Humania may not necessarily be a household name, but they do offer an array of affordable term life insurance plans to suit various individual’s needs.
So, if you want to put a term life insurance plan in place to protect your family’s future, Humania is one option worth considering.
Continue reading our review of Humania Term Life Insurance Review.
Who is Humania Insurance?
Founded in 1874 and based in Quebec, Humania Assurance are one of the oldest insurance companies in Canada. Humania is a mutual insurance company and offers coverage to more than 200,000 customers. They made a name for itself by consistently offering a competitive priced term life insurance plans, and is one of the few Canadian Insurers to offer digital policies.
Humania Facts & Financial Information
Founded in 1874.
Headquartered at 1555 Rue Girouard O, Saint-Hyacinthe, QC J2S 2Z6, Canada
$600 million in Financial Assets
~$160 billion in annual insurance premiums
No current AM Best Financial Strength Rating.
Humania Term Insurance Reviews
So, you might be interested to know what people are saying about Humania online.
Keep in mind, people are more likely to leave negative reviews than positive ones, and not all reviews come from trustworthy sources.
Given this, we do not make online customer ratings the only criterion to decide whether to buy a policy from a particular insurer or not.
Coming back to Humania reviews, well actually, they are not half bad. The insurer notched up a score of 3.5 stars out of 5 on Google reviews (no reviews on Insureye), very similar to competitors like Canada Protection Plan. That is far better than what some well-known names, like Manulife and RBC Life Insurance, could manage.
Products and Features
Humania has three term life plans, apart from robust critical illness coverage. It does not offer whole life or universal life insurance.
Term Life Insurance
Term life insurance is the simplest form of insurance. Once you have zeroed in on an insurer, you need to make two main decisions: coverage amount and length of the term. Compared to permanent life insurance, term life rates are significantly cheaper. So, if you want life insurance to cover a need with an end date, like a mortgage or years until you retire or your kids become financially independent, term life is what you need.
Humania offers three main term life plans, but let’s first check out a feature unique to it. No Humania Term Life Insurance review would be complete without a mention of its Platinum renewal option because it is not something you see often.
As you may know, most (if not all) term plans are renewable. The same goes for Humania term life insurance products. However, unlike its competitors, Humania offers two renewal options for HuGo term life insurance (Humania’s flagship product) — Gold and Platinum.
Gold is the default option. That is, your renewal rate will be whatever the market premium rate is at the time of the renewal. The platinum option, however, allows you to receive a 40% lower rate than the default at renewal, but the tradeoff is that you must pay roughly 13% more over the initial term.
Term Life Insurance
This is the standard term life offering and is available in five terms.
- Available for 10, 15, 20, 25, and 30-year terms
- Coverage amount available is $50,000 to $2 million
- Renewable up to age 80
- Convertible up to age 65
- You can add up to eight other benefits, like accidental death benefit and waiver of premiums
Insurance Without Medical Exam – Life Insurance
If you have an underlying health condition that disqualifies you from standard life insurance, Humania’s no-medical exam term life policy might be right for you. You can apply online by answering six health questions and receive instant coverage if approved.
- Type of contract: Term 10, 20 or 100 years
- The maximum coverage available is $300,000
- Available for people ages 18 – 70 years
- Guaranteed renewal up to age 80 for Term 10 and Term 20 plans
- Online application
- Immediate coverage (if approved)
- Critical and disability insurance also available without any additional questions
HuGo Life Insurance
HuGo is unique and user-friendly. You can purchase the policy online in less than an hour — most clients receive approval in 15-45 minutes. No automatic medical test or signature is required. With HuGo, putting a term life insurance plan in place is that easy.
- Quick Issue. Most applicants receive approval within 45 minutes
- Completely web-based, requiring no application signature or paperwork
- Available in various terms to suit different life insurance needs — 10, 15, 20, 25, and 30 years and coverage to age 80
- The maximum coverage available is $5 million
- Guaranteed level premium: That is, the insurer cannot change your premium rate during a policy term
- Guaranteed renewability: You can renew your term life insurance plan at the end of the term up to a certain age
- Convertible: You can convert your term life insurance policy into a permanent one
- Exchangeable: You can exchange your term life insurance policy for a longer term
- Two renewal options available — Gold and Platinum
Other Life Insurance Products Offered by Humania
Apart from term life insurance, Humania offers no-medical permanent Life insurance and critical illness insurance.
No-Medical Permanent Life Insurance (T100)
Since this is a no-medical permanent life plan, it forgoes a medical exam and provides coverage for your entire life. Eligibility depends on your answers to the health questions asked during the application process.
In a sense, this plan is similar to Humania’s simplified term life insurance, the only difference being that the latter does not have an end date. The coverage amount, however, is small — making it a good option for people who are looking for a life policy to cover their final expenses.
- Available for people ages 18 and 70
- Guaranteed level premium
- Maximum coverage is $5,000 to $50,000
- Does not include a cash value component
Critical Illness Insurance
Critical illness insurance provides you with a tax-free payment if you are diagnosed with a covered health condition. You can use the payout to cover medical expenses, home-care costs, or other expenses.
Humania offers a suite of critical illness plans to meet the needs of different people.
Critical Illness (No Medical Exam)
Those who buy a no medical life insurance policy from Humania are eligible for critical illness coverage without having to answer any additional questions.
