Wawanesa Life Insurance Review

Wawanesa life insurance review

One of the lesser-known life insurance companies out there would be Wawanesa Insurance. However, because they don’t have the same reach a Manu Life or Canada Life has they offer some very advantageous features.

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The first is the price. When it comes to getting a Term Life Insurance quote, Wawanesa is one of the most affordable companies (for Many different age groups). When you work with smaller insurance companies often they are going to price their products lower than many of their competitors in order to entice potential customers to work with them. Along with this, Wawanesa does NOT charge a policy fee. Most companies will charge a policy fee of around $4 to manage the policy.

Wawanesa also offers multiple preferred rates. Preferred rates are rates reserved for people who are in very good health. This simply means you will pay less than the average person who purchases life insurance from them. Although preferred rates are not guaranteed because they offer multiple preferred rates means they end up giving better rates more often than some of the other insurance companies.

Also with Wawanesa, you are able to layer their term converse. So if you need $500,000 of term 20 and $150,000 of term 10 you can do so. This is important if you have multiple forms of debt you are paying off. Maybe a $500,000 mortgage and $150,000 of debt from student kind and car loans.

Along with this most of their products are lifelong and renewable.

The last point is if you are under the age of 45 you could purchase up to $450,000 of coverage without any medical. Because COVID 19 – more and more Canadians are looking for coverage without having to do blood work or urine tests and Wawanesa is very competitive here.

One to the downside of work thing with smaller companies. The first being the product line up. You won’t find a robust product like up from a company this size. Their permanent product is available however it won’t be as Lucrative as other companies. So if you are looking for permanent products other companies may be a better option.

The last disadvantage comes down to the application. There are no electronic applications. So all applications will need to be done by face to face paper applications. With this, the underwriting period will take longer than the average company. However, this is the price you pay in order to pay a lower price.

In short, Wawanesa is a good company for term coverage. If you are price conscious and want the best rate Wawanesa is a good company to review before making your decision. However, if you are focused on a permanent product it’s not going to be the best coverage for you.

Let us know what you thought about our review and if you have any questions feel free to reach out. We are happy to help.

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Guaranteed Issue Life Insurance Or Medically Underwritten?

Guaranteed Issue Life Insurance Or Medically Underwritten?

More and more Canadians every month purchase Guaranteed Life Insurance. With the recent surge in companies offering guaranteed life insurance policies, it’s clear that it now has a substantial place in the market but is it the right fit for you?

The easiest option isn’t always the best option. And unfortunately, we see that when comparing guaranteed issue life insurance policies vs medically underwritten policies. Let’s compare both in an easy to understand way.

Guaranteed Issue Life Insurance:

  • No medical test required to purchase overage
  • Coverage normally can be applied over the phone
  • Depending on the amount of coverage you apply for there might be some medical question you must answer in the application
  • Short approval times
  • Guaranteed not to be turned down

Medically Underwritten Life Insurance:

  • A medical test is needed (salvia kit test, urine test, or blood work are most common)
  • Coverage can be applied for over the phone or paper application
  • More coverage available compared to guaranteed issue
  • Longer application times where it may take weeks or months in some cases to be approved
  • Higher risk you might be turned down

 

After reading those two comparisons which would you choose? 

Well, if you are like most Canadians they naturally would gravitate toward the guaranteed issue. As advisors, we understand that it is more attractive. But what’s the catch?

Guaranteed issue is MORE EXPENSIVE FOR THE SAME COVERAGE.

Coverage on average is 20% cheaper if you go with medically underwritten coverage. Meaning, if you are in good health, you should always consider medically underwritten coverage first as it is the more affordable option.

The guaranteed issue will be a better option for people who have recently been declined or are on several types of medication that may make it more difficult to get traditionally medically underwritten coverage.

The simple truth as it stands is there is a place for both and it’s always dependant on your own situation. However, you will not get the most affordable plans AND the easiest application process, it will be one or the other.

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Canada Protection Plan Review

Canada Protection Plan Review | What You Should Know

Canada Protection Plan is one of Canada’s top Guaranteed Life Insurance providers. If you have had trouble getting coverage or are worried about your health CPP might be a great fit. Let’s look at what you need to know before considering CPP.

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WARNING: For people in good health, there are more affordable options. However, the rest of this article will be focused on CPP and its offering.

