Wawanesa Life Insurance Canada Review (Is it Worth it?)
Our Wawanesa life insurance review
To help you determine whether Wawanesa Insurance is right for you, we reviewed their different products, prices, features and customer feedback.
Our rating for Wawanesa life insurance: ★★★☆☆ (3/5)
Wawanesa offers a wide range of coverage from $10,000 to $10,000,000 for various term life policies. The customizability and option to add additional riders make their term life products a good choice for those Canadians who are likely to switch up their policy.
But, their prices have been rising and are much more expensive than the average cost of life insurance in Canada.
Who is Wawanesa Insurance?
Wawanesa Insurance is a Canadian-owned and operated insurance company operating since 1896 and based in Quebec.
With a network of offices, brokers, and agents across Canada and the United States, Wawanesa provides life insurance and other related products such as auto, home, renters, disability, long-term care and more.
The company also offers digital tools to simplify the policy selection process for its customers.
Wawanesa Life quick facts:
- The company has been providing insurance services since 1896 and is dedicated to providing quality coverage at a fair price.
- The company has an annual dividend program where policyholders may receive a portion of its profits each year based on how long they have held their policy with Wawanesa.
Wawanesa life insurance rates for 2023
Let's see how Wawanesa Life's term life insurance holds up to some of the competitive rates of Canada's best life insurance companies offering term life.
*Premiums are based on a 35-year-old woman seeking $500,000 in coverage for a 20-year term policy. Terms and conditions may apply.
Wawanesa life insurance: pros and cons
Read up on some of the pros and cons of Wawanesa life insurance based on their different products.
- Wawanesa has a large range of term lengths, from 10 to 30 years and lifetime terms to ages 80 and 100.
- Wawanesa Life's Lifetime Term to Age 80 plan has premiums that stay the same (level) to age 80, with renewal possible to age 100.
- No blood and urinalysis underwriting requirements for ages 18 to 45, up to $1,000,000 in coverage.
- Wawanesa's policies also offer living benefits like long-term care insurance, accelerated death benefits, or even critical illness coverage.
- Five rider options, including a child rider and mortgage protection.
- You can pay premiums with a credit card either annually or monthly.
- It may be challenging for individuals with pre-existing health conditions to get approved at lower prices.
- A T80 or 100 plan will likely cost you hundreds, not dozens, of monthly dollars.
- If you're going through an independent advisor (broker), many don't carry Wawanesa.
- There is a two-year waiting period for some health conditions – this could be seen as a downside for couples who need a policy right away or have pre-existing conditions that would require immediate coverage.
- The company does not offer any online quote tool, so customers must contact an agent or broker to get an accurate estimate of the cost of a policy.
Wawanesa life insurance products
Read more on Wawanesa Insurance's types of life insurance below.
Lifetime Term
Wawanesa's Term Life product is a great option for Canadians looking for coverage for a certain period.
With this product, you have the flexibility to choose between different terms, ranging from 10 years to 30 years, with coverage ranging from $10,000 up to $10,000,000.
On top of that, Wawanesa's term products do not require blood or urinalysis underwriting for ages 18 to 50 for coverage up to $499,999.
But the caveat lies in the price. The customizability and no medical underwriting process make their premiums pricey. If you're looking for straightforward coverage without paying for unnecessary bells and whistles, Wawanesa might not be for you.
Lifetime Term to 80 and Lifetime Term to 100
With the Lifetime Term to 80, coverage goes up to age 80, while with the Lifetime Term to 100, it goes up to age 100.
Both plans guarantee financial security throughout the chosen term and offer options such as conversion privileges that allow policyholders to swap to a permanent life insurance policy at any point during the term.
But the caveat with these term products is that they have higher premiums because they provide longer coverage than traditional temporary life insurance.
*Prices are based on a 35-year-old man seeking $500,000 in coverage. Prices are based on publicly available data as of April 2023. Terms and conditions may apply.
If you're not interested in term life insurance with Wawanesa, they also offer two types of whole life products. Let's dig into the coverage options.
Whole Life Pay to 100
Wawanesa's Whole Life Pay to 100 product is a life insurance plan that provides financial security for your family up to age 100.
