Fact CheckedWestern Life Assurance Review: This company was amalgamated into the Wawanesa Life Insurance brand in January of 2019. I am leaving their review here for posterity.
Have you heard of Western Life Assurance? If you live on the East Coast, maybe not, but this company is the largest insurance broker in Western Canada!
The thing is, size and name recognition aren’t everything.
Each life insurance company specializes in different areas, so just because you’ve heard of them doesn’t mean they are the right insurer for you.
That’s why you need a GREAT independent life insurance agent who knows the ins and outs of the best companies in Canada.
So, let’s take a look at Western Life Assurance Review to see if it’s a company you should consider!
Click below for information about Wawanesa!
Western Life Assurance: Who Are They?
Western Life Assurance has a long and exciting history.
This insurer started as Federated Insurance of Canada, the Canadian branch of Federated Mutual, a US company that dates back to the 1890s.
The original business model provided fire insurance to hardware and farm implement dealers.
Their expansion into life insurance didn’t happen until 1961, when Federated Life Insurance Company of Canada was formed.
In 1990, Federated Insurance Company of Canada and Federated Life Insurance Company became Canadian-owned subsidiaries of Fairfax Holdings Ltd.. In 2003, Northbridge Financial Corporation was formed as a holding company.
2004 Federated Life Insurance of Canada was sold to Western Financial Group. The company’s headquarters are in Winnipeg, where it is now operating as Western Life.
I love to see the evolution of these ever-changing companies. Western Life Insurance has been in the life insurance industry for 40 solid years, and it looks like they have many more ahead.
Financial Rating
Checking out the financial ratings of the insurer you’re considering is a big part of the due diligence process! It makes sense to do your homework, after all.
If you’re going to make this sort of long-term investment in your future, it’s good to know you’re doing so on solid financial ground.
In 2009, Western Life Financial, which owns Western Life Assurance, was rated B by AM Best. Desjardin Financial Group, which manages assets of $300 billion and is rated A+ by Standard & Poors, acquired Western Life Financial and Western Life Assurance in 2010 for $443 million.
This might have something to do with their upgraded rating of A- (Excellent) in 2011, but it doesn’t end there. Trimont Financial, a subsidiary of Wawanesa Mutual Insurance, purchased Western Financial Group and Western from Desjardins Group in 2017.
Western Life Assurance is on a solid financial footing.
Products
Life insurance companies handle products differently. Some specialize ONLY in life insurance, while others are seriously diversified and offer all kinds of coverage.
I’m a little torn about this…
While there’s something to be said about specialization, I can see why someone would like the convenience of a one-stop shop.
I prefer to deal with a company that concentrates on one area. Maybe it’s just personal, but it gives me a sense of security that they are dealing with a niche they know and doing well.
I guess this comes down to personal preference.
Western Life Assurance offers basic individual life insurance, a critical illness offering with some optional coverage enhancements, and group benefits. Let’s take a closer look.
1. Individual Term Insurance 10, 20, 30 Year Terms
Term insurance works well for most people – most of the time. Western Life Assurance offers three standard terms: 10, 20, and 30 years.
Coverage is provided until your 85th birthday.
After each term expires, your contract is renewed at a higher rate without a medical exam. You may convert your policy to permanent coverage before your 65th birthday, and as I mentioned above, you may complete the application process through @pprove.
2. Western Life Assurance Term 100: Permanent Insurance
While Western Life Assurance doesn’t appear to offer permanent life insurance, “Term 100” is functionally that.
It’s confusing because it has the word “term” in it, but make no mistake, Term 100 or “Term to 100” is a type of permanent insurance.
It’s designed to cover you for life, and you are guaranteed a payout as long as you keep making your monthly payments.
With Term 100, you pay the pure insurance cost, so there is NO cash value like there can be with Whole Life or Universal Life Insurance.
Your premiums are guaranteed to remain level until your 100th birthday. After this time, your policy will be paid up.
Optional Coverage Enhancements
While life insurance is an incredible product, other areas of life need protection.
To fill the gaps, life insurance companies offer additional riders to protect you from accidents, critical illness, disability, and dismemberment.
Let’s look at the additional benefits Western Assurance offers to supplement your life insurance now!
Accidental Death Benefits
If you die in an accident, your beneficiary receives a $250,000 benefit payment. This option is available for Term 100 Life Pay, Term 10, 20, 30, and Critical Illness Insurance to Age 10 and Age 75.
Child Critical Illness Benefit
This rider provides $10,000 or $20,000 of coverage if your child is diagnosed with a covered critical illness condition before the age of 21 or 25…if they are going to school full time. This option is available for Term 100 Life Pay, Term 10, 20, 30, and Critical Illness Insurance for Ages 10 to 75.
Child Protection Benefit
This rider provides $10,000 or $20,000 of life insurance coverage for all your children younger than 21 OR 25 if they’re full-time students. This option is available for Term 100 Life Pay, Term 10, 20, 30, and Critical Illness Insurance to Age 10 and Age 75.
Critical Illness Rider
This critical illness rider provides $50,000 coverage if you’re diagnosed with one of the 25 essential illness conditions. If you’re diagnosed with one of the four early-diagnosed conditions, you will receive $5,000 of coverage. This option is available for Term 100 Life Pay and Term 10, 20, and 30.
Mortgage Protection Benefit
If you’re disabled, you’ll receive mortgage payments of up to $3000 during this period. This option is available for Term 100 Life Pay and Term 10, 20, and 30.
Return of Premium on Death Benefit
If you choose this rider, the premiums paid under your Critical Illness policy are returned to the beneficiary if no claim for critical illness benefit (except for early diagnosed benefit) is made under the policy.
