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- Wawanesa offers a single Lifetime Term Insurance product with seven term length options: Term 10, 15, 20, 25, 30, term to age 80, and term to age 100 to meet different protection needs
- The Lifetime term insurance plan has coverage ranging from $10,000 to $20 million
- Wawanesa term insurance plan is available with current age pricing, which means premiums are based on your actual age at the time of application rather than your nearest age
- Wawanesa does not charge a separate policy fee, making it an affordable option
Wawanesa Lifetime Term Insurance is a flexible term life insurance policy with guaranteed premiums during your selected term. It has coverage ranging from $10,000 to $20 million, and the option to convert eligible policies to permanent life insurance without new medical evidence before age 71. The cost of Wawanesa term life insurance starts at $8.28/month for a healthy female non-smoker seeking $100,000 in coverage for a 10-year term and can go up to $133.29/month, depending on the age, gender, and health condition of the applicant.
Quick review
- PolicyAdvisor ratings: 4/5
- Best for: Those who want flexible coverage options up to age 100
- Skip if: You need coverage for multiple lives under one policy
About Wawanesa Life Insurance
Founded in 1961, The Wawanesa Life Insurance Company is the life insurance subsidiary of The Wawanesa Mutual Insurance Company, one of Canada’s oldest mutual insurers, established in 1896. Today, Wawanesa Life offers individual life insurance, group benefits, and investment solutions across Canada through a network of independent insurance brokers. Its life insurance portfolio includes both term and permanent life insurance, with a strong focus on flexible coverage options, guaranteed protection, and customizable riders.
Wawanesa Insurance’s financial strength
| AM Best Rating | A |
| Insurance revenue | $4.1 billion |
| LICAT ratio | 165% |
| Total assets | $12.5 billion |
Disclaimer: Figures and ratings are based on the latest available information and may change over time
What is Wawanesa term life insurance?
Wawanesa’s term life insurance product is called Lifetime Term Insurance. This is a renewable insurance policy that provides guaranteed death benefit protection for a selected coverage period. If the insured passes away while the policy is in force, beneficiaries receive a tax-free lump-sum payment that can be used to replace lost income, pay off debts, cover mortgage payments, or meet other financial obligations.
Unlike many standard term policies, Wawanesa offers seven term options: Term 10, 15, 20, 25, 30, Term to Age 80, and Term to Age 100. The term insurance plans are guaranteed renewable and can be converted to permanent life insurance (T100 is not convertible) before age 71 without providing new medical evidence. With Wawanesa term life insurance, you have the option to choose coverage that ranges from $10,000 to $20 million (coverage approval is subject to underwriting), making the product suitable for both personal and business insurance needs. All premiums are guaranteed, and policies become fully paid up at age 100 while lifetime coverage continues.
Key features of Wawanesa term life insurance:
| Available terms | Term 10, 15, 20, 25, 30, Term to Age 80, Term to Age 100 |
| Policy issue age (min & max) |
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| Coverage range | $10,000 – $20,000,000
Coverage amount is subject to applicable underwriting requirements. |
| Renewability |
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| Term exchange | Can be exchanged for a longer-term plan |
| Convertibility |
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| Policy fee | None |
| Underwriting classes | Tobacco user and non-tobacco user |
| Premium structure | Guaranteed and payable to age 100 |
| Riders |
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Who is eligible for Wawanesa life insurance?
