Fact CheckedYou say Humania Insurance – I say Humania Assurance 😉 Cue music. There are so many life insurance companies that knowing where to begin is hard. You’ve heard of heavy hitters like Manulife and Sun Life, but what about lesser-known companies?
This is why I take the time to do these reviews. Policy Architects provides the most in-depth articles anywhere online. We do this to help you make the most educated buying decision for you and your family.
So, on that note, let’s check out Humania Assurance and see if they’re a company you should consider for your life insurance needs.
This Year (2024), Humania is Celebrating 150 Years!
“As we celebrate this anniversary, we reaffirm our commitment to building a better future for everyone…Together, we will continue to demonstrate boldness, innovation, and compassion to meet the needs of our insureds” Nicolas Moskiou, CEO
Humania Insurance- What Are Their Roots?
Like Equitable Life of Canada, Humania Assurance is a mutual life insurance company. This means policyholders share in the company’s success, and there are no traditional shareholders.
Humania was a fraternal society founded in 1874 by Father Louis Zéphirin Moreau! Yes, you heard me right. They have quite a long history. I have always liked seeing this because it means the company can withstand periods of instability.
This insurer, L’Union Saint-Joseph de Saint—Hyacinthe, was created to protect member families if they became ill or died. It was a working-class organization; professionals were not admitted.
The religious and social approach appealed to people then, and by 1899, there were 25 branches and 2,583 members!
Claims & the Spanish Flu Led to Change
The company’s direction changed in 1922. Insurance rates were low, and they had to pay numerous death claims due to the Spanish flu.
This created a need for a rate adjustment, which, combined with the Great Depression, made an overhaul of their business model necessary.
L’Union Saint-Joseph de Saint-Hyacinthe became a mutual insurance company. By 1937, the newly minted model was renamed La Survivance.
La Survivance, later known as LS Mutual Life Insurance, ceased to operate as a fraternal society that excluded professionals and went on to offer insurance for death, injury, and illness.
In 2013, on its 75th birthday, LS Mutual Life Insurance Company changed its name to Humania Assurance Inc.
The name change was driven by a desire to modernize the company. Part of the process was choosing a bilingual name that reflects its human values and principles.
Humania Insurance is Innovative & Branching Out
As we all know, the life insurance business is forever changing.
Humania Insurance is not taking this sitting down. Recently, the company announced a move into the life insurance technology sector. Pretty cool, eh?
“Lead2action is an agency specialized in insurance technologies. Its objective is to improve customer loyalty. Using programmatic technology, it offers to its partners a new automated approach to promote insurance products to their customer networks,” Stéphane Rochon
Humania Assurance Financial Rating
…I can’t find a traditional financial rating for Humania Insurance online with AM Best or DBRS. However, they do provide their financial statements yearly. Suffice it to say that Humania Assurance is a stable, small-sized company with about 150 employees and $600 Million in assets.
Humania Assurance Reviews Online
Before deciding on an insurance company, it’s wise to review feedback from others. Remember that most reviews tend to be negative due to human nature. Satisfied customers often do not leave reviews. Consider various companies’ products, as complaints may not apply to your needs.
Humania has 3.5 stars out of 5 on Google based on more than 100 reviews. Believe it or not, this is really good! Sadly, too few people with good experiences take the time to leave some kind words.
Humania Assurance Products
I enjoy life insurance! My favorite part of every review is going through all the products. Things move so quickly in this world that it’s good to get the opportunity to sit down and check out the market.
1. Humania Term Life Insurance
Term is the meat and potatoes of life insurance.
It’s the most suitable coverage for most people, and I recommend it to clients 90% of the time. That’s because it’s affordable protection and meets most people’s temporary needs.
For example, if you have a family and a mortgage, you want to protect your loved ones during their most vulnerable years. Usually, those are the years when your children are still living at home, going to school, and dependent on you financially.
After that, your need for insurance tends to diminish.
Term Life Insurance
All Humania term life insurance has the following features:
- Available if you’re between 0 and 70 years of age
- Available in 10, 15, 20, 25 and 30 year terms
- Coverage up to age 80
- Face amounts from $50,000 up to $2 Million
- Exchange option for Term 10 between the 1st and 5th policy year
- Convertible to a non-participating whole life policy (Term to 100) up to age 65
- waiver of premium option
- Accidental death option
Gold & Platinum Options
Humania Assurance gives you two renewal options: Gold and Platinum. Gold is the default, which means you are eligible to renew your coverage without providing medical evidence at whatever the market rate is at the time.
