No Medical Life Insurance
is a type of life insurance that doesn't require a doctors visit, medical report or medical exam.

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BMO Guaranteed Life Plus Vs. RBC Guaranteed Acceptence Life

May 13th, 2013 · BMO Life Assurance Company, Featured, No Medical Life Insurance Companies, No Medical Life Insurance News

disability insurance by Joe Hall
RBC and BMO have almost identical
guaranteed issue plans.
Photo by Joe Hall

BMO Insurance and RBC Insurance are battling it out with independent brokers for a share of Canada's guaranteed issue marketplace.

These policies, generally used to fund final expenses, are an after thought to many brokers, but Insurance companies are starting to see the value in offering these plans.

Both BMO Insurance and RBC Insurance offer their plans direct and below is a comparison. The coverages are almost identical, but there are truly   some slight nuances that separate them.

BMO Guaranteed Life Plus Vs. RBC Guaranteed Acceptence Life continued ...

Foresters’ Easy Term: A Hidden Gem

May 3rd, 2013 · Featured, No Medical Life Insurance Companies, No Medical Life Insurance News

Wonderful Time by Robert Bejil
Foresters' Easy Term
makes life insurance easy.
Photo by Robert Bejil

Foresters' Easy Term plan offers a unique solution for clients who like to travel to otherwise uninsurable locations.

Applicants can qualify for up to $250,000 in coverage with no medical tests. The plan is renewable and convertible. The policy does not offer preferred rates, and its health questions are comparable to those found in most traditional life insurance applications.

However, clients who travel to some less popular destinations around the world may find great value in this plan.

Rates

  • 40-year-old, male non-smoker $100,000 EZ Term 10: $14.85 a month
  • 40-year-old, male non-smoker $150,000 EZ Term 10: $20.70 a month
  • 40-year-old, male non-smoker $250,000 EZ Term 10: $32.40 a month

Chantal's Insider Tip: This coverage is not available to applicants who have been previously declined.

For more details on no-medical life insurance in Canada, please contact us at 1-866-899-4849 or visit our No Medical Life Insurance Quote Page.

Guaranteed Issue Life Insurance: BMO Insurance versus Manulife Financial

May 3rd, 2013 · Assumption Life, Bingham Group Services, BMO Life Assurance Company, Canada Protection Plan, Edge, Featured, Industrial Alliance, Manulife Financial, No Medical Life Insurance Companies, No Medical Life Insurance News

All the Happy People by TheGiantVermin
BMO and Manulife each offer a
Guaranteed Issue Plan.
Photo by TheGiantVermin

Two of the leading direct suppliers of guaranteed issue life insurance in Canada are BMO Insurance and Manulife Financial.

Both guaranteed issue plans are available via the suppliers' respective websites and call centres, but they are not available via their independent broker networks.

Manulife Financial

Cover Me Guaranteed Issue Life Insurance

Can Someone Who has HIV/Aids Get Life Insurance?

May 3rd, 2013 · Bingham Group Services, BMO Life Assurance Company, Edge, Featured, Manulife Financial, No Medical Life Insurance Companies, No Medical Life Insurance Tips

AIDS Ribbon
You can still get life insurance
if you are HIV-positive.

Currently, 73,000 Canadians live with HIV/AIDS — up from 69,000 in 2001. They can expect to live into their early 70s, making life insurance a realistic possibility.

Traditional life insurance is generally not available for people with HIV. Most simplified issue plans (which include no medical tests and a limited number of health questions) also have an HIV/AIDS-related question.

However, guaranteed Issue life insurance (which include no medical tests and no health questions) are available.

The Edge offers up to $25,000 in coverage. Bingham Group Services also offers a Guaranteed Issue Mortgage Insurance Plan. BMO, RBC, and Manulife sell guaranteed issue plans direct.

Most guaranteed Issue plans offer limited face amounts of $25,000 or less and limit the death benefit for non-accidental death to a return-of-premium plus interest in the first two years.

Bingham Group Services' Guaranteed Issue Mortgage Insurance Plan must be linked to a loan, and coverage can be configured to the full amount of the loan up to $500,000, or to cover a partial loan, depending on the insured's budget.

