Fact CheckedWawanesa Life Insurance Reviews! Have you heard of this company? If not, do you need more information?
We’ve released a string of life insurance company reviews to help you compare possibilities.
Information is the KEY to finding an affordable AND comprehensive policy. You need to know a little bit about the ins and outs of the insurers before you sign on the dotted line.
Don’t let glittering marketing budgets and name recognition fool you. Sometimes, a lesser-known company is a better fit.
With that said, let’s find out if Wawanesa Life Insurance is the right choice for YOU!
The Roots Of Wawanesa Life Insurance
Wawanesa Insurance, established in Manitoba in 1896 as a farmers’ mutual insurance carrier, was incorporated in 1929.
Word has it that a group of farmers was worried about their threshing machines catching fire, so they banded together to share the cost of one machine. Thus, Wawanesa Mutual General Insurance was founded. The name initially came from the Ojibwa word waa’oonesii, which means “whip-poor-will” bird.
In 1939, Wawanesa Insurance opened its doors in Toronto and Vancouver to reach new markets, and in 1953, it expanded into Quebec. The life insurance arm was founded in 1960.
In 2020, Wawanesa life Insurance acquired Western Life Assurance from the Desjardins Group and the two companies are now one.
Bottom line, Wawanesa has a deep history and has weathered the Great Depression and World War II. They are a force of nature.
Wawanesa Life Financial Rating
Financial ratings are great.
But what happens if the company you select is run poorly or has only been around for 20 years?
The good news is AM Best gives Wawanesa Life Insurance an A+ rating (superior). With this company’s history and this rating, you can rest easy with Wawanesa.
“Many of us start thinking about life insurance when we have children. But that’s also a time when we’re harried and sleep-deprived. Actually buying insurance can get shoved into our to-do list’s metaphorical diaper pails. LIMRA and Life Happens reported that 30% of people said they didn’t buy insurance because they hadn’t gotten around to it.”
7 (Bad) Reasons People Don’t Buy Life Insurance, Nerd Wallet
Wawanesa Life Insurance Products
YES! I enjoy going through all the offerings life insurance companies have.
It makes me a better agent, and I love seeing the different protection approaches. If you take away only a few things from my articles, it’s these three points:
- Not all life insurance companies are created equal
- Products differ significantly from insurer to insurer
- Always work with an independent life insurance broker!!
So, let’s see what Wawanesa Life Insurance has to offer.
1. Wawanesa Term Life Insurance
Ahh, term life insurance! It’s such an excellent product. It provides temporary, affordable coverage for the times you need it most.
Wawanesa offers Lifetime Term coverage in 10, 15, 20, 25, and 30-year increments and a Term to Age 80. This is renewable and convertible coverage.
- Lifetime Term (10,15, 20, 25 & 30): Level premiums can be renewed until age 100.
- Life Term to Age 80: Level premiums until age 80. Can be renewed until age 100 with level premiums
- Life Term to Age 100: Level premiums until age 100. This is permanent pure cost insurance plan with no cash value and monthly premiums guaranteed to remain level for life.
2. Wawanesa Whole Life Insurance
Permanent life insurance is the other option available. This type of coverage is guaranteed for life and pays out a death benefit whether you die at the age of 45 or 94.
As with Term insurance, you select a face value and may be required to take a medical exam in order to qualify.
The biggest differences are the price (usually 6 to 8 times the cost of term) and its cash value feature.
Whole life insurance is a versatile product. It works great for final expenses (smaller policies) but can also be used to mitigate estate taxes or to leave money behind as gift. Click here to find out more about cash-value life insurance.
Wawanesa Particiapting Whole Life Insurance:
- Whole Life Pay to Age 100 (premiums paid to age 100)
- 20 Pay Whole Life (premiums stop after 20 years)
Both of these are guaranteed to remain level and are available for people 15 days old to 80 years old. Policies are eligible for annual dividends based on performance, which will be used to purchase additional coverage (Paid-Up Additions)
2. Wawanesa Life Critical Illness Plans
Critical Illness Insurance is something everyone has to think about, especially those of us who work for ourselves.
People are living longer than ever and, as a result, often recover from critical illnesses like cancer – living YEARS longer.
So what happens when you fall into this sort of category?
For example, many people who develop life-threatening conditions have to take time off work to fight their illness. If you have to take a leave of absence, how are you going to pay your mortgage and keep up with your bills?
Critical illness coverage pays out a tax-free lump sum if you contract a critical condition as defined in the terms of your policy.
Wawanesa has two plan types:
Wawanesa Critical Illness Comprehensive
A fully underwritten plan with 26 covered conditions (medical test may be required).
Wawanesa Critical Illness Core
This is a no medical CI plan with 4 covered conditions and 8 questions to qualify (no fluids or vitals required).
Both Critical Illness Comprehensive & Critical Illness Core offer the same plan types:
- 10-Year Term Renewable to Age 75: You can renew this policy every ten years, but remember your premiums will escalate.
- Level Term to Age 75: Premiums are guaranteed to remain level until you turn 75.