To qualify for Wawanesa term life insurance, applicants must meet the insurer’s age and underwriting requirements. Eligibility includes:
- You must be a Canadian resident and meet the insurer’s underwriting requirements
- Your age must fall within the issue age range for your chosen term length:
- Term 10: 18-75 years
- Term 15: 18-70 years
- Term 20: 18-65 years
- Term 25: 18-60 years
- Term 30: 18-55 years
- Term to Age 80: 18-60 years
- Term to Age 100: 18-80 years
- You can apply for $10,000 to $20,000,000 in coverage (subject to underwriting and financial justification)
- You will complete underwriting that may include a health questionnaire, tele-interview, and, for some ages/amounts, medical tests
- To qualify for non-tobacco rates, you generally must not have used tobacco products during the 12 months immediately before applying. Specific conditions apply to occasional cigar use
Types of Wawanesa term life insurance plans
Wawanesa offers one term life insurance product, Lifetime Term Insurance, with seven term length options: Term 10, 15, 20, 25, 30, Term to Age 80, and Term to Age 100. This allows Canadians to choose a coverage period that aligns with their financial goals and the length of their financial obligations. Shorter terms are ideal for temporary needs such as personal loans or income replacement during peak earning years, while longer-term options protect mortgages, support estate planning, or provide lifelong financial security.
The coverage amount for Wawanesa term Insurance ranges from $10,000 to $20 million, with guaranteed premiums during the selected term. Most plans are guaranteed renewable, and all policies become fully paid-up at age 100, with coverage continuing for life without additional premiums.
What is covered under Wawanesa term insurance?
Wawanesa term insurance pays a tax-free death benefit to your beneficiaries if you pass away while the policy is in force. Your loved ones can use this payout to replace lost income, pay off a mortgage or other outstanding debts, cover funeral expenses, fund your children’s education, support business continuity, or meet other financial obligations.
In addition to the death benefit, Wawanesa term life insurance also includes the following:
- Guaranteed renewability: Term 10, 15, 20, 25, 30, and Term to Age 80 policies can be renewed without new medical underwriting, allowing you to maintain coverage even if your health changes
- Conversion privilege: Wawanesa term policies can be converted to a permanent life insurance policy before age 71 without providing new medical evidence, helping you secure lifelong coverage if your insurance needs change. Term to Age 100 is not convertible
- Lifetime coverage on maturity: Once the insured reaches age 100, the policy becomes fully paid-up, and coverage continues for life without any further premium payments
Pros and cons of Wawanesa term life insurance
| Pros | Cons |
| Offers one flexible term product with seven plan options: term 10, 15, 20, 25, 30, term to Age 80, and term to Age 100 | There are no preferred rates available for applicants with favourable health and lifestyle profiles |
| High coverage amounts from $10,000 to $20 million, suitable for both personal and business needs | Does not offer joint coverage options |
| Policies become fully paid-up at age 100, with lifetime coverage continuing and no further premiums | |
| Includes useful optional riders such as accidental death, child coverage, disability waiver of premium, and mortgage protection | |
| No additional policy fee, making it an affordable option for budget-conscious individuals |
How much does Wawanesa term insurance cost?
The cost of Wawanesa term insurance starts at $8.28/month for a female non-smoker aged 20 years and $9.45/month for a male of the same profile seeking $100,000 in coverage for a 10-year term. The cost, however, increases with age and if there’s a change in health conditions. Overall, some of the factors affecting Wawanesa term insurance include age, gender, smoking status, and health conditions of the applicant.
Cost of Wawanesa term life insurance (2026):
| Age (in years) | Male (non-smoker) | Female (non-smoker) |
| 20 | $9.45/month | $8.28/month |
| 30 | $9.45/month | $8.73/month |
| 40 | $10.53/month | $9.72/month |
| 50 | $18.00/month | $15.12/month |
| 60 | $44.10/month | $33.57/month |
| 70 | $133.29/month | $92.34/month |
*Illustrative term life insurance cost for male and female non-smoker seeking $100,000 in coverage for 10-year term
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What riders are available with Wawanesa Life Insurance?
The riders available with Wawanesa Life Insurance include the accidental death benefit, child critical illness rider, child protection rider, disability waiver of premium benefit, and mortgage protection benefit. These riders let you customize your policy based on your family’s financial needs.
