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Life insurance helps provide financial security for your family from life’s uncertainties.
If something were to happen to you, your policy benefit would ensure your loved ones could continue to live comfortably. If you are looking for a new life insurance policy, Blue Cross is one name that is worth considering.
Continue reading for a detailed Blue Cross Life Insurance company review.
Who is Blue Cross Life Insurance?
An international network of some renown, Blue Cross offers a wide range of insurance products, including life insurance. Founded in 1934, Blue Cross protects over 7 million Canadians under its plans. Blue Cross Life provides innovative insurance solutions to its members and has a presence in all provinces in Canada.
Company Facts
Founded in 1939
Headquartered at Etobicoke, ON
They have separate divisions for Pacific Blue Cross (west coast), Alberta Blue Cross, Manitoba Blue Cross, Saskatchewan Blue Cross, and more.
Blue Cross Reviews
Online reviews, while important, should not be the only thing you consider when evaluating a life insurance carrier. This is because estimates suggest only a small percentage — less than 2% — leave a review online. Furthermore, statistically speaking, consumers are more likely to leave a review when they have had a bad experience, compared to when things go as per their expectations.
Unfortunately, there is hardly any data available online about Blue Cross. Like a few other Canadian life insurers, Blue Cross does not have any reviews on Google. And on Insureye, they have only two reviews, which is too small a number to form an opinion.
Products and Features
Blue Cross Life company provides the following four life insurance solutions:
Tangible Hybrid Protection
No Blue Cross company review would be complete without a mention of its flagship product—Tangible Hybrid Protection. This Blue Cross product is a unique life insurance solution with a benefit amount of anywhere from $25,000 to $1 million. Your plan gradually is converted into a long-term one when you turn 56.
The Tangible Hybrid Protection plan comprises two separate health insurance coverage plans. The first one offers you a choice between a loss of autonomy, critical illness, disability or life coverage. The second plan — called the facility coverage — provides you with a lump sum payment if you become suffer a physical disability.
- Made up of two different plans
- Coverage amounts available from $25,000 to $1 million
- Gradually converts into permanent life insurance (whole life insurance) when you turn 56
Flex Plan
The Flex Plan by Blue Cross is designed for people looking for health insurance coverage until their retirement. When you reach your 65th birthday, you have the option to convert the plan into a whole life insurance policy, or permanent life insurance. Permanent life insurance, in contrast to term life insurance, provides coverage that you cannot outlive. Also, these Blue Cross plans build cash value that you can tap into any time and for any reason while you are still alive.
The Flex Plan is a great option for all those who are self-employed. You can purchase insurance coverage anywhere from $5,000 to $1 million. Blue Cross company provides you the option to add various riders, such as health, dental, and disability. Life insurance riders are add-ons to customize your Blue Cross plans to best suit your needs.
Here are the main features of the Flex Plan:
- You can convert these Blue Cross plans into a permanent life insurance plan when you reach 65
- Coverage amounts available from $5,000 to $1 million, which can be a lot of future whole life insurance coverage
- Ability to add various riders, like disability, dental, and health
Express Life
This is a guaranteed issue life insurance plan. You do not need to undergo a medical exam to prove insurability, nor would you need to answer invasive health questions. The coverage is guaranteed to all, as long as they are below a particular age. Guaranteed issue life insurance plans are for people who do not qualify for traditional life insurance or who do not want to take a life insurance medical exam.
These plans have smaller a death benefit (like accidental death), and Express Life by Blue Cross is no exception. The maximum coverage available is $20,000, sufficient for covering funeral or burial costs and end-of-life medical bills. Those who want to leave a small legacy for their children or grandchildren may also find the Express Life a suitable option.
Keep in mind that if you pass away within six months of taking out these Blue Cross plans, your beneficiaries will receive only the premium dollars paid into the policy — not the death benefit. Blue Cross also allows you to tweak coverage as per your needs, which is a nice gesture since guaranteed issue life insurance policies are usually not customizable. Depending on your needs, you can add various riders, like hospital allowance, accidental fracture, critical illness, and accidental death.
Main features of Express Life:
- No medical exam required
- Maximum coverage is $20,000
- Blue Cross refunds the premium dollars paid if you die within six months of the policy issue date
- Ability to customize coverage by adding various riders
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Mortgage Plan
This life insurance company also offers mortgage life insurance — a term life insurance policy designed specifically to protect a repayment mortgage. Like most people, your home is likely to be your biggest asset, so it is worth taking steps to protect your investment. This is where Mortgage Plan from Blue Cross comes in. It pays off the balance you owe on your mortgage to the lender upon your death.
You can buy coverage anywhere from $10,000 to $2 million. And the plan will last as long as your mortgage. You can buy these Blue Cross plans to cover your principal home, second home, or a building having up to eight units. It provides financial security to your loved ones, who can rest easy knowing that they will not have dip into their savings to pay down the mortgage if you die prematurely.
Main features of the Mortgage Plan:
- It is a term life insurance policy designed to repay mortgage debts upon your death
- Coverage amounts available from $10,000 - $2 million
- These Blue Cross plans last as long as your mortgage lasts
- Covers different types of properties, including primary residences, secondary homes, and buildings having up to eight units
Blue Cross Rates
Blue Cross Term life insurance premium rates depend on a number of factors, some are in your control, others not. For instance, there is not much that you can do about your age or gender, but maintaining a good health and staying fit can help you reduce your insurance costs. Likewise, picking the right life insurance carriers can save you hundreds of dollars or more in premiums.
Which begs the question — how affordable are Blue Cross term life insurance rates?
To find out, we got quotes from the insurer. These quotes are for a 20 year term, and $400,000 in coverage for non-smoker males and females.
Life Insurance Review – Comparison vs. Competitors
With premium rates varying considerably by insurer, it is important you get quotes from as many providers as possible. This way you can ensure you are not paying any more than you need to.
Conclusion
Blue Cross company works on a not-for-profit basis and has been in operations since 1934. Known for providing innovative life insurance solutions (like their term life insurance -> permanent life insurance conversion options) at competitive prices. This company offers four Blue Cross plans Whether you are looking for a term life insurance plan, a guaranteed issue policy, permanent life insurance plan, or some other type of life insurance product, Blue Cross is worth looking at to provide your family with financial security.
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