Humania Insurance is Actually Humania Assurance
Is this Tech Pioneer the Company for YOUR Insurance Needs?
Humania is a both a solid life insurance company and a tech pioneer. With Artificial Intelligence built into HuGO, its application platform, data is shared with the Medical Information Bureau in real time so your life insurance policy is issued fast! We give Humania Assurance 3.5 stars.
James Heidebrecht - Founder of Policy Architects
You say Humania Insurance…I say Humania Assurance 😉 Cue music.
There are so many life insurance companies out there, it’s hard to know where to begin. I’m sure you’ve heard of heavy hitters like Manulife and Sun Life, but what about lesser-known companies?
You really need a strong grasp on the differences between insurers and their offerings to make sure you get the best possible coverage and the least expensive monthly payments.
This is why I take time to do these reviews. When it comes to the best life insurance companies in Canada, we provide the most in-depth articles anywhere on the internet. We do this to help you make the best possible buying decision for you and your family.
So on that note, let’s check out Humania Assurance and find out if they’re a company you should consider for your life insurance needs.
Humania Insurance- What Are Their Roots?
Humania Assurance...I've never heard of 'em!
I bet there are a number of life insurance companies you've never heard of, but it doesn't meant they're not good.
It may just mean they don't have a big marketing budget. Let's find out more now.
Like Equitable Life of Canada, Humania Assurance is a mutual life insurance company. This means policyholders share in the success of the company and there are NO traditional shareholders.
Humania was a fraternal society founded in 1874 by Father Louis – Zéphirin Moreau! Yes, you heard me right, they have quite a long history. I always like seeing this because it means the company was able to withstand periods of instability.
That gives me confidence that they will be there for my family if a payout is necessary.
This insurer was originally called L’Union Saint-Joseph de Saint – Hyacinthe and it was created to protect member families if they became ill or died. A working-class organization, professionals were not admitted.
The religious and social approach was appealing to people during that time and by 1899 there were 25 branches and 2,583 members!
Claims & the Spanish Flu Led to Change
In 1922 there was a change of direction for the company. Insurance rates were low and they had to pay numerous death claims due to the Spanish flu.
This created a need for a rate adjustment. That combined with the Great Depression made an overhaul of their business model a necessity.
L’Union Saint-Joseph de Saint – Hyacinthe took the leap and became a mutual insurance company. By 1937 the newly minted model was renamed La Survivance.
La Survivance, later known as LS mutual life insurance, ceased to operate as a fraternal society that excluded professionals and went on to offer insurance for death, injury, and illness.
In 2013, on its 75th birthday, LS Mutual Life Insurance Company changed its name to Humania Assurance Inc.
The name change was driven out of a desire to modernize the company. Choosing a bilingual name that reflects the human values and principles of the company was part of the process.
Humania Insurance is Innovative & Branching Out
As we all know the life insurance business is forever changing.
Humania Insurance is not taking this sitting down. In November 2018 they announced a move into the life insurance technology sector. Pretty cool eh?
“Lead2action is an agency specialized in insurance technologies. Its objective is to improve customer loyalty. Using programmatic technology, it offers to its partners a new automated approach to promote insurance products to their customer networks,”
Humania Assurance Financial Rating
Humania Insurance sounds like an interesting company...so what is their financial rating?
...ahem it's Humania Assurance 😉 Looks like you've been reading my reviews. YES financial ratings are important but it looks like Humania doesn't have one!
While I haven’t seen this before…
…I can’t find a traditional financial rating for Humania Insurance online with AM Best or DBRS. However, they do provide their financial statements yearly. Suffices to say, Humania Assurance is a stable small-sized company with about 150 employees.
In 2019, they had total assets of $11.9 billion.
If you were to rank all the insurance carriers in Canada by total assets, Humania would be in the middle of the list sitting around #45 out of 70. Net revenues in 2019 were approximately $4.6 million.
Most compelling to me is that 66% of their sales were online in 2019. This number is up 10% from 2018. Of their online sales in 2019, 80% were issued automatically through HuGO, their online application platform. Clearly Humania has a keen eye for the digital marketplace and is moving fast to become a leader in this area.
This insurer has maintained its presence outside of Quebec with 38% of sales happening in other provinces. in 2018. Recent hirings hint that increasing business outside of Quebec is a priority.
