Featured Image Source: Juliane Liebermann on Unsplash
By: Emma Fraser
Getting protection from an insurance provider can truly help you make the most of your life. This is why we’ve decided to put together a list of the best personal insurance providers in Edmonton to help you start shopping for one today.
Through this guide, you’ll be able to see the different coverages that insurance companies offer for individuals. We also checked out the pros and cons of these providers.
But before we proceed, let’s talk about how much personal insurance costs.
How Much Does Personal Insurance Cost?
There are a number of factors that affect the cost of personal insurance. Some of these factors include your chosen coverage, age, health, smoking status, gender, occupation, and hobbies.
When shopping for the best personal insurance options in Edmonton, make sure that you compare your options carefully. This will help you make the right decision and see which insurance provider you should go with.
Here is a quick estimate on the monthly premium cost for a healthy individual with a $100,000 coverage and a 10-year term policy. Take note that the actual price may differ from the ones on this list:
The Best Personal Insurance Options in Edmonton
There are plenty of insurance providers in Edmonton. In this list, we focused on providing the names of insurance companies that are worth checking out based on their feedback.
1. Wawanesa Insurance
|PRODUCTS||Auto Coverage, Home Coverage, Condo Coverage, Tenant Coverage, Farm Coverage, Commercial Business Coverage, Life Insurance|
|ADDRESS||5008 86 St NW, Edmonton, AB T6E 5S2|
|CONTACT DETAILS||Phone: (780) 469-5700 |
Email: [email protected]
|OPERATING HOURS||Mondays to Fridays: 8:00 AM to 4:30 PM|
Having been founded in 1896, Wawanesa Life Insurance is recognized as one of the oldest insurance companies in Canada. Although their main office is located in Manitoba, they are licensed to operate in all provinces of Canada.
Wawanesa offers two kinds of life insurance — permanent and temporary life insurance. Under those two, you have options to choose from as well.
For permanent insurance, you can choose between the whole life and instant issue life insurance. Each option has its own perks.
You can also choose whether you would like to pay up to age 100 or for 20 years only. Since the premiums offered under the whole life plan are level, you get a guarantee that they will never go up.
Instant issue life insurance also lets you get a policy that you can pay for 20 years. One thing we liked about this option is that it is a guaranteed permanent plan that comes with just 5 questions to qualify.
As for Wawanesa’s temporary life insurance, they offer terms of 10, 15, 20, 25, 30 and term to age 80 options. They also have a quick issue critical illness insurance that will help you out if you get a qualifying ailment.
The good thing about getting insurance from Wawanesa is that they reward their customers who have a healthy lifestyle. If you are a non-smoker, for example, you can enjoy a lower premium compared to those who actively smoke.
As a provider that’s been in the insurance industry for several years, Wawanesa has made a name for its low prices. But if you’re someone who has a pre-existing health condition, it may be difficult for you to get approved at the prices they offer.
We gathered some reviews we could find about Wawanesa to help you get a sense of what it’s like from mouths other than ours:
“They always been there for us my husband had two Accidents in the last two years one was his fault one other fault got a rental vehicle the next day had our vehicle done in no time I would recommend this place to all my family and friends The staff in onoway is outstanding the nicest people I ever met always there to answer my questions” – Bev Rideout
“Been with wawanesa for 20yrs. 6yrs ago we had a car accident..other guys fault. Wawanesa did everything for us. Family of 7, medical, rented van, full repaired our excursion. Very easy to deal with and quick. Broker from drayden insurance kept in touch with us.” – Kristine Trautman
“Wawanesa was great! Was in an at fault accident and they were truly amazing and very accommodating. I called the evening it happened and had a rental, covered by them, the very next day. I did have a little run around to find out who was dealing with my case but when I did hear from them, they were pleasant. had my car towed right after the long weekend which was of course understandable since it happened Thursday evening. heard from them a week later, letting me know the car was a write off and how much I will get for it. It was a very reasonable price! Sent the cheque out and I received it within 7 days, all while still having the covered rental car. They covered it until 3 days after my cheque came to me. Sean Chester was the one I dealt with there. He was fantastic! I forgot to take my license plate off my old car before it was towed, I asked where it was so I could pick it up but he took the time to get it mailed right to my work! How convenient!! Have my new car and will continue my business with Wawanesa. In a terrible event, they made me feel safe and secure with the Insurance company I chose. have been with them for 10+ years and will stay put. Great job Sean Chester & Wawanesa!” – Amanda Hasenuik
2. Empire Life Insurance
|PRODUCTS||Life Insurance, Term Insurance, Permanent Life Insurance, Permanent Participating Life Insurance, Guaranteed Life Protect|
|CONTACT DETAILS||Phone: 1-877-548-1881 |
Email: [email protected]
|OPERATING HOURS||Mondays to Fridays: 8:30 AM to 5:00 PM|
Empire Life Insurance started as an insurance company in 1923. Their experience since then has turned them into one of the top insurance providers in the country.