On the downside, any pre-existing conditions, within 12 months from the policy issue date, will not be covered for the duration of the policy contract.

For more details on no-medical life insurance in Canada, contact us at 1-866-899-4849 or visit our No Medical Instant Quote Page.

No Medical Life Insurance: Comparing the Top Companies

April 16th, 2013 · Assumption Life, Canada Protection Plan, Featured, Industrial Alliance, No Medical Life Insurance Companies, No Medical Life Insurance Tips

Just breathe by chintermeyer
Just breathe. You have options —
lots of options.
Photo by Chintermeyer

Three of the top no-medical life insurance providers in Canada are Canada Protection Plan (underwritten by Foresters Life Insurance Company), Assumption Life, and Industrial Alliance

Canada Protection Plan sells policies both directly to the consumer and through its independent broker network. The pricing on its policies are the same regardless of the channels used. Canada Protection Plan offers simplified issue, permanent, and term policies.

 

Its permanent policies are available both on an immediate payout basis and on a deferred payout basis. Deferred policies limit the death benefit in the first two policy years in the case of non-accidental deaths.

Canada Protection Plan also offers simplified issue term policies, which are also available on an immediate payout and a deferred payout basis. Their term policies are available as Term 10, Term 20, and Term 100 options.

No Medical Life Insurance: Comparing the Top Companies continued ...

Can I Get Life Insurance After a DUI?

April 15th, 2013 · Featured, No Medical Life Insurance Tips

Smoking kills by LittleMissSilly
Driving under the influence
can have serious insurance implications.
Photo by LittleMissSilly

About 50,000 Canadians are arrested and charged with a DUI each year. 

A DUI will definitely have an impact on your ability to obtain a traditional life insurance policy. Whenever you apply for life insurance, the carrier examines all health- and lifestyle- related issues. They will look at medical history, current medications, your employment situation, and lifestyle factors, such as your driving record and DUI infractions.

The reason driving history factors in is because the insurance carrier uses this information to determine whether you are a high-risk candidate. If your behaviour puts you at a greater risk of dying, the insurance company will make you pay a higher premium or limit the types of plans available for you.

If there is a silver lining to applying for life insurance after a DUI, it is that even though there is often a period of five years following the incident where your rates will be higher, if your driving record improves, you may be able to get cheaper rates after the five years have gone by.

Can I Get Life Insurance After a DUI? continued ...

A Unique No Medical Life Insurance Plan for Seniors

April 15th, 2013 · Featured, Industrial Alliance, No Medical Life Insurance Companies, No Medical Life Insurance News

Find out TD Term Life plans fall short before its too late  by craig Cloutier
Industrial Alliance offers a
No Medical Plan for seniors.
Photo by Craig Cloutier

Industrial Alliance offers a unique simplified issue term life insurance plan for seniors.

Many companies offer simplified issue whole life insurance, but the number of simplified issue term insurance providers is much more limited.

A plan called The Alternative is a non-renewable and non-convertible 20-year term policy, which offers guaranteed level premiums for the entire term. Face amounts on the policy can be as low as $10,000 and as high as $100,000.

The policy includes four health questions and limits the death benefit in the first two policy years, for non-accidental death, to a return-of-premium plus 5 per cent interest.
Insured issue ages can be as young as 20 and as old as 70.

For more details on no-medical life insurance in Canada, please contact us at 1-866-899-4849 or visit our No Medical Life Insurance Quote Page.

Desjardins Insurance 50+ Life No Medical Life Insurance Plan

April 15th, 2013 · Desjardins Financial Security, Featured, No Medical Life Insurance Companies, No Medical Life Insurance News

Still sick by spcbrass
If your bedridden,
you won't qualify for this policy.
Photo by spcbrass

Desjardins offers a simplified issue permanent life insurance policy called 50+ Life Insurance. The policy has no medical tests, but does have a few health questions.

If you're a Canadian resident and can answer "No" to each of the following four health questions, you're automatically eligible for 50+ Life Insurance:

1. Have you ever had a life, disability or health insurance application that you submitted to an insurer (including Desjardins Insurance) declined, modified, or approved with an extra premium?

