Humania Disability Insurance Review

If you suddenly become seriously ill or injured and can’t work, how will you be able to support your family?

Disability insurance can replace up to 85% of your pre-disability income, more than enough to take care of your living expenses and support your family while you focus on recovery. 

Humania Assurance offers a range of competitively-priced disability insurance plans. We analyzed each one to help you choose the right disability insurance policy for your needs. 

Who is Humania Assurance?

Established in 1874 and based in Quebec, Humania Assurance is among the oldest insurance companies in Canada. It has made a name for itself by selling innovative web-based insurance coverage at a competitive price. 

Apart from disability insurance, Humania offers a suite of health insurance, life insurance (including several term life insurance plans), critical illness insurance, accidental death & dismemberment insurance, and more. 

Key Facts:

• Founded: 1874
• Headquarters: Saint Hyacinthe, Quebec
• Annual premiums: Over $155 million
• Customers: Over 200,000

Pros and Cons of Humania Assurance

Why apply for Humania disability insurance?

A long-term disability insurance plan from Humania Assurance will: 

• Pay a monthly benefit to help you maintain your standard of living without having to deplete your savings
• Help you cover day-to-day living expenses
• Provide you with means to keep up with your monthly payments (such as rent or mortgage payments)

Types of Humania Disability Insurance

Humania Assurance offers several disability insurance plans. Knowing their key features and pros and cons can help you make an informed decision regarding which one of them is right for you. 

1. Prohealth Income Insurance (Accident and Sickness)

In the event of disability, your plan will act as an income replacement tool. It provides monthly payments that you can use to cover a range of expenses, including, but not limited to, monthly bills, mortgage payments or rent, medical expenses not covered by your health insurance, and groceries. 

Prohealth income insurance accepts all professions, including those with greater-than-average risk of injury or illness. 

Whether you run your own business, are self-employed, or are a full-time worker without access to group disability insurance, this plan can be worth a look.

Key Features: 

• Monthly Coverage: $500 to $6,000
• Covers: Illness or injury
• Benefit Period: 2 years, 5 years, or up to age 65
• Disability Definition: The regular occupation definition for the first three years (but if you want, you can extend the definition to the entire term)
• Waiting Periods: 2 weeks, 1 month, 3 months, or 4 months
• Medical Exam Needed: Yes (for higher coverage amounts or older applicants)
• Premium Guarantee:  Yes, but only for the first 5 years. After that, Humania can increase your premium rate
• Expiry: The coverage expires once the insured reaches age 100
• Riders: Premium refund and accidental death and dismemberment

Pros:

• All occupations are accepted, so you can get coverage even if you are in a risky profession
• Premiums are guaranteed to remain the same for the first 5 years of coverage
• If poor health or some other issue makes you ineligible for illness coverage, you can nevertheless still qualify for accident coverage
• The maximum monthly benefit amount is $10,000, which is likely to be sufficient for most people 

Cons:

• The return of premium rider can cost a pretty penny; sometimes, adding it can triple the cost
• The Prohealth Income Insurance series offers many riders, but not the option to handpick the ones that you need; instead, it has different plans, each of which comes prepackaged with specific riders 
• Each applicant goes through comprehensive underwriting, so getting an approval can prove difficult if you have pre-existing health issues

2. Prohealth Income Insurance (Accident)

The Prohealth Income Insurance plan lets you buy both accident and illness coverage or only accident coverage. 

Qualifying requirements for illness coverage are more stringent than for accident coverage. If you find the illness coverage out of reach, you can still obtain accident coverage. It provides monthly benefits if you cannot work due to an injury sustained in an accident. 

While accident-only coverage is not as comprehensive as accident and illness coverage, some disability insurance protection is better than none. 

Key Features:

• Monthly Coverage: $500 to $10,000
• Covers: Only accident injuries
• Benefit Period: 2 years, 5 years, or up to age 70
• Disability Definition: The regular occupation definition for the first 3 years 
• Waiting Periods: 1 day, 2 weeks, 1 month, 3 months, or 4 months
• Medical Exam Needed: No
• Premium Guarantee:  Yes, but only for the first 5 years. After which Humania can increase your premium rate
• Expiry: The coverage expires once the insured reaches age 100
• Riders: Premium refund and accidental death and dismemberment

Pros:

• The screening process involves answering only one simple health question
• Lets you forgo the disability insurance medical exam
• Your premiums will remain the same for the first 5 years of coverage

Cons:

• In the absence of illness coverage, you are only partially protected
• Partial disabilities are covered for only 6 months
• Limited benefit period for soft tissue injuries

3. Prohealth Payment Insurance (Accident and Sickness)

Disability insurance plans, like the two discussed above, pay a monthly benefit amount that’s proportional to the insured’s pre-disability income. 

This plan, however, works a little differently. Rather than pay you a fixed amount every month, it reimburses for eligible expenses incurred, up to the policy’s monthly maximum amount. 

Eligible expenses include mortgage or rent, car loan payments, childcare expenses, phone, utilities, internet, etc. 

Key Features:

• Monthly Coverage: $500 to $10,000
• Covers: Illness or injury
• Benefit Period: 1 year, 2 years, 3 years, 5 years, or until age 65
• Disability Definition: The regular occupation definition for the first three years (if you want, you can extend the definition to the entire term) 
• Waiting Periods: 1 month, 2 months, or 3 months
• Medical Exam Needed: Yes (for higher coverage amounts or older applicants)
• Premium Guarantee:  Yes, but you can expect a premium hike after 5 years
• Expiry: The coverage expires once the insured reaches age 100
• Riders: Premium refund, partial disability, regular occupation, and additional insurance

Pros:

• Provides a monthly benefit of $10,000 without submitting proof of earningsL
• Lets you combine personal and business overhead expenses in one plan
• If you are hospitalized, your benefits could start from the hospitalization date

Cons:

• If you don’t provide evidence of monthly expenditure, you may not receive the entire monthly benefit amount that you bought
• After the first 5 years, the premium rate may go up at each renewal
• Partial disabilities are covered for a maximum period of 12 months

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4. Insurance without Medical Exam (Income Insurance)

If you have previously been turned down for disability insurance due to a dangerous job, medical issues, or financial problems, this plan could be an option for you. It lets you skip the invasive medical exam; instead, the application process includes only six qualifying questions. 

