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The Edge Benefits Insurance Review in Canada 2024

The Edge Benefits Insurance Review in Canada 2024
The Edge Benefits Insurance Review in Canada 2024

Introduction to The Edge Benefits

The Edge Benefits Insurance is a Canadian insurance provider founded in 1985 that offers a range of insurance products through partnerships with established insurance companies. Headquartered in Newmarket, Ontario, The Edge Benefits specializes in providing coverage to entrepreneurs, small business owners, contractors, and other self-employed individuals who may have difficulty qualifying for traditional insurance.

In this comprehensive review, we will analyze The Edge Benefits’ offerings for life, critical illness, disability, health, and travel insurance.

For each type of insurance, we will look at the different policies offered, coverage details, sample pricing, pros and cons, and how The Edge Benefits insurance compares to competitors in the Canadian insurance market.

An Overview of The Edge Benefits Insurance

While The Edge Benefits acts as an insurance broker and is not an actual insurer, they have partnerships with well-known life insurance companies like The Co-operators, Green Shield Canada, Chubb, Beneva Life Insurance, Equitable Life Insurance of Canada, Industrial Alliance Life Insurance,… . This gives The Edge Benefits the ability to offer a range of insurance products.

Some key facts about The Edge Benefits:

  • Founded in 1985, headquarters in Newmarket, Ontario
  • Specializes in coverage for entrepreneurs, self-employed, small business owners
  • Over 60,000 policyholders paid over $200 million in claims
  • Offers life, critical illness, disability, health, travel insurance
  • Partners with The Co-operators, Green Shield Canada, Chubb, Beneva
  • Innovated the first fully digital and electronic application system in 2013
  • Provides coverage across Canada except Quebec

The Edge Benefits targets a niche segment of the Canadian insurance market, focusing specifically on those who may not qualify for or afford traditional insurance plans. By utilizing simplified underwriting on many of their products, The Edge Benefits makes it easier for this demographic to obtain insurance coverage.

In the sections below, we will delve into the specifics of The Edge Benefits insurance product lineup including policy options, pricing, pros and cons, and how they compare to competitor insurance providers in Canada.

What Life Insurance Does The Edge Benefits Insurance Offer?

What Life Insurance Does The Edge Benefits Insurance Offer?
What Life Insurance Does The Edge Benefits Insurance Offer?

The Edge Benefits offers just one type of life insurance product:

The Edge Benefits Guaranteed Issue Term Life Insurance

With guaranteed issue term life insurance from The Edge Benefits insurance, approval is guaranteed without any medical exams or health questions required during the application process. However, coverage amounts are generally lower than traditional fully underwritten life insurance policies.

Here are some key details about their guaranteed issue term life product:

  • Available for ages 18-69
  • Term coverage to age 75
  • Maximum death benefit amount of $50,000
  • No medical underwriting
  • Accelerated death benefits equal to 50% of sum if terminally ill
  • Premiums banded by age and increase as insured ages
  • Return of premium if death within 2 years from non-accidental causes

Because there is no underwriting, this policy provides a simple way for older adults or those with health issues to obtain smaller amounts of term life insurance. However, the $50,000 maximum death benefit may be insufficient for final expenses for some individuals.

There is also no ability to renew the policy after the term expires at age 75. And the premiums, while starting low, increase significantly in the older age bands.

For longer-term coverage or higher protection amounts, traditional fully underwritten term life insurance will provide better value and flexibility. However, for quick guaranteed coverage without extensive paperwork or medical exams, The Edge Benefits term life product can serve a purpose.

Sample Term Life Pricing from The Edge Benefits

To illustrate the pricing on The Edge Benefits insurance’s guaranteed issue term life product, here are sample quotes for $50,000 of coverage for healthy non-smokers:

AgeMaleFemale
25$29.42$19.26
40$43.54$32.28
55$119.88$83.72
65$328.62$215.54

As shown, premiums start quite low but increase dramatically after age 50. This reflects the higher risk of insuring older individuals on a guaranteed issue basis.

Comparing The Edge Benefits Term Life Insurance

When comparing The Edge Benefits term life insurance to other providers like Canada Life, Sun Life, or Manulife, the most noticeable difference is the absence of any traditional underwritten term life products. The major insurance companies will offer extensive selections of 10, 15, 20-year terms and longer durations.

