The Blue Cross Life Insurance Company of Canada specializes in group life insurance policies and health care plans as well as travel health insurance. Blue Cross has been present in Canada ever since 1939 when Manitoba established the first Blue Cross plan in the country. The five member companies that currently make up the Blue Cross group are Alberta Blue Cross, Pacific Blue Cross, Medavie Blue Cross, Manitoba Blue Cross and Saskatchewan Blue Cross. Each member company offers slightly different products. For example, some of the member companies offer life insurance products while the other ones do not.
Manitoba Blue Cross sells individual life insurance policies under the name of Easy Access Life Insurance. You do not need to undergo a medical examination in order to qualify for this life insurance, which is available for people between the ages of 40 and 85. Your premiums are guaranteed to remain consistent throughout the life of the policy, and you have the option of getting cash value. You can get up to $25,000 in coverage that can never be reduced during the life of the policy. If you die in an accident, your beneficiaries will receive double the face amount of the policy.
Medavie Blue Cross also sells individual life insurance policies. If you want term life insurance, Medavie offers Term 10 – under $100,000, Term 10 – $100,000 and up or Century Life. To be covered by Term 10 – under $100,000, you need to be between the ages of 15 days and 65 years. As the name suggests, this is a 10 year policy. The minimum amount of coverage required for this policy is $25,000. To purchase Term 10 - $100,000 and up, you need to be between the ages of 18 and 65. This policy is also a 10 year policy. Both Term 10 policies can be converted into permanent life insurance ones up until the age of 65. Century Life offers a minimum of $10,000 in coverage. To purchase a Century Life policy, you must be between the ages of 15 days and 70 years.
You can also purchase whole life insurance through Medavie Blue Cross. Whole life insurance comes in two forms: Whole Life 100 and Easy Access/Preferred Access. Whole Life 100 provides coverage for your entire life. The policy will pay out if you die or if you live past the age of 100. The minimum amount of coverage required is $5,000. To get a Whole Life 100 policy, you need to be between the ages of 15 days and 85 years. Easy Access whole life insurance will provide you with up to $35,000 in life insurance - provided you can answer ‘no’ to four health questions. If you can satisfactorily answer another six health questions, you are eligible for Preferred Access, which is a similar policy with better rates. You are eligible to purchase either of these policies if you are between the ages of 40 and 85. If you die in an accident, your beneficiaries will receive double the face value of the policy.
For more information about life insurance companies please click on the following links:
- Commercial Union Insurance
- First Canadian
- Equitable Insurance
- Metropolitan Life Insurance Company
- Crown Life Insurance
- CIBC Life Insurance Canada
- Empire Life and Accident Insurance
- Maritime Life Assurance Company
- Imperial Life Insurance
- Clarica Life Insurance
- Primerica Canada Life Insurance
- Penncorp Insurance
- Scotiabank Life Insurance Canada
- RBC Life Insurance
- Assurant Life Insurance Company
- Canadian Tire Life Insurance
- Cumis Group Insurance
- Mutual of Omaha Life Insurance
- Union of Canada Life Insurance
- Wawanesa Life Insurance