Wawanesa is one of the leading employee benefits providers in Canada that offers a wide range of insurance products and services for individuals and businesses. In this review, we’ll examine Wawanesa Insurance employee benefits offerings in depth and see how they compare to competitors.
We’ll cover Wawanesa’s history and background, details on its various benefits, pros and cons, pricing and value comparisons, and more.
Whether you’re an individual looking for benefits or a business researching options for group plans, this review will provide key insights into Wawanesa’s employee benefits.
What is Wawanesa Insurance?
Wawanesa Insurance is a Canadian insurance company that has been in business since 1896. It is headquartered in Winnipeg, Manitoba, and provides property, casualty, life, and financial services across Canada.
While Wawanesa previously operated in the United States through its subsidiary, Wawanesa General Insurance, that U.S. business was sold effective April 1, 2024. As a result, Wawanesa Mutual now focuses its core insurance operations in Canada.
Wawanesa Insurance offers insurance for individuals, including home, auto, and life insurance. It also has extensive offerings for businesses, including commercial property, liability, specialty, and group benefits coverages.
The organization employs more than 3,600 people across Canada. From a financial perspective, Wawanesa operates at a multi-billion-dollar scale as one of Canada’s established mutual insurers.
According to Wawanesa Mutual’s audited consolidated financial statements for the fiscal year ended December 31, 2024, the company reports substantial total assets and insurance revenue.
Wawanesa is a mutual insurance company owned by policyholders rather than shareholders. This structure helps align the company’s interests with those of its customers. Wawanesa is known for its quality products, great customer service, and competitive pricing.
Source: https://jobs.wawanesa.com/content/About-Wawanesa/?locale=en_US
Types of Insurance and Employee Benefits Offered at Wawanesa Insurance
Wawanesa provides a suite of insurance and employee benefits, including:
- Health insurance
- Dental Insurance
- Life insurance
- Accidental death & dismemberment insurance
- Disability insurance
- Critical illness insurance
- Vision care
- Employee assistance programs
- Best Doctors or similar second-opinion medical support programs
- Group retirement and savings solutions, including Group RRSPs and pension arrangements
- Optional health and wellness initiatives, depending on plan design
The company focuses on providing customizable plans to meet the needs of all types of Canadian businesses and their employees. They have in-house experts who can advise on benefits plan design, compliance and more.
Wawanesa Insurance Employee Benefits Review
Wawanesa offers a robust menu of employee benefits that covers all the critical insurance and financial security needs for workers and their families. Here is an overview of the main benefits available and how Wawanesa’s offerings compare to those of other leading providers.
Wawanesa Health Insurance
Wawanesa Insurance provides health insurance plans that complement provincial healthcare coverage. The plans are customizable with options for deductibles, co-pays, prescription drug coverage, paramedical practitioner coverage, medical supplies and equipment, and more.
They offer health spending accounts that allow employees to allocate benefit dollars to the services they need most. Wawanesa also has wellness programs, access to Best Doctor services, medical second opinion services, preferred pharmacy networks, and other value-added healthcare support.
Compared to competitors like Sun Life, Canada Life, and Manulife, Wawanesa’s health plans are competitively priced. They offer all the standard options plus some unique advantages, like health spending accounts. The insurer is powerful in health benefits for smaller businesses.
Wawanesa Dental Insurance
Wawanesa Insurance gives employers the flexibility to design dental plans that meet their budgets. Dental coverage can include basic and major services, orthodontics, accident coverage, denture benefits, and more.
Unique features of their dental plans include implant coverage and access to the Dental Care Savings Plan network, which provides discounts on treatments. Wawanesa’s dental benefits costs are pretty competitive, particularly for basic and primary services.
The company offers many customization options, making dental insurance appealing to all types of employers.
Wawanesa Group Life Insurance
Wawanesa Insurance’s employee life insurance plans provide affordable financial protection for workers and their families. Employers can choose plans with flat coverage amounts or ones based on a multiple of earnings.
Life insurance options include standard life insurance plans paid by the employer or optional plans paid by employees. Wawanesa also offers robust living benefits that accelerate life coverage when a person is diagnosed with a terminal illness or critical condition.
Wawanesa Insurance is among Canada’s most affordable options for employee life insurance. Even large amounts of coverage can fit into modest benefits budgets. Their life insurance stands out in terms of price, making it an intelligent choice for employers.
Wawanesa Disability Insurance
Protecting income in case of illness or injury is critical. Wawanesa Insurance provides short-term and long-term disability coverage to replace lost wages when an employee can’t work.
Short-term disability plans may provide benefits either immediately or after an elimination period, depending on the plan design selected by the employer. Benefit frequency, duration, and tax treatment vary based on how the plan is structured and whether premiums are paid by the employer or the employee.
For long-term disability coverage, elimination periods, benefit amounts, and benefit durations are customizable and determined by the plan sponsor. Coverage may continue for a defined period or to a specified age, depending on employer-selected plan options.
For disability coverage, Wawanesa offers all the standard features employers expect. Their pricing is very competitive, particularly for long-term disability insurance. Overall, their disability benefits can cost-effectively meet the income protection needs of most workforces.
Retirement Plans
Wawanesa Insurance partners with leading financial institutions to make saving for retirement easy. They offer group registered retirement savings plans (Group RRSPs) and defined contribution pension plans.