These policies require full medical underwriting but, in turn, provide much higher death benefit maximums, often upwards of $1 million or more. Premiums are also level for the length of the term so they don’t increase sharply with age like The Edge Benefits guaranteed product. Fully underwritten policies provide options to renew or convert the term life coverage.

The main advantage of The Edge Benefits insurance is the ability to easily obtain some basic term life insurance without any medical questions or exams. However, the tradeoff is limited flexibility and value compared to traditional term life insurance.

Guaranteed Issue Critical Illness Insurance from The Edge Benefits

Guaranteed Issue Critical Illness Insurance from The Edge Benefits
Guaranteed Issue Critical Illness Insurance from The Edge Benefits

In addition to guaranteed life insurance, The Edge Benefits insurance also provides a guaranteed issue critical illness insurance policy. Key facts:

  • Does not require any medical underwriting
  • Maximum coverage of $50,000
  • Covers 23+ critical conditions, 30-day survival period
  • Pays partial benefits for 2 additional conditions
  • Automatic 5% benefit increase every 5 years
  • Pre-existing conditions have a 2-year waiting period

For those who don’t qualify for fully underwritten critical illness insurance, this guaranteed policy from The Edge Benefits insurance provides an option for reasonable coverage. The $50,000 maximum benefit is higher than many competitors’ guaranteed critical illness products.

One downside is the 2-year waiting period before full benefits are payable for any conditions related to pre-existing medical issues. Otherwise, the upfront guaranteed approval and 5% benefit bumps make this an attractive guaranteed critical illness policy.

Sample Critical Illness Pricing from The Edge Benefits

Here are sample monthly premium quotes from The Edge Benefits insurance based on $25,000 of guaranteed critical illness coverage for healthy non-smokers:

AgeMaleFemale
30$27$21
45$56$42
60$144$108

Comparing The Edge Benefits Critical Illness Insurance

When comparing The Edge Benefits insurance to other leading critical illness insurance providers in Canada, such as Sun Life, Manulife, and RBC Insurance, The Edge Benefits distinguishes itself with a high coverage cap of $50,000 on a guaranteed issue basis. Most competitors max out at $25,000 or $30,000 for plans with guaranteed approval.

However, for those who are medically eligible, traditional insurers may offer up to $2 million or more in critical illness coverage. They also tend to have more comprehensive policies with a broader range of covered conditions, options to tailor coverage, and features like return of premium benefits.

Thus, while The Edge Benefits offers substantial amounts for guaranteed critical illness insurance, individuals seeking the utmost protection will need to consider fully underwritten plans if their health allows.

Guaranteed Disability Insurance from The Edge Benefits

The Edge Benefits insurance’ disability insurance product offers guaranteed income replacement if an injury prevents you from working. Key features of their disability coverage include:

  • Guaranteed approval without the need for medical underwriting
  • Only covers disabilities resulting from injuries
  • Monthly benefits ranging from $1,000 up to a $6,000 maximum
  • Options for the waiting period: immediate, 30 days, or 112 days
  • Benefit duration choices: 2 years, 5 years, or until age 70
  • Availability of an optional illness rider with simplified underwriting
  • Premiums are waived while the policyholder is disabled

This disability insurance can be particularly beneficial for entrepreneurs or self-employed individuals who may not qualify for traditional disability insurance but require quick coverage solutions. However, one must consider limitations such as the $6,000 monthly benefit cap and the need for medical qualification to receive benefits for illnesses when opting for the additional rider.

Sample Disability Insurance Pricing from The Edge Benefits

The following are sample monthly premiums from The Edge Benefits insurance for $5,000 in disability coverage with a 90-day waiting period and benefits lasting until age 65:

AgeMaleFemale
25$96$115
40$180$232
55$274$320

Comparing The Edge Benefits Disability Insurance

Compared to leading disability insurance providers in Canada, The Edge Benefits insurance is recognized for its straightforward access to coverage with guaranteed approval, albeit with more limited benefit options.

Insurers like Manulife and Sun Life cater to high-income professionals with more extensive policies, higher monthly benefit ceilings, residual disability payments, and a broader range of medical underwriting classes. Eligibility for these plans, however, requires medical qualification.

Therefore, The Edge Benefits’ disability insurance serves as a viable alternative for those unable to obtain traditional disability insurance but who need basic guaranteed protection for injuries. It’s important to be aware of the restrictions, including benefit caps and exclusions.

What Health Insurance Does The Edge Benefits Insurance Offer?

