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No Medical Life Insurance News

Clearing Up Misconceptions On Life Insurance Distribution Channels

July 13th, 2015 · No Medical Life Insurance News

life insurance distribution channels

Customers looking to purchase a life insurance policy often wonder whether it’s better to deal with an independent life insurance broker or a captive life insurance agent.

During countless debates regarding the effectiveness of using an independent broker versus a captive agent, the following arguments always seem to come up…
Independent Brokers

Brokers are often said to offer greater flexibility to their customers when it comes to the price and brands of life insurance products because they’re independent and not tied to an insurance company. On the other side, brokers don’t have a deep understanding of the products they’re offering because they are independent. Brokers also have limited back office support depending on if the broker has a lack of connections.

Captive Agents

Captive agents are often said to have a better understanding of the product they’re offering because they’re actually tied to the insurance company that is selling the product. Because of this relationship, captive agents also provide better back office support. Some cons for the captive agents are that they might pressure customers into buying certain products in order to fill a quota and that they offer uncompetitive pricing due to their limited selection of products.

Clearing Up the Misconceptions

While these arguments presented above can be right for the most part, they’re not completely accurate. In today’s industry, the line between independent brokers and captive agents has become much more blurred. Facts that once only applied to independent brokers can now be applied to captive agents and vice-versa. Let’s clear up some common misconceptions about both these groups.

1. Education and Experience

Contrary to popular belief, neither independent brokers nor captive agents are more qualified than the other when it comes to dealing with life insurance products.
In Ontario, there is only one type of life insurance intermediary license known as a “life insurance agent license”. The licensing requirements and qualifications needed to obtain this license are the exact same for both independent brokers and captive agents.

So, at the end of the day, both independent brokers and captive agents have the same legal qualifications required to operate in the industry.

2. Product Offerings

An independent broker does not always have a wide variety of life insurance products available to their customers. While these brokers are not tied to a single company, many of them still work with only a few companies. This could make their selection of life insurance products limited.

Similarly, a captive agent does not always have a limited selection of insurance products. Some captive agents have stipulations in their contracts that allow them to sell products belonging to multiple companies.

When dealing with either a broker or a captive agent, always ask about their selection of life insurance products.

3. Back Office Support

It’s a mistake to simply assume that an independent insurance broker doesn’t have any back office support because they’re not professionally tied to an insurance company. In today’s life insurance industry, there are plenty of services that provide brokers with quality continuing education, subscription to the top financial and life insurance tools on the market and access to financial and tax specialists.

While some captive agents have great back office support, there are others who work out of a basic office without having a lot of support or resources available to them.

So, it’s important to never generalize and assume that the broker or agent that you’re talking to has great or little back office support simply based on their role.

Conclusion

At the end of the day, neither an independent broker nor a captive agent is legally required to meet the “best interests of the client” benchmark during their dealings with you. They’re only required to meet the “client suitability” benchmark when offering life insurance products. Just because a product being pitched by a broker or an agent is deemed “suitable” for you, it does not mean that it is in your best interest to purchase it. Always do your research and don’t be afraid to ask questions in order to make sure that you’re getting the best deal.

When dealing with either an independent broker or a captive agent, make sure that they have a good track record and are knowledgeable about the products that they’re offering. In the digital age, it’s fairly simple to look up an agent’s history in the industry and find reviews online.

If a broker or a captive agent presents you with an insurance policy that they recommend you should purchase, ask them to provide a full and edited market survey along with their reasoning explaining that the life insurance policy they’re pushing makes sense for you and family.

Finally, let’s end off with some basic tips to follow whenever you’re close to signing a life insurance contract. First of all, always demand a physical copy of the contract and read through it yourself. Ask for clarification of any part that you don’t understand. Once you’re done filling out an application, ask to retain a copy of it for future reference. Lastly, don’t just take your agent’s word that you’re covered for a certain life insurance policy. Verify that information yourself. Always make sure that you’re not only approved to pay the premium on your life insurance policy, but are also approved to file a claim on the policy should you need to.

10 Celebrities Who Blew Their Fortunes

June 16th, 2015 · No Medical Life Insurance News

Just say no drugs by swanksalot
 

Living the dream. It isn’t too far-fetched to think of the celebrity lifestyle as doing just that. Deep down, each and every one of us has probably had that deep-seated desire to become a celebrity, if not for the fame then in the very least to have that kind of money.

It can be unfathomable to consider how much a celebrity is worth—and, if you keep bankruptcy reports in mind, it can be just as incomprehensible to imagine just how much celebrities are accustomed to spending.

Here are a few celebrities who are better at spending money than they are at breathing.

