Best Life Insurance Canada 2021: Company Reviews - PolicyAdvisor
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Reviews: Best Life Insurance Canada

SUMMARY

Our life insurance reviews let you compare and shop for the best life insurance policy in Canada. Our criteria focus on factors like choice in terms, benefit amounts, no medical options, online access, options for couples and parents, smokers, and more. While we can’t recommend one provider as the best life insurance company for everyone looking, we provide the research and reviews for you to make an informed choice.

By Carly Griffin
Insurance Advisor, LLQP
28 min read
IN THIS ARTICLE

Are you looking for the best life insurance in Canada? Wondering what coverage is best for you and your partner? Or trying to decide which company will get you a life insurance policy fastest? You’re in luck. PolicyAdvisor is unique qualified to review Canada’s life insurance companies.

best life insurance canada

The best life insurance in Canada comes from Manulife, Sun Life, Canada Life, Desjardins, and iA (Industrial Alliance) if we base our criteria strictly on the amount of insurance premiums they take in.

But size is just one factor. When Canadians search for the best term life insurance they need an informed checklist of what to look for when choosing the right policy and coverage for their needs.

Our life insurance reviews let you compare and shop for the best insurance quotes in Canada. Read further and find out:

  • The best life insurance for couples and families
  • The best insurance company for no medical coverage
  • Your best options for layering or laddering your life insurance coverage
  • The best-priced life insurance policy in Canada
  • The quickest issue life insurance coverage
  • The different types of life insurance available
  • And much more
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How does life insurance work?

Life insurance is an agreement between you and a life insurance company, where if you die, they will pay a death benefit: a lump sum of tax-free money to someone you choose. In exchange, you agree to periodically pay them an insurance premium: a small amount of money over time.

You both decide on the amounts of cash coming in and out and the timeframes involved, but in a super, simplified form, that’s really it.

What type of life insurance do I need?

There are several different types of life insurance you can choose from in Canada. At its most simple level, you can choose between two main types of life insurance: a permanent life insurance policy (also known as whole life insurance; these sometimes have cash value) and a term life insurance policy.

Many Canadians are best served by term insurance. This is a temporary type of life insurance coverage you apply for a set number of years, commonly a 10, 20, or 30-year life insurance term. 

The following reviews are based on the term insurance offerings of the respective life insurance companies. Term insurance is a specific kind of straight-forward life insurance coverage. It still provides payment to your beneficiary in the unfortunate case of your death, but only if that were to happen within a specified length of time, or ‘term’.

While this type of life insurance is typically purchased in decade-long chunks as mentioned above, you can choose smaller and more customized term lengths as well. If you prefer you can set your life insurance coverage to last until you hit specific age milestones like senior-citizen status at 65.

Why should I get life insurance?

As we mentioned in our Honest Guide To Life Insurance  – a better question to ask yourself is do the people in your life need you to have life insurance coverage?

Life insurance’s purpose is for clearing out debts (personal or business-related) and supplying an income replacement source to those who rely on you in the unfortunate circumstance that you’re no longer around.

How much life insurance do I need?

How much life insurance coverage you need is based on a few factors. You would have to take into account the amount of debt you currently have (including your mortgage), your family’s living expenses (if applicable), your children’s education costs, other future events and opportunities, and then evaluate your current assets. The rule of thumb is to have 6 to 10 times your annual income, but coverage is not one-size-fits-all.

That’s a lot to keep in mind. If you need a hand in determining how much life insurance you need, our online insurance calculator can help you figure it out in minutes.

If you have time for reading and research, our page on how much life insurance one needs is a great place to start.

How much does life insurance cost?

Life insurance costs vary widely based on factors like age, health, gender, and lifestyle. The good news is that if you’re in your twenties (especially your early twenties), age won’t be a factor in driving up premium costs.

Other factors, like whether or not you smoke, have a pre-existing health condition or partake in any extreme sports, can have an influence on the cost of life insurance.

Lastly, the type of life insurance you choose will also affect the price, with whole life insurance typically having higher premiums than term life insurance.

