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Wawanesa Life Insurance in Canada: Expert Analysis ( 2024 )

Is Wawanesa Life Insurance Worth It in Canada? 2024 Expert Analysis
Is Wawanesa Life Insurance Worth It in Canada? 2024 Expert Analysis

Canadians seeking affordable, flexible life insurance should consider Wawanesa Life Insurance. As one of Canada’s longest-standing life insurers, Wawanesa provides competitive pricing across a suite of renewable term policies and some permanent options.

In this extensive guide, we’ll cover Wawanesa’s history, financial strength, products, sample rates, underwriting process, customer service reputation, and pros and cons for coverage. Read on for a detailed analysis of Wawanesa Life Insurance to see if it could be the right fit for your needs.

Overview of Wawanesa Life Insurance

Wawanesa Life is the life insurance division of Wawanesa Mutual Insurance, founded in 1896 and headquartered in Winnipeg, Manitoba. In addition to life insurance, Wawanesa also provides property and casualty policies in both Canada and the United States.

As a mutual company, Wawanesa is owned by its policyholders. While not the largest life insurer in Canada, Wawanesa maintains a strong reputation for affordable pricing across its suite of term products.

Key facts about Wawanesa Life Insurance:

  • Founded in 1896, over 125 years in business
  • Headquartered in Winnipeg, MB
  • AM Best rating of A (Excellent)
  • Over $1 billion in annual Canadian premiums
  • Provides life insurance across Canada

With a focus on value and over a century of experience, Wawanesa Life delivers quality insurance at competitive rates. Let’s explore more about their offerings.

What Products Does Wawanesa Life Insurance Offer?

What Products Does Wawanesa Life Insurance Offer?
What Products Does Wawanesa Life Insurance Offer?

Wawanesa Life Insurance sells both renewable term and permanent life insurance policies to Canadians. Here is an in-depth look at the products they offer:

Wawanesa Term Life Insurance

The core of Wawanesa’s offerings is renewable term life insurance. Their term policies provide temporary coverage for a set period with level premiums.

Term lengths available from Wawanesa include:

  • 10 year
  • 15 year
  • 20 year
  • 25 year
  • 30 year
  • Term to 80
  • Term to 100

These options allow customers to match the length of their coverage to their specific financial goals like paying off a mortgage or getting the kids through college.

According to Wawanesa Life reviews, key features of their term insurance include:

  • Coverage amounts from $10,000 up to $10 million
  • Living benefits like critical illness, disability income, and long-term care riders
  • No medical exam or blood work underwriting for policies under $500,000
  • Renewable at the end of each term up to age 100
  • Ability to convert to Wawanesa’s permanent insurance later
  • Term policies paid up at age 100 but coverage continues

Term life insurance provides affordable, temporary coverage perfect for family security and debt protection needs. It offers more coverage for less cost compared to permanent life insurance.

More : How does life insurance work

Wawanesa Permanent Life Insurance

In addition to term insurance, Wawanesa also offers these permanent life insurance options:

Whole Life

Wawanesa’s whole life insurance comes in two premium payment options:

  • Pay to Age 100 – Premiums are paid until age 100
  • 20 Pay – Premiums are paid for the first 20 years

These policies provide lifelong protection as long as the premiums are paid. Whole life also builds cash value that can be borrowed later in life.

However, premiums are significantly higher than term insurance since coverage never expires.

Guaranteed Issue Life Insurance

Wawanesa also offers guaranteed issue life insurance for older adults ages 45 to 75. This permanent coverage only requires answering some health questions during the application. No medical exam is needed.

Because underwriting is simplified, this policy has a two-year waiting period before the full death benefit can be paid out if you pass away. Guaranteed issue life insurance provides a simple way to get smaller amounts of permanent protection (up to $50,000).

Additional Insurance Products

Beyond life insurance, customers can also obtain these products from Wawanesa:

  • Critical illness insurance – Provides tax-free payout for serious illnesses
  • Disability insurance – Replaces lost income if you can’t work due to illness/injury
  • Property insurance – Protects your home from damage/loss
  • Auto insurance – Covers collision, liability, uninsured motorist

Wawanesa Life focuses on providing quality yet affordable term and permanent life insurance to Canadians.

How Do Wawanesa Life Insurance’s Prices Compare?

How Do Wawanesa Life Insurance's Prices Compare?
How Do Wawanesa Life Insurance’s Prices Compare?

Thanks to its focus on no-frills renewable term life insurance, Wawanesa Life Insurance frequently offers the most affordable premiums in Canada.

