A life insurance policy might not be a requirement like auto insurance, but it can come in really handy if you pass away while you’re still in your working years.
Rather than leaving your loved ones stuck with all the household bills after your passing, your life insurance policy can offer them financial protection. That’s a great reason to consider taking out a life insurance policy, especially while your family members still rely on you to help pay the bills.
Find out what happens to your debt when you die.
These days, you can get life insurance from a number of insurers, including Wawanesa. This private life insurance company has been around since 1896 when its parent company, Wawanesa Mutual, was founded.
The company offers a variety of life insurance plans to Canadians and is available to residents in every province. Both term and whole life insurance are available at affordable rates, along with critical illness insurance that can be added to your life insurance policy for more comprehensive coverage.
Let’s take a closer look at Wawanesa and check out what they have to offer.
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READ ARTICLETypes Of Life Insurance Offered
Wawanesa offers the following types of life insurance policies:
Term Life Insurance
A term life insurance policy is meant to last for a finite length of time. It’s not a permanent policy, which means it could expire before you die. Term life insurance is meant to protect your family during the more crucial years when you are still heavily responsible for covering the household bills, including the mortgage.
Ideally, the term length you choose will adequately cover these important working years, and more specifically, will give you enough time to ensure that your mortgage is paid before the term expires. People often choose term life insurance for this specific reason, as well as the fact that it is usually the more affordable option compared to permanent life insurance.
Wawanesa offers the following types of term life insurance:
Lifetime Term:
- Choose from 10-, 15-, 20-, 25-, and 30-years terms, or up to the age of 80
- Can be renewed until the age of 100
- Can be converted to a permanent policy
- Guaranteed premiums
- Can be with up to 4 term riders
Preferred Underwriting of Lifetime Term:
- Healthy lifestyles are rewarded with lower premiums
- Offers more options in lifestyle categories
- Classes available include 3 non-smoker and 2 smoker classes
Check out your life insurance options as a smoker.
Permanent Life Insurance
Unlike term life insurance that expires after a certain amount of time, a permanent life insurance policy lasts a person’s entire life. Even if you live to be 100 years old or more, your permanent life insurance policy will still remain in effect and cover you and your named beneficiaries, as long as your premiums are up-to-date.
Find out if cash value life insurance is right for you.
Because permanent life insurance has no expiry date, it is usually more expensive than a term policy. Those who are on a tighter budget will often opt for a term policy for this very reason. But those who can afford higher premiums may choose to go with a policy that never expires, no matter when they die, and that’s what a permanent policy can offer.
Wawanesa offers the following types of permanent life insurance:
Whole Life – Pay to Age 100:
- Provides guaranteed insurance protection for life
- Premiums paid until age 100 and will never increase
- Available up to 80 years
- Eligible for annual dividend amounts based on the performance of the account
Whole Life – 20 Pay Whole Life:
- Provides guaranteed insurance protection for life
- Premiums paid for 20 years and will never increase
- Available up to 80 years
- Eligible for annual dividend amounts based on the performance of the account
Instant Issue Life Insurance:
- Available for individuals aged 45 to 75 years
- Guaranteed premiums payable for 20 years
- Coverage up to $80,000
Check out what happens if you miss a life insurance premium payment.
Critical Illness Insurance
Anything can happen to you throughout your life that can prevent you from working and earning an income, including being diagnosed with a critical illness. Whether you suffer a stroke, heart attack, or cancer, you can be physically or mentally incapable of working, whether permanently or for a certain amount of time.
In the meantime, the bills continue to pile up. Despite your condition, you’re still required to keep up with bill payments. But this can prove to be impossible if you’re not collecting your regular paycheck due to lack of work.
In this case, a critical illness insurance policy can step in and help you out financially. If your diagnosed medical condition is covered by your policy, you’ll receive a lump-sum payment to help cover your bills.
Find out if you can get life insurance with a pre-existing illness.
Wawanesa offers the following critical illness policy:
Quick Issue Critical Illness:
- Pays out a tax-free sum of money to help you financially care for your household
- You must survive the waiting period after the onset of the diagnosis
- Waiting period is 30 days from diagnosis, with the exception of speech loss (6 months) and paralysis (90 days)
Pros And Cons Of Using Wawanesa
Pros:
- Various coverage options. Choose from different forms of both term and permanent life insurance policies to suit your needs and budget.
