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Wawanesa Insurance: Life Insurance Review

by Mark Cluett
6 min read

Wawanesa Life is the life insurance arm of Wawanesa Insurance,  a Canadian insurance conglomerate with products across the individual, home, farm and commercial business sectors. They offer term life insurance plans with terms ranging from 10 to 30 years and include a special term-to-age-80 option. When one chooses Wawanesa Insurance, they 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 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 Insurance has options for Permanent Life Insurance and Quick Issue Critical Illness Insurance products through Wawanesa Life.

While Wawanesa does business in the United States, this review focuses on Wawanesa Canada.

Pros

  • Multiple term life options are available with Wawanesa insurance products
  • Premiums are frequently among the most affordable available in the industry
  • Ability to create layered or ‘laddered’ structures with Wawanesa insurance products, 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 with Wawanesa insurance products
  • Underwriting process can take relatively longer than other companies
  • Policies can only be converted into non-participating permanent products

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

Who is Wawanesa Insurance?

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 and the United States. Wawanesa Insurance also offers automobile, farm, home and commercial business coverage. The parent company is a mutual insurance company, owned by its policyholders, allowing Wawanesa Insurance to align its business objective with the financial security and well being of its clients.

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

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Wawanesa Insurance: Quick Facts

  • When was Wawanesa Insurance founded? 1896
  • Where is Wawanesa Insurance headquarters? Winnipeg, Manitoba
  • AM Best Rating: A
  • Better Business Bureau Accreditation and Rating: No / A+
  • Assets: $1.5-billion
  • Annual Premiums: $280-million
  • Website: wawanesa.com
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

What types of term life insurance does Wawanesa Insurance offer?

Wawanesa Insurance offers competitively priced term life insurance throughout Canada.

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What term life insurance amounts and coverage does Wawanesa Insurance 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 Insurance offer?

Wawanesa Insurance offers a wide range of 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 – for those looking for a great price on insurance Wawanesa offers some of the country’s most competitively priced premiums. As insurance advisors for Wawanesa insurance products, we can help you decide if Wawanesa Insurance Canada is the best fit.

Speak to our licensed advisors and we will be able to assist you in finding you the best coverage for your needs – whether that be with Wawanesa Canada or another great Canadian insurance provider.

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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