Your best bet is to get life insurance quotes using our online tools to find out exactly how much life insurance may cost for you.

Read more:

Which insurance company should I choose?

Canadians have unique needs when it comes to life insurance and there is no shortage of insurance companies in Canada offering distinct policies for even those who are difficult to insure due to their state of health, travel and lifestyle history, or extreme hobbies.

We can’t recommend catch-all providers as the best life insurance companies that are right for everyone looking for the protection and security that term insurance provides. That’s why we researched and wrote the Canadian life insurance reviews you’ll see in this article.

Some people weigh a company’s size, financial strength ratings, and technology offering when choosing an insurance company and searching for life insurance quotes.

To read more about how to compare life insurance providers, read our feature on the biggest insurance companies in Canada as well as our reviews for other types of life insurance like the best whole life insurance, and best critical illness coverage.

Reviews of Canadian Life Insurance Companies

PolicyAdvisor.com has painstakingly researched the best life insurance companies in Canada. Years of profiling and analyzing the industry’s top offerings gives us the unique opportunity to review the best insurance companies in Canada and present you with a list of the top providers to compare term life offerings and policies available in the category.

The following reviews are a must-read for anyone compare this type of life insurance in Canada, though head here if you want to compare quotes right now.

The best life insurance in Canada in 2021

Term Life

AM BEST RATING

A-

POLICYADVISOR RATING

Best For Simplified Issue

Best Insurance for Simplified Issue: Assumption Life

Assumption Life offers five separate products for customers looking for non-medical life insurance policies.

A life insurance policy offered by Assumption Life also offers flexibility to seek coverage for higher amounts after medical and financial underwriting.

Pros:

  • Multiple term coverage options
  • Simplified, non-medical issue options
  • Quick, easy electronic process
  • Decreasing option available for mortgage coverage
  • Online access to account
  • Exchange and conversion options let policyholders convert to longer term or permanent coverage

Cons:

  • Only issues paper policies, no digital option
  • Breadth of options can be confusing
  • High policy fees and rider fees on non-medical policies

Click here to read our full Assumption Life review.

Term Life

AM BEST RATING

A

POLICYADVISOR RATING

Best For Affordability

Best Insurance for Affordability: BMO Insurance

BMO Insurance’s term life insurance is a great option for individuals, couples, or business owners. It can cover mortgage payments and other debts, final expenses, funeral expenses, and provide for dependents and also be used to protect businesses and their key employees.

Pros:

  • Value for money pricing
  • Multiple term life insurance coverage options available
  • Ability to exchange 10-year policy into longer term (15, 20, 25, and 30 year coverage options)
  • Compassionate benefit program allowing advance of term life insurance coverage amount for policy holders needing financial support while dealing with a terminal illness
  • Options to convert into a permanent life insurance policy
  • Electronic contract delivery
  • Multi-policy discount available
  • Top 10 largest insurance company based on annual premium

Cons:

  • No online account
  • Only issues paper policies, no digital option
  • Longer-term life insurance policy (Term 25 and Term 30) not renewable

Click here to read the full BMO review.

Term Life

AM BEST RATING

A+

POLICYADVISOR RATING

Best For Financial Strength

Best Insurance for Financial Strength: Canada Life

Canada Life, one of the country’s largest life insurers, is a member of the Power Financial Corporation group of companies which also includes the Great-West Life Assurance Company. With $396 billion in assets and a financial strength rating of A+ from A.M. Best, Canada Life is one of the most stable life insurers in the country.

Founded in 1847, Canada Life was the first domestic life insurance company in Canada. The company’s strong capitalization and diverse insurance offerings make it a provider of choice to millions of Canadian life insurance consumers and businesses alike.

The company’s insurance products includes a variety of term life insurance policies that are customizable to individuals’ unique needs and financial situation. Canada Life offers term life insurance with several options including level premium convertible term policies, fixed-term non-renewable policies, and optional additional policy riders to add a different type of life insurance if required.

Pros

  • Choose a customer term length from 5 to 50 years
  • Multiple rider options for single and joint policies
  • Can convert into Canada Life permanent life insurance policy

Cons

  • Minimum $100,000 coverage or $500 annual premium required
  • Limited digital policy or access to online account features

Click here to read the full Canada Life review.