Humania Assurance Reviews Online
I think it’s important to check out what people have to say when it comes to the insurance company you’re thinking about signing on with.
BUT you should always mitigate this with some common sense. For the most part, I find consumer reviews concerning insurance companies to be negative. Honestly, I think it has more to do with human nature than it does with the companies.
The thing is, you should also remember that most of the people who take time to write reviews are unhappy.
The legions of customers who have smooth transactions take them for granted so you see those 5-star experiences less often than the 1-star complaints.
Another thing to be aware of is many companies carry a lot of different products. So if you’re looking for life insurance and all the complaints are concerning group insurance chances are you can overlook them.
Humania Reviews: Insurance 411
Well on first glance 2.3 out of 5 isn’t so good but it’s not terrible. We also need to take a look at what the complaints are dealing with and keep in mind that this particular rating is based on only 6 reviews.
Most of the complaints are connected to claims issues. There also seems to be some general frustration that Humania call centre agents provide poor service. This is typical, I see these kinds of comments show up with every carrier I review.
Humania Insurance Reviews: Google
Wow, see what I mean? Google reviews are much better! All considered, 3.7 stars is an excellent review for an insurance company.
When’s the last time you’ve seen a 5 star google review for a life insurance carrier? I’ve never seen one, online reviews for insurance companies are notoriously low.
What do Employees Think?
“It seems that Humania’s employee job satisfaction is high. They are 2020 winners of Canada’s Top Small & Medium Employers competition!”
Wow you weren't kidding were you? These reviews are all over the place. Hmmm I am still undecided!
That's a good thing because we haven't even taken a peek at Humania's products.
Humania Assurance Products
I really enjoy life insurance – seriously! My favourite part of every review is going through all the products. Things move so quickly in this world that it’s good to get the opportunity to really sit down and check out the market.
Remember changes occur from year to year, so agents really have to stay on their toes if they want to give their clients the best possible advice.
Humania Term Life Insurance
Term is the meat and potatoes of life insurance.
It’s the most suitable coverage for the majority of people and what I recommend to clients 90% of the time. That’s because it’s affordable protection and meets most peoples’ temporary needs.
For example, if you have a family and a mortgage, you want to make sure that your loved ones are protected for the period of time they’re most vulnerable. Usually, that’s the years when your children are still living at home, going to school and dependent on you financially.
After that, your need for insurance tends to diminish.
We can’t discuss Humania Assurance products without mentioning HuGO Life Insurance.
This online application platform analyzes your risk profile by asking questions specific to your particular situation in order to process your application and issue an insurance policy at lightning speed. I go into much more detail about Humania’s HuGO in the “Application Process” section.
Term Life Insurance
All Humania term life insurance has the following features:
- Available if you’re between 0 and 70 years of age
- Available in 10, 15, 20, 25 and 30 year terms
- Coverage up to age 80
- Face amounts from $50,000 up to $2 Million
- Exchange option for Term 10 between the 1st and 5th policy year
- Convertible to a non-participating whole life policy (Term to 100) up to age 65
- waiver of premium option
- Accidental death option
Gold & Platinum Options
Humania Assurance gives you two renewal options: Gold and Platinum. Gold is the default, which means you are eligible to renew your coverage without providing medical evidence at whatever the market rate is at the time.
With the Platinum renewal, you can elect to pay approximately 13% more in premiums over the life of your policy to get an even better renewal rate when your term ends. The Platinum rate is 40% lower than the renewal for the Gold option.
So for example, let’s take a 40 year old Male, non-smoker buying $1 million dollars of Humania 20 year term coverage. The gold renewal option costs him $99.45 per month. If he elects to take the platinum renewal, he forks out $112.95 per month or $13.50 more per month than the Gold Renewal.
This may not seem like a lot of money but over a 20-year term, he pays $3,240 more in premiums. The question is, how much exactly will his renewal rate be and is it worth the extra 13.5% in monthly premiums?
If you have an insurability issue, it may be worth it.
Yet another reason to contact an independent life insurance agent. We sharpen our pencils and help you do the math to make sure your decision is right for your bank account.
Humania No Medical Life Insurance
In the no medical life insurance market, there are a variety of carriers with different eligibility criterion.