The Edge Benefits insurance, in partnership with Green Shield Canada, offers:

Guaranteed Issue Health Plans

These plans provide easy access to primary health insurance with the following characteristics:

  • Guaranteed approval without medical underwriting
  • Coverage includes prescription drugs, dental care, and paramedical services
  • Available for individuals, couples, and families
  • Option to include vision coverage
  • Coverage limits vary based on the chosen tier

Enhanced Underwritten Health Plans

For those who pass medical screening, The Edge Benefits insurance provides more robust health plans through Green Shield Canada, featuring:

  • Increased coverage limits
  • Broader service coverage, including massage, chiropractic, and physiotherapy
  • Prescription drug coverage upgrades
  • Included emergency medical travel insurance

Bundling Health with Life Insurance

A unique benefit from The Edge Benefits is the option to bundle basic health insurance with a guaranteed issue life insurance policy for a discount, simplifying the application and approval process for both.

Comparing The Edge Benefits Health Insurance

The Edge Benefits insurance offers an attractive package for guaranteed issue health insurance through Green Shield Canada, a benefit that many brokers and insurers may not provide to older adults or individuals with pre-existing conditions.

However, these plans typically come with lower maximums and reimbursement limits compared to those obtained through full medical underwriting with other major Canadian health insurance providers, such as Sun Life, Manulife, and Canada Life. Their comprehensive plans offer higher levels of coverage for those who qualify.

The Edge Benefits’ health insurance strikes a balance between ease of approval and the inherent limits of guaranteed issue plans. They offer essential coverage, but those seeking higher reimbursements and coverage limits should consider all available options.

What Travel Insurance Does The Edge Benefits Insurance Offer?

Completing their product portfolio, The Edge Benefits insurance provides emergency medical travel insurance plans through Beneva Insurance with the following features:

  • Guaranteed approval without medical underwriting
  • Up to $5 million in medical coverage for trips
  • 24/7 access to assistance while travelling
  • Options for single trips or annual coverage
  • Exclusions may apply for pre-existing conditions

Thistravel insurance suits individuals and families who want quick coverage without undergoing a medical exam. However, like other guaranteed products from The Edge Benefits insurance, there are limitations and exclusions, particularly concerning pre-existing conditions, that require careful consideration.

Comparing The Edge Benefits Travel Insurance

When compared with specialized travel insurance providers or offerings from larger insurers like Allianz or Blue Cross, The Edge Benefits’ travel insurance may offer fewer customization options and benefits. Other insurers often provide tailored coverage for specific travel needs, including trip cancellation, lost luggage, and more comprehensive coverage for pre-existing conditions.

Despite this, The Edge Benefits’ travel insurance is an excellent choice for those who prioritize ease of purchase and immediate coverage, particularly for emergency medical situations while travelling.

What Are The Pros and Cons of The Edge Benefits Insurance Products?

The Pros and Cons of The Edge Benefits Insurance Products
The Pros and Cons of The Edge Benefits Insurance Products

Pros of The Edge Benefits Insurance

  1. Guaranteed Approval: The Edge Benefits is known for offering insurance products with guaranteed approval, which means that applicants can obtain coverage without undergoing a medical examination or answering health-related questions. This is particularly beneficial for those with pre-existing conditions who might otherwise be denied coverage.
  2. Ease of Application: The application process is straightforward and can often be completed quickly, making it convenient for individuals who need coverage without lengthy delays.
  3. Coverage for Self-Employed and Entrepreneurs: Their products are tailored to meet the needs of self-employed individuals and entrepreneurs who may not have access to group insurance plans.
  4. Bundled Products: The option to bundle different types of insurance (e.g., health and life insurance) can offer cost savings and simplify management of multiple insurance policies.
  5. Dental and Vision Add-Ons: The health insurance plans allow for the addition of dental and vision coverage, which can be a significant advantage for those looking for a comprehensive package.