Term Life

AM BEST RATING

N/A

POLICYADVISOR RATING

Best For Non-Medical

Best Insurance for Non-Medical Policies: Canada Protection Plan

Canada Protection Plan is unquestionably the leading provider of non-medical life insurance and simplified issue life insurance products in Canada.

If you’re having difficulty finding insurance, have been rejected for life insurance in the past, or simply want to apply and get approved for life insurance quickly, Canada Protection Plan is one of your best options for a simplified issue life insurance policy.

Though keep in mind: if you are in good health and don’t mind the few weeks of waiting period which often accompanies medical underwriting, a lower-priced life insurance policy may be available to you.

Pros:

  • Multiple products offering simplified, no-medical coverage for applicants across all health categories
  • Most products are available through a quick, simple, online application without any medical tests
  • Several terms are available including 10, 20, 25, and 30-year coverage
  • Affordable coverage pricing, especially when compared to pricing multipliers (aka ratings) imposed by traditional insurance companies on applicants with prior health issues
  • Available to temporary residents such as those on a student or work visa– you don’t have to be a Canadian citizen or work permit holder
  • Most plans offer life protection from the time the policy is put in place
  • Customers can pay annual premiums by credit card
  • All plans convertible to permanent coverage until age 70
  • Decreasing term option available (ideal for covering mortgage debt)

Cons:

  • Can be more expensive than plans from other insurers for those in good health. You pay a higher premium in exchange for the convenience of coverage with no-medical underwriting.
  • Coverage amounts are limited to a maximum of $1-million. If you require higher coverage, you will need to look for another insurance provider
  • Coverage ends at age 80 versus age 85 for most other Canadian providers

Click here to read the full Canada Protection Plan review.

Term Life

AM BEST RATING

N/A

POLICYADVISOR RATING

Not Recommended

CIBC Insurance: Not Recommended

CIBC has a simplistic term life offering two standard products for coverage. While its simplicity makes it easy to understand, CIBC’s insurance product suite doesn’t offer as much customization as most bigger Canadian insurance companies, and similar coverage from more established providers is usually less expensive.

As well, CIBC Insurance offers limited options for converting the policy once the term has ended.

Pros:

  • CIBC Life Insurance is backed by the CIBC brand name, albeit a very small player in the Canadian life insurance industry
  • CIBC offers pure term (including guaranteed acceptance term) and permanent life insurance (Term-to-100) through a conversion option

Cons:

  • Only 2 coverage terms available: 10 and 20 years. If your coverage needs differ from these two terms, you will have better options with other Canadian insurance providers
  • No options for joint/child/family coverage
  • Conversion options are limited to term-100 permanent life insurance coverage. No whole life or universal life conversion options
  • There are limited riders or optional add-ons to augment coverage such as child term riders, guaranteed insurability, critical illness riders, and exchangeability
  • CIBC Insurance premiums are typically more expensive than larger Canadian insurance companies
  • Maximum age to obtain coverage is 64 years old, less than the 70-75 years range offered by other providers
  • Term coverage ends at 75

Click here to read the full CIBC review.

Term Life

AM BEST RATING

N/A

POLICYADVISOR RATING

Best For Stability

Best Insurance for Stability: Desjardins Insurance

Desjardins is one of Canada’s largest financial institutions and is frequently ranked among the world’s 50 safest banks and financiers.

Desjardins offers a few term life options to cover fixed-term needs such as lifestyle protection, mortgage coverage, or providing for your children’s education. The product offers a number of benefits and features that are expected based on industry standards.

Pros:

  • Offers multiple add-on riders and benefits, giving flexibility to augment basic life coverage
  • Robust suite of critical illness insurance, disability insurance, and permanent life insurance policies; you can obtain comprehensive protection through one provider
  • Allows multiple applicants on the same policy; 1 policy can cover the needs of an entire family
  • Ability to convert shorter-term products into longer-term products
  • Offers multi-policy discounts; can add up to significant savings during the course of coverage
  • Online account access

Cons:

  • Limited term options; there are only 4 predetermined options to choose from
  • Cheaper straight term options are available from the competition
  • Offers paper policies by default, though digital copies are available from your advisor

Click here to read the full Desjardins Life Insurance review.