2. Do any of the following situations currently apply to you? You are bedridden or confined to a wheelchair; you are hospitalized, you are staying in a convalescent home or long-term care facility, you require help, on a permanent basis, to carry out any of the following activities of daily living: eating, dressing, transferring, bathing or toileting.

3. Do any of the following situations apply to you?

In the past two years, you have received treatment, or consulted a healthcare professional, for any of the following conditions: heart attack, angina, stroke, transient ischemic attack, diabetic coma, malignant tumour, or cancer. (excluding follow-up exams)

You are currently waiting for treatments or test results (excluding follow-up exams) for any of the conditions listed above.

You have, or have been advised to have, yearly follow-up exams for a malignant tumour or cancer treated less than five years ago.

4. Do you suffer from Alzheimer’s disease, kidney failure, pulmonary emphysema, cirrhosis of the liver or an HIV infection, (AIDS virus) or have you ever been treated for any of these conditions?

Desjardins Insurance 50+ Life No Medical Life Insurance Plan continued ...

Should I Apply for a No Medical Life Insurance Plan If I Have Diabetes?

April 2nd, 2013 · Featured, No Medical Life Insurance Tips

tetanus shot time by blakespot
Diabetics can still get life insurance.
Photo by blakespot

The Canadian Diabetes Association reports that over 9 million Canadians are diabetic or prediabetic and five to 10% of those with diabetes have type one, which means they're insulin dependent. The rest, (90 to 95%) have type two and are not insulin dependent

All things being equal, an insulin-dependent diabetic will pay a higher premium than those who don't depend on insulin. Insulin dependent diabetes is considered a chronic disease that usually begins in childhood, but it's not the most common form of diabetes.

Many insulin diabetics are declined or heavily rated for traditional life insurance, but there are other insurance options available if that is the case.

Should I Apply for a No Medical Life Insurance Plan If I Have Diabetes? continued ...

Understanding Deferred Death Benefits

March 27th, 2013 · Assumption Life, Canada Protection Plan, Featured, No Medical Life Insurance Companies, No Medical Life Insurance Tips

Photo by Lori Greig
There are a lot of deferred death benefit options
with no medical tests or questions.
Photo by Lori Greig

A deferred death benefit life insurance policy is one which limits the payout for the first few policy years on non-accidental deaths. Usually, the deferment period is two years, although some plans extend the deferral period for up to four years.

All guaranteed issue policies come with a deferred death benefit. The reason for this is guaranteed issue policies have no health questions and have no medical tests, so the insurance company has to build-in a potential safeguard against applicants who have serious health issues.

Some simplified issue policies also come with a deferred death benefit. Simplified issue policies have no medical tests, but have a short series of health questions. Popular simplified issue policies are Canada Protection Plan's Deferred Life and Deferred Term Policy and Assumption Life's Golden Protection Deferred Plan.

Understanding Deferred Death Benefits continued ...

No Medical Whole Life Insurance

March 26th, 2013 · Canada Protection Plan, Featured, No Medical Life Insurance Companies, No Medical Life Insurance News

tetanus shot time by blakespot
No medical tests necessary
for CPP's Whole Life Policies.
Photo by blakespot

Canada Protection Plan  offers four separate no medical whole life Insurance plans.

The policies are all underwritten by Foresters Life Insurance Company. The first two policies are available on a deferred basis, meaning the death benefit is limited in the initial policy years, but the last two policies offer immediate coverage. Each plan is available without a medical, but the latter two policies have more stringent health questions.

Acceptance Life is a good fit for hardest-to-insure individuals who have been declined insurance for any reason. If death occurs in the first two years, premiums are returned at a simple three per cent interest. The plan is available to applicants 40 to 80 years of age and there are only two health questions. Starting in the fifth policy year, you can cancel your coverage and receive a percentage of your premiums back. This benefit is included at no extra cost.

No Medical Whole Life Insurance continued ...

