Wawanesa Insurance is one of Canada’s largest property and casualty insurance providers. Founded in 1896, it offers a wide range of insurance products to Canadian individuals and businesses.
This in-depth guide will examine Wawanesa Insurance’s history, financial strength, customer service, product offerings, and how it compares to competitors in Canada.
Overview of Wawanesa Life Insurance
Wawanesa life insurance was founded in Wawanesa, Manitoba in 1896 as a mutual insurance company with investment money from local farmers. From the start, Wawanesa’s first insurance policies were issued without set premiums because farmers often could not pay for their policies until after harvest dates.
| Founded | 1896 |
| Headquarters | Winnipeg, Manitoba, Canada |
| AM Best Rating | A |
| Better Business Bureau Accreditation/ Rating | No/ A+ |
| Assets | Over $1.5 billion |
| Annual Premiums | Over $280 million |
| Employees | Approx. 12,000 |
| Canadian Market Share | 4.95% (2017) |
| Licensed Provinces | AB, BC, MB, NB, NL, NWT, NS, NU, ON, PEI, QC, SK, YT |
| Products | Permanent and Term Life Insurance for individuals and groups. Disability, Health, and Dental Coverage to Employer/Employee groups |
| Website | https://www.wawanesalife.com |
Although the parent company – Wawanesa Mutual ranks among the largest property and casualty providers in the country, its life insurance business is relatively small. This aspect of the business only got developed from 1960 onwards.
Nowadays, it is a large and quickly growing Canadian life insurance company offering coverage for life, home, auto, condo, farm, tenant, and commercial business insurance.
Wawanesa Insurance is in the process of merging Western Life and Wawanesa Life into one brand. Additionally, the company acquired Desjardin Financial’s Western Canadian business in 2017 and merged it with Wawanesa Life.
Wawanesa has quickly made a name for itself by providing very competitively priced premiums and services.
Source: https://www.dundaslife.com/blog/wawanesa-life-insurance-review
Ratings of Wawanesa Life Insurance
Wawanesa has fairly poor reviews on Google – only 1.5 stars. However, it is a common perception that online ratings do not necessarily reflect the actual quality of insurance companies.
On the plus side, they do extremely well on Insureye with 3.3 out of 5 stars. The company also scores the highest-possible rating of A+ for BBB. That said, its customer reviews on the BBB website are not very flattering, with an average score of 2 out of 5.
Furthermore, Wawanesa responds to the majority of Google Reviews within the first 48 hours, which is more on the ball than most providers in the industry. In fact, some insurance companies in Canada, such as Assumption Life, have disabled Google Reviews altogether.
Wawanesa Life Insurance Costs
To find out Wawanesa’s insurance quotes, we have gathered rates for non-smoking, healthy men and women of different ages for $40,000 coverage over a 20-year term length.
| Age | Male | Female |
| 25 | $27.72 | $22.32 |
| 30 | $29.16 | $23.76 |
| 35 | $33.48 | $26.64 |
| 40 | $45.36 | $34.56 |
| 45 | $72.00 | $51.12 |
| 50 | $115.20 | $82.08 |
| 55 | $226.08 | $150.84 |
| 60 | $360.36 | $241.20 |
| 65 | $602.35 | $412.42 |
However, we have found out that policyholders with certain characteristics can enjoy better pricing for their insurance coverage as the insurer takes into account several factors.
| Customer Characteristics | Price Comparison |
| Low coverage amount (<$400,000) | Great |
| Higher coverage amount (>$400,000) | Great |
| Short Term (10 years) | Great |
| Mid Term (20 years) | Great |
| Long Term (30 years) | Great |
| Whole Life | Great |
| Male | Average |
| Female | Great |
| Under 40 years of age | Great |
| Over 40 years of age | Average |
| Good Health | Great |
| Regular Smoker | Great |
Finally, to break down their costs even more, we compare Wawanesa Life with Sun Life and found that Wawanesa Life is a cheaper option in both cases.
| Example 1: 35-Year-old Male, Non-Smoker, Regular Health, 20-year Term: Wawanesa Insurance $300K – $34.02 Sun Life $300K – $35.06 Cost Savings over 20 years: $250 |
| Example 2: 55-Year-old Female, Non-Smoker, Regular Health, 20-year Term: Wawanesa Insurance $200K – $75.96 Sun Life $200K – $80.02 Additional Cost over 20 years: $975 |
Wawanesa Insurance Products
Wawanesa Insurance offers a range of insurance products, including auto, home, life, health, travel, and commercial lines. Here is an overview of the company’s key insurance products available in Canada.
