Emma Life Insurance: Legit Or A Scam?

Emma Life Insurance is a legitimate company that provides an online platform for purchasing life insurance policies. It was founded in 2017 and is specifically designed to make life insurance more accessible to young families at affordable rates. The company eliminates the need for medical exams, in-person meetings, and pushy salespeople, making the process of obtaining life insurance faster and less stressful. Emma offers both term and permanent life insurance options, with premiums starting as low as $8 per month. The application process is entirely online and can be completed in under 20 minutes, making Emma a convenient and user-friendly option for those seeking life insurance.

What types of insurance does Emma offer?

Emma offers two main types of life insurance: term life insurance and whole life insurance. Term life insurance is a type of insurance that provides coverage for a limited period, such as 10-20 years, and pays a tax-free benefit to your beneficiaries if you die during this time. Whole life insurance, on the other hand, provides lifelong coverage and pays a death benefit as long as the contract is in force. This type of insurance is more expensive and better suited for those with complicated financial situations or estate planning needs.

With Emma's term life insurance, you pay a monthly or annual premium, and a fixed amount is paid to your loved ones in the event of your death. Whole life insurance does not expire, and the amount of coverage can change over time.

In addition to these two main types of life insurance, Emma also offers children's insurance, which provides automatic coverage for your children up to a certain amount when you register your policy with them.

What are the pros and cons of Emma life insurance?

Pros of Emma Life Insurance

Emma Life Insurance is a reputable company with a 5/5 rating on Trustpilot and its Facebook page. It is a digital insurance broker that provides accessible, flexible, and inclusive insurance policies to Canadians without the hassle of a medical examination. Here are some pros of choosing Emma Life Insurance:

• Completely digitised process: All services are entirely online, saving customers time and stress.
• No service fee: Emma Life Insurance charges $0 for services as it gets paid through commissions from customer referrals.
• Access to many insurance providers: As a broker, Emma Life Insurance provides its potential clients with various insurance companies to compare quotes, policies, coverages, and pricing options.
• Easy application process: The online health survey takes just a few minutes to complete, and customers can tweak the coverage options to see how the quote changes.
• 15-day money-back guarantee: Customers can request a refund within 15 days if they change their mind.
• Experienced advisors: Emma Life Insurance has experienced advisors available online to help customers select and customise the best policy for their needs.
• Full reimbursement: Emma Life Insurance provides a full reimbursement if a policy is cancelled within 15 days of purchase.
• Flexible termination: Customers can terminate their policy at any time without providing a reason.
• Customer support: Emma Life Insurance offers an accessible and problem-solving custom chat, email, and phone line for customer support.
• Privacy protection: Emma Life Insurance is committed to protecting customers' personal information and respecting their privacy.

Cons of Emma Life Insurance

• Maximum coverage of $1 million: Emma Life Insurance has a maximum coverage of C$1 million for both term and whole life insurance.
• Age limit: Emma's life insurance is not available to Canadians above 55 years of age.
• Limited convertibility options: Emma's life insurance doesn't come with an exchange option.
• Limited rider options: Emma's insurance only has a child rider option with coverage between $15,000 and $25,000. It cannot add standard critical illness or disability coverages.

How does Emma Life Insurance work?

Emma Life Insurance is an online insurance broker that helps Canadians find the best life insurance policy for their needs. It was founded in 2017 and is a "fintech" company, specifically an "insurtech". The platform makes it possible to compare life insurance quotes without leaving your home.

Emma works with a number of reputable insurance providers across Canada, including Canada Protection Plan, Humania Assurance, and Industrial Alliance. These partnerships mean that users can obtain the best rates available without needing to apply to each company directly.

The process is 100% online and starts with a health and lifestyle questionnaire to verify eligibility. The user is then assigned a broker and contacted over the phone to finalise the insurance and submit payment information if approved for coverage.

Emma offers both term and whole life insurance. Term life insurance provides coverage for a limited period, usually 10-20 years, and pays a tax-free benefit to beneficiaries if the insured person dies during this time. Whole life insurance, also known as permanent life insurance, provides coverage for the duration of the insured person's life and pays a death benefit as long as the contract is in force.

Emma's term life insurance is less expensive and has an expiration date, making it a more popular option. Whole life insurance has no expiration date and the amount of coverage can change over time, making it a good option for those with complex financial circumstances.