Life Insurance and the Top 10 Most Dangerous Jobs

March 12th, 2013 · Featured, No Medical Life Insurance Tips

Photo by ER24 EMSPty Ltd
Some jobs are extremely dangerous.
Photo by ER24 EMSPty Ltd.

According to the latest stats from the U.S. Bureau of Labor Statistics, the Top 10 Most Dangerous Jobs in America are the following:

1. Fishing

If you've seen Deadliest Catch, you know why this has been the deadliest profession in America since 1992. Being pulled overboard, giant waves, malfunctioning gear and hellish weather are just some of the many hazards you can look forward to on the high seas.

Fatality Rate: 116 for every 100,000 workers and 29 total.

Annual Salary: $25,590

2. Logging Workers

More than half of the fatalities in logging are from being struck by an object. High altitudes, bad weather and working with heavy machinery are some of the many risk factors one can experience in an industry where you've always had to keep your whits about you despite technological improvements through the years.

Fatality Rate: 91.9 for every $100,000 workers and 59 total.

Annual Salary: $32,870

3. Aircraft Pilots and Flight Engineers

These guys spend their days with their head in the clouds, but when things go seriously wrong it's a long fall right back down to earth. Of course, the main causes of death here are transportation accidents due to crashes.

Fatality Rate: 70.6 per 100,000 workers and 78 total.

Annual Salary: $118,070 for airline pilots and $76,050 for commercial pilots.

4. Farmers and Ranchers

This long suffering profession hasn't gotten any safer with time, despite improvements in farming technology, and close contact with heavy machinery means farmers are frequently in danger of having a fatal accident.

Fatality Rate: 41.4 per 100,000 workers and 300 total.

Annual Salary:  $60,750

5. Miners

Heavy machinery, extremely close and claustrophobic quarters and the possibility of explosions or rockfalls with nowhere to go make mining an extremely dangerous job. Mining machine operators have an even more dangerous profession with a fatality rate of  38.7 per 100,000 workers or 23 fatalities in total.

Fatality Rate: 19.9 per 100,000 workers; 172 total

Annual Salary: $37,230 to $89,440

Life Insurance and the Top 10 Most Dangerous Jobs continued ...

Assumption Life: Total Protection No Medical Life Insurance Plans

March 11th, 2013 · Assumption Life, Featured, No Medical Life Insurance Companies, No Medical Life Insurance News

Photo by The Nation Guard
Assumption Life
offers total protection
without a medical.
Photo by The National Guard.

Assumption Life Is a leading provider of no medical life insurance. They have a variety of plans available without a medical.

Assumption Life's Flex Term plans have no medical tests, but have a full range of health questions similar to those found on traditional life insurance plans. Their Golden Protection plan offers coverage on a deferred and immediate issue basis. The plan has face amounts of up to $50,000, no medical tests and ten health questions.

Assumption's Total Protection Plan, which is also a no medical plan, has the least stringent qualifications for coverage, with only three health questions on face amounts up to $30,000. If the  face amount requested goes above this amount, some extra questions are asked.

Additional details on this plan include:

Assumption Life: Total Protection No Medical Life Insurance Plans continued ...

No Medical Life Insurance: Smokers vs. Non-Smokers

February 26th, 2013 · Assumption Life, Canada Protection Plan, Featured, No Medical Life Insurance Companies

Cancer moon by See ming Lee
There's a significant cost difference
between smokers and non-smokers.
Photo by See Ming Lee

When most people hear the words  "No Medical Life Insurance" they often assume that there are never any health questions required to qualify on any policy branded that way.

In actual fact, No Medical Life Insurance policies can be broken down into two categories: Guaranteed Issue Policies  and Simplified Issue Policies.

The guaranteed issue policies are the ones that include no health questions and no medical tests and the simplified issue policies have no medical tests, but there really are a short series of health questions. Also, simplified issue policies generally ask if the insured is a smoker or a non-smoker and non-smokers can get up to a 30% discount.

The following is a closer look at how much two leading no medical life insurance plans cost for smokers and non-smokers.

No Medical Life Insurance: Smokers vs. Non-Smokers continued ...

Hard to Insure Clients: Two Case Studies

February 8th, 2013 · Featured, No Medical Life Insurance Tips

Insurance broker
Our brokers will work hard for you.