1) Stop. Hammer time.

If you want to get hammered by the IRS, that is.
MC Hammer, better known to his creditors as Stanley Kirk Burrell, reportedly bought one too many pairs of parachute pants in 1996—that and 17 cars, an airplane, a record label, and a $30 million home on nearly 12 acres of land.

Plus, MC Hammer was known for spending as much as $500,000 a month on a crew as large as 200 people (did he buy parachute pants for each of them? Imagine the fashion atrocity that would be).

Despite earning $33 million in 1991 alone, 1996 really was hammer time. MC Hammer filed for bankruptcy with more than $14 million in debts.

2) Even a national treasure has limits to his spending budget.

No one told Nicholas Cage that, though. The Ghost Rider has yet to delve right into bankruptcy, but he has come pretty close—and his spending has been about as ludicrous as his acting, or at least as compulsive.

Houses, motorcycles, a jet, yachts (yes, plural), vintage cars, new cars, women—oh, I mean jewelry for the women in his life—the skull bones of a dinosaur, and, yes, even a pyramid—a funeral pyramid, to be specific—enough compulsive spending for even his stack of cash to be gone in sixty seconds.

The Hollywood icon had to Face Off with the IRS in 2007—for the fiscal year alone, Cage owed more than $6 million in unpaid taxes.

3) “Saturday night’s alright for fighting”...credit card bills, apparently.

Apparently you don’t get knighted for having financial sense—or at least Sir Elton John didn’t.

With a 37-Acre estate in Windsor, multiple U.K., America, and France properties, a fleet of 20 luxury cars, credit card bills that were rumored to top $400,000 each month, and a 20-month spending binge that involved B-B-B-Bennie and the Jettisoning $450,000 on flowers alone, the Rocket Man reportedly spent $55 million in 20 months—prior to filing for bankruptcy, of course.

Can you feel the love tonight? No, but your wallet probably can.

4) Life may be a lemon, but Meatloaf isn’t the only one who wants his money—so do his creditors.

And it’s all coming back to him now—well, everything but his money, that is. The only thing Meatloaf has had more run-ins with than bankruptcy is his list of lawsuits. With lawsuits against him by a former partner and assets frozen by angry managers, Meatloaf filed for bankruptcy in the mid-80s, owing more than $1.6 million in debt.

But while his money may keep leaving him like a bat out of hell, Meatloaf just won’t quit. He continues to sell out across the world and does enough cameos to make up for the poor financial decisions of the past.

5) How much does an average Bengal tiger cost—or three?

Mike Tyson isn’t just known for his boxing anymore. In 2003 he found himself in the clinch financially when he filed for bankruptcy—despite making $400 million over his 20-year boxing career.

Expensive jewelry—we’re talking one $173,706 gold chain expensive—extravagant parties, face tattoos, sports cars, and of course, lawyer fees; Mike Tyson is known for making purchases that amount to more than the average American’s annual salary.

Of course, his $114,000 purchase of three rare Bengal tigers tops the list for extravagant spending. In 2003 Tyson filed for bankruptcy with $23 million in debt.

6) How do you recover after filing for bankruptcy? Make a bankruptcy album.

Willie Nelson—we probably aren’t allowed to list the memorabilia he spent his cash on—filed for bankruptcy in 1990 with $16.7 million owed to the IRS. He recovered quickly enough though.

Releasing his aptly named album “The IRS Tapes: Who’ll Buy My Memories?” Willie Nelson was able to pay off his IRS debts within three years.

7) You can be half-immortal and you can slay evil vampires to defend the human race—but you can’t cheat the government.

Wesley Snipes, famously known as Blade from the 1998 self-titled film, was indicted in 2006 for tax evasion. He owed the government almost $12 million and ended up serving a brief prison stint.

But, hey, it’s hard to remember to pay your taxes when you are avenging your mother’s death and trying to rid the world of modern-day, technologically-advanced vampires. The tax man leaves no man behind.

8) Where did we go wrong? Maybe in that last purchase.

R&B singer-songwriter Toni Braxton certainly knows the ins and outs of filing for bankruptcy.

Braxton’s actually filed twice in the past five years—once in 2010 and once again in 2013. During her first bankruptcy, she claimed to owe close to $50 million, and yet, a mere six months after her latest bankruptcy, she purchased a $3 million home in California.

She may be able to un-break her heart, but she probably won’t be un-breaking her credit score any time soon.

9) She may not be superman, but she’s certainly a super-spender.

Janice Dickinson, known for her incredible modeling career and proclaimed to be the world’s first supermodel after coining the term during a conversation with her manager in 1979, filed for bankruptcy in 2013 with over $1 million in debt—much of which was owed to the government.

