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Life insurance helps provide financial security for your family from life’s uncertainties.
If something were to happen to you, your policy benefit would ensure your loved ones could continue to live comfortably. If you are looking for a new life insurance policy, Blue Cross is one name that is worth considering.
Continue reading for a detailed Blue Cross Life Insurance company review.
Who is Blue Cross Life Insurance?
An international network of some renown, Blue Cross offers a wide range of insurance products, including life insurance. Founded in 1934, Blue Cross protects over 8 million Canadians under its plans. Blue Cross Life provides innovative insurance solutions to its members and has a presence in all provinces in Canada.
Company Facts
Founded in 1939
Headquartered at Etobicoke, ON
They have separate divisions for Pacific Blue Cross (west coast), Alberta Blue Cross, Manitoba Blue Cross, Saskatchewan Blue Cross, and more.
Blue Cross Reviews
Online reviews, while important, should not be the only thing you consider when evaluating a life insurance carrier. This is because estimates suggest only a small percentage — less than 2% — leave a review online. Furthermore, statistically speaking, consumers are more likely to leave a review when they have had a bad experience, compared to when things go as per their expectations.
Unfortunately, there is hardly any data available online about Blue Cross. Like a few other Canadian life insurers, such as Manulife and CIBC, Blue Cross does not have any reviews on Google. And on Insureye, they have only three reviews, which is too small a number to form an opinion, but competitors like Canada Protection Plan do not have any Insureye reviews.
Products and Features
Blue Cross Life company provides the following four life insurance solutions:
Tangible Hybrid Protection
No Blue Cross company review would be complete without a mention of its flagship product—Tangible Hybrid Protection. This Blue Cross product is a unique life insurance solution with a benefit amount of anywhere from $5,000 to $1 million. Your plan gradually is converted into a long-term one when you turn 56.
The Tangible Hybrid Protection plan comprises two separate health insurance coverage plans. The first one offers you a choice between a loss of autonomy, critical illness, disability or life coverage. The second plan — called the facility coverage — provides you with a lump sum payment if you become suffer a physical disability.
- Made up of two different plans
- Coverage amounts available from $25,000 to $1 million
- Gradually converts into permanent life insurance (whole life insurance) when you turn 56
- Full refund to dependants if insured passes during survival period
Flexible Benefits Plan
Created by Medavie Blue Cross, the flexible benefits plan is intended to provide workers across Canada with insurance. Each region has its own variation of the plan, referred to as group insurance, employee health insurance, or BlueFlex® in some provinces.
Alberta (Northwest Territories): Providing BlueFlex® for businesses with 5+ employees, customize a plan to your employees' health & life insurance needs
- Core benefits of the plan can cover 80-100% of medical expenses
- As a business owner, you have the option to add dental care, vision care, enhanced care, disability care, and many other add-ons
- Life insurance starts at a minimum of $25,000, or can be calculated by the employees salary
- Ages for the term end at 65, 70, or 75
Pacific Blue Cross: British Columbia & Yukon
- Pacific Blue Cross provides you the flexible benefits plan to customize based on employees needs'
- Options range from Health, Dental, Life insurance, Spousal/Dependent Life Insurance, Accidental Death and Dismemberment (AD&D), Optional AD&D, Short Term/Long Term Disability
Manitoba (Nunavut): Up to six different plans varying based on employees needs
- The plans including life insurance are those for the 3-9 employee package and the 10+ employee package
- Remaining plans focus on other health insurance benefits included, with other customizations possible
Quebec: BlueFlex® for self employed, paid, or unpaid work, customized to individual or group needs, and can protect you outside of Quebec and Canada
- Providing different types of disability coverage based on if work is remunerative or not
- Benefits start at the age of 16 and can last up until age of 59-79
- Can receive up to $10,000 in benefits related to health insurance
- Term life insurance insures you from $5,000 to $1,000,000, and you stop being insured at the age of 65
Medavie Blue Cross: New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island
- Core benefits include Life and Dependent Life, AD&D* (Accidental Death and Dismemberment), Critical Illness, Protection Plus Benefits (voluntary Life, AD&D* and CI), Group disability
- A group benefits plan includes other insurance add-ons to customize for your employees needs
- *Ontario is only part of Medavie's group health insurance program, has its own program for individual health, travel and life insurance
Saskatchewan:
- Blue Essentials™: workplace of 3-19 people, including accident, dental, vision, out of province, and more
- Custom Workplace Benefits : 20+ people, extended medical, vision, dental, more, and even life insurance included
The Flexible Benefits Plan, also known as BlueFlex® or a group insurance plan, is a great option for all those who are self-employed, employers, or employees with remunerative/non-remunerative work. You can purchase insurance coverage depending on the Blue Cross subsidiary which you purchase it from. Blue Cross company provides you the option to add various riders, such as health, dental, and disability. Life insurance riders are add-ons to customize your Blue Cross plans to best suit your needs.
Term Life Insurance
When it comes to protecting your family's financial future, Blue Cross offers a straightforward approach to term life insurance that's worth considering. Their focus is simple: providing coverage without unnecessary complexities.
Whether it be securing a mortgage, your family's well-being, replace your current insurance, cover end-of-life expenses, or buy home, auto or health insurance, Blue Cross has you covered,
Blue Cross has designed their term life insurance with flexibility in mind. Coverage options range from $100,000 to $5 million, with terms spanning 10-30 years. One standout feature is their "locked-in" rate guarantee - once you're approved, your premium remains unchanged throughout your term, providing valuable peace of mind for long-term financial planning.
For those seeking reliable term life coverage without unnecessary complications, Blue Cross's offering stands out as a compelling choice in today's insurance landscape.
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Notable Benefits
For families, Blue Cross offers particularly attractive incentives. Couples enjoy a 10% premium discount, and each dependent child receives $10,000 in coverage. The policy's flexibility extends to its cancellation terms - you can terminate without incurring penalties or fees if your needs change.
Streamlined Application Process
Perhaps most impressive is Blue Cross's efficient application system. Around 80% of applicants bypass medical examinations entirely, though they may be requested after initial review. You'll receive instant feedback on your application status, making the entire process remarkably transparent.
Smart Coverage Design
While term lengths are flexible, they're thoughtfully structured based on age considerations - a practical approach that reflects sound underwriting principles while maintaining competitive pricing.For those seeking reliable term life coverage without unnecessary complications, Blue Cross's offering stands out as a compelling choice in today's insurance landscape.
Blue Cross Rates
Blue Cross Term life insurance premium rates depend on a number of factors, some are in your control, others not. For instance, there is not much that you can do about your age or gender, but maintaining a good health and staying fit can help you reduce your insurance costs. Likewise, picking the right life insurance carriers can save you hundreds of dollars or more in premiums.
Which begs the question — how affordable are Blue Cross term life insurance rates?
To find out, we got quotes from the insurer. These quotes are for a 20 year term, and $400,000 in coverage for non-smoker males and females.
Life Insurance Review – Comparison vs. Competitors
With premium rates varying considerably by insurer, it is important you get quotes from as many providers as possible. This way you can ensure you are not paying any more than you need to.
Conclusion
Blue Cross company works on a not-for-profit basis and has been in operations since 1934. Known for providing innovative life insurance solutions (like their term life insurance -> permanent life insurance conversion options) at competitive prices. This company offers four Blue Cross plans Whether you are looking for a term life insurance plan, a guaranteed issue policy, permanent life insurance plan, or some other type of life insurance product, Blue Cross is worth looking at to provide your family with financial security.
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