Applicants with serious health issues may think that obtaining new life insurance coverage is impossible or unaffordable.

This is why a broker experienced in insuring hard to insure clients is worth his weight in gold when trying to find the right coverage.

Below are two case studies where the team at LSM Insurance was able to help:

Hard to Insure Clients: Two Case Studies continued ...

No Medical Life Insurance: 5 Insider Tips

February 8th, 2013 · Featured, No Medical Life Insurance Tips

Still sick by spcbrass
No medical life insurance is better
for people with health issues.
Photo by spcbrass

The no medical life insurance landscape in Canada has changed in recent years.

Once an afterthought for many insurance companies, competition is heating up among carriers in this market.

A couple of reasons for this include the following:

1. Tighter underwriting requirements among insurance carriers have made no medical life insurance a more enticing option among consumers.

2. Profits are being squeezed on permanent life and guaranteed critical illness insurance policies, causing many providers to look for alternative markets

The following are five Insider tips that you'll need to get a jump on the competition when looking for a no medical life insurance policy:

No Medical Life Insurance: 5 Insider Tips continued ...

Why Buy No Medical Life Insurance from a Broker

February 5th, 2013 · Featured, No Medical Life Insurance Tips


 

BMO Toronto by Ian Muttoo
Buy No Medical Life Insurance
from a Broker.
Photo by Ian Muttoo

We've all seen the advertisements on TV, or on the radio, life insurance without a medical test and no health questions. It all seems pretty straightforward and easy, but not so fast.

No medical life insurance can be really broken down into two categories: Guaranteed Issue Life Insurance, where there are no medical tests and no health questions, and simplified issue life insurance, where they're also no medical tests, but a short series of health questions.

Most of the plan sold directly through Insurance carriers via their call center or website are guaranteed issue plans. These plans have higher premiums and lower face amounts. Guaranteed issue plans also offer a deferred death benefit, which means if the insured passes away, in the first two policy years, the death benefit is limited to a return-of-premium, plus interest.

Why Buy No Medical Life Insurance from a Broker continued ...

What to Look for in a Guaranteed Issue Life Insurance Policy?

February 2nd, 2013 · Assumption Life, Bingham Group Services, Edge, No Medical Life Insurance Companies, No Medical Life Insurance Tips

disability insurance by Joe Hall
These are things to look out for
on guaranteed issue policies.
Photo by Joe Hall

Guaranteed issue life insurance policies have no medical tests and no health questions. The premiums and coverage details can vary significantly among insurance carriers.

The following are some of the things to watch out for when buying a guaranteed issue policy:

1. How long is the waiting period for non-accidental deaths? Most guaranteed issue policies have a two-year waiting period, which means that if the insured dies in the first two years, the coverage is limited to a return-of-premium, plus interest. However, this waiting period can vary with some companies having waiting
periods as short as one year and others having waiting periods as long as four years.

2. Graded Death Benefits - A graded death benefit means only part of the death benefit is paid out. An example of a graded death benefit may be a policy that limits the death benefit to a return-of-premium in the first two years, gives a payout of 25% of the death benefit in the third year, 50% of the death benefit in fourth year
and the entire death benefit in the fifth year.

3. Blended Smoker and Non-Smoker Rates - This is a good deal for smokers, but non-smokers are paying a higher premium than they normally would.

What to Look for in a Guaranteed Issue Life Insurance Policy? continued ...

No Medical Life Insurance Pitfalls

February 2nd, 2013 · Featured, No Medical Life Insurance Tips

Photo by Lori Greig
Just because there are no medical tests,
doesn't mean there aren't risks.
Photo by Lori Greig

No medical life insurance can be a convenient and viable way for people with health or lifestyle issues to obtain life insurance. The following are five pitfalls to look out for when making that move and going the guaranteed issue route:

1. The Waiting Period - Certain no medical life insurance policies come with a two-year waiting period on non-accidental deaths.

2. Blended Rates - Certain no medical life insurance rates have blended rates for smokers and non-smokers. This means smokers are paying a lower premium than they normally would and non-smokers are paying a higher premium than they normally would.

