Facts & Information Page:
Wawanesa Life Insurance Company - Canada
Product Names
Wawanesa Life Family Protection Needs
Wawanesa Life Business Needs
Wawanesa Life Special Needs
COMPANY CONTACT INFORMATION:
Wawanesa Life Insurance Company
191 Broadway 2nd Floor
Winnipeg, MB R3C 3P1
Website:http:// www.wawanesalife.com
| Customer Service Phone: | 204-985-3940 |
| Customer Service Fax: | 204-947-5192 |
| Contact's Title: | Group Insurance Hotline |
| Contact's Phone: | 204-985-3806 |
COMPANY INFORMATION AND BIOGRAPHY:
The Wawanesa Life Insurance Company has been a proud constituent of the Wawanesa Group of Companies since 1960. Wawanesa Life complements the insurance lines of Wawanesa Mutual and expands the reach of “Earning your Trust since 1896”. Wawanesa Life’s started when it first focused on expanding the product they offer to Wawanesa Mutual’s broker network and their clients. Our roots are tightly grounded in the traditions of Wawanesa Mutual and with Wawanesa Mutual’s support. Wawanesa Life has expanded its distribution channels to comprise the property and casualty brokers, independent producers, group insurance brokers, third party administrators and managing general agents. Wawanesa Life’s product offerings have also stretched out and currently include a full range of individual life insurance, savings and group insurance products.
On October 1, 1993, Wawanesa Life was transformed from a mutual to a stock company. At that time its name changed from The Wawanesa Mutual Life Insurance Company to The Wawanesa Life Insurance Company and turn out to be a completely owned subsidiary of The Wawanesa Mutual Insurance Company. As a stock company possessed 100% by Wawanesa Mutual, Wawanesa Life remains focused on serving the needs of our owners, Wawanesa policyholders.
| Product Name | Product Description | |
| Wawanesa Life Family Protection Needs | The insurance can be used in funding for Buy and Sell Agreements. Life insurance can be utilized to guarantee surviving shareholders that they will have enough funds to acquire the deceased\'s shares. It offers an assurance to the deceased\'s heirs that they will be able to get full value for the deceased\'s business interest. The Creation of Equitable Distributions for Farm/Business Families in which the Life insurance can be used as a resource of funds to guarantee a possible farm operation is passed on to the next generation while giving adequate amount of cash resources to the surviving spouse and an reasonable distribution of estate assets to non-farming business. The Funding for Estate Planning is also catered as the Life insurance can be a logical source of funds to give cash at death to meet estate obligations such as taxes on capital gains, taxes on recapture of depreciation, taxes on RRSP\'s and RRIF\'s where there is no spouse beneficiary as well as legal fees, probate and executors fees. The Key Person Protection in which Business owners cannot promise the continued health of their key employees. Through Key Person insurance, however, they can avoid an unexpected death from financially harming or destroying the business that they helped to put together. And lastly, Collateral Insurance where the net cost of pure insurance owned by an individual or corporation to protect a loan can, within certain parameters, is deducted as a business expense. |
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| Wawanesa Life Business Needs | The insurance can be used in funding for Buy and Sell Agreements. Life insurance can be utilized to guarantee surviving shareholders that they will have enough funds to acquire the deceased\'s shares. It offers an assurance to the deceased\'s heirs that they will be able to get full value for the deceased\'s business interest. The Creation of Equitable Distributions for Farm/Business Families in which the Life insurance can be used as a resource of funds to guarantee a possible farm operation is passed on to the next generation while giving adequate amount of cash resources to the surviving spouse and an reasonable distribution of estate assets to non-farming business. The Funding for Estate Planning is also catered as the Life insurance can be a logical source of funds to give cash at death to meet estate obligations such as taxes on capital gains, taxes on recapture of depreciation, taxes on RRSP\'s and RRIF\'s where there is no spouse beneficiary as well as legal fees, probate and executors fees. The Key Person Protection in which Business owners cannot promise the continued health of their key employees. Through Key Person insurance, however, they can avoid an unexpected death from financially harming or destroying the business that they helped to put together. And lastly, Collateral Insurance where the net cost of pure insurance owned by an individual or corporation to protect a loan can, within certain parameters, is deducted as a business expense. |
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| Wawanesa Life Special Needs | Bequests to Charities as individuals who desire to benefit a charity utilizing life insurance may do so and acquire a tax credit for premiums paid or a tax credit at death for the death benefit passing via the will to a charity. Maximization of your retirement income is possible for individuals to make best use of their pensions or retirement income while protecting their spouse by having a permanent life insurance to substitute the pension/retirement income which terminates at death. Financial Impact of Surviving a Critical Illness is possible to alleviate the financial impact of surviving a critical illness through a special form of insurance recognized as critical illness coverage. One in three Canadians will develop several form of life threatening cancer. One in 20 Canadians runs the risk of having a stroke before age 70. One in 4 Canadians will contract various form of heart disease. Canada has one of the highest rates of multiple sclerosis in the world. With today\'s advances in medical science and technology, the chances of surviving a critical illness are better than ever. However, it is on a high financial cost. The recovery from a life threatening illness may take months, even years which can cut the savings and relentlessly affect lifestyle and retirement plans. |
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