- Accidental death benefit: This rider pays an additional death benefit of up to $250,000 if the insured dies as a result of a covered accident within 365 days of the accident. It is available on all eligible term plans and expires on the policy anniversary following the insured’s 70th birthday
- Child critical illness rider: This rider provides $10,000 or $20,000 in critical illness coverage for all eligible children diagnosed with one of 15 covered childhood critical illnesses, such as cancer, autism, congenital heart disease, or Down syndrome. No medical underwriting is required, although a 12-month pre-existing condition exclusion applies
- Child protection rider: This rider provides $5,000 to $30,000 of life insurance coverage for eligible children. It also gives each insured child the option to purchase up to five times the rider amount as an individual life insurance policy without medical underwriting, helping them secure lifelong coverage
- Disability waiver of premium benefit: If you become totally disabled before age 60, this rider waives eligible policy premiums after a 4-month waiting period and refunds premiums paid during that time. This ensures your life insurance coverage remains in force without requiring further premium payments while you are disabled
- Mortgage protection benefit: This rider helps cover your eligible monthly mortgage payments if you become totally disabled. Coverage is available in $100 increments up to $3,000 per month, with a choice of 2-year or 5-year benefit periods, and benefits are paid directly to your mortgage lender
What is the current age pricing with Wawanesa life insurance?
Wawanesa uses a current age pricing approach to calculate life insurance premiums. This means your premium is based on your actual age on the day you apply, rather than your nearest age, which is the method many insurers use.
With many insurance companies, if you are within six months of your next birthday, your age is rounded up for premium calculations. Wawanesa does not round up your age. Instead, it charges premiums based on your current age, which can result in lower premiums if you apply before your next birthday. This pricing approach can make Wawanesa more cost-effective for applicants who are close to their birthday.
Does Wawanesa term life insurance have a policy fee?
No, Wawanesa term life insurance does not charge a separate policy fee. Unlike some insurers that add an annual or monthly policy fee on top of the base premium, Wawanesa includes all policy and rider fees within the quoted premium. This means the premium you are quoted already reflects the cost of your coverage based on factors such as your age, health, smoking status, coverage amount, and selected term. The lack of a policy fee makes it a good option for those looking for an affordable term life insurance policy.
Does Wawanesa offer joint or multi-life coverage under its term insurance plan?
No, Wawanesa does not offer joint or multi-life coverage with its term insurance plan. It is available only as a single-life policy and does not offer joint first-to-die, joint last-to-die, or combined multi-life term insurance options under a single policy. Couples or business partners who both require coverage must purchase separate individual term life insurance policies. Each policy is underwritten independently, allowing each insured person to choose their own coverage amount, term length, riders, and beneficiaries based on their individual insurance needs.
How does Wawanesa life insurance compare to other providers?
Wawanesa term life insurance is a good choice for those seeking high coverage limits, flexible term options, and affordable pricing. It offers a single term life insurance product with seven term lengths (term 10, 15, 20, 25, 30, term to age 80, and term to age 100), coverage of up to $20 million, guaranteed premiums, guaranteed renewability on eligible plans, and the option to convert to permanent life insurance without additional medical underwriting before age 71.
To compare Wawanesa with other leading insurers based on pricing, policy features, customer satisfaction, and other features, read our guide to the best term life insurance companies in Canada.
Our advisor’s take on Wawanesa term life insurance
Recently, one of our advisors worked with a 38-year-old non-smoking professional who wanted affordable coverage to protect his family’s finances while paying off a mortgage. He was looking for a policy with competitive pricing, flexible term options, and the ability to convert to permanent coverage later.
Client profile:
- Age: 38-year-old non-smoking Canadian
- Coverage need: $1 million to replace family income, pay off the mortgage, and cover future education expenses
- Primary concern: Affordable premiums, flexible term lengths, guaranteed renewability, and the option to convert to permanent life insurance as his needs evolve
Our comparison: We compared Wawanesa Lifetime term insurance with other leading Canadian insurers based on premium competitiveness, available term lengths, coverage limits, conversion flexibility, and optional riders. Wawanesa stood out for its current age pricing, seven term options, coverage of up to $1 million, and conversion option on eligible plans.