- Round-the-clock support. If you have to file a claim, you can connect with a customer support representative any time, day or night.
- Dividend payouts. If you choose to go with a permanent policy, you may be able to collect dividends depending on the performance of the account in question.
- Lower premiums for a healthy lifestyle. If you can show your insurance provider that you lead a healthy lifestyle or don’t smoke, you can save money on your policy with reduced premiums.
- Renewable options. You’ll have the option to renew your policy at any time, though you’ll likely be paying higher prices
- No medical options. You can secure a life insurance policy without a medical for up to $500,000 if you’re under the age of 45
Cons:
- Cannot apply online. While some insurance providers offer websites that allow you to apply for a life insurance policy completely online, Wawanesa does not offer an online application portal.
- Certain exclusions. Some risks or injuries may not be covered, depending on the specifications in your policy and your coverage amount.
Check out how to get life insurance without a medical exam.
Wawanesa Insurance Application Process
As mentioned above, you cannot apply for a life insurance policy online with Wawanesa. Instead, you’ll need to find a Wawanesa advisor or call Wawanesa directly at 1-800-263-6785. The paperwork associated with an application must be completed manually, then emailed or mailed.
When applying for a Wawanesa life insurance policy, you’ll need to manually fill out an application form and include the following information:
- Your name
- Email address
- Proof of ID
- Required documents
Once complete, you can either mail or email the application directly to Wawanesa.
Life Insurance Costs
The Wawanesa website provides limited information in terms of pricing for their life insurance products. That said, the premiums they charge are based on several factors, including the following:
- Age. Premiums tend to increase in price the older a person is when they apply for a life insurance policy.
- Gender. Men tend to have shorter lifespans compared to women. As such, premiums are usually a little more expensive for men compared to women.
- Health status. Life insurance companies will want to know how healthy you are and if you suffer from any medical conditions that could shorten your life expectancy. Chronic medical conditions can make your policy more expensive.
- Family health history. If there are medical conditions that run in the family, your odds of developing the same medical issue can increase your risk in the eyes of your insurance provider. In turn, your policy will be more expensive.
- Smoking. Smokers can pay as much as 3 to 4 times as much as a non-smoker for a life insurance policy because of the health implications that smoking can cause.
- Occupation. Some jobs are more dangerous than others. Insurance providers will therefore charge more for a policy to offset the risk.
- Lifestyle. Like your job, your lifestyle can play a role in the cost of your insurance policy. If you regularly participate in skydiving or extreme skiing, for instance, you risk being involved in a serious incident. In turn, your premiums could be higher.
- Coverage amount. The higher your death benefit, the higher your premiums will be.
- Policy type. Generally speaking, a term policy is less expensive than a permanent policy.
Check out the average cost of life insurance in Canada.
Wawanesa Life Insurance Overview
| Term Policy | Permanent Policy | |
| Minimum Coverage | Not specified | $10,000 |
| Maximum Coverage | $1 million | $10 million |
| Term | 10 – 30 years, or up to age 80 | Lifetime |
How Do I Receive My Death Benefit?
In order for your family to collect your death benefit, they will first need to submit a copy of your death certificate to the insurance company and must be listed as named beneficiaries in the policy. The death benefit will only be paid out if you pass away during the term of the policy and if your premium payments are up-to-date.
Who is considered the owner of a life insurance policy?
If you suffer a medical condition that renders you unable to work and have a critical illness insurance policy, you can receive a lump sum payout. Again, your policy will need to be active and your premiums must be up-to-date in order for the payout to be received. The insurance provider will require proof of your diagnosis.
Learn more about how life insurance affects debt.
Final Thoughts
Everyone’s situation and finances are different. As such, it would be impractical to have just one type of insurance policy available to cover every type of Canadian. Luckily, life insurance companies like Wawanesa offer a variety of options when it comes to life insurance policies to help you customize a plan that suits your unique needs and budget. If you’re in search of a life insurance policy to financially protect your loved ones, Wawanesa has an affordable place for you.