Auto Insurance
Wawanesa provides personal and commercial auto insurance in every province and territory except Newfoundland & Labrador and the northern territories.
Coverages options available include:
- Liability (third-party liability and bodily injury/property damage)
- Collision
- Comprehensive
- Accident Benefits/Injury Protection
- Uninsured/Underinsured Motorist Protection
- Rental Vehicle Reimbursement
- Roadside Assistance
Policy Add-Ons: Customers can enhance their policies with additional coverages like rental vehicle protection, roadside assistance, windshield glass coverage and waiver of depreciation.
Discounts: Discounts are offered for safe driving records, multiple vehicles on one policy, completing driver training programs, good student status, affiliate membership, paying annually, paperless documents, and more. There are also group savings through alumni and employer associations.
Usage-Based Insurance: Wawanesa offers a CHOICE Auto program providing discounts up to 25% for safe driving habits monitored through a telematics device or mobile app.
Claims: Claims can be reported 24/7 via phone, online or mobile app. The company has a network of accredited repair shops and provides OEM replacement parts.
Home & Property Insurance
For home insurance, Wawanesa provides coverage options for:
- Houses, condos, mobile homes
- Tenant/rental properties
- Seasonal homes
- Home-based business premises
- Farms
Coverages include:
- Dwelling protection for home structures and detached structures
- Contents protection for possessions
- Liability coverage
- Additional living expenses
- Credit and debit card protection
- Identity fraud coverage
- Equipment breakdown
- Water protection, including sewer backup
- Guaranteed replacement cost
Discounts are offered for smart home tech, security systems, multi-line policies, and more.
Claims for emergency repairs, theft, water damage, fires, and natural disasters can be reported 24/7 by phone or online.
Life & Health Insurance
Below, we take an in-depth look at the various life insurance solutions offered by Wawanesa Life:
Term Life Insurance
Wawanesa Life offers renewable and convertible term life insurance with multiple term lengths:
- 10-year
- 15-year
- 20-year
- 25-year
- 30-year
- Term to Age 80
- Term to Age 100
Coverage can be purchased from $50,000 up to $10,000,000.
Key features:
- Renewable to age 100
- Convertible to permanent life insurance
- Accidental death benefit
- Terminal illness benefit
- Fully guaranteed level premiums
- Critical illness and disability riders available
Sample Term Life Rates for $500,000 Coverage
| Age | 20-Year Term | Term to 80 | Term to 100 |
| 30 | $22.95 | $112.75 | $260.15 |
| 40 | $38.25 | $203.40 | $469.05 |
| 50 | $94.50 | $480.15 | $1,115.75 |
| 60 | $299.25 | $1,251.45 | $2,903.55 |
Permanent Life Insurance
Wawanesa Life offers two permanent life insurance products:
Whole Life Pay to 100
- Lifelong coverage with level premiums
- Pay premiums until age 100
- Coverage continues past age 100
- Dividends can purchase additional insurance
- Available from 15 days old to age 80
20 Pay Whole Life
- Pay 20 years of level premiums
- Lifelong coverage after premiums end
- Dividends to enhance coverage
- Issue ages: 15 days to 80 years
Sample Monthly Whole Life Rates for $250,000 Coverage
| Age | Whole Life Pay to 100 | 20 Pay Whole Life |
| 30 | $46.05 | $52.15 |
| 50 | $139.75 | $163.50 |
| 65 | $347.55 | $418.20 |
Critical Illness Insurance
Wawanesa Life offers lump-sum payouts for 14 covered critical conditions including cancer, heart attack, stroke, Paralysis, Major Organ Failure, and more.
Policy Options:
- 10-Year Renewable Term
- Level Term to Age 75
- Level Term to Age 75 with Return of Premium
Payout amounts available from $25,000 to $300,000.
