Insurance Blog

Two nurses reading a medical paper

Assumption Life: Total Protection No Medical Life Insurance Plans

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 ...
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Ashtray with cigarettes

No Medical Life Insurance: Smokers vs. Non-Smokers

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 ...
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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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A man sleeping

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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BMO logo on a building

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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Life insurance newspaper article

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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Medical test tubes

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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Smoked cigarette

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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A happy smiling couple

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 nightlife

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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