To demonstrate the savings, here are sample monthly rates for a 20-year, $500,000 term policy for a healthy, non-smoking individual:

AgeMaleFemale
25$30.15$22.05
35$36.00$28.80
45$79.20$58.50
55$238.05$166.05
65$429.75$299.25

As shown, rates start quite low for young, healthy applicants but increase with age as renewal terms become more expensive.

Exact pricing will vary based on the type of policy, length of coverage, age, gender, health, lifestyle factors, and amount of protection needed. A 30-year $1 million policy would have higher rates than these examples.

But when comparing equivalent renewable term life insurance coverage amounts and terms, Wawanesa frequently has lower premiums than larger established insurers like:

More : Find full of review Life insurance Companies in Canada

For instance, a 45-year old male seeking $500,000 in coverage for 20 years could pay $90/month with Canada Life but only $79/month with Wawanesa – an over 10% savings.

The savings may be less pronounced for older ages or permanent products. But for many younger Canadians seeking renewable term life insurance, Wawanesa offers competitive pricing that stretches your budget further.

When it comes to affordable term life insurance in Canada, make sure to get a quote from Wawanesa to see how their rates can potentially trim costs. The premium savings could really add up when factored over 10, 20 or 30 years.

Who is Wawanesa Life Insurance Best For?

Based on their offerings and reputation, these customer groups are likely to find Wawanesa life insurance most appealing:

  • Budget-focused consumers wanting to maximize life insurance value
  • Younger, healthier applicants who qualify for Wawanesa’s lowest renewable term rates
  • Those seeking longer terms, like 25 or 30 years, for full financial protection
  • People wanting basic renewable term insurance without extras
  • Existing Wawanesa auto or property insurance customers
  • Individuals already working with a broker distributing Wawanesa

Wawanesa Life Insurance stands out with its very low premium renewable term life insurance designed to fit more Canadian’s budgets. If you fit the above criteria, make sure to get a Wawanesa quote to see if the savings are right for your financial situation.

How To Buy Wawanesa Life Insurance?

Wawanesa sells its life insurance exclusively through independent insurance brokers across Canada. Because brokers have access to policies from many providers, they can help find the right fit.

To get a personalized quote, you’ll need to speak with a licensed advisor representing Wawanesa Insurance. The company does not currently offer online quotes or applications.

Be prepared to complete paper forms detailing your medical history, finances, family health, smoking status, occupation, and hobbies. For larger coverage amounts, you may also need to complete lab tests and a paramedical exam.

Underwriting timeframes range from days up to several weeks depending on your health and medical history complexity. Once approved, your broker will walk you through the process of finalizing the policy.

Purchasing through a broker is more time-intensive than applying online yourself. However, the broker’s guidance can ensure you make the right coverage choice.

What Are Some Tips for Buying Wawanesa Life Insurance?

If Wawanesa life insurance looks to be a fit for your budget and needs, keep these tips in mind:

  • Get quotes from several brokers to find the best rate – pricing varies
  • Ask about “preferred” underwriting for the healthiest individuals
  • Inquire about discounts for existing Wawanesa customers
  • Know you can’t apply directly – brokers only
  • Be prepared to complete a paper application and medical requirements
  • Have your broker compare Wawanesa to other options they represent

Finding the right broker who will best represent your interests is key to getting optimal coverage.

What Are the Pros and Cons of Wawanesa Life Insurance?
What Are the Pros and Cons of Wawanesa Life Insurance?

What Are the Pros of Wawanesa Life Insurance?

Based on their products, reputation, and customer reviews, these are some of the biggest pros of choosing Wawanesa Life Insurance:

Competitive Pricing

Wawanesa aims to offer affordable pricing on par or lower than competitors, especially for healthy applicants seeking renewable term life insurance.

Variety of Term Lengths

With term options from 10 to 30 years and extending to 80 or 100, Wawanesa accommodates both short and lifelong coverage needs.

Strong Financial Ratings

Excellent financial strength ratings from agencies like AM Best (A rating) reflect Wawanesa’s long-term financial stability.

No Fees or Extra Charges

Wawanesa does not tack on fees for policy services or administration like some insurers.

Trusted Canadian Company

As a Canadian-owned insurer for over 125 years, many are drawn to Wawanesa Life’s national longevity and reputation.

Flexible Renewable Coverage

Wawanesathe renewable term life insurance continues automatically at your chosen term length, allowing you to maintain coverage.

