligible for this disability debt coverage at no extra cost:

• Covers all types of debt payments up to $1,500 per month if the insured becomes disabled
• 90-day waiting period and 2-year benefit period
• Includes waiver of premium and a $7,500 death benefit
• Issued based on life insurance underwriting with no exclusions or limitations for pre-existing conditions

IWME Disability Income Insurance

This simplified issue disability income product provides monthly benefits if the insured is unable to work due to illness or injury. It features:

• Monthly benefit amounts from $400 to $2,500 if totally disabled
• 90-day waiting period and 24-month benefit period
• Premiums are guaranteed renewable to age 65
• Includes a partial disability benefit and waiver of premium
• No medical exams required, just a simple health questionnaire to qualify

IWME Disability Debt Insurance

For those who want to ensure their debts are paid if they become disabled, Humania offers a simplified issue disability debt product:

• Covers all eligible debts up to $2,500 per month
• Choice of 12 or 24-month benefit periods (after a 90-day waiting period)
• Premiums are guaranteed renewable to age 65
• Includes a waiver of premium and death benefit
• No medical exams are needed to qualify

Specialized Products

In addition to their core life, disability and critical illness offerings, Humania provides a suite of niche insurance products designed for specific needs and demographics:

55-75 Insurance

This product bundle is designed specifically for Canadians aged 55 to 75 who may have trouble qualifying for traditional insurance. It includes:

• Up to $25,000 each of cancer, medical expenses and hospitalization coverage
• Guaranteed acceptance with no medical exams or health questions
• Pays cash benefits in addition to any other insurance coverage

Street-Wise Accident Insurance

Accident insurance product provides broad financial protection against accidental death and disability. Features include:

• Up to $200,000 in benefits for death or disability due to an accident
• Also covers costs related to fractures and hospitalization
• Online application with guaranteed acceptance for ages 0 to 70 (no health questions)

Fracture Accident Insurance

This unique product pays a lump-sum benefit if the insured suffers a fracture due to an accident or osteoporosis:

• Up to $10,000 per fracture, with no limit on the number of fractures claimed
• Optional accidental death and dismemberment coverage up to $25,000
• Guaranteed issue for ages 0 to 75 with no underwriting

Tour+Med Travel Insurance

Provides emergency medical coverage for Canadians travelling outside their home province or abroad:

• Up to $5 million of coverage for emergency hospital, ambulance, prescription drugs and other medical expenses
• Includes trip cancellation and lost baggage benefits
• Option to top up existing travel insurance or purchase a new standalone policy
• Single-trip or multi-trip annual plans are available

ProHealth Hospitalization Insurance

This hospitalization insurance product pays a daily cash benefit if the insured is hospitalized due to a covered sickness or injury:

• Daily benefit amounts up to $150 to help cover medical costs and living expenses
• No medical exams are required to apply
• It can be used to supplement other health insurance plans

ProHealth Medical Expense Insurance

ProHealth Medical Expense product provides supplemental coverage for a variety of health-related expenses not typically covered by provincial health plans:

• Up to $10,000 of annual coverage for expenses like dental, vision, hearing aids, mobility aids, and more
• Guaranteed acceptance for all applicants with no health questions or exams
• Provides reimbursement for eligible expenses with no deductibles

Humania Assurance offers one of the most extensive portfolios of insurance products in Canada. Their lineup spans traditional and non-traditional life insurance, living benefits like disability and critical illness, plus specialty policies for travel, accident and medical expenses. With simplified underwriting and instant issue options, Humania makes securing vital protection convenient and accessible for most Canadians.

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:

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

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

55 Year Old Female, Non-Smoker

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?

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 Website

To apply directly, visit Humania.ca and use their built-in quoting engine. The online application takes just minutes to make 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 with Lifebuzz.ca.

Summary

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)

Article Sources:

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