With the Platinum renewal, you can elect to pay approximately 13% more in premiums over the life of your policy to get an even better renewal rate when your term ends. The Platinum rate is 40% lower than the renewal for the Gold option.
2. Humania: No Medical Life Insurance
In the no-medical life insurance market, there are a variety of carriers with different eligibility criteria.
Again, this is another reason why working with an experienced independent agent who understands the nuances between products is essential. For example, someone who has cancer may have a completely different outcome depending on the insurer they decide to go with.
What’s interesting about their no medical exam insurance is that eligibility is built around whether you are working. For example, even with muscular dystrophy, you may qualify for up to $300,000 in Term 20 life insurance if you work.
How?
You must have worked at least 21 hours per week over the past 28 weeks and not taken time off work for more than 15 consecutive days due to illness in the last two years.
“That’s amazing. Muscular dystrophy with most of the other no medical carriers in Canada automatically limits you to $25,000 of coverage. With HumaniA, you’re eligible for up to $300,000 of simplified issue term life insurance.”
Term Life Insurance Without Medical Exam Required
Humania’s no-medical-exam life insurance is available to people 0 – 70. You must answer 17 questions to qualify. So, if you have serious medical issues, this may be a good choice for you.
You are covered when Humania receives your application and first premium payment.
This coverage is available in 10-year and 20-year terms ONLY. Face amounts max out at $300K, so if you need more, this may not be the right insurer.
Many medical carriers, including Canada Protection Plan, have limits on the amount of protection they offer. One solution to this problem is to take out a policy with more than one carrier. This is called “stacking” policies and is legal.
Humania Assurance also offers disability and critical illness insurance with no additional questions, and renewal is guaranteed until age 80.
T100 No Medical Life Insurance
Humania recently introduced its first permanent no-medical life insurance product: Humania T100 without a medical exam.
Similar to its simplified issue term life insurance, the issue age is between 18 and 70. The monthly costs or premiums are guaranteed for life, and coverage amounts range from $5000 to $50,000.
Humania’s no medical T100 is ideal for consumers seeking insurance to cover final expenses.
3. Humania Critical Illness Insurance
People get sick, and with medical advancements, you are much more likely to live through a serious issue. So what happens when you can’t work?
I can assure you the bills don’t stop. That’s where critical illness insurance comes in. This coverage provides a lump sum payment to help you get through trying times.
4. Humania Mortgage Insurance
I always advise people NOT to purchase mortgage life insurance through their bank. Personal life insurance is the best and most affordable way to protect your home. Humania Assurance offers the following products to achieve this goal:
- Assure Debt
- HuGO Life Insurance
- Insurance Without a Medical Exam
- Term Critical Insurance
- Term Life Insurance
If you’re thinking about insurance to protect your mortgage, read my article here first. It will save you time and potentially thousands of dollars!
Humania Assurance Application Process
OK, Humania is known for its cutting-edge technology and straightforward approach to insurance.
At Boston’s Innovation in Insurance Awards 2018, Humania won Bronze in the category Best Claims, Underwriting, IoT, or Ecosystem for its Smart Platform, HuGO. Before that, Humania was a 2017 Winner of IWTC’s Digital Transformation Awards, recognizing companies’ digital ingenuity.
HuGO is an online automated system that claims to be fast, efficient, and affordable. It sets Humania apart by delving deeply into tech-based internet sales.
I am of two minds about this. First of all, I think their system is fantastic. It’s innovative and delivers on many of its promises.
AI Doesn’t Have the Human Touch
…but that’s not my only feeling. Although there seems to be a massive move toward automated insurance sales, I strongly believe the human touch cannot be replicated, and that’s not because I am an insurance salesperson.
My advice has saved clients a lot of cash. Small details that other agents missed, or alternative insurance products that better suit their needs, can cost a lot.
I also contact underwriters to find out their thoughts. All of this requires human contact.
Humania Life Insurance Rates
I always like to share basic rates in my reviews. They give you an idea of what to expect. Please remember that Humania may not be the best company for your circumstances. Never buy life insurance based on online quotes.