It offers a guaranteed death benefit with cash value accumulation and the same monthly premium, making budgeting easier and shielding you from external rate changes.
But premiums are expensive, and coverage limits may be lower than those found in other permanent policies.
20 Pay Whole Life
Wawanesa's 20 Pay Whole Life product offers a reduced payment period of 20 years. It offers long-term protection with the same monthly premium and can potentially build cash value over time.
But like any other permanent policies, premiums may be more expensive up front, and coverage limits may be lower than other types of policies like the term.
Wawanesa life insurance customer reviews
Wawanesa's average score on Trustpilot is 2.3, and a 3.3 on Insureye.
We've collected the most informative customer satisfaction and customer complaints reviews we could find to provide a clear picture of customer service experience with Wawanesa is like.
Positive Wawanesa insurance reviews:
- "We had a fine experience with them, but it was a small policy. When we decided to take out a bigger policy, we went with a company that offered a better package" - Insureye review on April 11, 2012.
- "Great experience thus far! No issues with them and quick claim process." - Trustpilot review on January 19, 2022.
Negative Wawanesa insurance reviews:
- "They actually took so much money from me. They made mistakes while putting everything together. Then they tell me they can't do anything but have to take it. They also put other stuff on my insurance that I didn't even tell them to put it on, and I have been giving them money for without even knowing it." - Trustpilot review on January 2, 2021.
- "... When I contact Wawanesa, I was both coldly and rudely told. Sorry, nothing we can do. Bye. Given the fact we pay a ridiculous amount for less than mediocre benefits and they can't make a small expectation for a 14 days difference, when we don't typically go every 6 months as it is, shows how they just want to steal your money ..." - Insureye review on April 12, 2022.
How do you get monthly premium quotes from Wawanesa?
You can access your possible premium payment quotes with Wawanesa by contacting one of their customer service advisors by phone or through a life insurance broker.
Alternatively, you may want to avoid speaking to an life insurance advisor. In that case, you can calculate how much your monthly premiums could cost using an online resource called Winquote.
Winquote is a free online resource tool catered to help those shopping for life insurance. Customers can use WinQuote to research different types of available life insurance policies.
By inputting basic information like your age, gender, smoker status and the type of insurance coverage you're looking for, you can compare Wawanesa to other Canadian insurance companies.
FAQ: Wawanesa Life Insurance
The prices listed in this article have researched and fact-checked with both internal and external sources. Prices are based on publicly available rates as of April 2023.
Want to learn more about other life insurance options? Here are more reviews of Canadian life insurance companies:
- PolicyMe life insurance review
- Canada Protection Plan life insurance review
- Industrial Alliance life insurance
- Manulife life insurance review
- BMO life insurance review
- Canada Life insurance review
- Equitable Life Insurance review
- Best no medical life insurance companies
- Term life insurance reviews
- Canadian Premier insurance reviews
- Best life insurance companies in Canada
- Ivari life insurance review
- Beneva life insurance review
- Assumption Life life insurance review
- Humania life insurance review
- Biggest life insurance companies in Canada
Our sources:
Individual Products Offered - Wawanesa Life. (n.d.). https://www.wawanesalife.com/individual-life-insurance/individual-products-offered.html
WinQuote®. (n.d.). https://www.winquote.net/
Our mission is to empower Canadians to make informed financial decisions. To achieve this, we have an expert editorial team that includes licensed insurance advisors and financial planners. We prioritize the best interests of Canadian families and won't endorse any product, company or financial strategy that we believe isn't suitable. Our educational guides are crafted by in-house experts, like licensed life insurance advisors. Before publication, we subject our research and advice to scrutiny and comprehensive revisions for accuracy and completeness.
Our mission is to empower Canadians to make informed financial decisions. To achieve this, we have an expert editorial team that includes licensed insurance advisors and financial planners. We prioritize the best interests of Canadian families and won't endorse any product, company or financial strategy that we believe isn't suitable. Our educational guides are crafted by in-house experts, like licensed life insurance advisors. Before publication, we subject our research and advice to scrutiny and comprehensive revisions for accuracy and completeness.