As a relatively small mutual insurance company, Humania Assurance offers accelerated underwritten term life insurance policies via online applications at competitive prices. They offer 3 term life insurance policies (with or without medical exam) and various critical illness insurance products, including separate, condition-specific policies. Other products include disability insurance with multiple options, health insurance, travel insurance, and more.
Humania Assurance (Humania) is a mutual insurance company that has been developing insurance solutions focused on the needs of Canadians at competitive prices. It is also one of the oldest insurance companies based in Quebec and offers coverage to over 200,000 clients.
The company has a history dating back to 1874 when its predecessor business was founded by a Catholic bishop in Quebec. Following a business reorganization, the company was rebranded as Humania Assurance in 2012.
Humania Assurance is a relatively smaller mutual life insurance company compared to some of its global counterparts. They lead the way in insurance innovation by offering simplified and digital access to term life insurance products for their clients. They offer competitively-priced term insurance products that are quick to issue with accelerated underwriting.
1555 Girouard Street West, P.O. Box
Saint-Hyacinthe QC J2S 7C8
Canada-Wide Toll-Free: 1-800-773-8404
Based on 2019 financial reports.
Total premiums and deposits: $158.3 Million
Assets under administration: $689 Million
LICAT ratio: N/A
AM Best Rating: N/A
Term Life Insurance
Term life insurance is an insurance policy that lasts for a specific period of time. Your beneficiaries are entitled to receive a tax-free death benefit if you die within the term of the policy. Once that term expires, you can cancel your policy. However, many insurance providers will automatically renew your policy or have options to convert your coverage into permanent insurance.
Humania Assurance offers 3 different term life insurance products.
HuGo Life Insurance
- Quick issue; majority of policies insured on the spot within 45 minutes.
- Web-based, paper-free, no application signature
- Various terms starting from 10 to 30 years
- Renewable, Convertible, Exchangeable.
- Up to $5million in coverage
Insurance Without Medical Exam – Life Insurance
- Non-medical coverage for those with moderate to severe health conditions, that may have had difficulty obtaining insurance elsewhere
- Online application with immediate coverage, if approved.
- Up to $300,000 in coverage
- Renewal; guaranteed until 80 years of age
- Available to between ages 18 to 70
- Disability insurance (up to $2,500 per month) and Critical Illness insurance (up to $100,000) options also available with one’s policy
- Available to people aged 0 to 70 years of age
- Offers renewable terms of 10, 15, 20, 25 and 30 years as well as coverage up to age 80
- Each of the terms are renewable up to the age of 80
- Convertible insurance up to age 65.
- Up to eight additional benefits available, including waiver of premiums, insurance for accidental death, insurance for children and a guarantee of future insurability (subject to approval)
- Offers up to $2,000,000 in maximum coverage
For more information and an in-depth look at their coverage, read our Humania Assurance Term Life Insurance Review.
Critical Illness Insurance
Critical illness insurance is a living benefit insurance policy that pays out a tax-free lump sum if you develop a specified illness, health event, or undergo treatment while under its coverage, after a minimum of 30 days from when you are first diagnosed (90 days for cancer). This coverage is available for a period of time also known as term length, and you determine it when purchasing the policy.
Humania offers several options for those looking for critical illness coverage.e
Term Critical Illness Insurance
- Basic (4 illnesses) and enhanced (25 illnesses) coverage available
- Terms are available 10, 15, 20, 25, 30, or 75 years
- Return of premium available after 15 years or at age 65
- Coverage amounts from $25,000 to $1,000,000
Critical Illness Insurance Without Medical Exam
- Simplified application with only 6 health questions asked; immediate coverage
- Terms available are 10 or 20 years
- Return of premium on death
- Coverage amounts from $5,000 to $100,000
Prohealth Cancer Insurance
- Critical illness insurance that covers minor and major cancers only
- Instant online fulfillment
- Guaranteed premiums for 10 years
- Coverage amounts from $5,000 to $75,000
- Basic (4 illnesses), comprehensive (24 illnesses). and enhanced (25 illnesses) coverage available
- Return of premium available after 10 years of coverage
- Life-pay, 20-pay, and pay to age 65 options for premium payment
- Options for life insurance riders and return of premium on death for comprehensive coverage
- Coverage amounts from $25,000 to $1,000,000
For more information and an in-depth look at their critical illness coverage, read our Humania Assurance Critical Illness Insurance Review.
Disability insurance (or income protection insurance) is a policy that offers you protection against loss of income. It replaces a substantial portion of your paycheque if you become disabled until you return to good health and resume work (or the end of your coverage period).
Humania Assurance offers six different options for disability insurance.
A personal disability insurance policy that helps pay your monthly debts when, due to injury or illness, you no longer have an income source.
Insurance Without Medical Exam – Debt Insurance
Instant issue insurance to cover debts should you suffer an injury.
Insurance Without Medical Exam – Income Insurance
Instant issue insurance to replace income should you suffer an injury.
Customizable, affordable disability insurance that can replace up to $1,200 of your monthly income.
Disability insurance focused on entrepreneurs and business owners. It is meant to reimburse overhead expenses so that your business survives your disability.
Humania’s most customizable disability insurance policy covering total, and partial disabilities.
Humania offers insurance policies to protect your growing family through illness or accidents.
- Critical illness insurance for children which covers 37 illnesses (including many specific to children)
- Coverage amounts from $10,000 to $50,000
- Instantly issued
Fracture Accident Insurance
- $10,000 in coverage in the case of accidental fractures
- Available from 14 days to 75 years
- Optional coverage for accidental death and dismemberment ($25,000)
Street-Wise Accident Insurance
- Coverage for both natural and accidental death, dismemberment and loss of use, and fractures and hospitalization
- Up to $200,000 in coverage
- Available from 15 days to 70 years old
Humania’s Tour+Med travel insurance can cover up to $5,000,000 in travel related expenses/ It covers medical expenses, doctor’s fees, private care, drugs, accidental death, transportation, and much more.
Humania offers unique insurance plans to cover medical and health expenses.
Prohealth-Hospitalization Insurance provides up to $150 per day if an insured person is hospitalized, as well as further benefits for recovery. Prohealth-Medical Expense Insurance provides up to $10,000 in coverage to handle everyday medical expenses like physiotherapists, chiropractors, diagnostic services, laboratory fees, plaster casts, slings, hernia belts, hearing aids, dental accidents, and more.
The information and views provided herein is for general informational purposes only and should not be considered legal or financial advice.