3. Pumped Up Accidental Death Coverage - The chances of someone dying by accident is less than 5%. Insurance companies know this and will often offer very small initial face amounts, which increase substantially if the insured dies by accident. This can give the insured and their family a false sense of financial security.

4. Non-Guaranteed Premiums - Some accidental death policies come with non-guaranteed premiums where the premiums can be adjusted on a yearly basis.

5. Non-Renewable Term Policies - Certain non-medical life insurance providers offer term coverage, but without a renewable option. This means the insurance coverage ends when the term expires and they do not have an option to renew or convert their coverage.

For more details on No Medical Life Insurance in Canada, please call us at 1-866-899-4849 or visit our No Medical Life Insurance Quote Page.

Smoking and Life Insurance: Points to Consider

January 20th, 2013 · Featured, No Medical Life Insurance Companies, No Medical Life Insurance Tips

Photo by Beautiful Insanity Photography
We parse out the difference between
smoking and non-smoking rates.
Photo by Beautiful Insanity Photography

Most insurance companies require an applicant to be tobacco free for 12 months before they qualify for non-smoker rates. To qualify for preferred rates, (which are further discounted rates given to applicants in very good health with very good family health history) most life insurance companies will require the applicant to be tobacco free for three to five years.

The following are some additional points to consider:

1. Smokers can pay up to double the rates of a non-smoker on term life insurance policies. For example, a 40-year-old, male non-smoker will pay $363 a year for $500,000 in Term 20 coverage, but a 40-year-old, male smoker will pay
$858 a year for the same coverage.

2. The price difference between smokers and non-smokers is less pronounced on permanent policies. Sometimes the difference in premium us usually 20% to 30%. For example, a 40-year-old, male non-smoker will pay $1489 a year for $100,000 in 20-Pay Whole Life coverage, but a 40-year-old, male smoker will pay $2,002 a year for that same coverage.

3. Some companies still offer preferred rates to smokers on their term and permanent policies, but be careful because they may only offer these preferred smoker rates to cigar or pipe smokers, instead of cigarette smokers.

Smoking and Life Insurance: Points to Consider continued ...

Guaranteed Issue Life Insurance: What’s the Catch?

January 14th, 2013 · Assumption Life, BMO Life Assurance Company, No Medical Life Insurance Companies, No Medical Life Insurance Tips

All the Happy People by TheGiantVermin
What's the catch?
Photo by TheGiantVermin

Most of us have seen the advertisements on TV, or heard them on the radio: life insurance with no medical tests and no health questions. How can this be possible?

Insurance companies are able to offer this type of coverage and are still able to make a profit because of the following three caveats:

1. The premium cost is significantly higher than traditional life insurance policies and simplified issue life insurance policies, which have no medical tests, but do have a short series of health questions.

For example, the following is a price comparison between BMO Guaranteed Life Plus, which is sold direct via BMO website and its call center and Assumption Life's Golden Protection Simple Issue plan, which is sold via its broker network:

Guaranteed Issue Life Insurance: What’s the Catch? continued ...

Cocaine Use and Life Insurance

December 22nd, 2012 · Assumption Life, Canada Protection Plan, Featured, No Medical Life Insurance Companies

cocaine Nightlife of Revelry
Cocaine is the second most
prevalent illicit drug
used in Canada by
people 15 and over.
 

Cocaine and crack are the second most prevalent illicit drug, behind cannabis, used by Canadians 15 and older, according to the RCMP's Canadian Addiction Survey

Unfortunately, applicants who have a history of past drug use, including hard drugs such as cocaine, may have a difficult time obtaining life insurance.These choices include the following:

1) Traditional life insurance policies, which ask a full series of health questions and usually have some type of medical test.

2) No medical life insurance policies, which can be broken down into guaranteed issue life insurance (where there are no medical tests and no health questions) and simplified issue policies (where there are no medical tests and a short series of health questions).

Many simplified issue policies can provide coverage from day one and some simplified issue providers, such as Assumption Life and Canada Protection Plan, do not have question to do with past drug use.

Cocaine Use and Life Insurance continued ...