If you want to get life insurance with them, you will have four options to choose from: term life, permanent life, permanent participating life, and guaranteed issue life insurance. You can opt for coverage for 10, 20, or 30 years from them.
There is also an option called annual renewable terms (ART). Instead of having a multi-year policy, this life insurance policy can be renewed every year.
There are a few things we liked about Empire Life. One of them is having an option to exchange a shorter-term policy with one that has 20 or 30-year coverage.
We also really like having an option to personalize your term life insurance so that you can get comprehensive coverage that fits your own needs. This is something that quite a few other insurance companies are unable to provide.
There are a few caveats we’d like to point out about Empire Life though. One of these is that you have limited options for a policy.
There is also a maximum annual renewable coverage of $499,999. We’d have liked that to be higher.
But these caveats aren’t enough to boot them off this list, mind.
They’re still a good option, especially since they can approve policy applications instantly. And it’s worth noting that they even offer an online account for policyholders, so it’s easy to keep track of your coverage.
3. iA Financial Group
|PRODUCTS||Life Insurance, Car Insurance, RV Insurance, Home Insurance, Mortgage Insurance, Health and Disability Insurance, Travel Insurance|
|ADDRESS||4445 Calgary Trail NW, Edmonton, AB T6H 5R7|
|CONTACT DETAILS||Phone: (780) 435-1833|
Another insurance company that offers a good personal insurance policy is iA Financial Group or Industrial Alliance. Having been founded in 1892, it has since become one of the largest insurance and wealth management groups in the country.
iA Financial Group offers four types of life insurance options: term life, permanent life, participating life, and universal life insurance. Depending on your preference, one of these options may suit your needs.
The first thing worth noting here is that iA does not have an online portal where you can quickly see your existing policy. Thankfully, iA remedies this by being able to deliver a copy of the insurance contract to their customer’s email address upon their request.
But what really catches our attention is that they offer the best insurance options for smokers.
To put matters in perspective, note that smokers usually get quoted up to three times more than non-smokers for their premiums.
This is not the case with iA. They have been said to offer the most appealing rates for smokers out of the other other insurance providers.
And although we don’t promote smoking, it’s good to know that smokers can still get insured affordably!
4. Sun Life
|PRODUCTS||Personal Health Insurance, Critical Illness Insurance, Long Term Care Insurance, Disability Insurance, Term Life Insurance, Permanent Life Insurance, Participating Life Insurance, Universal Life Insurance, Mortgage Protection Insurance, Family Insurance, Business Owner Insurance|
|ADDRESS||10303 Jasper Ave., Suite 2928, Edmonton, AB T5J 3N6|
|CONTACT DETAILS||Phone: (780) 424-8171|
|OPERATING HOURS||Mondays to Saturdays: 10:00 AM to 5:00 PM |
Sundays: 11:00 AM to 6:00 PM
Sun Life is another insurance provider that has been around since 1865. Their background as a life insurance provider makes them one of the oldest and most popular brands in the world.
If you are looking for personal insurance, Sun Life has four options to choose from. Sadly, they do not post as much information about these policies on their website.
This means those who prefer to do their research alone will struggle. The only alternative for more details would be to actually call one of their brokers.
Anyway, what we did learn from doing that was fairly standard. Their personal insurance policies are good on the whole — not spectacular, but definitely solid options.
They do have some things going for them that helped them make this list, though. For example, you can easily make changes to your policy online.
You can change your beneficiaries, for example, and request updates to your policy. You can even file claims without needing to get in touch with your agent beforehand.