10) But, hey, some bankruptcy experiences are just plain productive.

Walt Disney’s first company, Laugh-O-Gram, filed for bankruptcy when his New York-based financial backers went broke in the 1920s.

Disney managed to scrape together enough cash to get to Hollywood, where he put his name on a new production company and began developing a new character—one inspired by a particularly personable mouse he had nearly tamed with bread crumbs in his New York office.

The Walt Disney Company is now worth close to $80 billion and is one of the largest companies in the world—and it all started with a bankruptcy claim and a mouse infestation. 

Can You Get Life Insurance If You Had Breast Cancer?

May 13th, 2015 · Cancer Insurance, Guaranteed Issue Life Insurance, No Medical Life Insurance News

shutterstock 84636343

Some survivors of breast cancer worry that they may not be able to qualify for life insurance. Discussed are several factors that will impact the decision on if an applicant with a history of breast cancer will be approved for a life insurance policy.
Cancer is a very serious illness. Many people who have survived cancer have gone on to live full lives. Even so, you may find it difficult to obtain an affordable life insurance policy when a brush with cancer is on your medical record. You don’t have to give up hope, you can still get a life insurance policy if you shop around. The chances of your application being approved depend on several factors.

How Long Ago Did You Have Cancer?

Insurance underwriters will take into consideration the length of time since you had cancer in their decision to cover you. They know that there is a possibility that the cancer could come back. You may have to wait anywhere from one year up to 10 years cancer free to have your application approved by an insurance company. The length of time they consider satisfactory depends on another factor: the severity of the cancer when you were diagnosed.

How Severe Was the Cancer?

The severity of the cancer is another major determining factor in if you will be approved and how expensive your premiums will be. This is why early detection and regular medical check-ups are important. You will have a much better chance of being approved after a shorter wait time if you caught the disease in stage 0 or stage 1 as opposed to in the advanced stages 3 or 4. The more advanced the cancer the more money you will have to pay in premiums and the longer you will have to wait to be approved for a policy.


How Did Your Doctor Treat Your Cancer?

The treatment plan that was used to battle your cancer may be discussed with you when you are applying for a policy. Some treatments for cancer are more effective than others. This may come up during the application process.


How Often Do You Get Tested?

Your underwriter may want to know how often you currently visit your doctor for check-ups and to be tested for cancer. The more diligent you are about attending appointments and keeping on top of your health, the better it will be for you in obtaining a policy.


Try Term Life Insurance

If you have had breast cancer, a great option for you may be to go for a term life insurance policy. There are many companies that offer guaranteed acceptance and they don't even require a medical examination or review of your medical history to qualify. This is a great option for people who have survived cancer and want to obtain life insurance to leave a legacy to their loved ones when they eventually do pass on.

Having cancer is an incredibly scary and humbling situation. After you beat it, you fear you may not be able to leave a legacy behind for your family because you won't be approved for a life insurance policy because of it. In some cases people who have survived breast cancer can be approved for life insurance depending on how long they have been cancer-free, how advanced their cancer was when diagnosed, their treatment plan and continued commitment to maintaining their health all are factors that will determine if you are approved for a policy after breast cancer.

Is Dental Insurance a Good Deal?

April 22nd, 2015 · No Medical Life Insurance News

dental insurance


Dental insurance may seem like a great idea to a lot of people. It gives them a sense of security. They can get work done at the dentist when they need it, as they need it. Insurance covers regular expenses and is especially useful if you need a significant amount of dental work. However, there are downsides too. Let's discuss the pros and cons of dental insurance.

You Know You Can Go to the Dentist When You Need to

When you have dental insurance you don't have to worry that you can't afford going to the dentist. You won’t need to worry about being disciplined enough to save the money you and your family will need for these expenses. Paying the insurance premiums gives you the peace of mind that you are covered when you need dental care.

Covers Regular Dental Expenses

Your dental insurance usually covers your most important dental needs such as checkups, cleanings, fillings, polishing and even sometimes oral surgery. You can be assured that you won’t have to pay for these expenses when you visit your dentist, depending on your policy.

If You Have Children or Need Regular Dental Work

If you have children or grandchildren who are still quite young, you may not want to scrap your dental insurance just yet. Children usually require more dental work than adults (fillings, braces) so their expenses are higher. If you have problematic teeth or are not the best at maintain a good brushing and flossing routine, it is also wise to stay on an insurance plan.

Now let’s talk about why dental insurance may not be necessary for you and your family.

Dental Work is Regular and Predictable

If you are the type that goes to the dentist for two checkups and cleanings each year, then your dental expenses are very predictable and can be accounted for in your budget. If you are an adult with good oral hygiene, meaning you brush every day and floss regularly and you've had very few dental problems in the past, it may not be worth it to pay into premiums and spend all of that money.

Doesn’t Cover All Dental Services

Another thing you should know about dental insurance is that it indeed covers some basic dental expenses, but cosmetic and major dental work is, at best, only partially covered. Unless you get a full coverage plan that comes with high premiums, there will be limited to no coverage for services such as bridges, crowns and dentures. Companies hesitate to include such work in policies and this means saving up. If you anticipate problems with your teeth or your children’s teeth, you’ll either need to shop around for the best deal on full coverage or set aside money to save up for these costly services.

Most People Can Cover their Dental Expenses

Sometimes paying insurance premiums and co-pays may work out to be more expensive than what you would pay if you just saved the money. This is especially true if you don't take advantage of the bi-annual checkups and cleanings. In order to even come close to breaking even you have to have more than two checkups and two cleanings/polishes in a year (which most policies won’t let you do anyway) A majority of insured people do not need much more dental work than that in the average year.

So what’s the best thing to do?

To buy or not to buy, that is the question. References to Shakespeare aside (and I’m pretty sure his teeth were nothing to smile about), only you can determine if dental insurance is right for you. If you are fortunate enough to have dental coverage as part of your work benefits and you have healthy teeth, this may be enough. If you can save money by saving up for dental costs and you have the discipline to do so, then price out the services you need against paying for a policy and see which method makes the most sense for you. If you have problem teeth and anticipate many trips to the dentist, a policy may save you money in the long run.

The Pros and Cons of No Medical Life Insurance

April 14th, 2015 · Guaranteed Issue Life Insurance, No Medical Life Insurance News

Pros Cons No Medica Life Insurance
Think About The Pros And Cons Of No Medical Life Insurance

Life insurance is one of those things that everyone should have, but many people do not. There are two ways to get life insurance in Canada. The first is buying a policy from a traditional insurance company, which involves meeting strict criteria for health and lifestyle.

The other type is no medical life insurance policies, where there is little or no medical information required to purchase life insurance.

The leading supplier of no medical simplified issue life insurance is through Canada Protection Plan (CPP). You have more than likely seen their television ads where they offer insurance to anyone between the ages of 20 – 80 with savings of 30% or more.

CPP has been in Canada for years, and their underwriter is Foresters Insurance – an insurance company that has been in Canada for 135 years. However, there are other insurance companies such as the following who also sell no medical life insurance policies:

  • Assumption Life: This company offers a variety of life insurance products, not just no medical.
  • Industrial Alliance: Is the fourth largest insurance company in Canada. In addition to offering no medical life insurance, Industrial Alliance offers financial services too.
  • Humania Assurance: Started selling life insurance as early as 1874.

In Canada, there are two types of no medical life insurance - simplified Issue life insurance and guaranteed issue life insurance. Below we will take a look at the differences between the two.

Simplified Issue Life Insurance vs. Guaranteed Issue Life Insurance

Both simplified issue life insurance and guaranteed issue life insurance, are similar in that their products are best suited to people who more than likely would be turned down by traditional insurance companies. The people who are the best fit for no medical life insurance include people who have major health issues, unhealthy family histories, are overweight and are involved in dangerous activities.

The difference between guaranteed issue life insurance and simplified issue life insurance is that guaranteed issue life insurance does not ask for medical information. On the other hand, simplified issue life insurance asks carefully selected questions. Although there are no medical questions for guaranteed issue life insurance, the cost of the policy is higher and have a limited benefit coverage.

Why No Medical Life Insurance Might Fit Your Needs

The best part of a no medical life insurance policy is that it can be purchased quickly and without an investigation into the applicant’s health and lifestyle. In fact, with guaranteed issue life insurance, there are no questions required at all. The applicant only has to pay the premiums for this policy to take effect.

Why No Medical Life Insurance Might Not Fit Your Needs

No medical insurance is more expensive than traditional life insurance, and the policy pays out with lower benefits.

Traditional Life Insurance

Traditional life insurance is the best type it is cheaper, more secure, and pays out more for benefits. However, if someone has a major medical condition, they may get turned down; and it is not ideal for others who don’t want to wait for all the paperwork and investigations to be completed.

Preliminary Inquiry

If you are unsure if you qualify for a traditional life insurance policy you can take advantage of a preliminary inquiry.