Term Life

AM BEST RATING

A

POLICYADVISOR RATING

Best For Personalization

Best Insurance for Personalization: Empire Life

Empire Life Insurance offers the Solution series of term life insurance products, which provide life insurance coverage for 10, 20, or 30-year terms and a permanent product up to age 100.  The Solution series offers flexible and affordable coverage with coverage available upon renewal up to age 100.

Empire Life also offers annual renewable terms (ART), where your life insurance policy renews every year, as opposed to a multi-year term.

Given a wide choice of products and term options to choose from, Empire Life Insurance term life products can be personalized to create a comprehensive coverage to suit individual needs

Pros:

  • Provides some of the most versatile coverage options in Canada
  • Ability to exchange shorter term policies (Annually renewable and 10 years ) into longer Empire Life term policies (20-year and 30-year coverage options)
  • Instant approval possible
  • Electronic contract delivery possible
  • Highly competitive premiums
  • Comprehensive offering of insurance riders
  • Solution 100 policy has cash values (unique for term policies)
  • Online account access

Cons:

  • Limited term options
  • Annual renewable term coverage tops out at $499,999

Click here to read our full Empire Life review.

Term Life

AM BEST RATING

N/A

POLICYADVISOR RATING

Best For Families

Best Insurance for Families: Equitable Life

Equitable Life of Canada is one of the country’s largest mutual companies. The company offers various low-cost life insurance options, both for term and permanent life insurance markets. These options are designed to offer a variety of needs – from basic protection for families’ financial security to business protection for entrepreneurs and those that own their own company. For pure term insurance, the company offers 10-, 20- 30-year, and age 65 coverage.

They also offer both single and multi-life coverage in the same policy, providing family members with coverage within the same contract and savings on policy fees.

Equitable’s multiple term offerings allow the flexibility to combine them into a single life plan to allow ‘laddering’ of coverage; whereby you can only pay for coverage that you truly need.

Pros:

  • Options to bundle coverage with critical illness and other term life riders
  • Term policies can convert into a robust suite of permanent plans offered by Equitable, regardless of health
  • Preferred clients automatically qualify for EquiLiving critical illness insurance
  • Can create family plan by adding child term rider
  • Online account access available

Cons:

  • Only limited terms are available
  • Paper policy only, does not offer an electronic policy
  • Mid-range policy rates
  • Limited term offerings

Click here to read our full Equitable Life review.

Term Life

AM BEST RATING

A

POLICYADVISOR RATING

Best For Giving Back

Best Insurance for Giving Back: Foresters Financial

Foresters Financial’s Term Life Insurance is a pure term insurance product – as its name suggests. It is renewable and convertible to their permanent life insurance products, without having to go through additional medical underwriting. It is also exchangeable for another term insurance policy with a longer term, if it is offered by Foresters at the time of exchange. This is an excellent product for meeting changing financial needs, with the added advantage of optional riders for children’s life insurance, accidental death benefit, waiver of premiums, and additional term riders.

Pros:

  • Multiple coverage terms available
  • Simplified and quick fulfillment options available
  • Convertible into Foresters’ suite of permanent life insurance products, which offer both participating and non-participating options
  • Unique community membership benefits

Cons:

  • Term products are priced higher than some comparable industry products
  • No online access to policy details
  • No digital or e-policy upon approval, only paper policy

Click here to read our full Foresters review.

Term Life

AM BEST RATING

N/A

POLICYADVISOR RATING

Best For Quick Issue

Best Insurance for Quick Issue Options: Humania

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.

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 fulfillment 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

Click here to read our full Humania review.

Term Life

AM BEST RATING

A+

POLICYADVISOR RATING

Best For Flexibility

Best Insurance for Flexibility: Industrial Alliance

Industrial Alliance (iA) life insurance offers many customizable options with their term life policies, with Pick-A-Term being the most unique. It lets applicants design their own coverage term within a range of 10-to 40-year periods based on their specific individual needs and financial circumstances.

