Wawanesa Life Insurance Review

What is Wawanesa Life Insurance?

Wawanesa is a private life insurance provider that’s been a member of the Wawanesa Group of Companies since 1960. It offers individual and group plans for a number of renewable and permanent products. To obtain a quote, you need to contact a Wawanesa broker to discuss your particular insurance needs.

The price that you’ll pay for Wawanesa Life Insurance can vary based on what type of coverage you want, how old you are and how long you intend to hold your policy. It may also depend on factors like your gender, health, hobbies, occupation and family history of disease.

What types of life insurance does Wawanesa offer?

There are two main types of life insurance on offer from Wawanesa, with a couple of different subtypes depending on what kind of coverage you’re looking for.

Permanent insurance

Whole life

You’ll pay premiums on this type of insurance for 20 years (or up to the age of 100) depending on which option you choose. Once your policy is paid off, you’ll have guaranteed life insurance for the rest of your life. You’ll also earn dividends on your stocks which will be reinvested for you to top up your protection. Whole life benefit payments range from $10,000 to $1,000,000.

Temporary insurance

1. Lifetime term

Lifetime term plans consist of renewable and convertible term insurance for 10, 15, 20, 25 or 30 years. You can also choose to get a plan that keeps your premiums the same up until the age of 80. With this type of Wawanesa Life Insurance, your premiums can typically be renewed until the age of 100, after which the insurance coverage will continue for the rest of your life with no additional premiums.

2. Quick issue critical illness

Quick issue critical illness is designed to provide funds to help you financially care for yourself and your family and maintain the same quality of life after surviving a critical illness. This plan pays out a tax-free lump-sum living benefit to the owner of the plan if the insured person becomes ill or is injured and can no longer work. These plans include a 10-year renewable option, a level premium to age 75 option and a flexible return of premium option.

What’s the difference between permanent and term life insurance?

There are a couple of main differences between permanent and term life insurance that you should be aware of before you pick the option that’s the best fit for you.

How much does Wawanesa Life Insurance cost?

You’ll pay different amounts for your Wawanesa Life Insurance based on a number of personal factors:

• Type of insurance. You’ll usually have to pay higher premiums for a permanent life insurance policy than you will for a term policy.
• Age. You’ll pay higher premiums as you get older, which is why a permanent policy can be worth it as you age.
• Health history. You’ll often have to pay higher premiums if you have a pre-existing condition or a family history of disease.
• Weight. You’ll usually pay higher premiums if you’re overweight since this puts you at a higher risk of getting certain diseases (like cardiovascular disease).
• Substance use. You’ll pay more each month if you’re a smoker or habitual drinker.
• Occupation and hobbies. Your premiums will typically be higher if you work in a dangerous job or you indulge in thrill-seeking activities like skydiving or rock climbing.

How to apply for Wawanesa Life Insurance

You can apply for Wawanesa Life Insurance through PolicyAdvisor by clicking the green ‘Get a quote’ button above. You’ll need to fill out an online application and provide the following information:

1. Fill out the online application to provide personal information like your name, email address, proof of ID and relevant documents.
2. Review and submit your application by printing or emailing it into Wawanesa.
3. Get verified and negotiate the terms of your Wawanesa life insurance.

Compare other life insurance providers

1 - 2 of 2

Name	Product CAFLI	Types of Insurance	Coverage Range	Issue Ages	Medical Exam Required	Province Availability
PolicyMe Life Insurance		Term Life, Critical Illness	$100,000 - $5,000,000	18 - 75	No	AB, BC, MB, NB, NL, NS, ON, PEI, QC, SK, YT, NT, NU	Get fast and affordable term life insurance. Personalize your policy details and get an estimate price within seconds. No phone call, meeting or paperwork required. Get an instant decision.	Get a quoteMore Info Compare	loading Fetching your data...
PolicyAdvisor		Whole Life, Term Life, Universal, No Medical	$25,000 - $25,000,000	18 - 75	No	AB, BC, MB, ON	PolicyAdvisor is a digital life insurance brokerage that has partnerships with 20 insurers in Canada.	Get a quoteMore Info Compare	loading Fetching your data...

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Bottom line

Wawanesa offers reliable whole and term life insurance policies to Canadians. Find out what types of Wawanesa Life Insurance you can qualify for and apply for a quote with a broker to find out how much you’ll have to pay to get insured.

Frequently asked questions

• Should I get Wawanesa's term or permanent life insurance coverage?

  This will typically depend on how old you are. Term insurance is less expensive and may be a more suitable option for young Canadians with a significant amount of debt. Permanent life insurance policies are often better for older Canadians who have already paid off much of their debt and are more focused on estate planning.

• How much life insurance is enough?

  It depends on your personal financial situation. For example, young families with large outstanding mortgages will typically require a bigger payout to cover their debt and extra costs like funeral expenses. Single Canadians with few monthly expenses and little debt will usually require less coverage to make ends meet.

• When should I buy life insurance?

  You never really know when you’ll get sick or get into an accident. That said, your risk factors typically go up as you age. This is why you should get life insurance whenever you can afford it, but especially if you’re over the age of 50.

• How can I report a claim on my Wawanesa Life Insurance?

  To report a claim, you can call Wawanesa’s toll-free number at any time of day or night to speak to an agent. You can also check up on the status of your claim by emailing a customer service agent.