A preliminary inquiry is informal and is made to an insurance company by an insurance broker. The inquiry is done by insurance brokers and is used to alert their clients of a potential possibility of a decline. This is very beneficial to applicants because once they are declined for life insurance, it is very hard to get coverage from another insurance agency.

The name of the applicant is never divulged when a preliminary inquiry is done. However, prior to making the inquiry, the broker needs to find out as many details as they can about the applicant.

It is a good idea for clients who think they may be turned down for a traditional life insurance policy to first apply for a simplified issue policy and then apply for a traditional policy. This way, if they aren’t approved, they can keep their coverage with the simplified issue policy.

Is Your Location Making You an Insurance Liability?

March 31st, 2015 · No Medical Life Insurance News

traveling can decline you insurance
Think Twice Before Getting On That Plane

There are a lot of reasons for why you may be denied for life insurance, but you may be surprised to find out that what’s holding you back isn’t always medical. It’s easy to consider your medical history to be the main issue—a history of cancer, heart disease, diabetes, and even smoking too much are probably the most obvious reasons people get declined—but did you know that your lifestyle could be just as problematic when it comes to your life insurance application?

Does your lifestyle present too many risks?

Your job, your volunteering activities, and your entertainment choices can all have an impact on your ability to get life insurance. Another impact on your life insurance application, can be your travel history. This can get you declined for life insurance just as easily as if you had been diagnosed with a serious medical ailment. It’s true! Especially, if you’ve traveled to any of the world’s most dangerous countries.

If you are trying to get life insurance, you may want to hold off making plans to travel to any of these countries:

1) Sudan

Sudan has been enduring civil wars for the past 40 years and its current situation isn’t much better.  This country remains politically unstable and volatile due to its high levels of violent crime and armed conflict. Violence isn’t the only problem Sudan has faced. Apart from its frequent kidnappings, home invasions, armed robberies, carjackings, minefields, limited access to clean water and its high rate of infectious diseases, including malaria, make Sudan a hazardous venture.

2) Honduras

Honduras has an exceptionally high murder rate, which, combined with its scarce police presence and limited government resources, makes it an especially risky location for tourists. Journalists in particular are targets for violent crime in Honduras, and tourists are encouraged to double check that they are vacationing through a reputable tour group.

3) Niger

Niger is one of the poorest countries in the world. It is susceptible to major flooding, food crises, and the outbreak of diseases like malaria. Further, violent crime is rampant as the country is host to armed rebels, militants, and even the terrorist group Al Qaeda. Landmines and terrorist attacks make Niger a volatile spot for tourism.

4) Central African Republic

The Central African Republic remains politically unstable and virtually lawless since the overthrow of its previous government. Rebels and rogue troops are known to burn villages and practice banditry. Furthermore, there is no international presence. Food and water are prone to carrying diseases like cholera and hepatitis A. Chances are you won’t be making it back home safe and unharmed after this trip.

5) Afghanistan

Afghanistan still features the suicide bombings, hostage takings, and terrorist attacks of the remaining Taliban regime. There are also scattered forgotten landmines across this country as well. In addition, food and water shortages make this country particularly unsafe to travelers.

6) Iraq

The safety of Iraq is completely unstable. The country is known to have regular car bombings, vehicle ambushes, mortar and rocket attacks, and minefields. Crime and corruption are rampant, and North Americans are prime targets for terrorist groups.

7) Somalia

Somalia is currently the most dangerous country in the world to visit. Somalia contains pirates, warlords, kidnappers, bomb makers, terrorists, and factions. Violence and disease are rampant, and local hospitals lack the resources to treat wounds or illnesses.

For obvious reasons, travel to these regions of the world can drastically impact your ability to get life insurance. The potential for your life to be endangered makes travel to these locations a liability that most insurance providers would sooner walk away from. So what do you do when your travel plans have gotten you declined for life insurance?

What to do when you’ve been declined

The first step is to determine why you have been declined. You can contact the insurance company and provide authorization to have the information mailed directly to your doctor, for confidentiality reasons. Once you understand why you’ve been declined, you can determine whether the reason was based on an error or if it involved an issue that can be rectified.

If the issue cannot be resolved, don’t despair. You still have options.

If you cannot resolve the issue that is preventing you from attaining life insurance, you still have a couple of options. You can look into non-medical life insurance solutions. These solutions generally enable you to provide less information about yourself, making it easier for you to get approved. You can apply for guaranteed issue coverage, which is available without medical, health, or travel questions, or you can apply for simplified issue coverage, which may ask limited health and travel questions but generally offer higher face amounts at lower premiums. The type of insurance you apply for is up to you and will be based on your specific circumstances.

