Get Insurance Quotes

Life Insurance Quotes Compare auto insurance quotes and save! Get Life Insurance Quotes!

Wawanesa Life Insurance Company

The Wawanesa Life Insurance Company commenced operations in the early 1960's. The company had been established by the Wawanesa Mutual Insurance Company, which had been operating on Canadian insurance market over the previous 70 years and had solid experience and financial positions. Over the first years of its activity Life Company received strong financial support from its parent company - Wawanesa Mutual. As a result, the growth of the newly born company was steady.

In 1993, Wawanesa Life became a stock type company with 100% of shares owned by Wawanesa Mutual. Two years later Wawanesa Mutual invested additional capital into its subsidiary, and strengthened its financial position.

Nowadays, Wawanesa Life has offices across Canada almost in all provinces. The executive offices are situated in Winnipeg, Manitoba. The Company closely works with Wawanesa Mutual. Moreover, they share many facilities and have common management staff.

According to Wawanesa Life's 2005 balance sheet the company had investment portfolio of about $410 million and total assets of about $418 million. At the same time, premium income grew from $61 million in 2001 to $78 million in 2005. The growth is also significant in the company's capital: from $50.5 million in 2001 to $70.3 million in 2005. The Company has a high quality, structured investment portfolio. It consists of bonds (79.6%), residential mortgages (6.1%) and shares (14.3%). The most part of the bonds portfolio consists of corporate bonds ($167.5 million). The rest part falls at federal, provincial and municipal bonds.

Wawanesa Life Insurance offers individual and group insurance products. Each of these products is provided through distinct operating units.

Individual Insurance Pruducts and Services

Individual group includes annuity and individual life insurance products. In its part, life insurance product group includes two basic types: permanent (for life) insurance products and renewable term products. Annuities include RRIFs, RRSPs and non-registered savings products.

Permanent life insurance plans include the following: Universal life (provides separation of savings and insurance parts of the policy), Term to Age 100 (provides insurance to the age 100 with guaranteed payable premiums), Fifteen Pay Term to Age 100 (same as the previous plan, but premiums are payable for 15 years), Twenty Pay Term to Age 100 (premiums are guaranteed for 20 years) and Final Expense Plan.

Temporary products include: LifeStyle Term (consists of 10 or 20 year Renewable and Convertible Term Insurance), Preferred Underwriting of LifeStyle Term (rewards better risks with lower premiums) and Lifestyle Adjustment Plan.

Group Insurance Plans

The Group Division offers group insurance products since 1979. Over the first few years the division focused its activity on Winnipeg area. The business showed itself profitable and grew rapidly. Today, the group division has offices in Calgary, Vancouver, Toronto and Winnipeg.

There are several insurance plans available in this group of products:

1) Life insurance, which includes: Employee (Basic) Life Insurance, Dependent Life Insurance, and Optional Life Insurance.
2) Accidental Death and Dismemberment Insurance;
3) Group Disability Insurance includes: Short Term Disability (STD) and Long Term Disability (LTD).
4) Extended Health Benefit includes: Pay Direct Drug Benefits, Travel Assistance Benefit and Vision Care;
5) Dental Benefit;
6) Additional Expense Benefit (Cost Plus);
7) Health Spending Account;
8) Administrative Services Only.

Wawanesa Life also offers the ability to customize each plan to meet specific needs of individual customers.