Also, Sun Life has a guaranteed issue policy. This means that you don’t need to take a medical exam as a prerequisite for your insurance coverage.
The lack of an online quote button and a sample premium rate makes this an unlikely option for those only researching their options online. But if you overlook that, we think you’ll find this company a good option to get your insurance policy from.
5. Canada Protection Plan
|PRODUCTS||No Medical & Simplified Issue Life Insurance, Critical Illness Insurance, Health & Dental Insurance, Travel Insurance|
|CONTACT DETAILS||Phone: 1-877-851-9090 |
Email: [email protected]
|OPERATING HOURS||Mondays to Fridays: 9:00 AM to 5:00 PM|
On our list of the best personal insurance providers in Edmonton, Canada Protection Plan is perhaps the youngest company.
Don’t let that fool you, though. Despite only being established in 1992, the insurance provider has become one of the top choices for a life insurance policy.
One of their bestselling policies is the No Medical and Simplified Life Insurance in Canada. As a matter of fact, the No Medical permanent life insurance policy was their first ever product that put them on the map.
Perhaps a good reason many like them is because of this product too. Thanks to this insurance policy, interested individuals no longer need to go through extensive medical exams that other insurers require.
This means that if you already have a pre-existing severe health condition like cancer, stroke, or heart attack, you can still get insured. Canada Protection Plan offers the Simplified Issue or Guaranteed Issue insurance policy for individuals with this predicament.
And while that may sound like a big help, there is also a downside to it. Getting insured with a pre-existing health condition means that they will be more expensive compared to traditional term life insurance.
Still, it’s good to have the option to insure yourself and have your family financially ready in case something happens to you.
This is what you need to know about Canada Protection Plan, according to others who bought a policy from them:
“Thank you Canada Protection Plan for helping my client who cannot be approved with a regular plan because of heart problems. He died recently and the $50k+ claim went smoothly and delivered it personally to the beneficiary.” – Lance Arjo Pitpit
“Had a Clients Wife pass away due to a existing illness. 3 years ago the client thought she would not be approved for any insurance because of her illness. CPP was able to approve her and when she passed her family was able to get the claim within 1 week after all documents were submitted.
My trust in cpp is sky high because of my client experience. Definitely recommend this company for insurance.
Also Shout out to Carla Soto for helping me with my client and helping me expedite the process!” – Lee Minglana
“In my almost 2 decades of experience, I’ve found Canada Protection Plan to be one of the best company to deal with for Life and Critical Illness insurance. They offer excellent member benefits to all policy holders. As a broker, my experience has been excellent with them. I have many happy clients. I am looking forward to working with them closely in the future.” – Anita Shah
Types of Life Insurance Policies
Choosing a personal or life insurance policy can be crucial, especially when you want to give your family financial protection. Before you go looking for one, though, you should pick a type of life insurance policy to purchase.
Here are the most common types of life insurance policies, if you’re not sure what they are:
Term Life Insurance
Term life insurance stays true to its name in the sense that you purchase insurance for a term of 1, 5, 10, or up to 30 years. While it is the cheapest way to get insurance, your beneficiaries won’t receive a payout if you outlive your policy.
Whole Life Insurance
This type of life insurance usually lasts until your death as long as you manage to pay the premiums. It is more expensive than term life insurance, but it covers you your entire life and still builds cash value.
Guaranteed Universal Life Insurance
A guaranteed universal life insurance guarantees that your family will receive death benefits and unchanging premiums. But once you miss a payment, the policy gets forfeited.
Simplified Issue Life Insurance
You don’t have to take a medical exam with this kind of life insurance, so some people prefer to apply for it. However, nothing’s for certain: you might be turned down based on your answers.
Guaranteed Issue Life Insurance
With guaranteed issue life insurance, you don’t need to take a medical exam or answer some health questions. Unfortunately, it is also an expensive option when buying life insurance.
FAQs About Personal Insurance
These are the best personal insurance options in Edmonton that you can check out when you’re shopping for life insurance. This is a really good investment to have that will give your family the financial protection they need.
If we missed out on anyone, feel free to send us a message so we can check them out. Don’t forget to check out the best insurance agents in Edmonton when you’re ready to purchase your insurance.