Again, another reason why it’s really important to work with an experienced independent agent who understands the nuances between products. For example, someone who had cancer may have a completely different outcome depending on the insurer they decide to go with.
That’s where Humania comes in.
What’s really interesting about their no medical exam insurance is that the crux of eligibility is built around whether you are working. For example, even if you have Muscular Dystrophy you may qualify for up to $300,000 of Term 20 life insurance as long as you’re working.
You must have worked at least 21 hours per week over the past 28 weeks. You also must not have taken time off work for more than 15 consecutive days in the last 2 years due to illness.
“That’s amazing. Muscular dystrophy with most of the other no medical carriers in Canada automatically limits you to $25,000 of coverage. With HumaniA, you’re eligible for up to $300,000 of simplified issue term life insurance.”
Term Life Insurance Without Medical Exam Required
Humania’s no medical exam life insurance is available to people 0 – 70 years of age. You must answer 17 questions to qualify. So if you have serious medical issues this may be a good choice for you.
You are covered as soon as Humania receives your application and first premium payment.
This coverage is available in 10 year and 20 year terms ONLY. Face amounts max out at $300K, so if you need more this may not be the right insurer.
Having said that, many no medical carriers including Canada Protection Plan have limits on the amount of protection they offer. One solution to this problem is to take out a policy with more than one carrier. This is called “stacking” policies and is totally legal.
Humania Assurance also offers disability and critical illness insurance with no additional questions and renewal is guaranteed until 80 years of age.
T100 No Medical Life Insurance ( NEW PRODUCT!)
Humania recently introduced its first permanent no medical life insurance product: Humania T100 without medical exam.
Similar to its simplified issue term life insurance, the issue age is between age 18 and 70. The monthly costs or premiums are guaranteed for life and you can get coverage amounts from $5000 – $50,000.
Humania’s no medical T100 is ideal for consumers looking for insurance to take care of final expenses.
Looking For A No Medical Life Insurance Quote?
Humania Critical Illness Insurance
If you don’t have critical illness insurance, you should seriously think about it.
The truth is people get sick and with medical advancements, you are much more likely to live through a serious issue. So what happens when you can’t work?
I can assure you the bills don’t stop. That’s where critical illness insurance comes in. This coverage provides you with a lump sum payment to help you get through trying times.
Humania assurance has 5 different critical illness products for us to review:
If your child (30 days old – 15 years old) gets sick you will receive $10K – $50K so you can take time off to be with them.
37 critical illnesses are covered. If your child remains healthy this policy provides foundation coverage into adulthood and also acts as a savings vehicle providing Premium Refunds.
The following is also available with Humania Children360:
- Compassionate Leave Benefit: You receive $1,500 monthly benefit for a period of 12 months when you take a leave of absence from your full-time employment.
- Best Doctors Assistance Program: You have access to the integrated services of BestDoctors worldwide. There are four levels of services to choose from:
5575 - Cancer Insurance
This product is designed to cater to the baby boomers. Canadians 55 – 75 years of age qualify for this coverage.
When you consider the fact that 50% of Canadians are diagnosed with cancer and 90% are over 50, you can see why this product niche exists.
With coverage up to $75K, Humania’s 5575 ensures that cancer treatment won’t break you. You can apply for 10 years of instant coverage from $5K – $75.
You can also upgrade to the comprehensive option which protects you for 5 additional conditions such as stroke, heart attack, coronary bypass, coma, and paralysis.
Insurance Without a Medical Exam - Critical Illness
As I mentioned above if you obtain insurance without a medical exam through Humania, you are offered the opportunity to purchase critical illness insurance with no additional questions.
You receive up to $100,000 to support yourself in case you have a heart attack, cancer or stroke.
Coverage terms are 10 and 20 years from 18 – 55 years of age with a renewal guarantee up to age 65. This policy also includes a refund of premium on death and a premium refund rider is available that gives you back 75% of your premiums after 20 years.
This is another policy that helps to protect you and your family if you survive a serious illness such as cancer, heart attack or stroke.
The difference is the coverage is more substantial. Humania Prodige pays a lump sum from $25K – $1Million following the diagnosis of a critical illness.