Pick-A-Term lets applicants sync their life insurance coverage with the specific years they may have outstanding debt or to align it with the years of financial support their dependents may need.

Pros:

  • High degree of flexibility to design personalized coverage
  • Pick-a-term feature has few industry parallels
  • Both level and decreasing options
  • Optional disability rider; when used in conjunction with decreasing coverage option makes for a compelling mortgage protection product
  • Non medical simplified and guaranteed product options available through Access Life
  • Online access to account
  • iA’s underwriting can be more accommodating than other providers

Cons:

  • No electronic policy – applicants will receive paper policy
  • There may be less expensive alternatives available for straight term coverage

Click here to read our full Industrial Alliance review.

Term Life

AM BEST RATING

A+

POLICYADVISOR RATING

Best For Layering

Best Insurance for Layering: ivari

ivari is an 80-year old insurance company with multiple individual coverage products. It was once the Canadian branch of Transamerica Life. Term life policies from ivari are available on their own for temporary protection needs, or they can be layered with different terms or with universal life or critical illness protection to create personalized coverage that spans a longer length of time. It is available in 10-, 20- or 30-year terms.

Pros:

  • ivari offers a number of optional riders, including a children’s insurance rider
  • Multiple term options are available
  • 30-year term offers unique flexibilities, upon maturity

Cons:

  • Ivari products tend to have higher premiums, compared to other insurers in the market
  • You do not have the flexibility to choose your own term
  • No digital access to policy

Click here to read our full ivari review.

Term Life

AM BEST RATING

A+

POLICYADVISOR RATING

Best Digital Innovation

Best Insurance for Digital Innovation: Manulife

Manulife is the largest insurer in Canada and one of the largest life insurers on the entire planet. However, while size is not always synonymous with quality, Manulife’s dedication to setting the pace for digital innovation in life insurance means their product is also one of the country’s best.

The company is among a very small group of Canadian life insurers that offer electronic policy delivery. The company’s underwriting process utilizes predictive analytics to approve up to two million dollars in life insurance coverage without the need for medical underwriting.

Pros:

  • Offers a fully electronic, digital fulfillment
  • Offers a cash advance if the insured is diagnosed with a terminal illness
  • Shorter-term products (Term 10, Term 20) can be exchanged for longer-term products (Term 20, or Term 65)
  • Optional feature to increase coverage up to the 5th anniversary of the policy, available on certain term life products

Cons:

  • Limited term options are available
  • Pricing is more expensive than comparable term life products available in the market

Click here to read our full Manulife review.

Term Life

AM BEST RATING

A

POLICYADVISOR RATING

Best For Value For Money

Best Value For Money: RBC Insurance

RBC Insurance offers a best-in-class term life insurance with highly affordable premiums – often times beating the competition on price alone. Applicants have the flexibility to choose different term lengths and coverage amounts, allowing them to personalize their coverage to their needs.

Pros:

  • Affordable term life policy premiums, that rank among the most competitive in the industry
  • Maximum coverage of $25 Million
  • Flexibility with a wide range of term lengths and coverage amounts
  • A unique pick-a-term feature which allows applicants to define their length (or years) of coverage
  • Coverage flexibility allows one to structure a ladder strategy (only pay for life insurance coverage you truly need and manage down your average premium cost)
  • Riders: Customize the policy with multiple riders, both for yourself and for other family members
  • Term life policy is renewable through lifetime, albeit at higher renewal prices after the initial term
  • Answer just 10 questions to apply for coverage under $1,000,000

Cons:

  • Though RBC Insurance is one of the best options for most applicants in Canada, it is available to citizens and permanent residents only. For those in Canada with temporary residency status such as with a student or work permit, these products are not available.
  • No digital policy option: you still receive a paper policy

Click here to read our full RBC Insurance review.

