With numerous term life insurance options which grant you the ability for renewable terms, and guaranteed premiums, Humania life insurance is ideal for those who are looking for a term life insurance policy. They offer a unique HuGO life insurance policy which is a quick and easy way to get coverage and is an innovative approach to life insurance. The higher coverage amounts and competitive prices is certainly a plus. Although, their lack of permanent life insurance is a weak spot for Humania as they do not offer a whole life or universal life insurance policies. Overall, Protect Your Wealth gives Humania a 3 out of 5 stars and their future financial outlook is stable.
To find out what life insurance company is best for you, check out our Best Life Insurance Companies Guide.
In this article:
Company Overview
Humania Assurance (Humania) is a Quebec based insurance company which was founded in 1874. Humania offers a range of insurance products including: Life Insurance, Health Insurance, Mortgage Insurance, Disability Insurance, Critical Illness Insurance, and more. Being that Humania is one of Canada’s oldest insurance companies, Humania grew steadily and now controls over $600 million in assets. With over 200,000 customers across Canada, Humania holds both a rich history and has a smaller client base in comparison to larger insurance firms.
Humania Life Insurance Pros
No-medical life insurance is widely available
Coverage prices are comparable and competitive with other Canadian life insurance companies
HuGO term life insurance product is innovative and currently only unique to Humania
Humania Life Insurance Cons
Conversion age maxes out at 65 years old
Lacks insurance product transparency on website
Humania Life Insurance Products
Humania life insurance products include term life insurance, permanent life insurance, and critical illness insurance. They have multiple term life insurance options and critical illness insurance options, but unfortunately are lacking permanent life insurance options. Their life insurance products include: Term life insurance, HuGO life insurance, and Term Life – Insurance Without Medical Exam, and they have Permanent Life Insurance – without medical exam.
Humania Term Life Insurance
The Humania Term Life insurance include Term life insurance, HuGO life insurance, and Term Life – Insurance Without Medical Exam. The options on the terms vary from 10, 15, 20, 25, 30 year terms. The limits can also range from $50,000 to $5 million which is a great range which can cover different types of personal financial situations.
Term Life Insurance
The Humania Term Life is available in 10, 15, 20, 25, 30, and 100 year terms which offers flexibility depending on which life stage you are at. It offers a wide coverage amount, and is available for those who are 0 to 70 years old, making it a suitable choice for many.
- Key Highlights
- Coverage from $50,000 to $2,000,000
- Available for the ages of 0 years old to 70 years old
- Medical examination is required
- Convertible until 65 years old
- Policy terminates at age 80
- Optional Benefits
- Multiple policy and family policy discounts available
- Waiver of premium
- Disability insurance riders
HuGO Life Insurance
The HuGO life insurance product is a modern and innovative life insurance product that can provide you life insurance coverage with the least amount of requirements necessary. You can acquire HuGO life insurance coverage within 15 to 45 minutes, while also getting the freedom of guaranteed, renewable and flexible 10, 15, 20, 25, 30 year terms.
- Key Highlights
- Coverage up to $5 million
- Available for all up to 80 years old
- Renewable, guaranteed premiums, convertible
- Coverage within 15 to 45 minutes
- Available in 10, 15, 20, 25, and 30 year terms
- Optional Benefits
- Child life insurance rider available
- Paper free, web based
- Two options: Gold and Platinum
Term Life – Insurance Without Medical Exam
This no-medical term life insurance alternative by Humania is available for online application. There are 2 terms available: 10 year term, 20 year term and a 100 year term. It is a simple no-medical option and offers instant coverage which is very beneficial.
- Key Highlights
- Coverage up to $300,000
- Available for the ages of 18 years old and 70 years old
- Renewable and guaranteed premiums up to 80 years old
- Short medical questionnaire
- Optional Benefits
- Disability and critical illness available with no additional questions
- Possibility of immediate coverage
Humania Permanent Life Insurance
Humania has a single permanent life insurance option which makes Humania lack in comparison to competing insurance firms. The permanent life insurance option is only a no-medical policy which makes it have less coverage than many competing permanent life insurance terms. There are also no participating life insurance options which are widely found in other life insurance companies, find out more about participating life insurance coverage.
Permanent Life – Insurance Without Medical Exam (Term 100)
Key Highlights
- Coverage from $5,000 to $50,000
- Available for the ages of 18 years old to 70 years old
- Guaranteed premiums
Other Humania Insurance Products
Continuing on with our Humania Life Insurance Review, Humania has a handful of other insurance products including critical illness insurances, and disability insurances, which have flexibility and a variety of options. Find out if no medical life insurance is right for you.
