Wawanesa life insurance review (2025 update)

Wawanesa life insurance review (2025 update) 

Wawanesa Insurance is a Canadian-owned insurance company headquartered in Manitoba. With a network of offices, insurance brokers, and agents across Canada, Wawanesa offers life insurance and other related products, including auto insurance, home insurance, renters insurance, critical illness coverage, and more.

Wawanesa is well-known in the industry for its affordable life insurance premiums, especially for term life policies. In fact, term life insurance is its most popular life insurance product, with term lengths ranging from 10 to 30 years or up to age 80.

Wawanesa life insurance ★★★★☆ (4.0/5.0)

^{* This figure reflects the typical costs for a non-smoking woman between the ages of 30-44 across a term length of 10-30 years for $500,000 in coverage.}

^{** Compared to the average monthly costs for $500,000 of coverage for healthy, non-smoking individuals across a term length of 10-30 years and 26 term life insurance products.}

Wawanesa’s reputation is built on affordability and reliability, with an A rating from A.M. Best and an A+ rating from the Better Business Bureau. It offers budget-friendly term life insurance, as well as options for permanent life and critical illness insurance. 

However, customers shouldn’t bank on affordability for all Wawanesa life insurance plans:

• Affordable coverage: Wawanesa is known for its budget-friendly rates compared to other Canadian life insurance providers, making it a popular choice for individuals seeking inexpensive coverage.
• Term life flexibility: Term life policyholders have the option to renew their policies up to age 85 or 100, depending on the plan, or convert their policies up to age 71.
• Whole life payment options: Individuals who opt for whole life insurance can choose from two plans: pay to age 100 or a 20-pay plan, where you only pay premiums for 20 years. There are no universal life insurance options at Wawanesa.
• Financial stability: Wawanesa boasts an A rating from A.M. Best, giving policyholders peace of mind that the company has the resources to fulfill claims. 
• Lack of digital support: Life insurance shoppers can fill out a quick online form on Wawanesa’s website to view quotes for term policies. However, the online portal may not offer permanent life insurance quotes and there’s no way to manage your policy or claim experience online.

Overall, Wawanesa does not offer enough digital tools or product options to satisfy every Canadian, although it is an affordable term life insurance provider with a stable history.

‍

Wawanesa is best for:

Canadians who want a simple term policy with average customer experience, especially younger men.

Methodology

PolicyMe’s rankings are based on an independent, data-driven review of Canada’s best life insurance products and providers. 

Our analysis combines 450,000+ quotes for 50+ life insurance products with in-depth research on 20+ providers. We assigned each product a star rating out of five based on a mix of average pricing, Google Review scores, and shopping convenience, then ranked the results in 12 categories.

Rankings are determined first by star rating and then by price, with preference given to expert recommendations by PolicyMe’s team of life insurance advisors. Our findings are entirely data-driven and do not include paid placements, but should not be considered a substitute for personalized financial advice.

Wawanesa life insurance: pros & cons

Wawanesa life insurance is typically fairly affordable, but there are some limitations with Wawanesa policies that should give you pause:

Pros 

Cons 

Wawanesa life insurance cost and value

The cost of Wawanesa Lifetime Term life insurance ranges from 1% below to 4% above the insurance industry average, depending on your age and sex at birth. Here’s a look at the average monthly rate for people who apply for $500,000 in coverage at different ages:

^{* These figures reflect the average monthly cost for $500,000 of coverage for healthy, non-smoking individuals across a term length of 10-30 years.}

^{** Compared to the average monthly costs for $500,000 of coverage for healthy, non-smoking individuals across a term length of 10-30 years and 26 term life insurance products.}

About pricing comparisons

To ensure fairness and accuracy, all pricing comparisons were made within identical product types and demographic segments. For instance a 10-year term policy for non-smoking women aged 18-29 with $500,000 in coverage was compared to the average pricing for all other 10-year term policies meeting the same criteria.

Wawanesa life insurance reviews and customer service

Wawanesa has a 1.9/5-star review on Google, and fairly poor reviews on Trustpilot and Insureye — not good enough to earn a “Great Customer Service” badge.