Term Life

AM BEST RATING

A-

POLICYADVISOR RATING

Best For Combo Coverage

Best Insurance For Combo Coverage: SSQ

SSQ Life Insurance’s flagship Term Plus product is a multi-purpose product that offers life coverage in addition to unique built-in features and customizable options that can comprehensively protect you against life’s biggest risks.  The Term Plus product can be combined with an optional disability and critical illness coverage, allowing for a robust combo product solution

Pros:

  • A built-in Extreme Disability Benefit is unique in the industry
  • Options to add critical illness and monthly disability indemnity make for a comprehensive financial protection solution
  • Several optional riders including accidental death and dismemberment and children’s term coverage
  • Preferred rates available starting at $250,000
  • Online services and account access

Cons:

  • Paper policy only, no digital policy
  • Longer turnaround times for policy approval

Click here to read our full SSQ review.

Term Life

AM BEST RATING

A+

POLICYADVISOR RATING

Best For In-Person Purchase

Best Insurance For In-Person Purchase: Sun Life Financial

Sun Life’s flagship products are sold primarily offline, through in-person meetings with their vast network of financial advisors and distributors.

Sun Life term policies offer standard features and optional benefits that are generally comparable to the market. However, the pricing of their premiums may not be easy on your wallet.

Pros:

  • Optional benefits: Customize the policy with multiple riders, both for yourself and for other family members
  • Convertibility up to age 75, most competing products convert up to age 70 or 71
  • Can optionally convert into a robust set of permanent life insurance products (whole life insurance, universal life insurance)
  • Medical and non-medical life insurance options available
  • Sun Life Go offers up to $1 Million coverage for all persons legally living in Canad

Cons:

  • Limited term options are available (only 4)
  • You cannot choose your own coverage term as some other companies offer
  • Pricing is significantly higher than comparable term life products
  • No digital policy delivered; only paper policies
  • Application has to be signed with pen and paper
  • Stricter underwriting process for prior health conditions

Click here to read our full Sun Life review.

Term Life

AM BEST RATING

N/A

POLICY ADVISOR RATING

Not Recommended

No Recommendation: TD Insurance

Though TD Insurance’s life insurance product offers a few options for term life coverage, there are no differentiating factors strong enough to recommend TD Insurance over their many Canadian competitors.

TD Insurance’s life insurance premiums are typically more expensive compared to similar quotes from other insurers.

Their life insurance policies also offer limited features to personalize or augment the coverage.

Pros:

  • TD Insurance offers pure term insurance (including no medical term) and permanent life insurance (until age 100)
  • Offers coverage up to $10 million, in line with coverage offered by other large insurers
  • Possibility of getting coverage up to $500,000 instantly approved, albeit at higher prices compared to competitors in the industry
  • Strong, recognizable brand name, albeit a smaller player in the life insurance industry

Cons:

  • Limited choice of term life coverage options. You can only choose between Term 10 and Term 20 life insurance products. If your need is longer/different than these terms, then you may have to choose between these two coverages and renew your coverage after your initial term. Not an efficient strategy as renewal prices are significantly more expensive.
  • TD Insurance’s term life policies are significantly more expensive than plans from other leading life insurers for comparable amounts. You pay a much higher life insurance premium in exchange for the TD brand name
  • Convertibility options are limited, as TD Insurance only offers a non-participating whole life product. Most life insurance companies in Canada offer multiple options to convert your coverage into permanent options, including in participating whole life options, to achieve higher growth
  • There are limited riders or optional add-ons to augment coverage. Most insurance companies offer such optional features such as child term riders, guaranteed insurability, critical illness riders, and exchangeability, to help enhance and personalize coverage to your individual needs
  • Max age is 80 years old, which is less than the 85 years or lifetime coverage offered by most life insurance companies.
  • TD Insurance is not rated/accredited by major financial rating and customer service evaluators like AM Best or BBB

Click here to read our full TD Insurance review.

Term Life

AM BEST RATING

A

POLICY ADVISOR RATING

Best Price

Best Priced Insurance: Wawanesa

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 policies 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.

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

Click here to read our full Wawanesa Insurance review.

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.
By Carly Griffin
Insurance Advisor, LLQP
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