- Level Term to Age 75 with Flexible ROP: Premiums will remain level until you turn 75. If you reach 65 or 10 Policy years before the critical illness benefit is paid, and the policy is still in force, you can get 50% of your premiums refunded.
NOTE** Buyer beware. This product is complicated and governed by specific definitions when making a claim. Just because you develop cancer, for example, doesn’t necessarily mean you’re eligible, the cancer has to be advanced to qualify. Please read about the ins and outs of Critical Illness protection in my blog post here.
Wawanesa Life Insurance Rates
I always include basic rates in my reviews. They give you an idea of what to expect.
Please be aware that Wawanesa may not be the company that works best for your particular set of circumstances.
No one should ever use online quotes as a basis for their life insurance decisions. This is far too important of a purchase to do that!
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| Age | $250,000 | $500,000 |
| 35 Year Old Male | $21.25 | $33.75 |
| 35 Year Old Female | $16.88 | $27.45 |
| 40 Year Old Male | $29.25 | $49.05 |
| 40 Year Old Female | $22.73 | $38.25 |
| 45 Year Old Male | $45.67 | $76.95 |
| 45 Year Old Female | $33.08 | $58.50 |
| 50 Year Old Male | $73.12 | $130.05 |
| 50 Year Old Female | $53.55 | $94.50 |
| 55 Year Old Male | $127.58 | $234.00 |
| 55 Year Old Female | $87.97 | $166.05 |
| 60 Year Old Male | $227.70 | $428.40 |
| 60 Year Old Female | $160.43 | $300.15 |
| 65 Year Old Male | $374.85 | $713.25 |
| 65 Year Old Female | $254.70 | $485.10 |
*Wawanesa Insurance Quotes above are for Lifetime Term 20, standard non-smoker rate as of July 2024.
Wawanesa Life Insurance Reviews – PROS
1. Excellent Customer and Claims Experience
Wawanesa Life Insurance has a great reputation for quickly paying life insurance claims.
They bring some of that Western Hospitality to their customer and advisor experience.
2. Solid Financials and a Long History
Wawanesa has existed for over 100 years, weathering the Great Depression and World War II while still growing and thriving.
AM Best thinks they are a good bet and gives them some love with an A+ rating.
3. Acquisition of Western Life
Wawanesa Life’s merger with Western Life makes Wawanesa a stronger and more streamlined company. This is good news for policyholders regarding stability and access to more products.
3. Mutual Life Insurance Company
Like Assumption Life and Equitable Life of Canada, Wawanesa Life is a mutual insurance company. It is run based on what’s best for policyholders. If Wawanesa Life does well, it benefits policyholders directly through higher dividends and lowered premiums.
4. Best Guaranteed Cash Values For Whole Life
Compared to almost every other carrier in Canada, Wawanesa Life Insurance has the highest guaranteed cash values in its whole life policy. Also, its cost per thousand dollars of whole life coverage is 30-40% lower than most other life insurance companies.
5. Low Minimum Face Amounts for Traditional Whole Life
Look no further if you’re healthy and looking for a small whole-life policy to cover funeral or final expenses. Wawanesa offers full medically underwritten coverage for amounts as small as $10,000. Most traditional carriers’ minimums start at $25,000 or $50,000, which may be cost-prohibitive for many consumers.
6. Competitive Pricing
When I compare prices for term or whole life insurance, Wawanesa always appears in my top five list of affordable Canadian insurers.
7. Only Company to Underwrite Age as is
Almost all life insurance companies in Canada will categorize your age as to closest within 6 months of your birthday. What does that mean?
If you’re 59 years old but within 6 months of your 60th birthday, you’ll pay premiums at the same rate as a 60 year old, which means higher rates. With Wawanesa, you pay the rate for your actual age. So for example, if you’re 45 and 3 weeks away from your 46th birthday, you’ll pay the rate for a 45 year old. This could mean an 8% savings over the life of your policy, which could add up to be thousands of dollars!
Wawanesa Life Insurance Reviews – CONS
1. Limited Product Shelf
Wawanesa Life Insurance’s product shelf is indeed narrow. For example, they no longer offer any no medical life insurance plans.
However, what do you expect from a small insurer involved in many other offerings?
2. Western Centric
Although Wawanesa operates across and Canada and the United States, their head office is in Manitoba and they’re better known in Western Canada.
Is Wawanesa Life Insurance Right For YOU?
I have a confession to make: I love this company! Wawanesa is in my top 5 list of Canada’s best life insurance companies.
If you think Wawanesa Life Insurance is the company for you…you may be RIGHT!
…OR you may be wrong!
My advice is always the same: Do your homework, read reviews, and always speak to an independent life insurance agent. This Canadian insurer may be fantastic in every way, but it may not fit you.
Remember that your medical history, current health, age, and family background all play a role. If you select the wrong insurer for your situation, you pay THOUSANDS more over your term.
An independent agent can make all the difference in the world…
We work with the top life insurance companies in Canada, including Wawanesa. Take advantage of our experience by hitting the “Get Quote” button below or scheduling a call.
The best part? You don’t pay a dime for our advice.
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