Sample Monthly Critical Illness Rates for $50,000 Coverage
| Age | 10-Year Term | To Age 75 | To Age 75 with ROP |
| 30 | $16.15 | $20.40 | $25.15 |
| 50 | $38.60 | $55.05 | $69.75 |
| 60 | $108.30 | $180.45 | $247.35 |
Travel Insurance
Wawanesa offers individual and group travel medical insurance that covers emergency medical costs for Canadians traveling abroad. Trips are covered for a maximum of 212 days.
Coverages include:
- Emergency hospital/medical expenses
- Emergency transportation
- Trip cancellation & interruption
- Trip delay
- Baggage protection
- 24/7 travel assistance
Pre-existing condition stability options available. Coverage can be extended for additional premiums.
Pros and Cons of Wawanesa Life Insurance
Pros:
- Multiple term life options available.
- Financially strong and able to pay out quickly.
- Premiums are usually among the most affordable in the industry.
- Level of support provided to brokers and customers is above standard.
- Ability to create layered or ‘laddered’ structures, given the availability of multiple coverage options.
- Accepts DocuSign for electronic signatures on policy documents.
- Most products are lifelong renewable, although at higher prices.
- No extra charge for any policy or rider fees, which helps keep the premiums very affordable.
- Ability to get coverage without medical exams for up to $500,000, for customers under 45 years old.
Cons:
- Smaller-sized compared to other insurance giants such as Manulife, Sun Life and Canada Life.
- No option for digital or electronic policy.
- Quite small product shelf in comparison to other insurance providers.
- Underwriting process can take relatively longer than other insurers.
- Policies can only be converted into non-participating permanent products.
Application Process for Wawanesa Insurance in Canada
Your application paperwork must also be filled out manually, then emailed or mailed by the post to Wawanesa. Alternatively, let an expert from a trusted insurance broker – like Insurance Direct Canada – help you.
During your application process, make sure to include important information in their form, such as:
- Name
- Email address
- Proof of ID
- Required documents
After filling in, you should carefully review the documents and wait for Wawanesa to verify everything, before negotiating the terms of your life insurance policy.
Getting A Quote From Wawanesa
Wawanesa Insurance currently does not offer online quotes or instant quotes. There are two main options to get a customized quote:
Contact a Wawanesa Insurance Agent
- Visit the Wawanesa website and use the “Find an Agent” directory to locate an agent in your area.
- Alternatively, call Wawanesa’s toll-free number at 1-888-997-9965 to speak with an agent and provide your details over the phone.
- Wawanesa agents will ask about your age, health, lifestyle, insurance history, property details, and more.
- Based on your information, the agent will return a quote for Wawanesa insurance tailored to your situation.
- Quotes from Wawanesa agents may include discounts you qualify for to reduce your premiums. However, the agent can only quote Wawanesa insurance products.
Working with a Wawanesa agent makes sense when:
- You specifically want a policy from Wawanesa Insurance
- You value local personalized service
- You want to be able to meet in person and discuss options
- Do you prefer phoning versus going online for insurance
Contact an Independent Insurance Broker
- Independent brokers have access to insurance rates from Wawanesa and other leading insurance companies.
- A broker can help you compare and find the most competitive rate by getting quotes from multiple insurers.
- Brokers may also have access to exclusive products and pricing that a direct Wawanesa agent does not.
- The broker will compare Wawanesa to other insurance providers and explain the pros and cons of each.
- Depending on the broker, you can get quotes online, via phone or in person.
Using an independent broker makes sense when:
- You want to compare Wawanesa to other insurance providers before deciding
- You value getting unbiased recommendations on the best insurance fit
- You want access to exclusive products and pricing
- You prefer the convenience of online quotes
Is Wawanesa Insurance Right For You?
Determining if Wawanesa Insurance is the right fit for your needs requires looking at a number of key factors:
Financial Strength
Wawanesa holds an A or “Excellent” rating from A.M. Best, on par with Canada’s largest national insurers. This confirms its financial stability to pay out future claims, and its 125+ year history provides added reassurance.