Why we recommended Wawanesa term life insurance:
- Offers multiple term lengths: Term 10, 15, 20, 25, 30, Term to Age 80, and Term to Age 100
- Uses current age pricing, calculating premiums based on your actual age rather than using the nearest age
- Offers a range of optional riders, including accidental death, child protection, child critical illness, mortgage protection, and disability waiver of premium, allowing policyholders to tailor their coverage to their needs
How to buy Wawanesa term life insurance?
To buy Wawanesa term life insurance with PolicyAdvisor, here are the steps you need to follow:
- Compare personalized quotes: Share a few details about your age, health, lifestyle, and coverage needs to receive customized quotes from Wawanesa and other leading life insurance companies in Canada
- Speak with a licensed advisor: Our licensed insurance experts will compare Wawanesa with other insurers, explain policy features, and recommend the coverage that best suits your budget and long-term financial goals
- Complete your application: Apply online with expert guidance from our team. We will help you complete the application, coordinate any medical requirements (if applicable), and manage the underwriting process from start to finish
- Receive your policy: Once your application is approved, your Wawanesa term life insurance policy is issued, and your coverage begins
Ready to get started? Schedule a call with one of our licensed insurance advisors today and compare Wawanesa term life insurance quotes with other top Canadian insurers!
Need insurance answers now?
Call 1-888-601-9980 to speak to our licensed advisors right away, or book some time with them below.
Frequently asked questions
Can I convert my Wawanesa term life insurance to permanent life insurance?
Yes, it is possible to convert Wawanesa term life to permanent life insurance. Wawanesa’s term 10, 15, 20, 25, 30, and Term to Age 80 policies can be converted to an eligible Wawanesa permanent life insurance policy before age 71. Term to Age 100 policies are not convertible.
Is Wawanesa term life insurance worth it?
Wawanesa term life insurance is a good option for those looking for flexible coverage with seven term options, coverage of up to $20 million, current age pricing, guaranteed renewability on eligible plans, and conversion to permanent life insurance without additional medical underwriting. It is particularly well suited for individuals and families seeking long-term flexibility at competitive rates.
Does Wawanesa offer Term to Age 100 life insurance?
Yes, in addition to fixed-term options, Wawanesa offers Term to Age 100. This term life insurance plan provides lifetime coverage with level premiums payable until age 100. Once the policy is fully paid up, coverage continues for the rest of your life without additional premiums.
Can I add riders to my Wawanesa term life insurance?
Yes, you can add riders to Wawanesa term life insurance. The rider options available with Wawanesa term life insurance include: accidental death benefit rider, child critical illness rider, child protection rider, disability waiver of premium benefit, and mortgage protection benefit rider.
Does Wawanesa Term Life Insurance charge a policy fee?
No, Wawanesa term life insurance does not charge a separate policy fee. The premium you are quoted already includes the cost of your life insurance coverage based on factors such as your age, health, smoking status, coverage amount, and selected term. If you choose to add optional riders, their cost is simply added to your premium, with no additional standalone policy administration fee.
What underwriting classes does Wawanesa Life Insurance offer?
Wawanesa uses tobacco and non-tobacco underwriting classes to determine your life insurance premium. To qualify for non-tobacco rates, you must not have used cigarettes, cigars, pipes, chewing tobacco, nicotine products, or other tobacco products during the 12 months immediately before your application. Applicants who do not meet these requirements are generally placed in the tobacco rate class, which has higher premiums. An exception may apply to occasional cigar smokers who meet Wawanesa’s specific requirement.
Wawanesa Lifetime Term Insurance is available in term 10, 15, 20, 25, 30, term to age 80, and term to age 100 options, with coverage ranging from $10,000 to $20 million. It features guaranteed premiums, current age pricing based on your actual age at application, and guaranteed renewability on eligible plans. This term insurance policy can also be converted to permanent life insurance before age 71 without additional medical underwriting. Policyholders can further customize their coverage with optional riders, including accidental death, child protection, child critical illness, disability waiver of premium, and mortgage protection.
