Humania Assurance

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 insurers like Humania? I’m a huge fan of information and know that more people would be insured if they had all the intel. One of the biggest issues the insurance industry has is half-truths.

I bet you’re wondering what I mean. Well, a little information can actually be worse than nothing at all. Sure everyone knows some of the basics of life insurance. This thing is they sadly don’t fully understand that those seemingly insignificant differences can translate into $10’s of thousands of dollars over the course of your term. 

You really need a strong grasp on the differences between life insurance companies and their offerings to make sure you get the best possible life insurance with the least expensive monthly payments. Hey you’re busy and I bet you don’t have the time to go through all of these details on your own...that’s what insurance agents are for, right? 

YES, but you should always speak to an independent agent because if your agent is tied to an insurer you won’t get the whole story. 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. 

Who the heck am I? 

My name is James Heidebrecht and I love music, my family and YES the occasional cigar. Don't worry my life insurance company already knows this! 

I started Policy Architects because I saw a strong niche in the Canadian market. SURE there are lots of agents and good ones at that...

...but not a whole lot of real information online geared toward the typical life insurance customer. When my wife and I were first looking for coverage we were shocked by the scarcity of user friendly articles we could access to find out more about the products we were considering. 

That's when Policy Architects was born. I wanted to write informative articles that would help people in their search to buy life insurance - at a price point that is doable.

Humania Insurance

Yeah, yeah, yeah just another salesperson hawking his products!  

Assurance Humania

YES and NO! Hey we all have to make money and this is how I do it. That said, this is something I firmly believe in and I'm really happy to help get the word out about how affordable good coverage really is. 


Good Advice & A Quick Needs Analysis May Shock You 

Death is one of those subjects that no one ever wants to discuss. Hey, who can blame them? It’s sort of depressing and scary for most of us. But just because it’s not palatable doesn’t mean you’re going to avoid it. 

Hey, Luke Perry just died this week at 52 of a stroke. I remember him when he was on Beverly Hills 90210 (Shhh don’t tell anyone) and the truth is he’s younger than I am. In a nutshell – none of us get out of this alive. So why do we fail to plan for our loved ones if our demise is inevitable? 

I have two kids and know for certain if I pass away next week my wife and boys will be able to keep the house. This would not be the case without life insurance. Being a major breadwinner comes with a lot of responsibility. 

The thing that shocks people the most are the results of the needs analysis. It’s expensive to maintain a home. I think a lot of us simply live in denial. That’s the only explanation I have as to why people don’t grab life insurance when they start a family. It’s so affordable and provides an invaluable safety net.

A quick rule of thumb for income replacement?

…10 times your gross salary. So if you’re earning $80,000 per year and you have young kids, you should have approximately $800,000 of life insurance in force to protect your family.

OK, so time to review Humania Assurance to see how it fills the bill. 

Humania

Humania - What Are Their Roots? 

Humania Insurance

Humania...never heard of 'em! 

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Assurance Humania

I bet there are a number of life insurance companies you've never heard of, but that doesn't mean they aren't 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. It was a working-class organization and professionals were not admitted. The religious and social approach was appealing and by 1899 there were 25 branches and 2,583 members! 

By 1922 there was a change of direction for the company. Insurance rates were low and there were a lot of death claims as the result of 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 made 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 of Saint-Hyacinthe changed its name from LS Mutual Life Insurance Company 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. Even though the name has changed, LS Mutual Management corporation owns 100% of Humania Assurance and groups the 100,000 plus members who are insured with Humania. 

Humania is Innovative & Branching Out

As we all know the life insurance business is forever changing. Humania 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,”

Stéphane Rochon

Humania

Humania Assurance: Financial Rating 

Humania Insurance

Sounds like an interesting company...so what is their financial rating? 

Assurance Humania

Looks like you've been reading my reviews. YES financial ratings are important but it looks like Humania doesn't have one! 

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While I haven’t seen this before…I can’t find a traditional financial rating for Humania online with AM Best or DBRS. However, they do provide their financial statements yearly. Suffices to say, Humania is a stable small-sized company with about 150 employees.

In 2017, Humania Assurance had total assets of $595 million, up 11% from 2016. 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 2017 were approximately $5 million.

Most compelling to me is that 58% of Humania’s sales were online in 2017. This number is up 18% from 2016 and 36% from 2015. To me, this means Humania has a keen eye for the digital marketplace and is moving fast to become a leader in this area.

Humania has maintained its presence outside of Quebec with 35% of sales happening in other provinces. This is down 8% from 2016 but up 4% from 2015. Recent hirings hint that increasing business outside of Quebec is a priority. 

Humania

Humania Assurance Reviews 

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’ve found 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. 

Don’t get me wrong – there are insurers that could up their game and some that should really be avoided altogether if you want a positive experience. 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. 

In my humble opinion, you should check out the reviews but keep them in their place. 

Humania Reviews: Insurance 411

Humania Insurance Reviews

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 dealing with claims issues. There also seems to be some general frustration that Humania call center agents provide poor, slow service. This is typical, I see these kinds of comments show up with every carrier I’ve reviewed.