If you’ve been declined for life insurance due to your travel experiences, your career, or your medical history, or if you think you are at risk of being turned down, don’t delay. Contact an insurance broker to get started with your no medical life insurance options today. No matter where you’ve been or what your story, there is a life insurance solution for you.

Need Life Insurance But Concerned About The Medical Examination?

March 13th, 2015 · No Medical Life Insurance News, No Medical Life Insurance Tips

Life Insurance Policy No Medical
Concerned About The Medical Examination?

If you have family or loved ones that are dependent on you, or if you own or are co-owner of a business that is dependent on you for success, then life insurance isn’t just a perk, it’s a necessity. You don’t want to leave your business partner in a lurch, and you definitely don’t want to leave your family struggling to pay steep costs associated with medical expenses or funeral costs—and you certainly don’t want to leave them struggling to cover any monthly bills. It is important to have adequate coverage through your life insurance—but what happens when you’ve been denied coverage? Or what if you simply want a less invasive form of life insurance that doesn’t pry into your medical history to establish rates? A no medical life insurance broker might be for you.

What Is No Medical Life Insurance?

There are a number of variables that may make it difficult for you to attain life insurance. Maybe you have a risky lifestyle or high-risk job. Maybe you have a history of cancer, heart disease, diabetes, or past drug use. Maybe you are just really apprehensive about needles or hospitals. Whatever the reason, no medical life insurance brokers can find the solution for you.

Just because you’ve been denied eligibility in the past, or for any of the aforementioned reasons, you are worried that you will be, don’t think that you have to go without life insurance coverage. No medical life insurance brokers work with the largest life insurance companies in Canada. Not only do they have the insight and expertise to find coverage for you, but they can also find the right coverage for you at the most competitive rates.

No medical life insurance brokers can provide you with an insurance option that is available to potential policy holders without need of a medical examination. If you are between the ages of 20 and 85, then you are already eligible for life insurance and you won’t have to endure a medical examination to get it, nor will your medical history or current medical condition implement limitations in your coverage—or your rate.

Simplified Issue vs. Guaranteed Issue

There are two forms of non-medical life insurance that your no medical life insurance broker can establish for you: simplified issue and guaranteed issue. While neither will ask you to undergo any medical tests for approval, simplified-issue coverage may require you to provide some medical information before you gain approval.

Here is a break-down of each form of coverage:

Simplified Issue Coverage

You will not have to undergo any medical tests, but you may be asked between 3 and 15 health and lifestyle questions. The face amount of the policy (the sum of money for which the insurance cover is obtained, or the amount which will be paid on either the policy’s maturity date, in the event of the insured’s death, or, dependent on the terms of the policy, in the event of his or her total disability) for simplified issue coverage can reach up to $150,000. There are discounts in rates for non-smokers, and on average simplified issue coverage offers lower premiums than guaranteed issue coverage when purchased through a no medical life insurance broker.

Guaranteed Issue Coverage

Guaranteed issue coverage does not require you to undergo any medical tests, and you will not be asked any health or lifestyle questions. The face amounts are usually restricted to $25,000, smokers and non-smokers are priced the same, and guaranteed issue coverage usually requires a higher premium—even when it is purchased through a no medical life insurance broker.

Both of these options are available to you if you require no medical life insurance coverage; however, depending on your particular situation, one may provide a better solution for you than the other. Talking with an experienced no medical life insurance broker can help you determine which coverage option will best suit your lifestyle.

Brokers vs. Captive Agents

When seeking life insurance, you have options. You can consult a no medical life insurance broker, or a captive agent. Here is a little information about both:

Independent Insurance Brokers

No medical life insurance brokers work with a variety of different insurance carriers, which may provide more flexibility, making it easier for you to find the specific insurance coverage options you need at a more competitive rate.

Captive Agents

A captive agent can still provide you with access to no medical life insurance—just like a no medical life insurance broker. However, captive agents only offer coverage from a single carrier. This means that, while they may have better knowledge of the products they are selling, they will face the restrictions of their associated carrier. This means you may face a higher premium.

In Canada, you have a number of options, whether you choose to go with a captive agent or a no medical life insurance broker. According to LIMRA, the Canadian industry supports an average of 15,000 captive agents per year. However, in the 2011 Stats Canada occupational breakdown, 37.1% of those in the insurance industry are agents working for specific carriers, while 57.2% work for brokerages.

