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Key takeaways:
To help you determine whether Emma life insurance is right for you, we reviewed their different products, prices, features and customer feedback.
Emma Insurance is a Canadian insurtech start-up that was founded in 2017 by current CEO Félix Deschatelets as well as CMO Jacomo Deschatelets and CTO Guillaume Plante.
In early 2022, Emma announced they had raised $6M in funding from investors. In late 2022, they said they'd raised an additional $2M in loans from Silicon Valley Bank.
Emma is backed by Humania Assurance Inc., a reputable Quebec-based insurer that was founded in 1874.
Let's take a look at how much it would cost for a 40-year-old nonsmoking woman in average health to get $500,000 in term coverage for 20 years with Emma:
Term life insurance: $66.60 per month
+ $16.32 per month for $10,000 in whole life insurance*
+ $11.25 per month for $25,000 in child coverage, per child.
= $94.17 per month
*Your term life insurance coverage reduces to $490,000.
Emma is most known for their yearly renewable policy, where you pay insurance premiums for one of year coverage and then renew it yearly.
Young parents in their 20s or early 30s who are homeowners are the best fit for Emma's life insurance policy. You can personalize your coverage by the year to protect your family and give yourself the peace of mind that you are covered.
If you are in your 40s or have other priorities like estate planning needs, you can probably find a policy that suits your personalized needs better. Anyone with health issues or a family history of disease should also look elsewhere, such as with Canada Protection Plan.
But overall, Emma Life is a good idea for those needing a little bit of coverage for the cheapest price possible.
Emma Life Insurance is owned by Emma Labs Inc., a Canadian company based in Montreal, Quebec. Emma Labs Inc. focuses on making life insurance straightforward and accessible for families across Canada. As a local company, they operate under Canadian insurance regulations, ensuring their products meet the specific needs of Canadian families.
Founded by Félix and Jacomo Deschatelets and the currrent Chief Technology Officer Guillaume Plante, Emma Insurance aims to simplify the process of buying life insurance. They use technology to streamline the experience, making it quicker and easier for Canadians to get coverage. Emma Insurance is known for its transparency and customer service, making it a reliable choice for those looking to protect their loved ones with ease.
Emma Insurance is the primary interface for customers, but its insurance products are underwritten by Humania Assurance. Humania Assurance is a reputable life and health insurance company also based in Quebec. This strategic partnership ensures Emma Insurance can provide seamless and reliable service.
With Emma Life Insurance, you benefit from Humania Assurance's established presence in the Canadian market. Their underwriting process ensures your coverage is straightforward and dependable. This partnership allows Emma to provide competitive rates and quick approvals, making it easier for Canadians to get the financial protection they need.
Choosing the best life insurance for those over 50 depends on your needs and budget. For many Canadians, term life insurance is a solid choice. It provides coverage for a set period (like 10, 15, or 20 years) and is generally more affordable than whole life insurance. This makes it ideal if you’re looking to cover specific financial obligations, such as a mortgage or other debts, or if you want to ensure your loved ones have a financial cushion. Term policies can be tailored to your specific needs and adjusted as life changes, providing a flexible option as you age.
For those seeking lifelong coverage, whole life insurance might be more suitable. It covers you for your entire life and includes a cash value component that can grow over time, offering a form of savings. While more expensive than term policies, it’s a good option if you’re looking to leave a legacy or cover final expenses without the policy expiring. Some insurers also offer simplified or no-medical-exam policies, which can be a great option if you have health concerns. Always compare quotes and consider speaking with a non-commissioned advisor to find the best fit for your situation.
Want to learn more about other life insurance options? Here are more reviews of Canadian life insurance companies:
