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Wawanesa Term Life Insurance Review

by Mark Cluett
5 min read

Best Life Insurance For Price

Wawanesa Whole Life Insurance

Wawanesa Insurance

A

AM Best
financial strength rating

PolicyAdvisor.com Rating

Best Life Insurance For Price

Wawanesa Whole Life Insurance

Wawanesa

A

AM Best
financial strength rating

PolicyAdvisor.com Rating

Wawanesa Term Life Insurance Review

Wawanesa is a Canadian insurance conglomerate with products across the individual, home, farm and commercial business sectors. They offer term life insurance products with terms ranging from 10 to 30 years and include a special term-to-age-80 option. One can potentially layer term plans if they enact a base plan and add up to four term-riders of various initial term lengths within a single policy. 

Preferred underwriting is available, with 3 nonsmoker and 2 smoker classes. Wawanesa’s insurance products are frequently the most affordable in Canada, depending on the applicant’s age and other individual factors.

Apart from pure term life insurance, Wawanesa offers Permanent Life and Quick Issue Critical Illness products.

Pros

  • Multiple term life options are available 
  • Premiums are frequently amongst the most affordable available in the industry
  • Ability to create layered or ‘laddered’ structures, given the availability of multiple coverage options
  • Most products are lifelong renewable, albeit at higher prices
  • The company does not charge any policy or rider fees, which helps keep the premiums very affordable
  • Ability to get coverage without medicals for up to $500,000, if you are below the age of 45

Cons

  • No option for digital or electronic policy
  • Underwriting process can take relatively longer than other companies
  • Policies can only be converted into non-participating permanent products
Wawanesa Term Life Insurance Pricing Representative values, based on non-smokers in good health. $500,000 coverage, 20-year term.
AgeMaleFemale
30$28.32$22.50
35$32.85$26.55
40$48.60$35.10
45$75.60$53.55
50$130.50$85.95
55$238.05$158.40
60$429.75$289.80
60$730.54$489.60

Who is Wawanesa?

Wawanesa Mutual, founded in 1896 with executive offices in Winnipeg, is the parent company of Wawanesa Insurance, which distributes life insurance products and services throughout Canada. Wawanesa also offers automobile, farm, home and commercial business coverage. The parent company is a mutual insurance company, owned by its policyholders, which allows it to align its business objective with the financial security and well being of its clients. Wawanesa operates Wawanesa General, which offers P&C insurance in California and Oregon.

While Wawanesa Mutual is one of the largest property and casualty insurers in Canada, it has a relatively smaller life insurance business. Wawanesa’s life insurance business has been in operation since 1960. In 2017, Wawanesa acquired the Western Life Insurance business from Desjardins.

Wawanesa: Quick Facts

  • Founded: 1896
  • Headquarters: Winnipeg, Manitoba
  • AM Best Rating: A
  • Better Business Bureau Accreditation and Rating: No / A+
  • Assets: $1.5-billion
  • Annual Premiums: $280-million

What types of term life insurance does Wawanesa offer? 

Wawanesa offers competitively priced term life insurance.

What term life insurance amounts and coverage does Wawanesa offer?

  • Available Term Lengths: 10, 15, 20, 25, and 30 years terms, and term to age 80
  • Available Term Types: Level coverage. Single and joint life options are available
  • Maximum Amount of Coverage: $10,000,000
  • Renewability: Yes, lifetime renewable at the end of the initial term, with the last renewal at age 80
  • Convertibility: Yes, convertible until age 70

What other insurance coverage does Wawanesa offer?

Wawanesa offers a wide range of insurance products to customers, apart from term life and other living benefits mentioned above, such as:

  • Auto insurance
  • Home insurance
  • Condo insurance
  • Tenant insurance
  • Farm insurance
  • Commercial business insurance
  • Whole life insurance

Is Wawanesa Insurance right for you?

Wawanesa Insurance offers unique life insurance coverage products that are a great fit for many Canadians consumers that value the convenience offered by non-medical products. As insurance advisors for Wawanesa insurance products, we can help you decide if Wawanesa products are the best fit for you.

As Canada’s best online life insurance advisor, we will assist you in comparing and choosing products across all our partner companies. Speak to our licensed advisors and we will be able to assist you in finding you the best coverage for your needs.

The information above is a brief representative summary for indicative purposes only. It does not include all terms, conditions, limitations, exclusions, termination and other provisions of the policies described, some of which may be material to the policy selection. Please refer to the actual policy documents for complete details. In case of any discrepancy, the language in the actual policy documents will prevail. A.M. Best financial strength ratings displayed above are not a warranty of a company’s financial strength and ability to meet its obligations to policyholders.

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