Buying Direct vs Using A Broker

Of course, you have yet another option when it comes to seeking non-medical life insurance. Instead of going through a no medical life insurance broker, you can buy life insurance direct. However, while an insurance broker would be responsible for completing and submitting all of your applications, you would be responsible for ensuring all of your paperwork is filled out and completed properly, either online or by phone. Further, a broker can find you a more flexible plan design than you may be able to find when applying directly to an insurance carrier. This includes a more flexible premium payment method, the availability of more plans, including 10, 20 and 30-year terms or term 100. A broker can also provide access to renewable terms and joint life policies where you may be unable to gain access through direct purchase. Finally, he or she has the potential to get you a significantly higher face value at a more competitive premium.

If you’ve been denied life insurance for medical reasons before, don’t worry. You still have options. Contact a no medical life insurance broker today so you can get on with living without all the worry.

Seniors Life Insurance – Should I Buy Direct?

February 10th, 2015 · No Medical Life Insurance News

senoirs life insurance buying direct


One reality of life is that people don’t stay young forever. It is better to be safe than sorry and make sure you are prepared for whatever happens in the future, regardless of the status of your health. That is why it is recommended to secure you and your family’s financial security. One way of doing this is by purchasing life insurance. You may have heard good and bad things about buying direct or through a broker, but there are many reasons why you should consider applying for life insurance through broker channels, especially if you are a senior. 

What You Should Know About Life Insurance

One thing you can do to find out if you are eligible is to shop around for eligibility requirements. It is important to find out what information is required in order for you to qualify, and you can submit an initial inquiry at various insurance agencies, often online. Another thing you should know, is that many creditor life insurance policies will not insure you after the age 65. You should find out what age limits there are with your credit insurance. On the other hand, insurance companies that use brokers can insure you up to the age of 85.

In order to get the best rate, it is recommended to purchase life insurance from independent brokers, as they have the network to secure the best policy for your age and health situation. According to Riskheads, brokers will get you the best deals because the risk is not high for them. The website also concluded that many brokers have an online service, which makes them more efficient as well. They will also be experienced and knowledgeable in the field, and they will give you a peace of mind that you may not have with direct insurance.

The Difference Between Direct and Broker Insurance

It is important to know the difference between purchasing insurance directly from a carrier and purchasing from a broker. Brokers have access to many different insurers and policies, which gives you your best chance of getting a great rate. Brokers will be able to answer any questions you may have, and are typically proactive about getting back to you, and finding a policy that is tailored towards your unique needs. You will always have the benefit of the one-to-one service.

Riskheads also points out that brokers are usually available when there are changes that need to be done to a policy. There are pros and cons to purchasing direct or through a broker, but you will find that it will be in your best interests to go with an insurance broker.

InsureNOW Available From BMO Insurance

January 27th, 2015 · BMO Life Assurance Company, Life Insurance, No Medical Life Insurance News

BMO Insurance InsureNOW Plus

BMO Insurance is offering a simple life insurance policy named insureNOW for anyone between the ages of 18 to 49.

InsureNOW features a no medical exam to qualify, immediate full coverage as soon as the policy is issued and a 30-day money back guarantee. It also offers a guaranteed rate for as long as the policy is in force. The criteria for this policy is based on age, gender and smoking status.

There are two limitations that are stated on their product page for insureNOW. The first exclusion is that, if the insured person’s death were to occur due to suicide within the first two years of the Policy Date, then benefits will not be paid out. The second is that if any information provided in the insurer’s application proves false.

Customers may also add BMO Insurance’s Extended Life Benefit with insureNOW. The purpose of Extended Life Benefit is to continue life insurance coverage at 25% of the policy total at age 65. After age 65, life insurance premiums are no longer required.

InsureNOW

We have provided an example for an insureNOW policy using a case where a 30 year old male non-smoker is looking for $150,000 worth of coverage. InsureNOW’s first option is to take out $112,000 Level Term to 65 and $37,500 whole life with guaranteed premiums to 65. Monthly premiums would rate at $63.66 per month.

The second option is to buy $150,000 of insureNOW with Extended Life Benefit at age 30 and get $37,500 paid-up coverage after age 65 with premiums at $53.51 per month. After age 65, monthly premiums would cease and $37,500 coverage will be paid-up for life. BMO Insurance’s Extended Life Benefit provides coverage past age 65 at 25% of policy total at 65 and there are no premiums past this point.

InsureNOW Plus

For those seeking more coverage, such as disability or critical illness insurance, BMO offers additional coverage through InsureNOW Plus. This product combines life, critical illness, and accidental disability insurance into one package.

The critical illness portion of the policy covers three major forms of critical illness. These are heart attack or stroke, life-threatening cancer and coronary artery bypass surgery.

