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Emma Review

Monday, September 20th

2021 Canadian Life Insurance Reviews

Emma Review 4.5 Star Rating


4.5 Star Rating
  • Application process 100% online
  • No medical exam required
  • All children automatically included with $25,000 in coverage
  • No discrimination for women who are pregnant or postpartum
  • 15-day refund guarantee
  • Extremely affordable premiums
  • $100,000 minimum policy
  • All policies insured through Humania Assurance Inc.

Emma is one of the newest ways to get life insurance in Canada. The company places strong emphasis on helping young families obtain the coverage they need, completely online, and in 20 minutes or less! But, anyone can use this service to buy a life insurance policy: it's not limited to parents.

No blood test or doctor visit required

To purchase life insurance through the Emma platform, you'll start by entering your email address and confirming that you live in Canada. From there, you'll be asked for basic details like your name, gender, tobacco/marijuana/drug usage, height and weight, current working situation, and family medical history. Because Emma doesn't require any lab testing or medical reports from your physician, the questions asked go a little more in depth than some online life insurance sources you might use.

Only pay for what you need

Once your eligibility has been determined, you'll be asked if you have a will, any other life insurance, marital status, number and age(s) of any children, industry in which you work, personal annual income, mortgage amount and any other debts, plus the amount currently held in savings and investments. This will be used to determine how much coverage your loved ones would need to pay off any outstanding debts plus funeral expenses. We were pleased to see that Emma only recommends what's necessary: if your investments and savings are enough to cover your debts, the platform will tell you that "it seems that you don't need additional life insurance at this time" but that "you can always purchase additional coverage for personal reasons if you wish" . Isn't that friendly? You can also specify if you'd like your beneficiaries to receive an inheritance, including that amount in your insurance quote.

In-depth medical questions

At that point, we expected to get a quote - but instead, we were taken to a section with even more health questions. These inquired about our use of prescription medications (excluding birth control, antibiotics, or NSAIDs) in the past two years, participation in high-risk activities like scuba diving or ice climbing, and any diagnoses of major disorders (e.g. stroke, kidney disease, heart problems) in the previous five years.

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Not available in every province

In pricing out policies for our two sample individuals, a 25-year-old woman from Dawson (YT) and a 40-year-old man from Montreal (QC), we found that Emma is only available to residents of Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, PEI, Quebec and Saskatchewan. That left our Yukon Territory "resident" out of luck when looking for life insurance.

Very affordable premiums

For our generally healthy Montreal man, our results page gave us a recommended term life policy of $350,000, with $25,000 in child life insurance (for the two children we said he had) and $10,000 in whole life insurance to cover funeral expenses. That policy was priced at $47.95/month, but if we dropped the children's coverage it brought the premium down to $36.70. Leaving out the whole life component and the child life policies, our sample customer could get $350,000 in term life for just $19.35/month. And, when we edited the coverage amount to $100,000, the monthly premium dropped to $10.44. That's extremely competitive with the other Canadian life insurance providers we evaluated.

Complete policy via live online chat

To finalize your policy, you'll be put into a chat window to ask any questions you may have and to complete the purchase of your coverage. We used that opportunity to ask the term on the quoted policy, since it wasn't explicitly stated during the application process. (It's until age 65.) It was also in this chat that we were told that the insurer behind the Emma product is Humania Assurance Inc.

Very satisfied customers

How does Emma measure up reputation-wise? Humania Assurance has been around since 1874, originally under the name Survivance. While Humania had a disappointing "D+" rating from the Better Business Bureau at the time of this review, that was for failure to respond to a single complaint. That's not overly concerning, especially when you consider that Emma itself has over 1000 five-star reviews from very happy clients. People describe the service as fast, easy, and even fun: not what you'd expect from a Canadian life insurance provider! In fact, Emma received no reviews that were lower than four stars.

Excellent life insurance for most Canadians

Although Emma has a few geographic limitations, it's a fantastic option for most Canadians. Their policies are very affordable, and the 100% online process gets you covered in a matter of minutes. For most people, Emma will be the ideal way to get life insurance in Canada.

Where Can Canadians Find the Best Life Insurance Policies?

If you're not fortunate enough to have coverage through your employer, you're wise to consider purchasing life insurance privately. Why? The right policy can help your beneficiaries, usually your spouse and/or dependents, to cover the costs of final arrangements, replace your salary and continue to pay the bills, or even have enough money to fund future expenses like university tuition.