Insurance Without Medical Exam – Critical Illness Insurance
Key Highlights
- Available for those 18 to 55 years old
- Coverage from $5,000 to $100,000
- 10 to 20 year terms
- Covered illnesses: Heart attack (myocardial infarction) Cancer Stroke (cerebrovascular accident) Coronary surgery
- No medical exam
- Immediate coverage
Optional benefits
- Premium on death
- Premium refund rider of 75% after 20 years
- Those who were previously diagnosed with HIV, Diabetes, Cancer, Multiple Sclerosis or other critical illnesses may be eligible
Prodige Critical Illness
Key Highlights
- Available for those who are 2 months old to 60 years old
- Coverage of $25,000 to $1 million
- Basic plan covers 4 illnesses, comprehensive plan covers 24 illnesses, enhanced plan covers 25 illnesses
Optional Benefits
- Waiver of premium
- Best Doctors program
- Premium refund riders
Term Critical Illness Insurance
Key highlights
- Available for those 18 years old to 65 years old
- Coverage of $25,000 to $1 million
- Basic plan only covers: Cancer Coronary surgery (coronary artery bypass) Heart attack (myocardial infarction) Stroke (cerebrovascular accident)
- Enhanced plan covers over 25 illnesses
- Available in many terms: 10 year, 15 year, 20 year, 25 year, 30 year, and 75 year
Optional benefits
- 15 year premium refund or at 65 years old
- Accidental death benefits
- Disability waivers
Humania Insurance Customer Reviews
Many Humania clients are satisfied with their experience with the company:
User friendly online application and customer service
Competitive pricing
Flexible term coverage is useful for specific personal circumstances
On the other end, Humania clients sometimes find that:
Strict underwriting requirements
Lacks in permanent life insurance options
Bad cancellation experiences from former clients
Frequently Asked Questions (FAQs) about Humania Life Insurance
These are the pros of Humania life insurance:
No-medical life insurance is widely available
Coverage prices are comparable and competitive with other Canadian life insurance companies
HuGO term life insurance product is innovative and currently only unique to Humania
These are the cons of Humania life insurance:
- Conversion age maxes out at 65 years old
- Lacks insurance product transparency on website
Term life insurance is a type of life insurance that pays out to your beneficiaries if you die during the term of your policy. You can specify how long your term policy will last. Insurance companies provide term life insurance for Canadians and those legally residing in Canada for 10, 15, 20, 25 or 30 years. Once the term expires, you will be able to renew your policy but there will be an increase in the premiums you pay. For example, if you purchase a 10-year term life insurance policy and you die during those ten years, the people you name as your beneficiaries will receive a tax-free payment (also called a death benefit).
Yes! The only factors that change when you are high risk are the type of life insurance policy you apply to (traditional, simplified, or guaranteed issue), the cost of your premium, and the amount of coverage you can qualify for. Feel free to contact Protect Your Wealth if you want professional advice on choosing the right life insurance policy for yourself.
There are a handful of things to consider when you purchase life insurance, this list includes most of the important factors to consider when purchasing life insurance:
- Life insurance term
- Life insurance benefits, or additional riders
- Health conditions which are pre-existing or you are susceptible to based on family medical history
- Smoking status (smoker or non-smoker)
- Your age
- Children’s or dependent’s age
- Spouse’s age
- Occupation risks
- Existing loans and mortgages
Term life insurance
The Humania Term Life is available in 10, 15, 20, 25, 30, and 100 year terms which offers flexibility depending on which life stage you are at. It offers a wide coverage amount, and is available for those who are 0 to 70 years old, making it a suitable choice for many.
HuGO Life Insurance
HuGO Life
The HuGO life insurance product is a modern and innovative life insurance product that can provide you life insurance coverage with the least amount of requirements necessary. You can acquire HuGO life insurance coverage within 15 to 45 minutes, while also getting the freedom of guaranteed, renewable and flexible 10, 15, 20, 25, 30 year terms.
Term Life – Insurance Without Medical Exam
This no-medical term life insurance alternative by Humania is available for online application. There are 2 terms available: 10 year term, 20 year term and a 100 year term. It is a simple no-medical option and offers instant coverage which is very beneficial.
Permanent life insurance is also known as whole life insurance because it covers you for the rest of your life. It also provides your beneficiaries with a tax-free payment after your death. Some plans have the ability to accumulate cash value over time. Permanent insurance costs are typically guaranteed not to rise from the time the policy is purchased. Furthermore, some permanent insurance plans allow you to pay for a limited period of time and then never again. Other types of permanent life insurance to consider include universal life and participating life.
Humania Permanent Life Insurance
Humania has a single permanent life insurance option which makes Humania lack in comparison to competing insurance firms. The permanent life insurance option is only a no-medical policy which makes it have less coverage than many competing permanent life insurance terms. There are also no participating life insurance options which are widely found in other life insurance companies, find out more about participating life insurance coverage.
Finding the right life insurance for you
After reading our Humania Life Insurance Review, if you’re not sure of what the best insurance product or company is for you, working with a life insurance specialist can help you find the best solution to fit your particular situation. At Protect Your Wealth, we’ve been providing expert advice for all types of life insurance, including for no medical, term life, or permanent life insurance, since 2007. As your Life Insurance broker and financial planner, we work with you to create a personalized plan for your family or business that covers and meets your needs.
Contact Protect Your Wealth or call us at 1-877-654-6119 to talk to an advisor today! We’re proudly based out of Hamilton, and service clients anywhere in Ontario, British Columbia, Alberta, and Manitoba including areas such as Burlington, Kelowna, Grande Prairie, and Winkler.
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