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.

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.