This option is available for Critical Illness Insurance to Age 10 and Age 75.
Waiver of Premium Benefit
If you’re disabled, this rider pays all premiums due so you can maintain your coverage. This option is available for Term 100 Life Pay, Term 10, 20, 30, and Critical Illness Insurance to Age 10 and Age 75.
3. Critical Illness Coverage
Critical illness is something we all should think about.
While life insurance is my gig, I have a personal relationship with Critical Illness Insurance. My wife has been working for herself for many years now. While you’re young and healthy, there’s nothing to worry about, but as we age, things change.
Because technology has come so far, chances are you will survive if you have a serious brush with an illness. But what happens if you aren’t able to work throughout your recovery?
If you have a serious illness, you need some time out; if your paycheck is necessary, that’s a big problem.
For just this reason, my wife opted for critical illness protection. If she is diagnosed with one of the defined illnesses covered in the policy, the money will continue to help us keep up with the bills.
Western Life Assurance offers critical illness insurance. Here are the deets:
Term 10 Critical Illness
You can keep this critical illness coverage in place until the year following your 75th birthday.
The contract automatically renews at a higher premium every ten years based on your age. However, you don’t have to provide medical evidence or a blood test to renew the coverage.
You can exchange this insurance for a Level Premium Critical Illness policy before your 60th birthday. This means your monthly costs will stay the same, guaranteed, until you reach age 75, when the contract expires.
This option to exchange is known as a conversion option.
Level Premium Critical Illness
If you can afford the premiums, this really is the best way to go for long-term affordability.
Level Premium Critical illness protection is provided at the same monthly cost up to age 75. For example, if you apply for coverage in your 30s while you’re young and healthy, the low rates you pay will be guaranteed never to change up to age 75.
This works out to save thousands throughout your policy.
The @pprove Application Process for Individual Life Insurance
Our world is moving increasingly toward tech solutions, and this trend shows no sign of slowing down. Western Life Assurance is keeping up with its competitors by offering the @pprove system.
@pprove allows you to apply for critical illness coverage online for 10, 20, 30, and 100-year terms. Another selling feature is that most of their products don’t require a medical exam, and simple transactions take about 15 minutes.
Western Life Assurance Rates
To give you an idea of Western Life Assurance rates as of March 2022, I’m providing a chart for men and women throughout the decades. I use a standard rating for non-smokers, which means that if you are in terrific health, you can do even better. This is another issue I will explore more below!
Western Life Assurance, Male & Female, 30-Year Term, Standard, Non-Smoker Rates
 |
||
| Age | $500,000 | $1,000,000 |
| 30 Year Old Male | $51.65 | $100.38 |
| 30 Year Old Female | $37.07 | $71.22 |
| 35 Year Old Male | $65.81 | $128.70 |
| 35 Year Old Female | $48.31 | $93.71 |
| 40 Year Old Male | $96.63 | $190.34 |
| 40 Year Old Female | $70.81 | $138.69 |
| 45 Year Old Male | $159.10 | $315.29 |
| 45 Year Old Female | $112.04 | $221.16 |
| 50 Year Old Male | $261.98 | $521.04 |
| 50 Year Old Female | $182.84 | $362.77 |
| 55 Year Old Male | $425.66 | $848.41 |
| 55 Year Old Female | $303.63 | $604.34 |
| 60 Year Old Male/Female | No Products | No Products |
*Quotes above are for Western Life Assurance Term 30, monthly, Standard Health Class, non-smoker. Your rates may differ depending on your unique circumstances. May 10, 2019
Nice! So you can see how much a life insurance policy through Western Life Assurance will cost.
Western Life Pros
1. Western Life Assurance is a Digital Leader
I admire all the companies that keep up with technology when it comes to offering services that save you time and money. If time is of the essence and you have some medical issues that prevent you from getting a fully underwritten policy, this may be the right choice for you.
That said, you may be able to do better. Call Policy Architects to see how we can help.
2. Western Life Assurance Is Pretty Affordable
Western Life Assurance isn’t the most expensive insurer on the block. If you are looking for life insurance without a medical exam, their premiums are competitive, especially if you are in average health.
3. Western Life Assurance Has Good Customer Reviews
They have four stars on Google, which is good for a life insurance company. It seems that people who deal with them are relatively satisfied.
4. Western Life Assurance Offers Quick & Easy Coverage
You can get it if you’re in a rush and need coverage today. This works for people who have an immediate need.
Western Life CONS
1. Western Life Assurance is Too “Western-Centric”
I was not aware of this life insurance company before this review. They seem to have a large following in the West, but they would do well to market more to the eastern provinces.
2. Western Life Assurance has Limited Products
Western Life Assurance does not offer a wide selection of life insurance products. If you’re looking for many options that allow you to use life insurance as a tool, this isn’t the company for you.
3. Western Life Assurance is Expensive for Healthy People
Sure, if you’re looking for quick and easy coverage and have some medical issues that make a medical exam seem daunting, this may be your insurer. If you’re healthy, I would call the independent life insurance agents at Policy Architects. We can help.
4. The @pprove is not Transparent
You can get approved and covered in minutes, but don’t be fooled. You need to contact an agent to go through this process. I would love to know more about @pprove, but there’s almost no information available.
Is West Life Assurance the Company for YOU?
Wow! Another review bites the dust. I enjoy checking out all these great life insurance companies.
I am glad I got a chance to review this company BEFORE they were amalgamated with Wawanesa (which, by the way, is a terrific company)
Remember, not all life insurance companies are created equal. So, finding the right fit for your family and budget is essential.
The savings can be in the tens of thousands of dollars. Call Policy Architects today—we can help!
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