Consulting an independent agent saves you time and hassle in the long run.
 |
||
| Age | $500,000.00 | $1,000,000.00 |
| 35 Year Old Male | $34.65 | $62.55 |
| 35 Year Old Female | $26.10 | $45.45 |
| 40 Year Old Male | $51.30 | $95.85 |
| 40 Year Old Female | $36.00 | $62.25 |
| 45 Year Old Male | $84.60 | $155.25 |
| 45 Year Old Female | $56.70 | $106.65 |
| 50 Year Old Male | $133.45 | $264.15 |
| 50 Year Old Female | $91.80 | $192.15 |
| 55 Year Old Male | $242.55 | $478.35 |
| 55 Year Old Female | $171.00 | $335.25 |
| 60 Year Old Male | n/a | n/a |
| 60 Year Old Female | n/a | n/a |
| 65 Year Old Male | n/a | n/a |
| 65 Year Old Female | n/a | n/a |
*Quotes above are for Humania Assurance’s Term 20, monthly, Standard Health Class, non-smoker, Gold Renewal. Your rates may differ depending on your unique circumstances. June 2024.
*NOTE: If you’re 60 or above, you’re not eligible for Humania Assurance’s Term 20 product. However, you can still purchase a term 10 or term 15 policy.
Humania Insurance Pros
1. Mutual Life Insurance Company
As I mentioned at the beginning of this review, Humania Assurance is a mutual life insurance company. What does this mean?
They’re beholden to policyholders, NOT shareholders. This allows them to focus on sustainable growth and provide clients with unbeatable personalized service.
2. HuGO – A Fast, Innovative, Smart, Online Purchasing platform
Humania’s electronic application process is very intuitive, fast, and user-friendly. It is impressive that their proprietary platform, HuGO, has AI that communicates with the MIB in real-time.
Humania is betting that improving customers’ online experience gives them a competitive edge. I think they’re smart.
It’s a sign of where things are going in the Canadian insurance space, so Humania is ahead of the curve!
3. Unique No Medical Exam Life Insurance Product
Unlike other carriers, the eligibility criterion for Humania’s no-medical life insurance is weighted toward whether you are working.
This means people with specific health issues like metastatic cancer, muscular dystrophy, HIV, liver disorder, etc, are eligible for up to $300,000 of simplified-issue term coverage.
It isn’t cheap, but most other non-medical companies offer coverage for less than $25,000!
4. Affordable Pricing
Humania’s HuGO term insurance is very affordable. When I ran quotes, it was consistently in the top 5 for best price. However, it does get more costly when you’re in your late 50s.
5. Strong Community Roots
Humania has deep roots in the local community.
It supports the Vero & Louis Foundation for Autistic Adults and other initiatives, including Fondation du Cégep de Saint-Hyacinthe (financial aid for students) and Saint-Hycinthe’s cultural center.
Humania Insurance Cons
1. Limited Product Shelf – No Whole or Universal Life
Humania Assurance is a small company, and as such, it has a limited product range.
Most notably, they offer no cash-value life insurance, such as universal or whole life. Their permanent offering is limited to a T100 conversion option with their term insurance plans.
2. Limited Term Insurance options and features
Humania’s term insurance coverage does have a lot of standard features.
However, there is no option for a child’s insurance rider. Another issue is that if you want to convert your term insurance to permanent insurance, you must do so by age 65 (For most other carriers, you have until age 71).
Not to mention, Humania’s permanent insurance conversion options are limited to a Term to 100 policy.
Is Humania Insurance The Right Company For Your Family?
After reading this review, I am sure you have one final question: Is Humania Assurance the right company for your needs?
At Policy Architects, we scrutinize the best life insurance companies in Canada, so you don’t have to. If you read my reviews, you will see a common thread—insurance companies are NOT created equal.
Each one has its strengths and weaknesses.
That’s why my reviews are always mixed. There is no bad review unless you are dealing with a fly-by-night company, and I will not waste my time with those.
Humania Insurance is a solid insurance company with a very modern approach to underwriting.
They are moving toward fast, smart, electronically based applications. I think this is what many consumers want, and with HuGO, Humania proves that a small company can have a huge impact on customer experience.
Get Quotes From Humania Insurance And Other Companies Before You Make A Final Decision.