Prodige also offers the best doctors assistance program. You are given access to the integrated services of BestDoctors. There are four levels of service available:
A life insurance rider is available and if you select it, the amount is payable on the first event of either the critical illness or death. It has a Premium Refund built-in. You can purchase Prodige from 30 days old – 60 years old. There are three premium options available:
- 20 Years
- Age 65
The following riders are available:
- Life Insurance
- Refund of Premium at Death
- Premium Waiver
- Option to Increase the Benefit
- Option to Obtain a Premium Refund After Coverage Termination
Term Critical Illness Insurance
This is yet another way to protect yourself from critical illness. You can select term coverage from $25K – $1Milllion for 10, 15, 20, 25, 30 and 75 years.
The policy is convertible to permanent insurance until 60 years of age. The Best Doctors Assistance Program is offered, providing access to the integrated services of BestDoctors.
Four levels of services are available for you and your family members:
Contact your financial security advisor to get more information on critical illness insurance plans tailored to your needs. If you are over 18 years of age you can choose between two Humania plans.
The first choice covers cancer, coronary surgery (coronary artery bypass), heart attack (myocardial infarction) and stroke (cerebrovascular accident). The second choice covers a list of 25 illnesses which is obviously more comprehensive coverage.
The following riders are available:
- Life Insurance at the 1st event
- Total disability waiver of premium benefits
- Accidental death and dismemberment benefits
- 15-year premium refund benefits or at 65 years old
Humania Disability Insurance
“Disability insurance should be a key part of your overall financial planning. Insurance is designed to cover losses that are too big to cover with your own out-of-pocket funds. Life insurance provides a benefit to your beneficiaries should you die. Health insurance covers the cost of medical care should you or your family need it. No less important is disability insurance that covers lost income in the event that you are unable to work due to a disabling injury or illness.”
I think a lot of us live in denial. Did you know 1 in 3 Canadians experiences some sort of disability that will prevent them from working for 90 days or more?
This is quite an eye-opening figure. This is why disability insurance is so important. It protects you and your family from financial devastation if you are laid up for a period of time.
Let’s check out what Humania has to offer in this area:
Debts don’t go away just because you have some issues at home. What would happen if your paycheck suddenly stopped – would you be able to keep up with your obligations?
Humania’s Assure Debt provides coverage for your loans, mortgage, rent and credit cards. This protection is available from 5 – 65 years of age.
You can also choose partial disability coverage which protects you for 6 months to 2 years while you get back to work gradually. Premium refunds are available every 15 years or at age 65.
Insurance Without a Medical Exam - Debt Insurance
Once again, disability insurance is offered when you apply for Humania assurance – insurance without a medical exam.
You can also purchase it separately. This is a good option for those of you who are concerned about being declined because of medical issues.
This policy covers a number of debts for people 18 – 55 years of age for 10 or 20-year terms. A renewal option is available until age 65. No medical evidence is required. Just answer 6 simple questions and you’re immediately covered after Humania receives your application and premium payment.
If you have a disability, you receive up to $2,500 per month. A premium refund of 75% is available after 20 years.
Insurance Without a Medical Exam - Income Insurance
Humania offers another no medical exam option to help you get through a disability.
This plan covers your income. You receive up to $2500 per month to make up for lost wages. Select a 10 or 20-year term from ages 15 – 55. Renewal is guaranteed up to age 65. Premium refund rider allows you to receive 75% of your premiums paid out after 20 years.
Humania’s Paire is a customizable disability insurance solution that allows you to access disability benefits at a very fair price. It provides supplemental income to help you get through difficult times.
You receive a guaranteed monthly benefit up to $1,200 during the first 36 months, even if you are receiving funds from the government or other insurance.
The maximum benefit period is 2 years, 5 years or to age 65. You can also choose a 15-year premium refund or at age 65. The policy remains in force for 15 years even after the premium refund.
This policy is available to people from 18 – 60 years of age with level premiums and 18 – 50 years of age for a 10-year premium.
P.A.I.E. for Businesses (Business Overhead Expense Insurance)
Increasingly people are working for themselves, which means there is no safety net if the going gets tough.
That’s where Humania’s P.A.I.E. for Businesses comes in. Benefits cover loans, business expenses, mortgages and rental payments, and utilities.
You qualify for this coverage if you employ more than 14 people and are 18 – 60 years of age. It’s available in 10-year term or term to age 60.
