Are you looking to buy life insurance coverage?
That’s great news. Because the earlier you buy coverage, the lower your premium rates will be.
As for life insurance coverage options, one name you should consider is Wawanesa Insurance. While not the biggest name in the life insurance niche, it’s one name that many Canadians trust because of its very good pricing that's cheaper than most competitors.
Of course, the big question is, what exactly Wawanesa Life Insurance offers, and how much you can expect to pay for coverage?
This Wawanesa Insurance review will answer all these questions and more. So continue reading.
History of Wawanesa Insurance
Wawanesa Mutual, the parent company of Wawanesa Insurance, was set up in 1896. Wawanesa Insurance distributes life insurance solutions not only in Canada but also in the US. Besides life insurance products, the insurer also sells home, automobile, farm, and commercial business coverage.
Its parent company, Wawanesa Mutual, is a mutual insurance company, meaning it’s owned by its policyholders.
Although Wawanesa Mutual ranks among the largest property and casualty providers in Canada, its life insurance business is relatively small. Wawanesa Insurance started offering life insurance products only from 1960 onward.
The company acquired Desjardin Financial’s Western Canadian business in 2017 and merged it with Wawanesa Life.
Wawanesa Insurance: Facts & Financial Information
The importance of checking an insurance company’s financial health cannot be stated enough. If you pick an insurer on a weak financial footing, you may lose your investment down the line.
An easy way to check on a company’s financial strength is to find out its AM Best rating. AM Best is an independent rating agency that assesses the creditworthiness from over 16,000 insurance companies internationally. Its rating scale ranges from A++ to D. The higher the rating, the better the company’s financial health.
Wawanesa Insurance got an A (Strong) rating from AM Best. This means you can rely on it to make good on its promise when your family files a claim.
Wawanesa Insurance Reviews
You may not want to rely too heavily on online reviews for a true assessment of an insurer.
Online reviews don’t necessarily represent an insurance company accurately. There are several reasons for this:
- People are under a lot of stress when they file a claim. Even a small hold up may make appear a big thing in such situations.
- Most life insurance companies in Canada sell multiple products. As a result, many of the negative reviews may well be not connected to the product you want to buy.
- Sometimes insurance agents may push customers to buy the wrong products. This, in turn, can put the insurer in a bad light for no fault of theirs.
Having said that, let’s find out how Wawanesa Insurance fairs in online reviews.
Wawanesa has a poor rating on Google — 1.5 stars. That’s exactly the kind of situation we were talking about.
On the plus side, Wawanesa Insurance replies to most reviews within 48 hours. That is more than we can say for many other insurers. In fact, some insurance companies in Canada, such as Assumption Life, have disabled Google Reviews altogether.
Surprisingly, Wawanesa Insurance does exceedingly well on Insureye, notching up a score of 3.3 out of 5. Its Better Business Bureau (BBB) ranking is impressive as well. BBB gave Wawanesa Insurance the highest-possible rating of A+. However, its customer reviews on the BBB website are less than flattering, with an average score of 2 out of 5.