Emma's services are entirely free to use, with the company getting paid through commissions from customer referrals. The platform is family-focused and simplifies the process of obtaining life insurance, without the need for a medical examination. It also provides a full reimbursement if a policy is cancelled within 15 days.

The cost of life insurance through Emma depends on personal factors such as age, health history, smoking habits, occupation, and hobbies. Premiums start as low as $8 per month, and children are automatically approved for up to $25,000 in coverage.

Who is Emma Life Insurance for?

Emma's life insurance platform is specifically designed to make life insurance accessible to young families at affordable rates. The company targets young adults and families looking for their first policy, keeping the process simple with short questionnaires and easy-to-reach customer service.

Emma Life Insurance is a legitimate company with positive reviews from real users. It has a 5/5 rating on Trustpilot and its Facebook page based on 50 votes. The company is based in Quebec and is focused on providing insurance that is accessible to everyone, especially young families who may be overlooked by the insurance market.

What makes Emma Life Insurance unique?

Emma Life Insurance is a unique online insurance platform that provides affordable coverage to underrepresented segments of the population, such as women, young families, and students. Here are some of the features that make Emma Life Insurance stand out:

• No medical exams required: One of the most significant benefits of Emma Life Insurance is that it does not require a medical examination for approval. This makes the process much more accessible and less stressful for individuals seeking life insurance.
• Affordable coverage: Emma offers life insurance policies starting at just $8 per month, making it an affordable option for individuals and families on a budget.
• Easy application process: The application process is 100% online and can be completed in under 20 minutes. This saves customers time and hassle, as they don't need to fill out complex forms or meet with advisors in person.
• Automatic coverage for children: Emma Life Insurance provides automatic coverage of up to $25,000 for children as soon as the policy is approved. This is a valuable feature for young families seeking comprehensive protection.
• 15-day refund guarantee: Emma offers a 15-day guaranteed refund period if customers are not satisfied with their policy. This allows customers to try the service risk-free and ensures peace of mind.
• Access to multiple insurance providers: Emma partners with top insurance companies in Canada, including Canada Protection Plan, Humania Assurance, and Industrial Alliance. This allows customers to compare quotes and find the best rates without needing to apply to each company directly.
• Flexible cancellation policy: Customers can cancel their policy at any time without providing a reason or incurring penalties. This flexibility is beneficial for individuals who may have changing needs or circumstances.
• Excellent customer service: Emma Life Insurance receives consistently positive reviews for its customer service. Customers praise the company for its friendly and knowledgeable associates, who provide clear and concise information and are always ready to help.
• Digital innovation: As a fintech company, Emma has revolutionized the life insurance industry by bringing the entire process online. This includes the application, quote comparison, and payment processes, making it more convenient and efficient for customers.

How much does Emma Life Insurance cost?

The cost of Emma Life Insurance depends on your needs and eligibility status. You can get a discount when you bundle its term life insurance and whole life insurance into one. However, you can get any of the policies for as low as $6 per month. For example, a $250,000 term life insurance policy will cost an average of $14 per month for a 30-year-old man and $11 for a woman.

The cost of life insurance in Canada varies depending on several factors, including age, health, lifestyle, and gender. The older you get, the higher the premium cost, as insurers consider advanced age one of their main risk factors. Generally, life insurance premiums for women are lower than those for men, as women tend to live longer than men, on average. Smokers also tend to pay higher life insurance premiums than non-smokers, as smoking is a known risk factor for many serious health conditions.

Some occupations, such as those in the military or law enforcement, may be considered higher risk and result in higher life insurance premiums. Factors such as diet, exercise, and overall health can also affect life insurance premiums, with a healthy lifestyle potentially resulting in lower premiums.

The type of life insurance policy chosen can also impact the premium. Term life insurance typically has lower premiums than permanent life insurance, as it provides coverage for a specific period of time rather than the entire lifetime of the policyholder. The amount of coverage chosen and the length of the policy can also affect the premium, with larger coverage amounts and longer policy terms generally resulting in higher premiums.

Additionally, some life insurance policies offer the option to add a child rider, providing coverage for the policyholder's children, which will increase the premium. Life insurance premiums for seniors may also be higher due to the increased risk of death at an older age, but specialized policies for seniors may be available at lower rates.

Frequently asked questions