The Western Life Assurance Company is a part of the Western Financial Group. This makes the company one of the biggest insurance companies in western Canada.
Federated Insurance of Canada was the founding name of the company. Back then, the company offered insurance to farm and hardware dealers.
The focus has changed a lot since then. The company began to grow and stepped into the life insurance field in January of 1961.
In May 2004, Federated was sold to the Western Financial Group Inc. and still holds that name today. The main base is still in Winnipeg and the company now has more than 40 years in the insurance marketplace.
Western Life Assurance works hard to offer innovative, customized products for all of their clients. Their new approach to insurance is meant to suit the individual needs of every person or family they work with.
Western Life offers four different products under their individual insurance option. These include Term life, travel insurance, critical illness, and coverage enhancements.
Western Life Term Life Insurance
As a company dedicated to affordable, customizable insurance, Western Life proudly offers a variety of term life products.
Term 10, Term 20, and Term 30
Each of these policies work in the same way, aside from the length of time that the policy is in effect. Term 10 lasts 10 years, Term 20 lasts 20 years and so on.
Benefits of the term life insurance from Western life include:
- Full coverage for the entire agreed term
- Premiums that stay the same for the whole of the term
- Option to upgrade to available permanent policies at the time
- No new medical underwriting needed with renewal
- Great for people and families with other financial obligations
- No cash value
- Coverage is not applicable if the insured passes outside of the agreed term
- Policies stay temporary after the person turns 65
- Renewed contracts will obtain a higher premium
- No investment opportunities
Term 100 Life Pay
Term 100 is similar to the other term insurance options. However, this version offers coverage that sits at a fixed cost until the age of 100.
Benefits of Term 100:
- Coverage until the age of 100
- Premiums never increase
- Policies are “paid up” then the insured turns 100; payments end but coverage continues
- Cash value opportunities
- No renewal process
Disadvantages of Term 100:
- Cash value may not be of high value
- Premiums aren’t returned if the policy is canceled before death
- Any missed payment will revoke the policy no matter how long it has been paid for
Optional Additions to Coverage
All four of the term life coverage options come with package enhancements. The following are all available in the Term 10, Term 20, Term 30, and Term 100 policies:
- Accidental Death Benefit
- Child Critical Illness Benefit
- Child Protection Benefit
- Critical Illness Rider
- Mortgage Protection Benefit
- Waiver of Premium Benefits
Return of Premium on Death Benefit is not applicable in these packages; however, it is available in the Critical Illness Insurance.
If an accidental death occurs, beneficiaries of the insured will receive a $250,000 benefit.
The Child Critical Illness Benefit comes into effect if a child under the age of 21 is diagnosed with a covered illness. The benefit also comes into effect is the child is under 25 and attends school full-time.
In these cases, coverage can range anywhere between $10,000 and $20,000.
Western Life Group Insurance
There are two policies under the umbrella of group insurance at Western Life. These include Traditional Group and coreHEALTH+.
Traditional Group Insurance
This coverage is available for groups of 3 or more people and offers a wide range of coverage options.
- Life insurance
- Accidental death and dismemberment insurance
- Dependent life insurance
- Short-term and long-term disability
- Dental coverage
- Extended health and prescription drug coverage
Western Life has extra employee benefits that are not commonly found with other companies in the industry. These added options include:
- Critical Illness Coverage
A tax-free lump sum is given to a worker if they or a dependent is diagnosed with a covered illness. Money can be spent how the insured sees fit to improve their situation.
- HAS Health Spending Account
A tax solution for companies who are looking for ways to lower dental and health expenses. This coverage can reimburse owners and employees on a non-taxable basis.
This program offers assistance to businesses and owners. It aids in employee performance and seeks out HR solutions to problems. Is also available to assist with training, post-traumatic intervention, etc.
- Arive™ Employee Assistance Program (EAP)
The program helps manage company health care expenses. Also offers assistance to employees with counseling options, family-work balance solutions, personal problems, etc.
Many of these additional benefits are what encourage companies to input group insurance products. Western Life is proud to offer additional packages that many other companies do not.
Western Life Assurance provides a positive work environment for its employees. Employee reviews at Western Life gave the company an average of 3.7 stars out of 5.
Employees remarked that the company had energetic, hard-working team members and motivational peers.
Those considering working with Western for their insurance needs should note that companies with happier employees often result in a more positive customer satisfaction.
Western Life Assurance Company may not be the most well-known insurance company in the business, but it is quickly making a name for itself.
With the main focus on affordable, customizable life insurance, many families and individuals would benefit from discussing their options with this company. The various term life options available cater to short or long-term coverage.
Groups and businesses, in particular, might consider this company for their group benefits. Western Life sets itself apart by offering additional coverages that could be of huge advantage to the success of a company and its employees.