Obesity and Simplified Issue Life Insurance

December 21st, 2012 · Assumption Life, Canada Protection Plan, Featured, Industrial Alliance, No Medical Life Insurance Companies


 

obesity
Obesity doesn't mean
no life insurance.
Photo by Emilio Labrador

The obesity rate in Canada is probably close to 25%, according to the Public Health Agency. However, if you find yourself among that number, this doesn't necessarily exclude you from qualifying for life insurance.

Simplified issue life insurance policies are available without a medical, but do have a series of health questions. As a general rule of thumb, it's common that the more health questions, the lower the premium and the better the overall coverage.

Only some simplified issue applications ask a height and weight question, but others do not. If you're concerned about your weight excluding you, ask your broker to find a policy with no questions to do with weight. Assumption Life, Industrial Alliance and Canada Protection Plan (CPP) all offer simplified issue permanent policies without a height and weight question.

These plans offer fixed premiums and coverage from day one. Assumption Life has both a level and increasing death benefit plan, while CPP offers their policy on a life-pay or limited-pay basis.

Canada Protection Plan and Assumption Life also offer no medical term life policies, but these policies do you have questions to do with build. For more details on which plan may be right for you, visit our No Medical Life Insurance Quote Page or give us a call at 1-866-899-4849.

Why Accidental Death Life Insurance Has No Medical Tests

December 6th, 2012 · BMO Life Assurance Company, Featured, No Medical Life Insurance Companies, No Medical Life Insurance Tips

Photo by gliuoo
Dying by accident
isn't particularly common.
Photo by gliuoo

Accidental death life insurance policies may seem like a good deal at first glance. They can provide up to $250,000 of coverage without an medical and with no health questions. Plus, premiums can remain level, in many instances, to age 70 and beyond.

The premiums are affordable too. BMO Insurance offers a plan direct via its website and call center where applicants can obtain $250,000 of coverage for $22.99 a month.

The problem is, only a small percentage of all life insurance claims
are result of accidental death (less than 5%). If the insured dies of cancer, stroke heart attack, or any other type of illness, the policy will not pay out.

Why Accidental Death Life Insurance Has No Medical Tests continued ...

Funeral Insurance from Canada Purple Shield

December 3rd, 2012 · Canada Puple Shield, Featured, No Medical Life Insurance Companies, No Medical Life Insurance News

Cemetery Angel by pareeerica
Purple Shield offers help
for final expenses.
Photo by pareeerica

For over 50 years, Purple Shield has been offering final expenses solutions in Canada. its in-house sales team sells its policies, which are underwritten by Assurant Life. Assurant Life is a member of the insurance company insurer Assuris.

As an indicator of financial strength, A.M. Best recently gave Assurant Life an "Excellent" A- rating. Assurant Inc., Assurant Life of Canada’s parent company, is a provider of specialized insurance products and related services in North America and selected international markets. Assurant, a Fortune 500 company and a member of the S&P 500, is traded on the New York Stock Exchange. It has over $24 billion in assets and $8 billion in annual revenue.

Purple Shield offers a full range of payment options ranging from a single payment to paying over 20 years. Depending on how the applicant answered the health questions asked, coverage can start from day one or the death benefit can be deferred, meaning if the insured dies within the deferred period, the death benefit is limited to a return-of-premium, plus interest.

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All policies come with a free Wishes & Memories Planning Guide and, for an additional cost, a Travel Assistance Rider can be added. The Travel Assistance rider helps out with numerous final expenses if something should happen to the insured while they are traveling.

Extra money can be put into the plan to help out with extra costs that may occur, such as cemetery expenses, donations, traveling expenses and other incidentals. Some people choose to put extra money aside, just so that their family has immediate financial help. There are limits to how much money a person can shelter in a single plan and these limits are impacted by the size of the policy and the insured's age. The higher the contribution, the more that additional funds can be differed. Also, the beneficiary on these insurance policies can either be a funeral home or a named beneficiary.

How Does Canada Purple Shield Stack Up Against Its Competitors in the Funeral Insurance Market?