The latter issue compels me to remind people that working with an independent agent on a personal level really is the very best way to get good service.

At Policy Architects we see you as a person and want to develop a long term relationship with you. Life insurance shouldn’t be a set it an forget it sort of purchase. As your life situation changes we will be there to follow up and make sure your life insurance still meets all of your needs. 

Humania Reviews: Google 

Humania Google Reviews

Wow, see what I mean? Google reviews are much better! 3.7 stars are pretty good. Sure it would be awesome to see 5 stars but as I mentioned before online reviews for insurance companies are notoriously low. Personally, I think it’s good to be skeptical as there’s no way of verifying who the reviewers are. After all, anyone with a google account can leave a review.

Also, this is a very bifurcated review. Lots of 5-stars and 1-stars which sort of balance out. It seems people either love ’em or hate ’em from this perspective. 

I see a life insurance agent extolling their virtues – they are his favourite insurer…and then not too far down people complaining about customer service. It’s definitely a mixed bag guys! 

 

Humania Insurance

Wow you weren't kidding were you? These reviews are all over the place. Hmmm I am still undecided! 

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Assurance Humania

That's a good thing because we haven't even taken a peek at Humania's products. 

Humania

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 every company’s offerings. 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. 

So why not grab a snack and dig in! We have lots to go through before this Humania review is complete. 

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 the most affordable protection and most peoples’ needs are temporary. 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 period 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.

Humania Term Life Insurance

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

Also something unique, Humania Assurance gives you two renewal options: Gold and Platinum. Gold is the default option 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 on Gold.

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 will cost him $99.45 per month. If he elects to take the platinum renewal, he’ll be forking 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’ll be paying $3,240 more in premiums. The question is, how much exactly will his renewal rate be and will it be 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. They’ll sharpen their pencil and help you do the math to make you can make the best decision for your pocketbook.

Humania Life Insurance Without Medical Exam

In the simplified-issue 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’s had cancer can have a completely different outcome depending on the no medical 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’ve been working or not. 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. How?

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 will automatically limit you to $25,000 of the most expensive type of insurance: Guaranteed Issue. 

Humania No Exam 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’ll offer. One solution to this problem is to take out a policy with more than one carrier which is totally viable. 

Humania Assurance also offers disability and critical illness insurance with no additional questions and renewal is guaranteed until 80 years of age.

*To find out more about life insurance without medical check up, check out my blog post here.

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: 

Humania-Children360

Children360 

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: 
  1. InterConsultation
  2. FindBestCare
  3. FindBestDoc
  4. BestDoctors360°
Humania 5575 Cancer Insurance

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 will be diagnosed with cancer and 90% will be 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.

Humania Critical Illness

Insurance Without a Medical Exam - Critical Illness 

As I mentioned above if you obtain insurance without a medical exam through Humania, you will be offered the opportunity to purchase critical illness insurance with no additional questions.

You will 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. 

Humania Prodige

Prodige 

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 will be given access to the integrated services of BestDoctors. There are four levels of service available: 

  • InterConsultation
  • FindBestCare
  • FindBestDoc
  • BestDoctors360°

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: 

  • Lifetime 
  • 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 
Humania Insurance

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:

  • InterConsultation
  • FindBestCare
  • FindBestDoc
  • BestDoctors360°

Contact your financial security advisor to get more information on critical illness insurance 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. 

Disability Insurance: Definition, Why You Need It and How to Get It, The Street 

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 will protect 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: 

Humania Assure Debt

Assure Debt

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 will protect 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. 

Humania Debt Insurance

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 will receive up to $2,500 per month. A premium refund of 75% is available after 20 years. 

Humania Income Insurance

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 will 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 Disability Insurance

Paire 

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 will receive a guaranteed monthly benefit up to $1,200 during the first 36 months, even if you are receiving other 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 will remain 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. 

Humania Business Insurance

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 will 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.  Is available in 10-year term or term to age 60.

Humania Customized Insurance

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
  • Hospitalization
  • 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 of 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. Kids get sick and sometimes even die. 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. 

humania Children

Children360 Critical Illness Insurance 

All of the information about this coverage is available in the critical illness section.

Check out Humania’s Children360 above. 

Humania Fracture

Fracture 

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. 

Humania Streetwise

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

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 

Humania Accident Insurance

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: 

  • Streetwise 
  • Fracture 

Humania Travel Insurance

Travel insurance is very important. If you 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”, Deborah Kelly, SooToday.com

Humania offers Tour+Med, which is underwritten by LS-Travel, a subsidiary of Humania Assurance. If you purchase this policy you are covered 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 an accidental death occurs and return of the deceased and vehicle. 

 

Humania Insurance

Wow! Humania offers quite a few different products! 

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Assurance Humania

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

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 recognises 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 cutting edge 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. I have worked with many clients where my advice has played a huge role in them saving a ton of cash. Small details they may have missed or alternative insurance products that better suit their needs. I also contact underwriters to find out what their thoughts are. All of this requires contact with a human being. 

