Western Life Assurance started as Federated Insurance of Canada when it first begun and focused on selling fire insurance to hardware and farm dealers. As the insurance industry progressed, Western Life Assurance adapted to the changes. The company formed Federated Life Insurance Company of Canada in the early 1960s and implemented life insurance into its available products. Through several key business ventures, the company began operating as Western Life Assurance, a subsidiary of Western Financial Group, and has over 40 years of experience in the insurance industry. Western Life Assurance operates as the largest western-based insurance company in the western region of Canada.
Western Life Assurance has built a reputation for providing excellent customer service and efficient processes. The company uses its many years of experience to benefit brokers and clients throughout Canada.
Western Life Assurance offers four products under the umbrella of individual insurance – term life, critical illness, coverage enhancements and travel insurance. Western Life Assurance term life insurance is offered until the insured person reaches age 85. Automatic renewal of the policy takes place every 10, 20 or 30 years without the need for medical underwriting. An individual can convert a term life insurance policy to a permanent policy before the age of 65.
Western Life Assurance also offers critical illness insurance to cover the increased costs that are associated with developing and surviving a critical illness. The insurance is beneficial for nearly everyone because critical illness can befall any individual. According to Western Life Assurance, critical illnesses that are prevalent in Canada include heart disease, cancer, stroke, multiple sclerosis and Alzheimer’s disease.
Coverage enhancements are supplemental insurance care available to individuals. The two coverage enhancements offered include an accidental death benefit and child critical illness benefit. In the case of an accidental death, the insured person’s beneficiary will receive a $250,000 benefit payment. $10,000 or $20,000 of coverage is available under the child critical illness benefit, which is paid if an insured child is diagnosed with a covered critical illness before age 21, or 25 if the child attends school full-time.
Western Life Assurance offers travel insurance for individuals as an annual plan or for a one-time trip. Some of the common features of the policies include travel medical insurance, baggage coverage, trip cancellation or interruption and accidental death or dismemberment coverage.
Two options are available under Western Life Assurance’s group insurance – traditional group insurance and coreHealth+. Traditional group insurance is available to groups of three or more lives. The comprehensive coverage offered under the plan includes life insurance, accidental death and dismemberment insurance, dependent life insurance, short-term and long-term disability, prescription drug coverage and dental coverage. Additional coverage that is not commonly found in the industry includes an employee assistance program, HSA health spending account and critical illness coverage.
coreHealth+ is specifically designed for small companies with as few as one employee. Western Life Assurance allows the employer to choose the premium and the plan design. No medical underwriting is needed under this plan and there are no hidden charges.