Insurance Blog

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Hard to Insure Clients: Two Case Studies

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: #1 A 48-year-old male, weighing  295 lbs with elevated cholesterol and high blood pressure was declined for life insurance and subsequently ...
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No Medical Life Insurance: 5 Insider Tips

No medical life insurance is better for people with health issues.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: Tighter underwriting requirements among insurance carriers have made no medical life insurance a more enticing option among consumers. Profits are being squeezed on permanent life and guaranteed critical illness insurance policies, causing many providers to look for alternative ...
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Why Buy No Medical Life Insurance from a Broker

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 ...
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What is A Guaranteed Issue Life Insurance 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 ...
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No Medical Life Insurance Pitfalls

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 ...
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Smoking and Life Insurance: Points to Consider

We parse out the difference between smoking and non-smoking rates. 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 difference in rates could be due to the less probability of a non-smoker getting sick that ...
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Guaranteed Issue Life Insurance: What’s the Catch?

What's the catch? 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 ...
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Cocaine Use and Life Insurance

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: Traditional life insurance policies, which ask a full series of health questions and usually have some type of medical test. No medical life insurance policies, which can be broken down into guaranteed ...
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Obesity and Simplified Issue Life Insurance

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

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 ...
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