Wawanesa Life Insurance Review

  • wawanesa insurance

One of the things that can be difficult to adjust to when it comes to life insurance is the terminology that they use. Many will make their own references to the type of life insurance that they cover. For example, the Wawanesa Life Insurance company offers two main insurance products. One of these is Permanent Life Insurance. Also, Temporary life insurance. So what do these offer and how do they compare with what other life insurance Companies in Canada are offering?

Wawanesa Permanent Life Insurance Products

Wawanesa Whole Life Insurance

The Wawanesa Life Insurance Offers two individual insurance packages that come under the Wawanesa whole life insurance offerings.

Wawanesa Whole Life Pay to Age 100

  • Some individuals want to buy their life insurance with the intent of it being in place for the duration of their life. They don’t want to have to make decisions about it later in life. For them, this particular life insurance product may be the best choice. Some of its highlights are’
  • The highlights of this insurance company are you will pay your premiums to age 100.
  • Premiums are guaranteed never to increase.
  • After the age of 100 permanent insurance protection continues even if premiums are paid in full.
  • This insurance package can be bought for infants from the age of fifteen days old, or individuals can purchase it up to the age of 80.
  • Dividends earned go towards the purchase of additional insurance coverage.

Wawanesa 20 Pay Whole Life Insurance

This one is similar to the 100 life insurance except the premiums are paid during a specific time.

  • Premiums for this coverage are spread out over a twenty year period.
  • There won’t be any increase in the cost of the premiums.
  • Permanent Insurance protection does not decrease even have premiums are paid up.
  • The age ratio to buy this insurance is between fifteen days of age up to 80 years.
  • Eligibility for receiving annual dividends to use for the purchase of additional insurance.
  • Paid up additions have no expiry or additional premium costs.

Wawanesa Instant Issue Life Insurance

There are those who are concerned about not qualifying for life insurance. Some may feel that they will not be accepted for these two other types of whole life insurance. Wawanesa life insurance company wanted to be sure they had something to offer those who would have difficulty being accepted for life insurance.

The highlights of the Wawanesa Instant Issue life insurance are;

  • It is available to those between the ages of 45 to 75 years of age.
  • It is a guaranteed coverage life insurance based on the answering of five specific questions.
  • Premiums will not change during the duration of the policy.
  • Premiums are paid over the course of twenty years.
  • No accidental deal occurs within the first two years of policy – payout will be the amount of premiums that were paid to the date of death plus 10% on this amount.
  • Non accidental death after two years of the policy will mean a face value payout of the policy is made.
  • Accidental death gives a two times payout if death is accidental to age 75. After 75 payout is face value of policy.
  • Policy owner living past the 20 years or the age of 85 receives the death benefit amount.

 Wawanesa Life Insurance Temporary Life Insurance

Wawanesa refers to term life insurance as temporary life insurance because this accurately describes it. They have several options to offer that falls into this category;

Term Policies cover 10, 15, 20, 25 30 year terms.

  • All premium costs are guaranteed.
  • Term policies can be renewed up to the age of 100.
  • After the age of 100 coverage continues at no premium cost.
  • The Wawanesa life term policy to the age of 80 has level premiums up to this age. Then can be renewed up to the age of 100. After this age coverage continues with no cost of premiums.
  • These term plans can be layered. Through the implementation of a base plan.
  • Four-term riders can be added with variations in term length.

Wawanesa Lifetime Term – Preferred Underwriting

This is specialty insurance developed based on lifestyles. The benefits are lower premiums based on the lifestyle of the policyholder. It is divided into classes of three individual offerings for non-smokers and two classes for smokers.

Wawanesa Preferred Plus Non-Smoker Life Insurance Policy

  • For those who do not smoke and want coverage of $500,000 or more.  Qualifications include;
  • No tobacco use for five+ years.
  • Never been treated for high blood pressure or blood pressure reads within specific limites.
  • No treatment for cholesterol. Or cholesterol are within specific limits.
  • Weight cannot exceed the maximum weight as indicated in the maximum weight table.
  • No history of cardiovascular disease, cancer, diabetes, or other specified health issues.
  • No treatment received for excessive use of alcohol or drugs in the last ten years.
  • No convictions for driving while impaired in the last ten years.
  • No major driving infractions in the past ten years.
  • No vehicle moving violations in the last three years.
  • No family member being diagnosed with cardiovascular disease, diabetes or cancer before they reached the age of 65.
  • No involvement in hazardous sports or activities.
  • Flies only as a passenger, pilot or member of a crew on a standard scheduled airline.
  • No foreign travel to listed destinations.

Wawanesa Preferred Non-Smoker Life Insurance Policy

Many of the conditions are the same as the Wawanesa Preferred Plus with some minor changes such as;

  • No tobacco use in the last two years.
  • Blood pressure readings can be a little higher.
  • Cholesterol readings can be a little higher.
  • No driving convictions in last five years.
  • No more than three vehicle moving violations in the past three years.
  • No family member being diagnosed with cardiovascular disease, diabetes or cancer before they reached the age of 65.

Wawanesa Standard Non-Smoker Life Insurance Policy

  • No tobacco use in the last year.
  • No more than smoking 12 cigars a year.
  • No traces of nicotine in a urine sample.
  • Disclosure of smoking (re cigars) activities at the time of application.
  • Marijuana users can apply for standard non-smoker rates.

Wawanesa Preferred Smoker Life Insurance Policy

Applicable to policies of $500,000 or more.

  • No blood pressure medication was taken or blood pressure within a specified range.
  • No medication taken for cholesterol or cholesterol readings are within a specific range.
  • Weight according to maximum weight table.
  • No history of cardiovascular disease, cancer, diabetes, or other specified health issues.
  • No treatment or excessive use of alcohol or drugs in the last ten year period.
  • No driving convictions in last five years.
  • No more than three vehicle moving violations in the past three years.
  • No convictions for driving while impaired in the last five years.
  • No immediate family member being diagnosed with cardiovascular disease, diabetes or cancer before they reached the age of 60.
  • No involvement in hazardous sports or activities.
  • Flies only as a passenger, pilot or member of a crew on a standard scheduled airline.
  • No foreign travel to listed destinations.

Wawanesa Standard Smoker Life Insurance Policy

The standard requirements must be met as per the underwriting

Conclusion

As one can see by the variations in the Wawanesa life insurance products, there is a great deal of emphasis put on smokers and non- smokers. Which is going to be a factor in the cost of the premiums. But, the insurance company does offer some good options in their different insurance products so they are more personalized.

Resources

https://www.wawanesa.com/resources/life/pdf/help/TechnicalResources/WebHelp/Preferred_Plus_Non-Smoker_Class.htm
https://www.wawanesa.com/resources/life/pdf/help/TechnicalResources/WebHelp/Preferred_Non-Smoker_Class.htm
https://www.wawanesa.com/resources/life/pdf/help/TechnicalResources/WebHelp/Standard_Smoker_Class.htm
https://www.wawanesalife.com/individual-life-insurance/individual-products-offered.html