P.A.G.E. (Customized Insurance)
Humania’s P.A.G.E. is designed to offer blue-collar workers comprehensive protection for all potential pitfalls that can occur if they are disabled and can’t work.
You can purchase this coverage if you are 14 days old to age 79. It helps you in the following circumstances:
- Total Disability
- Partial Disability
- Reimbursement of Expenses
- Death, Dismemberment or Total Loss of Use as a result of an accident
- Life Insurance
- Premium waiver
- 15-year premium refund or premium refund at age 65.
Humania Children Insurance
Life insurance for children is one of those controversial topics.
Some people think it’s creepy and just a way for life insurance companies to make more money, while others feel its simply a pragmatic product.
I personally understand why someone would decide to protect their family (including their children) with insurance. Life is unpredictable and insurance helps alleviate some of the burdens.
Children360 Critical Illness Insurance
All of the information about this coverage is available in the critical illness section.
Check out Humania’s Children360 above.
Broken bones are a big part of childhood!
Humania provides coverage of up to $10,000 in case of accidents. You qualify for this coverage if you are 14 days – 75 years of age, so it’s not just for kids.
Hey, your bones get more brittle as you age. An accidental death or dismemberment rider up to $25,000 can be added to this as well.
Streetwise Accident Coverage
Humania’s accident insurance is affordable for everyone – premiums may be as low as $12.00 per year. This policy is available to people who are 15 days to 70 years old and provides coverage for the following:
- Natural or accidental death
- Dismemberment and loss of use
- Fractures or hospitalization
- Street-Wise also includes reimbursement of expenses.
You can also purchase extended coverage.
Humania Mortgage Insurance
I always advise people NOT to purchase mortgage life insurance through their bank. Personal life insurance is the best and most affordable way to protect your home. Humania Assurance offers the following products to achieve this goal:
- Assure Debt
- HuGO Life Insurance
- Insurance Without Medical Exam
- Term Critical Insurance
- Term Life Insurance
If you’re thinking about insurance to protect your mortgage, read my article here first. It will save you time and potentially thousands of dollars!
Humania Accident Insurance
Accidents happen. I discussed the accidental policies above in the children’s section. If you would like more information click on the links below:
Humania Tour+Med Travel Insurance
Travel insurance is very important. If something happens to you and you incur medical expenses they will be yours to pay without it.
When you see the actual cost of treatment without insurance you will know why you absolutely need it.
“Vacation Heart Attack in Mexico Costs Ontario Couple Their life Savings”,
Humania Tour+Med covers you for up to $5Million CAD for the following:
- Medical expenses
- Incidental hospital expenses
- Physician’s fees
- Medical appliances
- Private duty nursing care
- Diagnostic services
- Prescription drugs for emergency treatment
- Ambulance services
- Repatriation (emergency air evacuation)
- Transportation fees
- Paramedical fees
You also receive $25K if accidental death occurs and return of the deceased and vehicle.
Wow! Humania Insurance has a lot of products!
Yes they do! Although I am of two different minds when it comes to this.
As a life insurance agent I think there is something to be said for companies that specialize in one area - but it really depends on the company.
Humania Assurance Application Process
OK, Humania is known for it’s cutting edge technology and easy approach to insurance. So I am excited to see what their application process is like…
…and these days you can’t talk about Humania without talking about HuGO.
Last year at Boston’s Innovation in Insurance Awards 2018, Humania won Bronze in the category Best claims, Underwriting, IoT or Ecosystem for its Smart Platform, HuGO. Previous to that, Humania was a 2017 Winner of IWTC’s Digital Transformation Awards which recognizes companies for their digital ingenuity.
HuGO is an online automated system that claims to be fast, efficient and affordable. It sets Humania apart in that it’s delving deeply into the world of tech-based internet sales.
I am of two minds when it comes to this. First of all, I think their system is awesome. It’s innovative and in fact, delivers on a lot of what it says…
AI Doesn't Have the Human Touch
…but that’s not my only feeling. Although there seems to be a huge move toward automated insurance sales, I strongly believe the human touch cannot be replicated and that’s not because I am an insurance salesperson.
My personal advice has played a huge role in saving clients a ton of cash. Small details other agents missed or alternative insurance products that better suit their needs can cost you a lot.