I get it –  You are in a rush, don’t like dealing with people AND money is no issue.  However, it’s still 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: 

  1. More Advice: What you think you need and what you do need is often revealed after probing. Far too many underestimate their insurance needs. 
  2. 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. 
  3. One Point of Contact: our clients are clients for life – so if your life 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! 

Humania HuGO 

Assurance Humania

Did you know HuGO is a proprietary, cutting edge  online purchasing platform? It can issue a life insurance contract in minutes!

Humania Insurance

How is that possible? I had to wait 6 weeks the last time I applied for life insurance!

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Humania has 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 questions. 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 will require 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 will require the human touch. Not a big surprise. 

Humania Hugo Life Insurance

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 record time. 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: 

  1. Hyperjet: This is an instant issue life insurance policy – 15 minutes 
  2. Express: Includes a personalized questionnaire – 15 – 30 minutes 
  3. Referred: Your personalized questionnaire will be reviewed by an underwriter. 

Also, 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. Why? Most people don’t get preferred rates and consumers have indicated a preference for speed and a smooth process over cheaper rates.

HuGO will also offer you Critical Illness and Disability Debt Insurance without any additional questions

humania hugo

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. 

Having said that, once you are doing an application with an advisor, HuGO is fast!

Humania Assurance: No Medical Exam Life Insurance  

The Life Insurance without a medical exam option was very easy to navigate. There is a button at the bottom of the page that you click to see if you are eligible for this product. The site claims you can get insurance after answering 6 simple questions, but the form I encountered contained 17 questions. 

After answering each one I was informed that YES I was eligible for no medical exam life insurance through Humania. They also offer critical illness and disability for debt and income. In this section, I can choose coverage periods and amounts. As I mentioned above their life insurance coverage for this product caps out at $300K.

All in all, this is a terrific tool! Very user-friendly, well laid out and helpful. BUT just remember his is NOT the application. I still need to reach out to a life insurance agent to facilitate one.

Once again, when you’re completing an actual application with an advisor, it’s fast, easy and user-friendly! Not to mention, you can be approved for Humania no medical exam coverage within 24 to 48 hours. 

 

Humania Assurance: Mortgage, Critical Illness & Disability  

There is no simple application for these solutions. Once again you are immediately directed to a form where you have to give them your name, email, phone number, city, province, and question to get more information. You will then be directed to an agent. Not as informative as I would have liked. 

Humania Children Insurance  

You can calculate your premium in 2 minutes for Children360. They have a simple form that allows you to share your needs for coverage (up to $50K) and your choice of simple Critical Illness or Critical Illness or Life. It also gives you an option for additional riders for the Critical Illness or Life and Options Plus and/or Return of Premium for both selections. 

Then you are prompted to check your admissibility. The site asks another 15 or questions about you and your child. If your answer knocks you out of the pool the site will inform you. If not they will tell you that your child qualifies and that you should contact a financial security advisor but it’s not clear how to do this. There is no button to direct you to this option. 

For Fracture and Streetwise you are directed to the button that will collect information from you for an advisor to contact you. 

Humania Travel Insurance  

If you want more information about travel insurance you are directed to TourMed.ca. 

In Summary

Humania’s application process is smooth, quick and well laid out. I love the idea that consumers can potentially get coverage up to $1 million of term insurance approved in 15 to 45 minutes. Kudos to HuGO!

The only small criticism I have is that it would be more helpful to consumers if the “call to actions” were clearer. 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.

Humania

Humania Term 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 will save you time and hassle in the long run. 

Age$500,000.00$1,000,000.00
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. April 2019.

*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.

Now let's take a look at Humania's Pros and Cons!

Humania

Humania Assurance Pros

Humania Assurance Review

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  will give 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! 

Humania Assurance Review

Unique No Medical Exam Life Insurance Product

Unlike other carriers, eligibility criterion for Humania's no exam term 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 Assurance Review

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. 

Humania Assurance Review

Competitive Pricing

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.

Humania

Humania Assurance Cons

Humania Assurance

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.

Humania Assurance

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.

Humania Assurance

No Medical Exam Insurance - No Permanent or Final Expense option

I applaud Humania for their unique No medical product. It would be great if they had a permanent option, especially for small final expense situations.

Humania

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 insurance needs? If you have 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 James Heidebrecht

Humania is a solid insurance company, with a very modern approach to underwriting. They seem to be 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.

Give Policy Architects A Call  

There’s truly no replacement for the human touch in life insurance. Our agents perform financial analysis and will go through your medical history to make sure that the insurance company you select for your needs gives you the most comprehensive policy for the best possible price. We even call underwriters to see how they will view your particular situation. All of this is possible because we view you as a person and client for life as opposed to a number. 

So if you think Humania Assurance is the right company for you – why not give us a call and get a 2nd opinion? Our services are free and the only thing you have to lose is lots of money if you pick the wrong insurer. The thing is paying $10, $15 or $20 more per month over 20 years translates into thousands of dollars. What looks like a small sum sure builds up over time. 

Give us a call today to see what we can do for you!