Humania Term Life Insurance Review for 2021 - PolicyAdvisor
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Humania Assurance Term Life Insurance Review

SUMMARY

If convenience is your thing, Humania Assurance may be the best option for you. They offer quick, online, application processes with few hoops to jump through and multiple term options (10 to up to 30-year terms). They offer competitive pricing via bundles with other product lines including debt insurance and critical illness insurance as well as non-medical options.

By Jiten Puri
CEO & Founder, Insurance Advisor, LLQP
7 min read
IN THIS ARTICLE

Product

HuGo

AM BEST RATING

N/A

POLICYADVISOR RATING

Best for Quick Issue Options

Humania life insurance ratings and review

Humania Assurance offers multiple term life insurance products, including both medical and non-medical coverage options.

Humania’s flagship HuGo Life Insurance product aims to accept your application quickly with the least requirements possible. The product is web-based and paper-free. 

The majority of policies are insured on the spot (more than 65%) in less than 45 minutes, with many completed in 15 minutes or less. HuGo is available for multiple terms, up to a maximum of 30 years. The company also offers a fixed premium term policy of up to age 80 and a conversion term of up to age 100. The product is convertible and renewable, with two renewal options: Gold and Platinum. Gold renewal is the standard renewal option although you could choose the more expensive platinum option, whereby your renewal prices upon initial maturity will be lower. 

The policy is also exchangeable between the first and fifth policy anniversaries for a term policy of longer duration. Riders for accidental death and dismemberment and waiver of premium on account of disability are available with this product.

Currently, Humania Assurance is also offering HuGo Critical Illness Insurance (critical illness cover up tp $25,000 for 25 different conditions) and HuGo Debt Insurance (which covers monthly payments for all types of debt up to $1,500 per month, if the person insured becomes disabled) without any additional requirements, if a customer is approved for HuGo Life with $100k or more coverage.

Humania Assurance offers two other term life insurance products:

  • Insurance without Medical Exam(IWME), a simplified non-medical product, for those who – for medical or other reasons – have had difficulty in obtaining life insurance. There is no medical exam involved. You need to answer 6 eligibility questions and are protected immediately upon receipt of your online application and the first premium payment. In addition to life coverage, the IWME product can also be used to add critical illness and disability insurance coverage.]
  • Term Life Insurance, a fully underwritten term life product. It is a flexible product, with possible terms of  10, 15, 20, 25, 30 years and term-to-age-80. It is renewable and convertible and comes with eight additional customizable benefits. It also has a multi-policy and family discount.

Pros and cons

Pros

  • Competitively priced term insurance options
  • Multiple coverage terms available 
  • Ability to exchange policy into a longer term for evolving insurance needs
  • Simplified and quick fulfilment options are available
  • Digital or e-policies – one of the few Canadian life insurers that offer a digital policy
  • Non-medical product options available for those with moderate to serious health concerns
  • Automatic approval for critical illness and debt disability coverage for those with standard health

Cons

  • No preferred pricing available for better health clients, although standalone pricing is usually competitive for the HuGo product
  • Conversion option only available up to age 65
  • No online access to policy details
  • Term coverage only available until age 80
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Who is Humania Assurance?

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.

Humania Assurance: Quick Facts

    • Founded: 1874
    • Headquarters: Saint-Hyacinthe, Québec 
    • AM Best Rating: —
    • Better Business Bureau Accreditation and Rating: Yes/A+
    • Assets: $600-million
    • Annual Premiums: $158-million

How much does life insurance from Humania cost?

Representative values for HuGo, based on non-smokers in good health. $500,000 coverage, 20-year term.

Age Male Female
20 $32.40 $23.40
25 $32.40 $23.40
30 $32.40 $23.40
35 $34.65 $26.10
40 $51.30 $36.00
45 $81.00 $56.70
50 $135.50 $91.80
55 $242.55 $171.00

Check out PolicyAdvisor's life insurance calculator.

Types of term life insurance policies Humania offers

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

Term Life Insurance

  • 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

55-75 product

  • Specifically designed for people aged between 55 and 75
  • Offers cancer insurance, hospitalization insurance and medical expenses coverage

Coverage and policy details

  • Available Term Lengths: 10,15, 20, 25, and 30-year,  and up to age 80
  • Available Term Types: Guaranteed, level premiums
  • Maximum Amount of Coverage: Product limits vary. HuGo: $5,000,000
  • Renewability: Yes (see above)
  • Convertibility: Yes
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What other insurance policies does Humania Assurance offer?

Humania Assurance offers a wide range of insurance products to customers, apart from term life, such as:

Is Humania Assurance right for you?

Humani Assurance offers unique life insurance coverage products that are a great fit for many Canadian consumers. As insurance advisors for Humania Assurance’s life insurance products, we can help you decide if Humania life insurance policies 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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By Jiten Puri
CEO & Founder, Insurance Advisor, LLQP
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