BCAA Life Insurance Review

Are you looking for life insurance?

You may want to consider BCAA Life Insurance.

BCAA is one of Canada's largest providers of life insurance as well as Canada's leading insurance providers, and they offer a variety of policies to suit your needs.

In this review, we'll take a look at what BCAA has to offer, and see how their policies compare to other providers.

We'll also discuss the pros and cons of choosing BCAA Insurance.

So, whether you're already familiar with BCAA or you're just starting to explore your options, read on for our thoughts on this provider.

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Who are BCAA Life Insurance?

BCAA Insurance is among Canada’s leading insurance providers.

They sell life insurance policies in partnership with Manulife.

BCAA offers four different life insurance plans, all underwritten by Manulife, to suit the needs of different people.  

BCAA Facts & Financial Information

The Facts

BCAA was founded in 1906

Headquartered at Burnaby, Canada

Financial Information

$200 trillion (Manulife) in Financial Assets

~$40 billion in annual insurance premiums

AM Best Financial Strength Rating: A+

BCAA Insurance Reviews

Many people look at online reviews to judge how good the insurer is.

This, however, might not be a great practice.

Online reviews, while useful, do not show the complete picture.

On average, only 2% of customers ever write a review. Furthermore, people generally leave a review only when they have had a below-par experience.

We looked at BCAA’s Life Insurance online reviews, but there was hardly any data available.

BCAA does not have any reviews on Google, and those on Insureye were mostly about the auto insurance business, which was not relevant to our needs.

Products and Features

BCAA offers term, guaranteed issue, and permanent life insurance.

Their product line includes two term plans (5-Year and Multi-term)and one plan each for permanent and guaranteed issue.

5-Year Term Life

BCAA’s 5-year term life insurance is aimed at Canadians looking for a simple and affordable way to secure their family’s financial future.

If you are aged 50 or under, you can get a policy with a death benefit amount of up to $100,000 by answering just three simple health questions.

The main features of this term life product are:

• Available only for Canadian resident aged between 18 and 70

• Available in affordable coverage amounts from $50,000 - $500,000

• Renewable without a medical exam until age 75

• Option to convert it into a 20-year term or a permanent plan before age 56

• Living Benefit Cash Advance. You receive a living benefit cash advance of your death benefit (up to50%) if diagnosed with a terminal illness and have a life expectancy of 12months or less

• Health Service Navigator. Gives you access to Manulife’s online and on-call healthcare navigation to help make informed healthcare decisions

• Simplified Application for coverage up to $100,000 if you are age 50 and under. Eligibility is based on your answer to three simple health questions

• Earn up to 15% in discounts for death benefit amounts over $250,000

• Automatic Increase Benefit (Optional). If you add this optional feature, your coverage amount will automatically increase by 5% for up to 10 years

Multi-Term Life

No BCAA insurance review would be complete without a mention of their flagship product — Multi-Term Life. Available in three term life options, it is ideal for couples, young families, and house owners.

You can use it for income replacement, debt management, or both.

Here are the main features:

•  Available in three term life options — 10, 15, and 20-year. You must be a Canadian citizen to receive approval. Eligibility age for the 10-year plan is 18 to 65, for the 15-year plan is 18 to 60, and for the 20-year plan is 18 to 55

• Available in coverage amounts from $50,000 - $1,000,000

• Your coverage amount will go up by 2% every year free of charge (up to 5 years)

• Renewable without a medical exam until age 75

• Option to convert the 10 or 15-year term life plan into a 20-year term or a permanent plan before age 71

• LivingBenefit Cash Advance. Receive 50% of your death benefit in advance if you develop a terminal illness

• HealthService Navigator at no extra cost to you

• Earn up to 20% in discounts for higher death benefit amounts

• Critical illness Insurance Benefit. You receive a cash benefit of up to $15,000 if diagnosed with a critical illness

Lifetime Protection

Want to lock-in a low rate for the life?

If so, you may want to consider BCAA’s life insurance Lifetime Protection.

It offers an affordable way to purchase lifelong protection.

You can use it as a stand-alone life insurance solution or to supplement your group life insurance.

The key Features of Lifetime Protection are:

• Available only for Canadian citizens ages 18 to 75

• Available in coverage amounts from $50,000 to $500,000

• LivingBenefit Cash Advance. Lets you access up to 50% of your death benefit if you have a life expectancy of 12 months or less

• Discounts for higher coverage amounts

• Access to Manulife’s Health Service Navigator at no extra cost

Guaranteed Issue

Guaranteed issue is geared toward people who do not qualify for a traditional policy due to poor health or age.

