Wawanesa Life

The Wawanesa Life Insurance Company (Wawanesa Life) started its activity in the early 1960's. The Company was established by the Wawanesa Mutual Insurance Company with the purpose of expanding its line of products. Since its inception, Wawanesa Life has undergone some changes. Established as a mutual company, it was reorganized into a stock form company in 1993 and became 100% owned by the Wawanesa Insurance. It is worth to mention that over the years since its establishment, Wawanesa Life was supported by its parent company, both in financial and operating aspects.

Today Wawanesa Life maintains its offices across the most provinces of Canada (except Quebec and Newfoundland), offering an extensive range of individual and group insurance products to its clients. The company is known for its flexibility and quality service. People say - ''Wawanesa is willing to listen''. It has also deserved the trust of its customers for its solid reputation and stability.

Indeed, Wawanesa Life constantly works to retain its stable positions. This can be exemplified by the company's reinsurance program. To be protected from unexpected events and disastrous experience, the company has signed reinsurance contracts with several Canadian companies. Wawanesa Life is also a member of The Canadian Life and Health Insurance Compensation Corporation, which provides protection to the clients of member companies, in case a member company becomes bankrupted.

As mentioned above, Wawanesa Life provides individual and group insurance products. Let's take a closer look at the subject.

Individual Insurance Products

Wawanesa Life has a full range of individual insurance products to offer its clients. There are two basic types of them: 1) individual life insurance and 2) annuity products. Life insurance products are also subdivided into Permanent insurance (for life) and Term insurance (temporary) products. Most customers need to combine both types of insurance to meet their needs.

Permanent products include the following plans: Universal Life, Term to Age 100, Fifteen Pay Term to Age 100, Twenty Pay Term to Age 100, Final Expense Plan.

Temporary products include: LifeStyle Term, Preferred Underwriting of LifeStyle Term, Lifestyle Adjustment Plan (critical illness protection).

Each individual plan is tailored to specific insurance and financial needs of the company's clients.

The second type of individual products Wawanesa Life offers its customers is a group of annuity products. The company has four saving/retirement plans: Guaranteed Retirement Annuity (GRA), Retirement Income Fund (RIF), Guaranteed Investment Annuity (GIA) and Single Premium Income Annuity (SPIA). In addition, Wawanesa Life offers Segregated Fund investment option. A Segregated Fund is similar to a mutual fund, but there are some advantages when using it.

Group Insurance Products and Services

The company began its activity in this field in 1979. Over the years the Group Division of the company showed a stable growth of profitability. Today Wawanesa Life offers a complete range of Short and Long Term Disability, Group Life, Health and Dental products.

The company primarily focuses on employer-employee groups. It targets the markets with businesses that have 10-250 personnel. Wawanesa Life offers the ability to customize each insurance plan to fit the needs of each employer-employee group.