Insurance Blog

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 ...
Read more

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 ...
Read more

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 ...
Read more

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 ...
Read more

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 ...
Read more

For over 100 years, Purple Shield has been offering life insurance and final expenses solutions in Canada. In this article we will provide an expert overview of Purple Shield insurance products and address the following questions: What products does Purple Shield Offer? Pros of Purple Shield products Cons of Purple Shield products What makes Purple Shield Products unique? So, let us begin. Purple Shield's products are sold through its in-house sales team. The policies are underwritten by Assurant Life. Assurant Life is a member of ...
Read more

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 the Product is Sold? Purple Shield - Through Its in house sales force only Assumption ...
Read more

Are no medical plans from BMO and others really so no hassle? 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 ...
Read more

Fully underwritten no medical plans 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 ...
Read more

You can get protection against cancer without a medical. 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. With the higher survival rate in mind, IA ...
Read more