I also contact underwriters to find out what their thoughts are. All of this requires contact with a human being.
Sure you are in a rush and possibly you don’t like dealing with people but that’ not the only consideration. It’s worthwhile to speak with an independent Life insurance Agent to get a second opinion before you apply for any life insurance including HuGO.
Why? Because you get:
- More Advice: What you think you need and what you do need is often revealed after probing. Far too many underestimate their insurance needs.
- Follow Through: If you have any medical issues speaking with an independent agent who goes the extra mile typically results in savings of both time and money.
- One Point of Contact: Our clients are clients for life – so if your circumstances change we are just a quick call away. It’s nice to have an agent that you know.
That being said, let’s check out Humania HuGO now!
Did you know HuGO is a proprietary online purchasing platform? It can issue a life insurance contract in minutes!
How is that possible? I had to wait 6 weeks the last time I applied for life insurance!
Humania figured out a way to automate the decision-making process of risk assessment as it relates to a life insurance application.
HuGO is an underwriter that uses predictive analytics. As you work your way through the application questions, based on your answers, HuGO selects only the necessary questions from a list of 4000.
HuGO then uses the information it gathers to render a decision in minutes. To me that’s mind-boggling!
If your answers early on indicate a lower risk profile, HuGO will ask you fewer questions and the result will be a shorter application process. Likewise, a medium risk profile requires answering more questions and therefore more time.
Humania claims 65% of customers are approved in 15 – 45 minutes and only 35% of applicants require additional underwriting.
The site claims Humania may insure you up to $5 Million but it’s clear that amounts above the $1 Million mark require the human touch. Not a big surprise.
HuGO Talks to the MIB in Real Time
Humania has Artifical Intelligence (AI) built into their HuGO smart platform which communicates with the Medical Insurance Bureau (MIB) in real-time. This means you are vetted quickly and your life insurance policy issued in minutes.
You can apply for up to $1 million of coverage without traditional (slower) underwriting. Humania’s working hard to increase that cap to $2 million or more.
“This [Hugo] is a very impressive application. In fact, it’s a David vs Goliath example of a Canadian success story of digital transformation.” Gary Davenport, CIO Mentor and Board Advisor
There are three ways you can approach the HuGO application process:
- Hyperjet: This is an instant issue life insurance policy – 15 minutes
- Express: Includes a personalized questionnaire – 15 – 30 minutes
- Referred: Your personalized questionnaire is reviewed by an underwriter.
Remember, if you’re healthy enough to be eligible for a preferred rate, you won’t get it with Humania.
The best you can do is a standard health class rating. By eliminating preferred and elite rates Humania speeds up the underwriting and application process for HuGO.
This isn’t necessarily a bad thing.
Most people don’t get preferred rates and consumers have indicated a preference for speed and a smooth process over cheaper rates. However, if you’re healthy it’s not a system that would be my “go-to”.
HuGO also offers you Critical Illness and Disability Debt Insurance without any additional questions.
Quick & Easy - It's Pretty Cool
Okay, so you scroll down the first page and click on “Calculate Your Premium Right Now!”
Fill in your details and a bunch of options come up. You can play around with your coverage amount, length of term and see what your Gold and Platinum renewal rates are at a glance.
It all seems very intuitive until you look around for the “Apply Now!” button. There isn’t one. On the right side of the page, there’s a graphic box that says, “interested in purchasing Hugo? Find an advisor“.
All the branding and language, “Hyperjet“, “Express“, gives one the impression that you can just hop online very quickly and apply.
That’s not the case.
Obviously, anyone in the insurance biz knows you have to involve an advisor at some point to facilitate a life insurance application. It’s the law.
Personally, I think Humania could do a better job of communicating this or designing the experience to prepare online users for this in advance.
It’s not obvious to someone who doesn’t know anything about life insurance exactly how to apply and that you need an advisor. Having said that, I must point out that this is an area where other carriers come up short as well.
“Note: Humania distributes its products through a network of independent advisors NOT tied agents, which is ultimately good for you the customer.”
Having said that, once you are doing an application with an advisor, HuGO is fast!
Humania Life Insurance Rates
I always like to share basic rates in my reviews. They give you an idea of what to expect. Please remember, Humania may not be the company that works best for your particular set of circumstances. Never buy life insurance based on online quotes.
