Home Compare and Review Company Review: National Bank Insurance

Company Review: National Bank Insurance

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National Bank Insurance is the sixth-biggest commercial Canadian Bank, headquartered at Montreal, Quebec. Founded in 1979, they then started to sell life insurance products through National Bank Life Insurance Company in 1996. National Bank Insurance consists of four companies based in Quebec and offers over 50 products:

  • National Bank General Insurance Inc.: provide service throughout the province of Quebec, focusing on property and casualty insurance.
  • The National Bank Life Insurance Company: focus on insurance products and services for all of Canada.
  • National Bank Insurance Firm Inc. The financial services firm: provide personal and group life and health insurance, as well as other investment products via registered brokers in most Canadian provinces.
  • NBC Assistance Inc.: offer services including concierge services, identity theft assistance, and health care advisory services for their insured clients.

Ratings

Their AM Best Financial Strength Rating is not available. However, given the fact that the company boasts $200 billion in Financial Assets and $40 billion in annual insurance premiums, we can say they have quite a strong financial ground. 

Products

Life Insurance

Term Life Insurance

Unlike other companies, National Bank Insurance doesn’t offer a wide variety of life insurance and only sells term life insurance. Yet, their term life insurance is more specialized. One perk of their term life insurance is that it entails critical illness and accidental benefit. 

The table below will provide you with more insights into insurance.

CategoryFeatures
Eligibility– Canadian citizens or permanent residents of Canada
– The insured must be aged 18–60 at the time of enrolment for the 10-year term life insurance and 18-50 for the 20-year term life insurance
– The insured must have resided and been physically present in Canada for more than 6 months over the past 12 months
Coverage benefits– 25,000–$1,000,000 in the event of death10% of the insured amount, up to $30,000 in the event of a critical illness diagnosis
– Receive double life insurance amount in the event of accidental death
Critical illness benefit– Automatically receive 10% of the insured amount, up to a maximum of $30,000
– Allow the insured to focus on their recovery. The following critical illnesses are covered: cancer, stroke and heart attack
Accidental Death Benefit– In the event of accidental death, the amount payable is automatically doubled

Other products

Apart from term life insurance, National Bank Insurance also provides car insurance and home insurance. It also has plans to offer travel insurance in the near future.

National Bank Insurance Review - Best Insurance Online

National Bank Insurance’s Pros and Cons

Pros

It’s easily noticeable that National Bank Insurance’s term life insurance is a compact option for those seeking convenience. The plan includes critical illness benefit and accidental death benefit, so the policyholders have more choices when buying the policy. In addition, National Bank Insurance is among the few insurance providers in Canada that allow applicants to complete the insurance application online. They also offer interested clients with a simple online quoting tool, so that the clients can easily shop around and compare.

Cons

The con of National Bank Insurance is that it doesn’t have a wide variety of options for clients to choose. Many people would prefer buying permanent life insurance because these plans provide lifelong coverage and a savings component. Since there is no permanent life insurance, the term life insurance offered by National Bank Insurance is thus inconvertible. This means that clients cannot turn their term life insurance to permanent life insurance later.

Term life insurance itself is short-term, and while other carriers may offer term life insurance for 30 or 35 years, the longest term available offered by National Bank Insurance is 20 years. This limits the benefit time of the insured. Also, the maximum coverage of National Bank Insurance term life insurance is only $1 million, so this may not be an ideal option for those who want more protection.

Another minus point is that although the policy has a critical illness benefit, the coverage is capped at $30,000 and only covers 3 most common diseases: heart attacks, cancer and stroke. Therefore, if you want more critical illness coverage, you have to buy a separate plan from another insurance company.

Finally, it seems that critical illness benefit and accidental death benefit are the only add-ons of National Bank Insurance term life insurance. There is no option for a child rider and so on.

The bottom line

Overall, the choices offered by National Bank Insurance is quite limited. Their term life insurance plans are limited to 20 years and $1 million at maximum. While the highlight of their policies is the inclusion of critical illness benefits, it may not satisfy the needs of those who want a larger amount of coverage. Therefore, if you want more coverage and more options, National Bank Insurance may not be the ideal plan for you.

We are available to help you obtain more detailed quotes from either of these insurers and proceed to acquire a life insurance policy if you wish. For more information, you can use a trusted insurance brokerage service like Insurance Direct Canada.

Additionally, ivari review, Desjardins insurance review, Equitable life of Canada review, Assumption Life review, … are available via the Insurance Company Reviews above for your reference.

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