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.

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.