Consulting an independent agent saves you time and hassle in the long run.
|35 Year Old Male||$34.65||$62.55|
|35 Year Old Female||$26.10||$45.45|
|40 Year Old Male||$51.30||$95.85|
|40 Year Old Female||$36.00||$62.25|
|45 Year Old Male||$84.60||$155.25|
|45 Year Old Female||$56.70||$106.65|
|50 Year Old Male||$133.45||$264.15|
|50 Year Old Female||$91.80||$192.15|
|55 Year Old Male||$242.55||$478.35|
|55 Year Old Female||$171.00||$335.25|
|60 Year Old Male||n/a||n/a|
|60 Year Old Female||n/a||n/a|
|65 Year Old Male||n/a||n/a|
|65 Year Old Female||n/a||n/a|
*Quotes above are for Humania Assurance’s Term 20, monthly, Standard Health Class, non-smoker, Gold Renewal. Your rates may differ depending on your unique circumstances. June 2020.
*NOTE If you’re 60 or above, you’re not eligible for Humania Assurance’s Term 20 product. However, you can still purchase a term 10 or term 15 policy.
Looking For A Term Life Insurance Quote?
Humania Insurance Pros
Mutual Life Insurance Company
As I mentioned at the beginning of this review, Humania Assurance is a mutual life insurance company. What does this mean?
They're beholden to policyholders, NOT shareholders. This allows them to focus on sustainable growth and providing clients with unbeatable personalized service.
HuGO - A Fast, Innovative, Smart, Online Purchasing platform
Humania's electronic application process is very intuitive, fast and user-friendly. The fact that their proprietary platform, HuGO, has AI built into it that communicates with the MIB in real time is very impressive.
Humania is betting that improving their customers' online experience gives them a competitive edge. I think they're smart.
It's definitely a sign of where things are going in the Canadian insurance space so Humania is ahead of the curve!
Unique No Medical Exam Life Insurance Product
Unlike other carriers, eligibility criterion for Humania's no medical life insurance is weighted towards whether you are working or not.
This means people with specific health issues like metastatic cancer, muscular dystrophy, HIV, liver disorder, etc are eligible for up to $300,000 of simplified-issue term coverage.
It isn't cheap but hey, most other no medical companies won't offer you more than $25,000 of coverage!
Humania's HuGO term insurance is very affordably priced. When I was running quotes, it was consistently in the top 5 for best price. It does however get more costly when you're in your late 50's by comparison.
Strong Community Roots
Assurance Humania has deep roots in the local community.
It supports the Vero & Louis foundation for autistic adults as well as other initiatives including Fondation du Cégep de Saint-Hyacinthe's (financial aid for students) and Saint-Hycinthe's cultural centre.
Humania Insurance Cons
Limited Product Shelf - No Whole or Universal Life
Humania Assurance is a small company and as such, they have a limited product range.
Most notably, they offer no cash value life insurance such as universal or whole life. Their permanent offering is pretty much limited to a T100 conversion option with their term insurance plans. It's hard to fault them for this as they're a small company and it's smart for them to keep their focus narrower.
Limited Term Insurance options and features
Humania's term insurance coverage does have a lot of standard features.
However, there is no option for a child's insurance rider. Another issue is if you want to convert your term insurance to permanent insurance, you have to do it by age 65 (For most other carriers you have until age 71).
Not to mention, Humania's permanent insurance conversion options are and limited to a Term to 100 policy.
Is Humania The Right Company For Your Family?
After reading this review I am sure you are left with one final question. Is Humania Assurance the right company for your needs?
At Policy Architects, we scrutinize the best life insurance companies in Canada so you don’t have to. If you read any of my reviews you will see a common thread – insurance companies are NOT created equally.
Each one has their strengths and each one has their weaknesses.
That’s why my reviews are always a mixed bag. In my humble opinion, there is no such thing as a BAD review unless you are dealing with a fly by night company and I am not going to even waste my time with those.
Humania Insurance is a solid insurance company, with a very modern approach to underwriting.
They are moving toward fast, smart, electronically based applications. I think this is what a lot of consumers want and with HuGO, Humania proves that a small company can have a huge impact on customer experience.
However, even though Hugo can save you some time and provide immediate coverage – it’s always good to consult an independent life insurance agent in the process.
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