Wawanesa is not a scam. It holds an A+ BBB rating, which means it’s a trusted brand and a financially stable company. Unfortunately, customer reviews are mixed with a few people mentioning mistakes in the policy and rude customer service representatives. 

It’s not always clear which reviews are about Wawanesa auto insurance, but overall it seems that people aren’t getting their insurance needs met whether it’s for car insurance, homeowners, or life insurance policy coverage. 

Wawanesa life insurance products at a glance

Wawanesa offers two types of insurance for prospective policyholders to choose from: term life insurance and whole life insurance. Coverage options are comparable to other providers, but costs vary depending on the policyholder profile and policy information.

Here’s an overview of Wawanesa’s term life insurance offers:

Wawanesa also offers three types of non-participating permanent policies:

• Lifetime Term to Age 100: This type of policy is listed under Wawanesa’s term life products, but it is technically a permanent policy. Premiums remain level until age 100, and coverage continues for life. Rates for this type of policy are generally higher than term life policies.
• Whole Life Pay to 100: Whole life insurance 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, simplifying budgeting and shielding you from external rate changes.
• 20 Pay Whole Life: Wawanesa's 20 Pay Whole Life product offers a reduced payment period of 20 years, with continued coverage thereafter with a rate increase. It provides long-term protection and can potentially build cash value over time. 

You can purchase critical illness insurance from Wawanesa as a standalone product, which can provide financial support if you’re diagnosed with one of 25 serious illnesses, including cancer, Alzheimer's, stroke, or heart attack.

Wawanesa life insurance riders

• Accidental death benefit: Your beneficiaries receive an extra payout if you die from an accident.
• Child protection rider: You get a lump sum payout if the insured child passes away while the rider is active.
• Child critical illness rider: You get a lump sum payout if the insured child is diagnosed with a critical illness.
• Disability waiver of premium benefit: This benefit pays your life insurance premium if you become disabled and can’t work.
• Mortgage protection benefit: You earmark part of your death benefit to pay for the mortgage. You own this protection, compared to lender mortgage insurance which is owned by the lender and protects their investment.

How Wawanesa compares to other providers

Wawanesa is a popular name when it comes to affordability and simplicity, but other life insurance companies offer more flexibility and policy types to Canadian consumers.

Take a look at the comparison between Wawanesa, PolicyMe, and Sun Life in Canada: 

^{* These figures reflect the average monthly cost for $500,000 of coverage for healthy, non-smoking individuals across a term length of 10-30 years.}

Wawanesa life insurance vs. PolicyMe life insurance

Canadians care about cost, customer experience, and convenience — so here’s how Wawanesa measures up.

Cost

Wawanesa ranks slightly better for affordability than PolicyMe. Rates for smokers are several percentage points lower with Wawanesa, and older smokers pay up to 11% above average with PolicyMe.

However, PolicyMe wins on cost among 18-29 year old men and women for both smokers  and nonsmokers. Young smokers pay premiums 5% and 6% below industry average. Non-smoking people between 18-29 pay about 4% below industry average with PolicyMe, compared to .75% above average with Wawanesa.

Customer Satisfaction

There’s no contest here — PolicyMe ranks far better among consumers with a 4.9-star rating on Google and an A+ rating from the Better Business Bureau. Wawanesa earns mixed reviews, with a low 1.9-star customer rating on Google.

Convenience

Both companies offer online quoting and purchasing for some life insurance products (not for policies which require medical exams). You can also get Wawanesa home insurance or auto coverage from the same company, though PolicyMe also sells health insurance and critical illness coverage.

Only PolicyMe offers a digital portal to manage your policy online. Wawanesa requires you to speak with a broker or adjuster via phone if you have questions or want to request a cancellation.

The bottom line: Who should consider Wawanesa? 

From Alberta to Ontario, Wawanesa life insurance may be a good pick for individuals seeking affordable, straightforward term life insurance backed by a company with decades of experience and strong financial stability.

However, Wawanesa may not be the most budget-friendly option when it comes to longer-term lengths, higher coverage limits, or permanent policies. It’s also not the most tech-savvy option — individuals who value customer service and digital resources should consider a provider that offers an enhanced digital experience, such as PolicyMe or Manulife.

FAQs: Wawanesa life insurance