Converting to Permanent Coverage

Term policyholders have the option to convert to permanent insurance from Wawanesa later on without new underwriting.

For budget-focused consumers, Wawanesa delivers competitive pricing and flexibility.

What Are the Potential Cons of Wawanesa Life Insurance?

There are also some drawbacks to consider with Wawanesa Life Insurance:

Limited Permanent Products

Beyond term insurance, Wawanesa only offers basic whole life and guaranteed issue permanent coverage.

Mixed Customer Service Reputation

While some have positive experiences, Wawanesa earns mixed reviews for responsiveness and service during claims.

No Digital Application Experience

Applying is time-intensive without modern e-application and instant decision options.

Slower Application Process

End-to-end approval times can take weeks versus days with other insurers.

Strict Policy Limits

Wawanesa imposes limits on coverage for foreign travel and aviation risks.

While very affordable, Wawanesa’s service and permanent product range may be cons for some consumers. Weigh these drawbacks against the savings.

Is Wawanesa Right for You? Key Takeaways

Wawanesa Life Insurance offers quality renewable term life insurance at budget-friendly rates to many Canadians. With over 120 years of experience and competitive pricing, they provide tremendous value.

For consumers focused purely on minimizing life insurance costs, Wawanesa delivers worthwhile coverage to consider. Just be prepared for a slower purchasing process and the need to go through an appointed broker.

We hope this comprehensive guide has provided the details you need to make an informed choice about whether Wawanesa is the right fit for your situation. Comparing multiple quotes will reveal if their value stands out.

As one of Canada’s oldest life insurers, Wawanesa makes renewable term life insurance more accessible thanks to affordable rates. Protect your loved ones with a company that puts customers first.

Get the Coverage Clarity You Need

Navigating the world of life insurance can be complex, but arming yourself with knowledge is the first step to getting the coverage that’s right for your situation.

The team at Lifebuzz is here to cut through the confusion as your trusted source for the latest news, unbiased insights, and expert guidance on all things life insurance in Canada.

Ready to gain coverage clarity and protect your financial future?

At Lifebuzz, our independent advisors make it easy to compare personalized quotes across Canada’s top insurers to find the best rate for you.

  • Takes just 60 seconds
  • See quotes from over 15 top insurers
  • No obligation to buy

Join the thousands of Canadians who have gained clarity of coverage with Lifebuzz. Compare customized quotes now to find the policy and savings your family deserves.

Frequently Asked Questions (FAQs)

What are the eligibility requirements for Wawanesa life insurance in Canada?

Eligibility factors include being a Canadian resident, meeting age requirements (18+ for term, 45-75 for guaranteed issue permanent), and being able to pass underwriting. Non-smokers and healthy individuals qualify for the best rates.

Does Wawanesa offer group life insurance plans in Canada?

Yes, Wawanesa does work with some employers in Canada to provide group life insurance plans to employees. Ask your HR department if Wawanesa is an option.

Is Wawanesa whole life insurance non-participating in Canada?

No, Wawanesa's whole life insurance policies are participating, meaning they pay dividends you can use to purchase additional coverage once the policy accrues sufficient cash value.

What is the phone number to contact Wawanesa Life Insurance in Canada?

You can contact Wawanesa Life Insurance in Canada by calling their toll-free number at 1-888-997-9965. Licensed advisors are available to assist you.

How do I change beneficiaries on my Wawanesa life insurance policy?

To change beneficiaries on your Wawanesa life insurance policy, contact their customer service at 1-844-308-3216 and they can guide you through the process of updating your beneficiary designations.

What is the claims process like for Wawanesa life insurance?

To make a claim, the beneficiary must contact Wawanesa and provide copies of the death certificate, policy documents, and other information. Wawanesa aim

Article Sources:

Delve into the principles that guide our dedication to truthfulness, clarity, and editorial autonomy by exploring the Lifebuzz.ca Editorial Policy. This is the cornerstone of our esteemed status as the premier trusted source for life insurance information in Canada.

[1] https://www.wawanesa.com/canada/life

[2] https://www.ambest.com/home/ratings.aspx

[3] https://www.bbb.org/ca/mb/winnipeg/profile/insurance-companies/wawanesa-mutual-insurance-company-0029-1648

Wawanesa Life Insurance Canada Review (Is it Worth it?) – https://www.policyme.com/

Wawanesa Life Insurance Review 2024 – https://www.dundaslife.com/

Wawanesa Insurance Life Insurance Review – Updated 2024 – https://www.policyadvisor.com/

Wawanesa Insurance – wikipedia

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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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