These plans allow tax-deferred investing through payroll deductions. Wawanesa Insurance and its partners provide investment options, tools to monitor accounts, retirement planning advice, and more. Retirement plan costs are on par with or lower than competitors’.
FSA and HSA Accounts
Wawanesa Insurance offers Health Spending Accounts (HSAs) and Flexible Spending Accounts (FSAs) to help employers improve their employee benefits.
Health Spending Accounts (HSAs) are funded by employers and allow employees to get reimbursed for eligible medical expenses. This includes things like prescription drugs, vision care, and dental treatments. While the money employers put into HSAs is usually taxed, employees can receive reimbursements for eligible medical expenses without paying taxes on that money.
Flexible Spending Accounts (FSAs) can cover a wider range of expenses, including childcare, eldercare, wellness programs, or lifestyle costs, depending on the specific plan. Unlike HSAs, money that employees get back from FSAs is typically taxed. The tax rules vary based on the type of expense.
Wawanesa’s spending account options give employers a flexible way to add to their main benefits, allowing them to customize plans based on their workforce’s needs and budgets.
Wellness Programs
Wawanesa Insurance has resources to engage workforces in health and wellness. Their BUILD wellness program encourages exercise, nutrition, mental health and preventative care.
Other wellness options include seminars, workshops, fitness challenges, health risk assessments, smoking cessation plans, EAP services and more. These programs aim to reduce healthcare costs through employee health and work-life balance.
Pros of Wawanesa Insurance Employee Benefits
There are many advantages to choosing Wawanesa Insurance for employee benefits:
- Competitive pricing – Wawanesa Insurance offers very affordable rates across all lines of coverage. Bundling multiple benefits with them can yield excellent value.
- Customization – Employers can mix and match benefits options to meet their precise needs and budget. Wawanesa’s flexibility is a significant perk.
- Strong plans—The company’s benefits offer the standard protections and options employees expect.
- Range of choices – From retirement plans to HSAs to wellness programs, Wawanesa Insurance has extensive choices for creating a total rewards program.
- Customer service – Experts can consult on benefits design, claims support and ongoing service needs.
- Focus on small business – Wawanesa Insurance caters to organizations of all sizes but shines with small group benefits.
- Experience – With over 120 years in business, Wawanesa Insurance brings expertise and commitment to benefits delivery.
Cons of Wawanesa Employee Benefits
There are a few potential drawbacks to consider with Wawanesa’s employee benefits:
- Limited national presence – Wawanesa has less brand recognition outside Western Canada. For a national workforce, larger insurers may be preferable.
- Fewer value-adds – Some big employee benefits companies in Canada offer more robust wellness platforms, health concierge services and digital benefits apps, for example: Manitoba Blue Cross Employee Benefits, Sun Life employee benefits, IA Financial Group Employee Benefits,…
- Administration challenges – Wawanesa’s group benefits portal lags behind competitors regarding user experience and self-serve options.
- Smaller provider network – While extensive, Wawanesa’s provider network is smaller than the most significant national insurers.
For some employers, these factors may necessitate complementing Wawanesa with another benefits provider. However, for most, the advantages of affordable, customized benefits outweigh these considerations.
Wawanesa Insurance Group Benefits for Businesses
In addition to individual plans, Wawanesa offers employee benefits packages to companies of all sizes. Here are some of the critical group insurance options from Wawanesa:
Wawanesa Group Life Insurance
Businesses can provide low-cost life insurance to employees through Wawanesa’s group plans. Coverage amounts can be fixed or linked to salaries. Plans with standard underwriting or guaranteed issues up to $25,000 per employee are available.
Wawanesa Group Health Insurance
Wawanesa group health plans have no lifetime maximums and provide emergency medical coverage while travelling. Prescription drugs, dental accident coverage, vision care, medical equipment, paramedical practitioners and more are included.
Wawanesa Dental Insurance
Employers can craft group dental plans with Wawanesa that include primary and significant services, orthodontics, accident coverage and other options. Dental fees guide up to the current year, and 90% of benefit reimbursement levels provide excellent value.
Wawanesa Disability Insurance
Short-term and long-term disability benefits protect employee incomes in case of illness or injury. Wawanesa group disability plans have various wait times and benefit payment options to suit different workforces.
Wawanesa Critical Illness Insurance
Wawanesa Life states its group Critical Illness offering includes maximums that depend on group size (up to $250,000), and that coverage details can vary by group and must be confirmed in policy documents. Avoid quoting “guaranteed issue” dollar limits unless you have the plan’s official booklet or proposal in hand.
Are Wawanesa Benefits Worth It?
Wawanesa has an outstanding track record of over 120 years in the insurance industry. They receive financial solid ratings, signalling stability. Wawanesa’s group and individual plans provide great value with customized features across all the “must-have” benefits categories.
While not perfect – no insurer is – their pros far outweigh any downsides for most employers. The few drawbacks should not deter small and mid-sized businesses. Wawanesa checks all the boxes with affordable pricing, excellent service, and benefits expertise.
For individuals seeking personal health, life or disability insurance, Wawanesa is competitive. Their pricing, features and options match other major insurance providers well.
In summary, Wawanesa delivers quality employee benefits tailored to the Canadian market. Both group plan sponsors and individuals can expect excellent coverage, support and value from partnering with Wawanesa for benefits, making them an easy company to recommend.