You neither have to take a medical exam nor answer health questions to prove eligibility.

Your acceptance is guaranteed as long as you are a Canadian resident and not more than 75 years old.

Its main features are:

• Available in coverage amounts $5,000 to $25,000

• Available for Canadian residents age 40 to 75

• Your death benefit amount will go up by 2% each year free of cost, up to a maximum of 50% of the initial death benefit amount

• Your rates are locked in for life and the coverage becomes free after age 95

• LivingBenefit Cash Advance. You can receive up to 50% of your death benefit in advance if you develop a terminal illness

• Access to Manulife’s Health Service Navigator for free

• AccidentalDeath Benefit. With an accidental death benefit, your beneficiary will obtain coverage of an additional cash benefit (4x your policy amount) if you die from injuries sustained in an accident before age 85.

BCAA Term Life Insurance Rates

Term life insurance is far more popular than permanent life, and understandably so.

It is much cheaper and a lot easier to understand and maintain.

With BCAA's life insurance, you can purchase a term life insurance plan for 5, 10, 15, and 20years.

To find out how affordable the rates are, we grabbed several quotes.

These quotes are for a 20-year term life policy with a$400,000 death benefit. Our sample applicants were healthy, non-smoking men and women of various ages.

Term Life Insurance Review - Price Comparison vs. Competitor Products

Life insurance premium rates vary by insurer.

Even if you were to apply for a similar coverage with two companies, you are likely to get a different quote from each.

That is why getting multiple quotes gives you the best chance to secure a low price.

So, how does BCAA stacks up against its competitors?

We twice pitted it against Sun Life, one of the biggest names in the Canadian Life Insurance Industry, and this is what we found:  

Pros

•  Financially Strong: AM Best awarded the insurer A+ rating. That goes to show BCAA has the financial wherewithal to sustain the market long-term and pay out claims, which is exactly what every applicant wants.

• Simplified application for coverage amounts up to $100,000: A Canadian resident aged 50 or under can obtain coverage of up $100,000 by answering just three health questions.  

• Living Benefit CashAdvance: BCAA pays you 50% of your policy amount if you develop a terminal illness and have a life expectancy of 12 months or less.

• 30-day Money BackGuarantee: BCAA offers a 30-day free look period on all its plans. If you cancel your policy within 30 days, you will get your money back, no questions asked.

Cons

• Sells life insurance products only to Canadian residents: If you are a permanent or temporary resident and need life insurance, BCAA is not for you.

• Higher coverage amounts not available: The maximum term life insurance coverage you can buy is $1 million, while permanent life insurance is capped at $500,000. If you need more lifetime protection, you must look elsewhere.

• Does not offer cash-value life insurance: BCAA’s life insurance product range does not include whole life insurance and universal life insurance coverage.

• No online quotes: BCAA makes it harder for applicants to compare rates since it does not offer instant quotes.

Conclusion– Is BCAA right for you?

BCAA sells term life insurance, permanent life insurance, and guaranteed issue life insurance coverage.

If you want a term life insurance plan with $100,000 or less in life insurance coverage, you can get one without taking a medical.

Their plans include all the standard features (such as renewability, convertibility, optional riders, etc.) and a few not-so-common ones (like Living Benefit Cash Back, discounts for higher coverage amounts, and a 30-day money back guarantee).

However, the maximum coverage available is not impressive — $500,000 for term life insurance and $1 million for permanent life.

Also, BCAA does not sell cash-value life insurance. But if these two shortcomings do not bother you, BCCA is worth a look.

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FAQ

What is the eligibility requirements for a bcaa life insurance policy?

There is no one-size-fits-all answer to this question, as the eligibility requirements for a bcaa life insurance policy will vary depending on the specific policy and insurer.

However, some general things to keep in mind include that most life insurance policies require the applicant to be at least 18 years old and to undergo a medical exam.

In addition, the applicant's lifestyle and health history will be taken into account when determining eligibility.

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What riders are available for a bcaa life insurance policy?

There are many riders available for a bcaa life insurance policy.

The accidental death benefit rider pays an additional benefit if the policyholder dies as the result of an accident.

The waiver of premium rider waives the policyholder's premiums if they become disabled and are unable to work.

The children's rider provides coverage for the policyholder's children.