Canada Protection Plan is one of Canada’s youngest insurance companies, being founded in 1992. However, CPP offerings are unique with both simplified and non-medical options that could be a great fit for people who have health concerns.

A little know fact, CPP products are underwritten by Foresters Life Insurance Company. Which is one of North America’s oldest insurance companies.

CPP has several different options for hard to insurance clients, depending on your needs, they have plenty of options even if you have been turned downed or declined by other insurance providers.

Deferred Elite Term Coverage

 

  • Perfect for the hardest to insurance, if you have a series of health condition or those who have recently been declined.
  • Coverage up to $350,000
  • Term options that range from 10, and 20 years plans
  • No medicals required to be approved
  • WARNING – Deferred Elite Term has a 2-year deferral. Meaning if you were to pass away in the first 2 years of owning the coverage, your beneficiary would only receive dollar for dollar of what you put into the policy. NOT the full death benefit on this policy. Keep in mind, this is for people who are severely ill or are not able to get other coverage.

Preferred Term 

 

  • Desjardins for applicants who are in good health already, maybe have some health concerns.
  • Non-medical process (to be clear, there are medical question but no blood work or urine testing)
  • Coverage up to $1,000,000
  • Coverage periods range from 10, 20, and 25-year terms
  • No waiting period coverage starts immediately
  • Renewable to age 70

Preferred Elite Term 

 

  • For anyone in very good health
  • Plans are fully underwritten but more affordable
  • Coverage up to $1,000,000
  • Term 10, 20, 25 options
  • No waiting period like the deferred elite term coverage

Canada Protection Plan Whole Life Review 

 

  • Starts with a minimum of $10,000 of coverage
  • Premiums are guaranteed for life, you’ll never have to worry about paying more
  • Straight forward process for applying
  • CPP term polices are covetable to whole life options up until age 70


Final Thoughts 

CPP has its place in the market, they are great for people with health concerns. However, if you are in good or okay health you have more options. Some alternative options out there will be more affordable than CPP. However, when it comes to the people who have been declined or have severe medical concerns, CPP will be one of the best options for you.

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What To Know Before Buying Humania Assurance

What To Know Before Buying Humania Assurance

As I write this in November 2020, non-medical or Guaranteed Life Insurance continues to surge. More and more Canadians are purchasing this type of life insurance than any other type of insurance.

With that being said, one company comes up more often than any other company and that’s Humania Assurance. So let’s take a look at Humania and see if it is something you should consider or if you should pass on this opportunity.

review on humania assurance by tip services in richmond hill ontario

Type of products

 

Humania Assurance offers two main types of Life Insurance, Medical and Non-medical Life Insurance. One of the biggest limitations you will find between medical and non-medical coverages is the amount of coverage you can apply for. All non-medical coverage limits the amount of coverage you can apply for and with Humania, it is no different. Their non-medical insurance caps the amount of coverage you can purchase to $300,000.

Medically Underwritten Term Life Insurance with Humania

 

Humania offers medically underwritten coverage where you can apply up to $5,000,000 of coverage. They offer term coverage from term, 10, 15, 20, 25, 30 and coverage will last until your age 80.

What you should notice is their medically underwritten coverage offers a wide range of coverage terms, without only a few companies offering more term lengths (such s RBC for example). However, $5,000,000 of coverage is considered low, as many medically underwritten policies will offer more than $5,000,000 of coverage.

Why are so many Canadians interested in Humania?

 

There are reasons why Humania Assurance has become highly sought after in Canada. Let’s take a quick look at some of those.

  • Competitively price term life insurance options
  • Multiple coverage options including term 10, 15, 20, 25, 30 
  • A very simplified application (compared to other companies) 
  • Quick fulfillment (many companies will take weeks to approve your coverage, Humania takes days) 
  • One of the first companies that allowed you to apply online pin a non-face-to-face application 
  • Non-medical options up to $300,000 of coverage

When you look into what other insurance companies offer these are the major reason why Humania insurance has become incredibly popular and has its place for many Canadians. So here’s what you need to look out for.

What to look out for before purchasing Humania?

 

Coverage only lasts to age 80. This is very common for many Term Life Insurance policies, however, it is not ideal for everyone. For some Canadians they will need coverage into their 90, unfortunately, if they waited until they need it, they will not be able to get coverage.

