Wawanesa Life Insurance Canada Review (Is it Worth it?)
Wawanesa life insurance review (2025 update)
Wawanesa Insurance is a Canadian-owned insurance company headquartered in Manitoba. With a network of offices, 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.
• Founded 1896
• Headquarters in Winnipeg
• A (excellent) rating from A.M. Best
• A+ rating from the Better Business Bureau
• $1.9 billion in total assets held by Wawanesa Life, and $11.3 billion held by Wawanesa Mutual
Wawanesa life insurance: Our verdict
Wawanesa Insurance life insurance: Our verdict ★★★☆☆ (3.4/5.0)
As one of Canada’s oldest insurance providers, Wawanesa Insurance’s reputation is built on affordability and reliability. When it comes to life insurance, Wawanesa offers budget-friendly term life insurance, as well as options for permanent life and critical illness insurance.
But customers shouldn’t bank on affordability for all Wawanesa life insurance plans:
- Term policies with longer term lengths generally cost more than terms of 10 or 15 years.
- Wawanesa’s unique LifeTime Term to Age 80 and permanent life insurance products will be priced higher than their regular term life plans.
- Term policies can be converted up to age 71, but the price of a permanent plan will be significantly higher and dependent on your age at the time of conversion.
Wawanesa’s product lineup
Wawanesa offers a few plan types for both permanent life and term life insurance, but its product lineup is limited compared to other insurance providers—especially for those seeking permanent life insurance with investment flexibility. Wawanesa only offers whole life insurance, so it may not be an ideal choice if you’re looking for universal life insurance with greater investment control.
Wawanesa’s customer service
Its customer service score is average for the industry, which aligns with the equal mix of positive and negative customer reviews. Overall, one of the most notable drawbacks of Wawanesa is the lack of online tools for both applicants and policyholders. Wawanesa offers an online quote option for term life insurance, but does not provide an insurance calculator for those who are still weighing their coverage options, nor does it offer an online portal for policy management.
Wawanesa may be a good fit for individuals seeking affordable term life insurance, but consider its pricing variability, limited product lineup, and average customer experience score before you purchase a policy.
Wawanesa life insurance: Key features
- 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.
- Financial stability: Wawanesa boasts an A rating from A.M. Best and holds $11.3 billion in assets, giving policyholders peace of mind that the company has the resources to fulfill claims.
- Online quotes: 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.
Wawanesa life insurance pros and cons
While Wawanesa life insurance is typically fairly affordable, it’s important to consider both the benefits and drawbacks before buying a Wawanesa policy.
Pros
Cons
Wawanesa life insurance cost and value
Wawanesa is often cited as one of the most affordable life insurance companies in Canada. To verify the legitimacy of this claim, we reviewed rates from multiple life insurance providers.
Here’s how Wawanesa compares to PolicyMe and the industry average for 20-year term policies with $500,000 in coverage for non-smoking individuals.
Key takeaway: Wawanesa’s rates are generally higher than PolicyMe’s, but they fall below the industry average across the board. We recommend comparing quotes from Wawanesa and PolicyMe to find the most affordable term life plan based on your age, lifestyle, and coverage needs.
Wawanesa life insurance reviews and customer service
Our Score: 3.0/5
Google Reviews: 1.9/5
Trustpilot: 1.5/5
Insureye: 2.9/5
BBB rating: A+
Wawanesa holds an A+ BBB rating, but customer reviews are mixed with both positive and negative experiences. To provide a clear picture of the customer service experience with Wawanesa, we've collected some reviews from real Wawanesa customers.
"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
"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 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
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.
Here’s an overview of the term life insurance plans:
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. 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.
Read more: Term vs. whole life insurance
Wawanesa life insurance may be known for its affordability, but not all plans are priced equally. Term life insurance rates may be higher for longer term lengths, especially for Lifetime Term to 80 plans. And like most providers, permanent plans from Wawanesa will cost more overall than term life policies.
How Wawanesa compares to other insurers
Wawanesa is typically named among some of the most popular insurance providers in Canada, especially when it comes to affordability and straightforward coverage. But other big life insurance companies may offer more flexibility and options for both term and permanent life insurance policies.
Take a look at the comparison between Wawanesa, PolicyMe, and three other established life insurance companies in Canada:
Wawanesa life insurance vs. PolicyMe life insurance
PolicyMe scores higher than Wawanesa in the categories of customer experience and industry reputation, but Wawanesa beats PolicyMe for affordability.
That said, Wawanesa’s higher affordability score may not accurately reflect whether it actually offers better rates than PolicyMe. For example, when comparing 20-year term life rates from the two companies, PolicyMe generally offers more affordable rates.
As with all insurance providers, life insurance quotes vary based on individual factors for each applicant. Your age, lifestyle, and coverage needs will play a part in how much you pay for insurance, and some customer profiles may get lower rates than others.
Lastly, Wawanesa’s online experience is generally limited, whereas PolicyMe offers a fully digital solution for term life insurance. You can get a personalized quote, compare coverage, and complete your entire application online to secure affordable, fully underwritten coverage.
Final takeaway: Compare quotes and coverage from both providers, but PolicyMe may be a better fit if you’re seeking a hassle-free online application process and digital policy management for affordable term life coverage.
The bottom line: Who should consider Wawanesa?
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.
Wawanesa's main benefit is its term life products and coverage range. Not many Canadian insurers offer coverage up to $10 million—but remember that not many Canadians actually need that much coverage (and those monthly premiums are going to be pricey!)
Wawanesa may not be the most budget-friendly option when it comes to longer-term lengths, higher coverage limits, or permanent policies, either.
Lastly, individuals who value customer service and digital resources should consider providers that offer an enhanced digital experience, such as PolicyMe or Manulife.
To find the best life insurance companies in Canada, we evaluated over 20 of the largest and most well-known insurers in the country using three categories:
- Affordability: To determine which insurers charge the lowest premiums, we gathered over 2,000 life insurance quotes. Our price data spans smokers, non-smokers, and birth sex, across six age groups from 18-70 and five products (including term and permanent life insurance).
- Customer service: To find out which life insurance companies offer the best customer experience, we averaged review scores from the Better Business Bureau, Trustpilot, Insureye and Google. We also counted the number of contact methods each insurer offers to its customers.
- Industry reputation: To ensure our recommendations were financially sound, we reviewed each life insurance company’s financial stability ratings from leading credit agencies A.M. Best, Morningstar DBRS and S&P Global. We incorporated Glassdoor reviews to reflect each insurer’s ability to manage and support its employees.
All three categories received a final, averaged score out of 5. After adding the results together, we had a definitive list of the best life insurance providers in Canada.
PolicyMe does not receive compensation for any life insurance reviews.
FAQs: Wawanesa life insurance
Jaya is a researcher and writer with 3 years of experience in insurance and finance. She writes in-depth content that bridges technical expertise with accessible insights. Her work spans topics such as life insurance, health and dental coverage, car insurance, and financial literacy, helping Canadians make informed decisions about their financial protection. With a background in market research and editorial strategy, she collaborates closely with subject matter experts to ensure accuracy, clarity, and value in every piece.
Jaya is a researcher and writer with 3 years of experience in insurance and finance. She writes in-depth content that bridges technical expertise with accessible insights. Her work spans topics such as life insurance, health and dental coverage, car insurance, and financial literacy, helping Canadians make informed decisions about their financial protection. With a background in market research and editorial strategy, she collaborates closely with subject matter experts to ensure accuracy, clarity, and value in every piece.