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Wawanesa Life Insurance - An Overview

The Wawanesa Group of Companies consists of the three companies of Wawanesa Insurance, Wawanesa Life and Wawanesa USA. Wawanesa Insurance is the owner of the other two companies. There’s also an entity called Wawanesa Quebec – although not a separate company per se, it is its own special division because Wawanesa usually distributes its Canadian insurance products through independent insurance brokers, but in Quebec, it distributes them through company agents. Wawanesa Insurance was founded in 1896 in Wawanesa, Manitoba. Originally, it was headquartered in Wawanesa, but today the company has its headquarters in Winnipeg, Manitoba. Wawanesa Insurance is licensed to provide insurance products in all of Canada and in California and Oregon as well. Wawanesa Insurance is a financially strong company that received an A+ rating from A.M. Best.

Permanent vs. Temporary Life Insurance

Since 1960, Wawanesa Life has been a part of the Wawanesa Group of Companies. Originally a mutual company, it was converted into a stock company in 1993. Wawanesa Life offers two major types of life insurance: permanent life insurance and temporary life insurance. Permanent life insurance products sold by Wawanesa Life include Universal Whole Life insurance, Term to Age 100 life insurance, Fifteen Pay Term to Age 100 life insurance, Twenty Pay Term to Age 100 life insurance and Instant Issue Life insurance. With Universal Whole Life insurance, you have access to both insurance coverage and a savings component. Whenever you pay a premium, Wawanesa Life deducts a 2% tax and puts the rest of it into an interest account. Any money that accumulates in this fund can be used to pay for the insurance policy itself. You also have the option of investing that money into things like guaranteed investment accounts and index-linked accounts.

Term to Age 100

The three types of Term to Age 100 life insurance policies are very similar; although the name suggests that they are term life insurance policies, this type of insurance actually insures the policyholder for their entire life. Instant Issue Life insurance is for people between the ages of 45 and 75 who would prefer not to undergo medical exams or answer too many medical questions; you only have to answer five questions to qualify for this policy.

LifeStyle Term Life Insurance

Wawanesa Life’s temporary life insurance is called LifeStyle Term. You can get LifeStyle Term life insurance for a period of 10 years, 20 years or 30 years. Your premium payments are guaranteed not to increase for the duration of the policy. Once the policy has finished, you have the option of renewing it. Wawanesa Life sorts all of its LifeStyle Term insurees into one of five classes. The healthier you are, the better the class you will be sorted into and the lower your premiums will be. Three of the classes are for nonsmokers, and two of the classes are for smokers.

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