  • No preferred rates, most life insurance companies will offer better rates to people who are in good health. However, Humania does not offer any preferred rates 
  • No access to your policy online – even though the application is done online 
  • Only $300,000 for guaranteed (non-medical) life insurance 
  • Coverage only to age 80 

As I’ve stated Humania Assurance is a great company and the right fit for many Canadians. However, when looking at the list above you can see that it is not for everyone.

Is Humania the right coverage for you?

 

Humania offers a wide range of options and can fit for many Canadians, especially ones looking to apply non-face-to-face and have some health concerns. Think Humania might be the right fit for you.

If you are looking for life insurance but are not sure what company is going to be the best fit for you? We can help! Our non-commissioned staff will help you find and apply for the best policy given your specific needs. Visit our Contact page and fill in your information and we will happily reach out to help.

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Canada Life Insurance Review

Canada Life Insurance Review

Canada Life is one of the largest Life Insurance companies in Canada, because of this, many people want to know if Canada Life is a good company. Let’s take a look at where they are good and what to look out for when considering Canada Life.

a review of canada life insurance by tip services in richmond hill ontario

Canada Life has a large suite of products and offers. Some of those products include:

  • Group Benefits
  • Life Insurance 
  • Disability insurance 
  • Critical Illness insurance 
  • Segregated funds 
  • Annuities 


Pros: (that make Canada Life worthwhile):

  • Because they have so many assets, they are safe but regardless of what happens in the market 
  • 4 different term lengths 
  • Multiple rider options 
  • Can convert Term Life Insurance into a permanent product at any time 


Cons:

  • No final expense insurance 
  • Minimum coverage is $100,000 for term life insurance 
  • Canada Life term options tend to be more expensive than other options 

So, why is Canada Life recommend so often? Well listen up, we are about to share with you some industry knowledge that many clients don’t know.

Canada Life, Great-West Life, and London Life all in all the same company, held under different names.

a review of canada life insurance by tip services in richmond hill ontario

This is one reason all 3 companies seem so larges, in essence, they are all the company. Now when you look at companies life investors group, they may look like a place where you can purchase multiple companies, however many of the higher up have said the majority of their business goes to Canada Life.

The average insurance advisors in Canada is 57. Many of these advisors started with Canada Life and continued to recommend Canada Life. This isn’t always a bad thing, however, it might not always end up being the best recommendation.

All in all, is Canada Life a good insurance company?

The short answer is, yes. They are a strong company with good products that have a variety of options. What you need to look out for are the advisors that will recommend Canada Life to every one of their clients, regardless of your situation. In some cases, Canada Life might be the best recommendation for you. In other cases, there may be a better alternative. As always, contact a broker that is unbiased toward anyone one company.

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Dave Ramseys: Always buy Term Life Insurance

Dave Ramseys: Always buy Term Life Insurance

If you ever watch Dave Ramsey, you know he says always buy term insurance, never buy permanent insurance.

 

Is that the truth? Should Term insurance be the only option to consider?

The short answer to that question is, no. Any time you suggest there is only one option, you neglect the most important thing, the client and their needs. Term insurance does fit into Dave’s overall financial recommendations, but for many people, there may be better options given their own personal situation. Let’s look at some reason now.

First, most families SHOULD consider Term Life Insurance over permanent solutions. Term insurance will be the most affordable option for many families. And if someone cares about you and depends on your income, then life insurance isn’t only an option, it’s a necessity. If you die prematurely without proper coverage, your spouse and children may be left without the required assets to pay for their expense (mortgage, debts, groceries phone bills, etc.)

 

But what kind of insurance should you purchase?

Well like I have mentioned Dave’s overall plan makes sense. One key staple to Dave’s plan is to live in your means, spend less than you make, and invest in some sort of ETF or Mutual fund. This is a crucial component of his plan. You need to be paying down your debt (your mortgage) while still having assets available to you. If you can continue to pay down your mortgage, while increasing your investments, the need for life insurance in later years is minimal. So for Dave to recommend only term insurance, it makes sense. But it’s not the reality for many Canadians.

We know people have a hard time saving, yes buying affordable life insurance is better than not. However, for a person who is not building assets at a sufficient rate, Dave’s recommendations become very harmful. If you do not have savings or assets (and are not building them) and only buy term, then you are setting yourself up to leave a financial burden to the people you care most about.

This is one situation where a permanent solution makes more sense. If that permanent solution also has a ‘forced savings account’ as part of the policy it will actually help those clients do the overall same plan, which is to build assets and protect your loved ones along the way.

