Wawanesa Life Insurance Canada Review (Is it Worth it?)

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In This Article

Key takeaways:

  • Wawanesa has a wide range of term options, including term to 80 and term to 100.
  • Wawanesa is best for those seeking term-life options from an insurance provider with a strong brick-and-mortar presence.
  • Their term policies are renewable and convertible, with several riders to choose from.
  • Wawanesa used to be one of the cheapest options, but its prices have increased.

Our Wawanesa life insurance review

To help you determine whether Wawanesa Insurance is right for you, we reviewed their different products, prices, features and customer feedback.

Our rating for Wawanesa life insurance: ★★★☆☆ (3/5)

Wawanesa offers a wide range of coverage from $10,000 to $10,000,000 for various term life policies. The customizability and option to add additional riders make their term life products a good choice for those Canadians who are likely to switch up their policy.

But, their prices have been rising and are much more expensive than the average cost of life insurance in Canada.

Who is Wawanesa Insurance?

Wawanesa Insurance is a Canadian-owned and operated insurance company operating since 1896 and based in Quebec.

With a network of offices, brokers, and agents across Canada and the United States, Wawanesa provides life insurance and other related products such as auto, home, renters, disability, long-term care and more.

The company also offers digital tools to simplify the policy selection process for its customers.

Wawanesa Life quick facts:

  • The company has been providing insurance services since 1896 and is dedicated to providing quality coverage at a fair price.
  • The company has an annual dividend program where policyholders may receive a portion of its profits each year based on how long they have held their policy with Wawanesa.

Wawanesa life insurance rates for 2023

Let's see how Wawanesa Life's term life insurance holds up to some of the competitive rates of Canada's best life insurance companies offering term life.

Life insurance companies: Premium payments*
Wawanesa Insurance $27.45
BMO Insurance $26.10
PolicyMe $23.57
RBC Insurance $22.95
Canada Life $25.17
Foresters Financial $26.10
Humania $24.75

*Premiums are based on a 35-year-old woman seeking $500,000 in coverage for a 20-year term policy. Terms and conditions may apply. 

Wawanesa life insurance: pros and cons

Read up on some of the pros and cons of Wawanesa life insurance based on their different products.

Pros of Wawanesa life insurance 

Cons of Wawanesa life insurance

Wawanesa life insurance products

Read more on Wawanesa Insurance's types of life insurance below.

Lifetime Term

Wawanesa's Term Life product is a great option for Canadians looking for coverage for a certain period.

With this product, you have the flexibility to choose between different terms, ranging from 10 years to 30 years, with coverage ranging from $10,000 up to $10,000,000.

On top of that, Wawanesa's term products do not require blood or urinalysis underwriting for ages 18 to 50 for coverage up to $499,999. 

But the caveat lies in the price. The customizability and no medical underwriting process make their premiums pricey. If you're looking for straightforward coverage without paying for unnecessary bells and whistles, Wawanesa might not be for you. 

‍Lifetime Term to 80 and Lifetime Term to 100

With the Lifetime Term to 80, coverage goes up to age 80, while with the Lifetime Term to 100, it goes up to age 100.

Both plans guarantee financial security throughout the chosen term and offer options such as conversion privileges that allow policyholders to swap to a permanent life insurance policy at any point during the term.

But the caveat with these term products is that they have higher premiums because they provide longer coverage than traditional temporary life insurance.

Wawanesa Life's term life insurance policies Monthly payments*
Lifetime Term 10 $17.10
Lifetime Term 15 $28.80
Lifetime Term 20 $33.75
Lifetime Term 25 $46.80
Lifetime Term 30 $59.40
Lifetime Term to 80 $149.40
Lifetime Term to 100 $345.15

*Prices are based on a 35-year-old man seeking $500,000 in coverage. Prices are based on publicly available data as of April 2023. Terms and conditions may apply.

If you're not interested in term life insurance with Wawanesa, they also offer two types of whole life products. Let's dig into the coverage options.

Whole Life Pay to 100

Wawanesa's Whole Life Pay to 100 product is a life insurance plan that provides financial security for your family up to age 100.

It offers a guaranteed death benefit with cash value accumulation and the same monthly premium, making budgeting easier and shielding you from external rate changes.