Cons of The Edge Benefits Insurance

  1. Benefit Limits: The Edge Benefits’ products often come with lower coverage limits compared to traditionally underwritten insurance policies. For example, their disability insurance caps at a $6,000 monthly benefit, which may not be sufficient for all income replacement needs.
  2. Limited Coverage Range: Their critical illness coverage, while easy to obtain, covers fewer conditions than many other insurers. For those seeking the most comprehensive critical illness protection, this could be a limitation.
  3. Exclusions and Limitations: While their travel insurance offers guaranteed approval, it may include exclusions for pre-existing conditions, which could leave travellers vulnerable. It is essential to understand the fine print and exclusions of any insurance policy before purchasing.
  4. Cost: Insurance products with guaranteed approval often come with higher premiums because the insurer is taking on more risk by not thoroughly vetting applicants’ health status.
  5. Lack of Tailored Policies: The Edge Benefits’ straightforward, one-size-fits-all approach may not suit those who need more tailored insurance coverage based on specific health needs or concerns.

Overall Considerations

While The Edge Benefitsprovides a solution for those who might struggle to obtain insurance through traditional underwriting processes, it is important for potential policyholders to assess whether the coverage limits and conditions meet their individual needs. Individuals should compare these plans with other insurance providers who may offer more comprehensive coverage, albeit with medical underwriting requirements, to determine the best fit for their situation.

Who is The Edge Benefits Insurance Best For?

The Edge Benefits insurance products are tailored to cater to specific groups who may find traditional insurance options less accessible. Below are the key demographics that are well-suited for The Edge Benefits offerings:

Entrepreneurs and Self-Employed

For entrepreneurs and self-employed individuals, The Edge Benefits insurance offers a practical solution. These individuals often lose coverage from employer group plans and may find it challenging to secure comparable disability and critical illness insurance on their own. The Edge Benefits fills this gap with their guaranteed issue products.

Older Adults

Individuals aged 50 and older can benefit from The Edge Benefits’ simplified underwriting process, which alleviates the challenge of facing prohibitively high premiums or outright coverage denials often encountered with other insurers.

Pre-Existing Conditions

The Edge Benefits provides more lenient consideration for those with pre-existing conditions than many traditional insurance carriers. While these conditions are not entirely overlooked, they have a lesser impact on policy eligibility and terms.

Seeking Multiple Policies

Customers looking to streamline their insurance portfolio will find value in bundling multiple policies, such as health and life insurance, with The Edge Benefits. This approach not only saves time but can also result in cost savings compared to purchasing separate policies from different providers.

In Summary

The Edge Benefits insurance targets a niche market by simplifying the insurance application process for those who may face obstacles in obtaining standard insurance coverage. Although their policies might not offer the breadth of a comprehensive plan, they provide a valuable entry point for insurance coverage.

How Do You Get a Quote From The Edge Benefits Insurance?

For those interested in The Edge Benefits insurance products, here’s a guide to getting quotes and applying for coverage:

Getting a Quote

  • Navigate to The Edge Benefits website.
  • Input relevant personal information, such as age, gender, and smoking status.
  • Choose the types of plans and the amount of coverage you’re interested in.
  • An instant comparative rate quote for the selected products will be provided.

How Do You Purchase Insurance From The Edge Benefits Insurance?

Purchasing a Policy

  • To proceed with purchasing a policy, you must consult with a licensed insurance advisor from The Edge Benefits.
  • These advisors will assist in evaluating your insurance needs, choosing the most suitable plans, and guiding you through the application process.
  • The application process, including signature collection, can be completed online for convenience.
  • Insurance advisors will utilize their relationships with partner insurers to facilitate the acquisition of coverage.

For those who may face challenges obtaining traditional insurance, The Edge Benefits offers an alternative pathway to securing coverage. Their guaranteed issue products cater to specific groups such as entrepreneurs, older adults, and individuals with pre-existing health conditions. Reach out to The Edge Benefits to determine if their simplified insurance solutions align with your needs.

Conclusion

The Edge Benefits provides accessible insurance options to demographics that may struggle to obtain traditional coverage. While their guaranteed issue policies have limitations compared to fully underwritten plans, they fill an important gap for those unable to qualify elsewhere. By understanding the pros, cons, and ideal customers for The Edge Benefits’ offerings, consumers can determine if these simplified insurance solutions suit their needs.

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Frequently Asked Questions (FAQs)

How Do I Pay Premiums To The Edge Benefits?

You can pay premiums monthly, quarterly or annually by credit card, pre-authorized bank withdrawals or payroll deductions if available.

How Do I Contact The Edge Benefits Insurance?

You can contact The Edge Benefits by phone at 1-877-902-EDGE (3343) or email them at [email protected].

How Do I Cancel My The Edge Benefits Insurance Policy?

To cancel you need to contact your Edge Benefits advisor directly. Any refunds are calculated based on the policy terms and conditions.