- Coverage available in 10 and 20-year terms
- Available for people ages 18 – 55 years
- Renewable up to age 65
- Maximum coverage amount is $100,000
- Covered conditions include cancer, heart attack, and stroke
- Includes a refund of premium on death and a premium refund rider (you will receive 75% of premium dollars paid into the policy after 20 years)
This plan is more comprehensive than the previous one. The maximum coverage available is also significantly higher — $1 million.
- Coverage amount available is $25,000 - $1 million
- Covers illnesses such as heart attack, cancer, and stroke
- Coverage available to people ages 30 days to 60 years
- Option to add a Life Insurance Rider. If you select it, the insurer will pay the benefit amount upon the first event — death or critical illness. With this coverage, you can enjoy comprehensive protection in one package
- Premium options available are 20 years, lifetime, and age 65
- Includes access to the Best Doctors Assistance Program. You have a choice of four levels of service
Term Critical Illness
Two plans are available under this policy. The first plan covers four medical emergencies: cancer, heart attack, coronary surgery, and stroke. The second plan provides protection from as many as 25 illnesses.
- Coverage amount available is $25,000 to $1 million
- The terms available are 10, 15, 20, 25, 30 and 75 years
- Convertible to permanent life insurance up to age 60 without proof of good health
- Includes access to the Best Doctors Assistance Program. You have a choice of four levels of service
- Ability to add different riders for more comprehensive coverage, such as Life insurance or total disability waiver of premium rider
5575 - Cancer Insurance
This plan provides financial support in the event of a cancer diagnosis.
- Available for people ages 55 – 75 years
- Coverage amount available is $5,000 - $75,000
- Option to upgrade to a more comprehensive plan that covers 5 other conditions like heart attack, stroke, paralysis, coronary bypass, and coma
Riders Offered by Humania
You can use life insurance riders to add benefits that were not present in your original policy or to amend the coverage or its terms. Humania, like other life insurance companies, offer many riders. For instance, you can add up to eight riders to your term life insurance for more comprehensive coverage.
Here are some of the common life insurance riders available with Humania.
- Waiver of premium – If you become critically ill or disabled and cannot pay life insurance premiums, a waiver of premium rider ensures your policy does not lapse. With this rider in place, you get an exemption from paying future premiums. If a disability or serious illness will make it extremely difficult for you to keep your policy active, consider adding this rider.
- Insurance for children – This rider allows you to purchase additional coverage for all your children. The coverage will last until your children are of specific age, usually 25 years. Your children can convert the coverage into a permanent life policy without proof of good health.
- Accidental death – This rider gives your loved one’s access to an additional cash benefit, on top of the death benefit, if your death is due to injuries sustained in a covered accident.
Humania Term Life Insurance Rates
Term life rates are based on many factors, including your choice of insurer. Picking the right carrier can save you thousands of dollars in the long run. To find out how affordable Humania’s rates are, we got quotes for a 20-year term policy with $400,000 in coverage. These quotes are for healthy, non-smoking men and women of different ages.
Term Life Insurance Review – Price Comparison vs. Competitor Products
When it comes to affordability, Humania beats Sun Life. For example, a 40-year-old man looking for a 20-year term life policy can reduce his insurance cost by $1426 by picking Humania over Sun Life. For a 55-year-old female choosing Humania could mean a saving of $1296.
Example 1: 40 Year Old Male, Non Smoker, Regular Health, 20 Year Term:
Humania Term Insurance $400K - $40.59
Sun Life $400K - $50.13
Cost Savings over 20 years: $2290
Example 2: 55 Year Old Female, Non Smoker, Regular Health, 20 Year Term:
Humania Term Insurance $250K - $86.62
Sun Life $250K - $95.62
Cost Savings over 20 years: $1860
Why We Like Humania
Intuitive, User-Friendly electronic application process
HuGO — Humania’s proprietary online purchasing platform — is fast, smart, and innovative. When it comes to delivering great online experience, Humania is ahead of the pack. It is also one of the few Canadian insurers that offer digital polices.
Humania’s term life rates are extremely competitive, making them a great fit for budget buyers.
Unique No Medical Life Insurance Plan
Eligibility for Humania’s no medical plan depends largely on whether you are earning a paycheck. As a result, people with specific health issues such as liver disorder, HIV, or metastatic cancer, etc., can buy up to $300,000 of no-medical life insurance coverage.
Of course, this plan is not cheap by any stretch of the imagination. But with most other providers, you will be hard-pressed to find a no-medical exam life insurance plan that offers more than $25,000 in coverage.
Multiple Coverage Terms Available
While Humania does not let you pick any random term of your choice, it does offer plenty of term options — 10, 15, 20, 25, and 30 years.
Mutual life insurance company
Humania is a mutual insurance company. That means it has the best interest of its policyholders — not shareholders — in mind. As a result, they can provide customers with a better personalized experience and strongly focus on sustainable growth.
What We Did Not Like About Humania
No Whole Life or Universal Life Policy
Humania offers a basic permanent life policy aimed at helping applicants cover their final expenses. But it does not offer a whole life or a universal life plan. So, if you want your life insurance policy to also bundle up as an investment tool, you will need to look elsewhere.
Conversion option available only up to age 65
You can convert your Humania’s term life plan into a permanent one up to age 65 without a medical. Most providers, however, let you convert up to age 70 or 71.
Is Humania Term Insurance right for you?
Humania’s flagship HuGo Life Insurance product sets it apart from other Canadian insurers. It is a web-based, paper-free, and affordably priced product available in several term options. Other term life plans from Humania offer standard features, but all of them are competitively priced. If your priority is cost-effective term life insurance, Humania could make sense for you.