December 3rd, 2012 · Assumption Life, Canada Protection Plan, Canada Puple Shield, Featured, Industrial Alliance, No Medical Life Insurance Companies, No Medical Life Insurance Tips

Cemetery Angel by pareeerica
Funeral expenses insurance
providers go head-to-head.
Photo by Pareeerica

According to the latest data from the Toronto and District Funeral Directors Inc., the average cost of a funeral is $4,500 and many Canadians are using life insurance to help offset these costs.

Canada Purple Shield plans, which are underwritten by Assurant Life of Canada, have been in this market for over 50 years, so how does it stack up with some of its competitors? Let's take a look:

How Does Canada Purple Shield Stack Up Against Its Competitors in the Funeral Insurance Market? continued ...

No Medical Life Insurance: What Our Experts Have to Say

November 22nd, 2012 · BMO Life Assurance Company, Featured, No Medical Life Insurance Companies, No Medical Life Insurance Tips

BMO Toronto by Ian Muttoo
Are no medical plans
from BMO and others
really so no hassle?
Photo by Ian Muttoo.

No Medical Life Insurance sounds simple at first glance. It sounds like no hassle when it's advertised as life insurance with no medical tests.

But, hold on!  Most no medical plans have health questions. They can be broken down into two types: simplified issue and guaranteed issue. The former has no medical tests, but a series of health questions and the later has no medical tests and no health questions.

We've asked our panel of experts to further discuss some of things to watch out for. Our expert panel includes the following members:

No Medical Life Insurance: What Our Experts Have to Say continued ...

Fully Underwritten vs. Non-Underwritten No Medical Life Insurance Plans

November 22nd, 2012 · Featured, No Medical Life Insurance News, No Medical Life Insurance Tips

Hopes EKG by Divine in the Daily
 There are no medical tests
on fully underwritten
no medical life insurance policies.
Photo by Divine in the Daily

When most consumers and life insurance brokers hear the words no medical life insurance, they think of a life insurance policy designed for someone with serious health issues.

However, there is a new wave of fully underwritten no medical life insurance policies. But, how can a policy have no medical tests and still be fully underwritten and what exactly does this mean?

Underwritten means that the insurance company is going to analyze the health of the applicant and they can still do that without medical tests by asking a series of health questions and/or writing the insured's doctor.

Two carriers with very good fully underwritten no medical life insurance plans are Western Life and Assumption Life. In fact, many of their no medical plans are less expensive than the fully underwritten plans with a medical test from other carriers.

Assumption Life's Term Life plans (available with a level decreasing death benefit) and Whole Life plans are available without medical tests in face amounts of $250,000 or less for insured clients age 18 to 65.

Fully Underwritten vs. Non-Underwritten No Medical Life Insurance Plans continued ...

Cancer Insurance Without A Medical

November 14th, 2012 · Featured, No Medical Life Insurance News

Photo by The Nation Guard
 You can get protection
against cancer without a medical.
Photo by The Nation Guard

Cancer is the leading cause of death in Canada.

Two out of five people develop cancer during their lifetimes and on average more than 500 Canadians are diagnosed with cancer every day. In recent years however, the survival rate has increased. 

Sixty-two per cent of those diagnosed are expected to survive their battle in the first five years, according to the latest statistics from the Canadian Cancer Society.

Cancer Insurance Without A Medical continued ...

What Steps Should I Take If My Life Insurance Application is Declined?

November 11th, 2012 · Featured, No Medical Life Insurance Tips

photo by bassi baba
Keep smiling
if you are declined for life insurance,
all is not lost. Photo by Bassi Baba

Roughly 4% of life insurance applications are declined every year in Canada, which represents 32,000 applications and $8 billion in premiums. Lifestyle issues or medical history make up 80% of the reason why applications get rejected.

So,  if you find your application among the 32,000 declined every year, what should you do?

 The first step is to determine why your application was declined.  Most insurance companies will not release this information to the insured themselves, but to the insured's doctor instead.

Once you find out why your application is declined, you should reach out to a licensed insurance broker who is familiar with hard to insure clients. 

What Steps Should I Take If My Life Insurance Application is Declined? continued ...