Key Features:

• Monthly Coverage: $400 to $2,500
• Covers: Illness or injury
• Benefit Period: 2 years
• Disability Definition: The regular occupation definition for the first 2 years 
• Waiting Periods: 3 months
• Medical Exam Needed: No
• Premium Guarantee:  Yes, but you can expect a premium hike after 10 or 20 years
• Expiry: The coverage expires once the insured reaches age 65
• Riders: Premium refund

Pros:

• You can critical illness and life insurance coverage without having to answer any additional questions
• Shorter, simpler application process and quick approvals 
• Shorter policy-term options available (like 10 years) which can help lower the cost of insurance 

Cons:

• The monthly coverage amount is capped at $2,500, which will likely be inadequate if you are a high-earner
• Not the best option for long-term disabilities since the maximum benefit period is 24 months
• If you have a pre-existing medical condition, any disability resulting from it within the 12 or 24 months of the start of coverage date will not be eligible for benefits 

5. Insurance without Medical Exam (Debt Insurance)

This plan is geared toward people who are unable to qualify for standard disability insurance and who want coverage to cover their debts — not income. This is the biggest difference between the Debt Insurance plan and the previous one. 

Key Features:

• Monthly Coverage: $400 to $2,500
• Covers: Illness or injury
• Benefit Period: 1 or 2 years
• Disability Definition: The regular occupation definition for the first 2 years 
• Waiting Periods: 3 months
• Medical Exam Needed: No
• Premium Guarantee:  Yes, but you can expect a premium hike after 10 or 20 years
• Expiry: The coverage expires once the insured reaches age 65
• Riders: Premium refund 

Pros:

• You don’t have to undergo a medical exam to prove insurability
• Pays for rent payments even when the insured doesn’t have a mortgage
• You won’t lose coverage if you switch lenders

Cons:

• Your premium rate is not dependent on your occupation class, so a low-risk occupation will not lead to a lower premium rate
• The maximum monthly disability benefit you can buy is $2,500, which may not be sufficient if you have a lot of debt
• Compared to income insurance, debt insurance is more expensive

6. Assure-Debt

This plan takes care of your business loans in the event of disability, though it also covers rent for a limited period. No medical exam is required, so people with less-than-perfect health history can qualify. 

Key Features:

• Monthly Coverage: $400 to $2,000
• Covers: Illness or injury
• Benefit Period: 1 or 2 years
• Disability Definition: The regular occupation definition for the first 2 years (but if you want, you can extend the definition to the entire term)
• Waiting Periods: 1 month, 2 months, or 3 months
• Medical Exam Needed: No
• Premium Guarantee:  No
• Expiry: The coverage expires once the insured reaches age 65
• Riders: Premium refund, partial disability, guaranteed insurability, retroactive benefit, life insurance, and occupational HIV

Pros:

• You don’t have to undergo a medical exam to prove insurability
• You can choose to receive benefits until age 65
• Customize the plan to suit your unique needs; available riders include partial disability, guaranteed insurability, and regular occupation

Cons:

• The maximum monthly disability benefit is $2,000, which may not cover all of your business loan payments
• Rent payments are covered for only 2 years

How much does Humania disability insurance cost?

Unfortunately, it is difficult to give an accurate price range for Humania disability insurance. The cost of coverage depends on the type of the policy you choose, policy-specific details (like the waiting period, benefit amount, etc.) and personal details (like age, health, smoking status, etc.). 

So even if you and your best friend buy the same disability insurance plan, you two will very likely pay different premiums. All the same, here are some tips to help you lower your cost of insurance. 

• Opting for a longer waiting period can reduce your monthly insurance bill
• A shorter policy term (say 10 years in comparison to 20 years) can mean more affordable premiums
• While riders can provide extra coverage or benefits, they come at a cost, so only opt for those which you really need
• Extending the own occupation definition to the entire policy term can increase your cost
• Giving up smoking can help you qualify for lower premiums

Conclusion

Humania Assurance offers a wide range of disability insurance plans, including non-medical plans. Whether you are a white-collar worker, self-employed, small business owner, part-time worker, or someone who has a high-risk profession or underlying health issues, Humania Assurance has something for you. 

Unlike many other Canadian insurers, it also provides online quotes. However, to apply for coverage, you will need to work with a Humania Assurance advisor. 

Before you settle on an offer from Humania Assurance, it’s a good idea to compare its rates with other providers. Dundas Life can provide free price quotes from multiple A-rated insurance companies, making it easier to pick the provider that’s best for you. Book a call with one of our advisors today.

Frequently Asked Questions

Is there any waiting periods before I can start receiving benefits from Humania Assurance Disability Insurance?

Yes, Humania Insurance has a waiting period before benefits become payable. The waiting period can range from one day to a few months.

Can I customize the coverage amount with Humania Assurance disability insurance?

Yes, Humania Assurance offers you a lot of flexibility in customizing a plan. At the time of application, you can select the benefit amount, benefit period, waiting period, and riders that work best for you. 

Is there a medical examination required to qualify for Humania Assurance disability insurance?

Humania offers both medical and non-medical disability insurance products, so you buy coverage even if you have a dangerous job or an underlying health condition.