Can I Get a Discount By Bundling The Edge Benefits Insurance Plans?

Yes, you can get a discount on premiums by bundling certain products like guaranteed life and health insurance.

Does The Edge Benefits Offer Insurance For Families?

Yes, many of their guaranteed health, life, and critical illness plans are available in family options to cover your spouse and kids.

Is There A Waiting Period For The Edge Benefits Insurance?

Most plans are effective immediately but pre-existing conditions have a 2-year waiting period before full coverage applies.

Does The Edge Benefits Offer Short Term Disability Insurance?

No, the disability insurance from The Edge Benefits is designed for long term income replacement in case of injury or illness.

What Areas of Canada Does The Edge Benefits Serve?

The Edge Benefits provides insurance for all provinces and territories except Quebec.

Can I Get The Edge Benefits Insurance If I'm Not A Canadian Citizen?

Most plans are only available to Canadian citizens and permanent residents currently living in Canada.

Is There An Age Limit For The Edge Benefits Insurance?

Depends on product but guaranteed life insurance eligibility ends at age 69 and disability at age 64. Other plans go up to age 75.

What If My Application Is Declined By The Edge Benefits?

If declined or rated for their simplified policies, The Edge Benefits will assist you in exploring alternative guaranteed options.

What Documents Do I Need To Apply With The Edge Benefits?

Just photo ID and banking details. No medical records or tests required for their guaranteed issue products. Simplified plans may require some documentation.

Does The Edge Benefits Offer Pet Insurance?

No, The Edge Benefits currently does not offer pet or animal insurance. Their products focus on human life, health, disability, critical illness, and travel insurance.

Is There a Grace Period for Paying Premiums for The Edge Benefits Insurance?

Yes, a 30 calendar day grace period applies to monthly premium payments for The Edge Benefits insurance products before the policy lapses.

What if I Miss a Premium Payment for My The Edge Benefits Insurance?

If you miss a payment during the 30 day grace period, the policy will lapse back to the last premium paid date. The coverage will be terminated.

Can I Get a Refund if I Cancel My The Edge Benefits Insurance Policy?

Any premium refunds are calculated based on the policy terms and conditions. Guaranteed products have no cash value. Simplified products may have limited refund provisions.

Does The Edge Benefits Offer Mortgage Insurance?

No, The Edge Benefits does not currently offer mortgage or creditor insurance products. Their focus is primarily on health, life, disability, and critical illness coverages.

Can I Purchase The Edge Benefits Insurance by Phone?

Yes, their licensed advisors can take your application by phone and help you through the application and underwriting process.

How Do I Change My Coverage Amount for The Edge Benefits Insurance?

To increase or decrease coverage, you need to contact your The Edge Benefits advisor directly to review options and submit any adjustment applications.

How Do I Login to my The Edge Benefits Insurance Account?

Once approved, you will receive login details for your secure online account dashboard through The Edge Benefits to manage your policy.

Does The Edge Benefits Insurance Offer Identity Theft Coverage?

No, The Edge Benefits does not currently offer identity theft or cyber insurance coverage options. Their focus is primarily on health, life and disability products.

What is the BBB Rating for The Edge Benefits?

The Edge Benefits currently does not have a BBB accreditation or rating since they operate as a brokerage and not a direct insurer.

Can I Finance My The Edge Benefits Insurance Premiums?

Yes, they offer premium financing where available. Payments can be spread out for an additional fee. Speak to an advisor about financing.

Who Is the CEO of The Edge Benefits Insurance?

The current President and CEO of The Edge Benefits is Matthew Kennedy, who has been with the company since 2013.

How Do I Send a Complaint to The Edge Benefits Insurance?

To send a complaint, contact The Edge Benefits customer service by phone, email or mail. If not resolved, you can contact one of their insurance partners or provincial regulators.

Article Sources:

Lifebuzz upholds rigorous editorial standards, as detailed in our publicly available Editorial Policy. We take pride in our reputation for unbiased life insurance reporting. Our commitment to accuracy, transparency, and impartiality makes Lifebuzz a trusted source for Canadians.

  1. Edge Benefits Life Insurance Review – Updated 2024 – https://www.policyadvisor.com/
  2. The Edge Benefits Review – https://www.insurdinary.ca/
  3. The Edge Benefits Disability Insurance Review – https://briansoinsurance.com/
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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.

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