Where Dave’s recommendation really goes off the rails is when it comes to corporate life insurance solutions. In Canada, we have some massive tax advantages for a corporation to own life insurance. Especially tax advantages related to permanent life insurance. By saying you should NEVER look at permanent insurance.

 

So what are our final thoughts?

Be very cautious about anyone who says you should ALWAYS or NEVER purchase x. More important understand that your overall financial picture is what matters. When you look for an individual product or investment, you make cost yourself more than you realize.

Life insurance is important and needed by many Canadians. Make sure you make the right decisions.

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Term Life Insurance – What You Need To Know

Term Life Insurance - What You Need To Know

Term life insurance is the most common type of Life Insurance. But there are a few things you need to know before getting a quote for term life insurance.
 

What is Term Life Insurance?

 
Term life insurance covers your loved ones for a specific amount of time, typically 10, 20 or 30 years. When your term is up you typically have 3 options
 
  1. Let It Renew – Meaning, your coverage still stay in effect but you will pay a higher rate based on your new age.
  2. Let Your Coverage Expire
  3. Convert To Permanent Coverage – Something such as whole life or universal.
 

Which is the right coverage for you?

 
Well, as we have talked about in previous articles, there is a number of considerations. Let’s look at a few now:
 
  • Your Family Situation – If you have young children how much would it cost to raise them.
  • Your Debts – How much would you need to pay for your (or your spouses) debts.
  • Your Income – If you aren’t here, neither is your income. How much income would you need to replace.
 
These are the most common things couple cover when looking for term life insurance. But we have good news. Getting a quote has never been easier. Simply click here and search all the Canadian insurance companies to find the best plan for you. And the best part is this service is completely FREE.

We don’t ask for any email address, phone number or personal information. 

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Which Life Insurance Product Is Right For You?

Which Life Insurance Product Is Right For You?

With the majority of Canadians now purchasing Term Life Insurance online, it is important to look at what you need to know before getting Life Insurance online. Let’s break down the key factors in getting term a life insurance quote online, and what to look out for.

First, let’s look at coverage amounts. Many people think buying life insurance is like getting a mortgage, the larger the mortgage the more you pay. This is not necessarily true with life insurance. How much you pay for life insurance is more dependant on the type of policy you purchase. So when it comes to coverage amount, don’t be intimidated by the coverage amount, as many Canadians with children in their 30’s likely need over $1,000,000 of coverage. Where later in life very few Canadians need $1,000,000 of coverage. You need for life insurance changes over time.

Second, let’s look at the different types of policies so you know which is best for you:

 

Term 10

 

Term 10 coverage is the most common life insurance, with almost every insurance company offering a term 10. This coverage will last for 10 years where the amount you pay each month (your premium) and the coverage amount will stay the same for 10 years. At the end of 10 years, you can choose to either cancel your coverage, convert your coverage to permanent coverage or renew at a higher price (based on your new age).

  • Most affordable
  • Great for young adults who know they need coverage
  • Typically bought when purchasing a mortgage

 

Term 20 

 

Much life term 10, you know your coverage and premium will stay level for 20 years. This option is slightly more expensive than term 10, however, if you are looking to compare a term 10 and let it renew at year 10, it will actually cost you more than to buy term 20 in the first place.

  • Better for people who need coverage for longer than 10 years
  • Very affordable
  • Many companies offer competitive term 20 polices

 

Whole Life Insurance 

Whole Life Insurance is a little different than the term. Whole life offers a level amount of coverage for life. As well as level premium payments for life. What whole life insurance offers that Term doesn’t is a Cash Surrender Value. Think of this cash surrender value (CSV) as a forced savings account. Just by paying for your life insurance, this CSV will grow over time, you have access to the funds if you need it.

  • Level premiums for life
  • Cash surrender value for savings
  • Some companies offer dividends on their whole life policies

 

Universal Life Insurance 

Universal life is arguably the most flexible coverage. UL has a cash account as well, unlike whole life, this account can be invested in market-based investments so your savings account could grow at a faster rate, but also lose money if not invest well.

  • Most expensive option
  • More risk, with a greater reward
  • Only a few companies actively sell many UL policies

So which is best for you? Well, that depends on your needs. All of the options have a place in the market. It’s best to find an advisor who will work with you, regardless of their commission, they will make the best recommendation for you.

This article gives you the initial insight into which plans might be the right direction for you.

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