Customer Service Reputation
Customer feedback on Wawanesa’s service is mixed. Positive reviews praise helpful agents and smooth claims processing. But negatives cite claim denials, payout delays, and significant rate hikes at renewal time. Experiences vary widely.
Insurance Products Offered
Wawanesa provides a comprehensive range of insurance across auto, home, life, health, travel, and commercial. Options like usage-based auto insurance and niche commercial products are competitive advantages. But, accessibility to Wawanesa Life insurance is limited through brokers.
Pricing and Discounts
Wawanesa is cost-competitive on auto and home insurance, making it a smart choice for price-conscious consumers. Its multi-policy and group discounts allow further savings. However, the company’s underwriting is conservative, leading to potentially higher premiums for some individuals.
Online Services
Wawanesa lacks online quoting and policy management capabilities compared to insurers like Belairdirect and Sonnet. However, it does have a customer portal for accessing documents and billing. Claims can be reported 24/7 via phone or web.
Customer Experience
Experiences vary greatly depending on the services utilized. Most satisfied reviews relate to interactions with helpful and responsive agents. But, poor experiences due to claims denials, delays, and rate hikes really impact perceptions for some customers.
Geographic Availability
Wawanesa has a major presence in Western provinces but more limited distribution in Eastern Canada. Local agents are most available in Manitoba, Saskatchewan, and Alberta, and brand recognition is highest in Alberta.
Policyholder Ownership
The mutual company structure means customers share in profits via policyholder dividends. However, the flip side is limited transparency and lack of access to OmbudServices consumer assistance.
In summary, Wawanesa Insurance is a good option for Canadians looking for quality insurance at a competitive price. However, customers should carefully weigh the pros and cons relative to their specific location and insurance needs.
The Bottom Line
Wawanesa Life offers a wide range of options when it comes to life insurance policies to help you tailor a plan that suits your unique needs and budget. If you are looking for a life insurance policy to financially protect your loved ones, Wawanesa has competitively priced premiums for you. Be sure to check out all of Wawanesa Life’s offerings and compare them to your unique needs and budget before beginning with the application process for a life insurance policy.
You can also find our reviews on: Canada Protection Plan, Equitable Life of Canada, Empire Life, Assumption Life, etc , via the button below.
FAQs related to Wawanesa Life Insurance in Canada
How long has Wawanesa Life Insurance been in business in Canada?
Wawanesa Life Insurance has been offering life insurance products in Canada since 1960. The parent company, Wawanesa Mutual Insurance, was founded in 1896.
What types of life insurance does Wawanesa Life offer?
Wawanesa Life offers several types of life insurance including term life, whole life, and critical illness insurance. Term options range from 10 to 30 years and "term to age" plans.
Where is Wawanesa Life Insurance located?
Wawanesa Life Insurance is headquartered in Winnipeg, Manitoba. It operates as a subsidiary of Wawanesa Mutual Insurance and distributes products across Canada.
Why choose Wawanesa Life Insurance over other providers?
Reasons to choose Wawanesa Life include competitive pricing, strong financial ratings, range of policy terms, dividends on permanent policies, and access to group discounts.
When should I buy life insurance from Wawanesa?
The best time to buy life insurance is when you are young and healthy, as premiums will be lowest. Wawanesa Life is a good option for Canadians seeking affordable term or permanent life insurance policies.
Do Wawanesa life insurance policies accumulate cash value?
Wawanesa's permanent whole life insurance policies can accumulate cash value that grows on a tax-deferred basis. This cash value can be borrowed against or withdrawn.
Can I get a quote for Wawanesa life insurance online?
Wawanesa currently does not offer online quotes. To get a quote, you need to contact a licensed life insurance advisor or independent insurance broker.
Is Wawanesa life insurance renewable?
Most Wawanesa term and permanent life insurance policies are guaranteed renewable up until age 100, regardless of changes in health.
What medical tests are required for Wawanesa life insurance?
For coverage under $500,000, no medical exam is required if you are 18-45 years old. Over 45 and for higher coverage, an exam, blood work, and urinalysis may be required.
How do I make a claim with Wawanesa life insurance?
To make a life insurance claim with Wawanesa, contact their claims department immediately by phone with your policy details. You can also visit a local office or work with your policy advisor.