But premiums are expensive, and coverage limits may be lower than those found in other permanent policies.

20 Pay Whole Life

Wawanesa's 20 Pay Whole Life product offers a reduced payment period of 20 years. It offers long-term protection with the same monthly premium and can potentially build cash value over time.

But like any other permanent policies, premiums may be more expensive up front, and coverage limits may be lower than other types of policies like the term.

Wawanesa life insurance customer reviews

Wawanesa's average score on Trustpilot is 2.3, and a 3.3 on Insureye.

We've collected the most informative customer satisfaction and customer complaints reviews we could find to provide a clear picture of customer service experience with Wawanesa is like.

Positive Wawanesa insurance reviews:

  • "We had a fine experience with them, but it was a small policy. When we decided to take out a bigger policy, we went with a company that offered a better package" - Insureye review on April 11, 2012.
  • "Great experience thus far! No issues with them and quick claim process." - Trustpilot review on January 19, 2022.

Negative Wawanesa insurance reviews:

  • "They actually took so much money from me. They made mistakes while putting everything together. Then they tell me they can't do anything but have to take it. They also put other stuff on my insurance that I didn't even tell them to put it on, and I have been giving them money for without even knowing it." - Trustpilot review on January 2, 2021.
  • "... When I contact Wawanesa, I was both coldly and rudely told. Sorry, nothing we can do. Bye. Given the fact we pay a ridiculous amount for less than mediocre benefits and they can't make a small expectation for a 14 days difference, when we don't typically go every 6 months as it is, shows how they just want to steal your money ..." - Insureye review on April 12, 2022.

How do you get monthly premium quotes from Wawanesa?

You can access your possible premium payment quotes with Wawanesa by contacting one of their customer service advisors by phone or through a life insurance broker

Alternatively, you may want to avoid speaking to an insurance advisor. In that case, you can calculate how much your monthly premiums could cost using an online resource called Winquote.

By inputting basic information like your age, gender, smoker status and the type of insurance coverage you're looking for, you can compare Wawanesa to other Canadian insurance companies. 

Bottom line: Wawanesa has great term-life options but the premium costs aren't worth it.

Wawanesa's main benefit is the range of term life policies they offer and the wide range of coverage you can get. Not many Canadian insurers provide coverage up to $10,000,000 but remember that not many Canadians actually need that much coverage (those monthly premiums are going to be pricey!)

If you're looking for term life insurance with a lot of added benefits that you can add for additional fees, Wawanesa is a good place to start.

But if you're looking for the most affordable term-life options, Wawanesa is not for you.

For couples seeking term life insurance, we recommend RBC Insurance and PolicyMe (that's us!).

FAQ: Wawanesa Life Insurance

How can I claim my death benefit with Wawanesa?

To claim the death benefit of a Wawanesa Life Insurance policy, you must provide proof of death, such as a death certificate, to the insurer.

In addition, you will also need to provide copies of any other relevant documents that were part of your original application or policy.

Once all necessary information is provided, you can submit a claim form with Wawanesa, and they will process your request.

Does Wawanesa offer other types of insurance?

Yes, Wawanesa Mutual Insurance Company, the parent company of Wawanesa Insurance, offers auto, homeowners, and commercial business insurance.

They also offer condo insurance and renters insurance for condo owners to have extra financial stability from the heavy fees and possible property damage liabilities that can come with owning personal property.

Do I get additional discount options from owning multiple Wawanesa Insurance plans?

Yes, Wawanesa offers a wide range of insurance, from home and auto to business and group insurance, allowing their policy holders to opt for additional discounts.

This is helpful if you have lots of assets like personal property that can be a personal liability. 

Wawanesa Auto Company, for example, offers auto insurance discounts for drivers and loyal customers who already hold a previous policy with Wawanesa. They also offer a multi-car discount if you register multiple vehicles for an auto insurance policy.

Want to learn more about other life insurance options? Here are more reviews of Canadian life insurance companies:

Our sources:

Individual Products Offered - Wawanesa Life. (n.d.). https://www.wawanesalife.com/individual-life-insurance/individual-products-offered.html

WinQuote®. (n.d.). https://www.winquote.net/

Laura McKay

COO & Co-Founder
About the Author

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