As for accidental disability coverage, insurance will be paid out only if the insurer is classified as totally disabled due to an accident. The disability must also continue for 180 consecutive days. According to BMO Insurance’s website, being totally disabled means that the insurer requires regular care from a physician, who follows the recommended treatment and are unable to work or perform their normal activities due to the disability.

If the insurer experiences an accidental disability or a critical illness, part of the total coverage amount will be paid out and the remaining balance coverage will remain as life insurance. Payment may only be received for either a critical illness benefit or an accidental disability benefit, but not both.

For both insureNOW and insureNOW Plus, coverage amounts vary between $50,000-$250,000 up to age 65.

Five Cancer Fighting Foods

December 30th, 2014 · Life Insurance, No Medical Life Insurance News, No Medical Life Insurance Tips

Five Cancer Fighting Foods
Five Cancer Fighting Foods

What is cancer? Simply put, cancer happens when cells abnormally divide and grow in an uncontrollable manner. It’s a cellular malfunction. There are several different types of cancer, each with a unique set of parameters and challenges.


Few things are more terrifying than hearing, “you have cancer”. As we become more and more aware of how cancer affects us, many are taking an active role in cancer prevention. Things like giving up cigarettes, improved nutrition and exercise are powerful tools in the drive for optimal health.


Prevention is vitally important, but no method can guarantee you a cancer-free body. Cancer is one of those diseases can strike anyone, anywhere without warning and without mercy – even if you are doing all you can to prevent it. However, the more prepared and healthy you are, the greater your odds of beating this disease. In fact, Canadian Living Magazine says one third of all cancers are related to diet.


Here are five cancer fighting foods to add to your grocery list.


1. Turmeric contains curcumin, which has a very positive impact on colon cancers. Found in the spice aisle, the addition of turmeric to soups, sauces, meat and pasta gives you added flavour as well as a cancer-fighting punch.

2. The sulforaphane in broccoli has shown positive results in mice in the fight against cancerous stem cells. There are so many ways you can work broccoli into your diet. It’s excellent raw with a little dip, cooked with a cheese sauce, chopped in an omelette and steamed with a dollop of butter or oil.

3. Tomatoes contain the carotenoid lycopene. A study called Nutrition and Cancer showed that lycopene was instrumental in fighting endometrial cancer cell growth. Lycopene also has a positive impact on lung, prostate and stomach cancers. Maximize the benefits by eating cooked tomatoes, like this tomato sauce that also contains another powerful cancer fighting food – garlic; or, this quick and easy roasted tomato soup.

4. Dr. Mercola is excited about Brussel sprouts. “Brussels sprouts are a good source of fiber, manganese, potassium, choline, and B vitamins. They even contain protein. What is perhaps most exciting about Brussels sprouts, however, isn’t only their incredible array of nutrients. It’s their antioxidants and other phytochemicals, which have been proven to fight chronic diseases, including cancer,” he says on his website.

5. Have you tried kohlrabi? Called the “alien vegetable” by some for its funny-looking appearance, this crisp veggie is delicious raw, roasted, steamed or cooked. It’s also high in indoles, which may reduce breast cancer, and high in Isothiocyanates, which are thought to protect against colon cancer.

Food is not the only way to prepare yourself against cancer. Should the unfortunate disease strike, you want to make sure your finances can handle your reduced earning potential, treatment and treatment associated costs (travel, co-pay on medications, etc.) as well as financial support for your loved ones should the disease claim your life.


The best course of action is to purchase a good life insurance plan that includes a critical illness policy while you are young, fit and healthy. This is when you will get the best premium and highest benefit. However, if you have been recently diagnosed with, or have been previously treated for cancer, you can still qualify for life insurance.


Too many people do not check into their life insurance options if they have faced or battled cancer. The assumption is that they simply won’t qualify for coverage. This is not true. Non-medical life insurance is an option worth exploring for those affected by cancer or any other disease.


Non-medical life insurance was designed to help those that have trouble qualifying for a fully underwritten policy, as well as those that simply do not want to undergo a medical exam. It is becoming an increasingly popular option for those living with or susceptible to disease.


Non-medical life insurance is broken into two categories. There is simplified issue, which involves some medical questions (but not a medical exam) and guaranteed issue, which does not involve any questions. Simplified issue has a higher benefit than guaranteed issue, but depending on your health, stage of disease, or ability to qualify, both provide a way to obtain life insurance before it’s too late.


Cancer is a scary word. The thought of a few rouge cells having such a devastating impact on your life and the lives of your loved ones is uncomfortable; but that is no excuse. Take charge of your health and finances now. Prevention in your diet and prevention in your budget are two ways you can fight cancer and give yourself the best possible odds.