Life insurance helps protect 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 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 provides innovative insurance solutions to its members and has a presence in all provinces in Canada.

Blue Cross Facts & Information

Dundas Life Rating: 3.5/5

Founded: 1939

Head Offices: Etobicoke, ON

AM Best Financial Strength Rating: N/A

Financial Assets: N/A

Insurance Premiums: N/A

Blue Cross Insurance 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 provides the following four life insurance solutions:

Tangible Hybrid Protection

No Blue Cross Life Insurance review would be complete without a mention of its flagship product—Tangible Hybrid Protection. This 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 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 insurance when you turn 56

Flex Plan

The Flex Plan is designed for people looking for coverage until their retirement. When you reach your 65th birthday, you have the option to convert the plan into a whole life insurance policy. Whole life insurance, in contrast to term life, provides coverage that you cannot outlive. Also, these policies 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 coverage anywhere from $5,000 to $1 million. Blue Cross provides you the option to add various riders, such as health, dental, and disability. Life insurance riders are add-ons to customize your policy to best suit your needs.

Here are the main features of the Flex Plan:

• You can convert the policy into a whole life plan when you reach 65
• Coverage amounts available from $5,000 to $1 million
• 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 death benefits, and Blue Cross’s Express Life is no exception. As such, it is a good option for covering end-of-life expenses but not for income replacement. 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.

However, keep in mind that if you pass away within six months of taking out the policy, your beneficiaries will receive only the premium dollars paid into the policy — not the death benefit. Blue Cross allows you a fair degree of freedom to tweak coverage as per your needs, which is a nice gesture since guaranteed issue life insurance policies are usually not very customizable. Depending on your needs, you can add various riders, like hospital allowance, accidental fracture, critical illness, and accidental death.

Here are the 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

Blue Cross also offers mortgage life insurance — a term life 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. So, if the length of your mortgage term is 10 years, your Mortgage Plan will also last that long. You can buy this policy 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.

Here are the main features of Mortgage Plan:

• It is a term life policy designed to repay mortgage debts upon your death
• Coverage amounts available from $10,000 - $2 million
• The policy lasts 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 Term Life Insurance Rates

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 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.

Term Life Insurance Review – Price Comparison vs. Competitor Products

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 works on a not-for-profit basis and has been in operations since 1934. Known for providing innovative life insurance solutions at competitive prices, Blue Cross offers four life insurance products. Whether you are looking for a term life plan, a guaranteed issue policy, or some other type of life insurance product, Blue Cross is worth looking at.