Even if you have a policy through your job, are you sure you have enough coverage? Although a 2019 LIMRA study showed that nearly 13 million households in Canada had life insurance coverage - an all-time high - further research demonstrated that most policies weren't enough to pay for remaining mortgage payments at the time of death.

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Canadian Life Insurance FAQ

In Canada there are two main types of life insurance: term and permanent (also known as whole life). Term policies last for a specified time period, usually 10, 20 or 30 years. The premiums are usually lower, partially because the policy has no cash value if you cancel before you die. Permanent policies generally have higher premiums but last until you pass away, and there's a cash value if cancelled prior to death.
While many Canadians do have life insurance policies through their work, the coverage amounts have dropped considerably over the past few years. Instead of a benefit representing a year or more of the employee's salary, it's now common for the coverage to include a flat payout (e.g. $25,000). Studies show that many people in Canada are underinsured, and for that reason they turn to privately-purchased life insurance policies.
There's no one-size-fits-all answer, but you can start by looking at your current situation. Do you have a partner or dependents who would face hardships without your salary? Do you have a mortgage that would be an undue burden on your loved ones? Consider future expenses as well, like paying for a child's university costs. And, don't forget to estimate any funeral costs. Those considerations can help you decide how much coverage you'd like to have in place.
It's obvious that the higher the benefit, the higher the premiums will be. Term life insurance will usually be more affordable than whole life.
Now. The older you are when you purchase life insurance, the more you'll pay in premiums (because it's more likely you'll pass away, making you more of a financial risk to the insurer). The younger and healthier you are, the less you'll pay in premiums.
Most of the time, yes. It may require blood and/or urine tests, a doctor visit, and several weeks to be underwritten and the policy issued. There are life insurance policies designated as "no medical" or "simplified issue" ; these usually just have a few medical questions but no tests or doctors. Generally speaking, the larger benefit amounts require more in-depth medical underwriting.
Yes. You'll need "insurable interest" : in other words, your coverage has to match your life situation and the hardship your loved ones would experience if you passed away. For example, if you have an annual salary of $25,000, you wouldn't qualify for a $2 million life insurance policy. Your coverage limit will be determined by your salary, net worth, and several other factors.
Yes - to a certain extent. Depending on the insurer and policy you select, you may be able to complete the entire application process online and make your initial payment. But, most insurance policies will need to go through an approval process that includes medical underwriting, so you won't have your coverage immediately. Shopping for life insurance online is a great way to compare quotes and get an idea of what your options are - before working with an agent.
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Continued from above...

In other words, many Canadians have life insurance but are still underinsured. For that reason, some consumers choose to purchase individual policies even though they have a group plan through their work.

How much life insurance do you need? That depends on many factors, such as your annual income, your number of dependents, your debts and your anticipated funeral expenses. But, before you decide to buy millions of dollars in coverage, you should be aware that there's a limit to the amount of insurance you can have. Known as "insurable interest" , your coverage has to match your net worth and your income: you can't buy a policy for $10 million if your net worth is $100,000 and your salary is $75,000 a year.

Plus, you'll need to evaluate how much insurance you can afford. The bigger the policy, the higher the premiums - and the older you are at the time you initiate the coverage, the more you'll pay as well. Your premiums will also be affected by the type of life insurance you choose, and in Canada there are typically only two types: term insurance, which is usually less costly but will only insure you for a predetermined number of years, and permanent life insurance, which lasts for as long as you live and often has a cash value against which you can borrow but with higher premiums to match.

Reaching out to an insurance agency online makes it easy to find out what policies are available to you, how much coverage you can get, and how much you can expect to pay in premiums. You will likely need a medical exam before your policy goes into effect, but starting the process online is a great way to get the ball rolling.

As you shop for life insurance, how can you tell which provider is the right choice? Here are several criteria to keep in mind, to guide your decision-making:

  • Reputation. What do other clients have to say about their experience with the agency? Has the company been rated by the Better Business Bureau?
  • Ease of Use. How quickly can you get a quote through the agency's website? Can you find the information you're looking for? Is the site intuitive to use?
  • Selection. Does the agency have a wide range of policies to choose from? Can you get both term and permanent life insurance quotes?
  • Rates. How much will you pay for your coverage? Can the agency give you a policy with competitive premiums and terms?

TopConsumerReviews.com has reviewed and ranked the best sources of life insurance policies in Canada. We hope this information helps you find the right coverage, to give you the peace of mind that comes from knowing your loved ones are taken care of in the event of your passing.

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