Insurance Blog

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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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Purple Shield Insurance vs other Products | Pros, Cons, Tips

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

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

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 ...
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Underwritten vs. Non-Underwritten Life Insurance Plans

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 ...
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Cancer Insurance Without A Medical

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

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 ...
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5 Reasons Not to Buy Guaranteed Issue Life Insurance

Guaranteed issue life Insurance seems like a no hassle, easy way to buy life insurance. The ads make it sound so simple: no pushy salesperson, no medical tests and no health questions. However, all this convenience and simplicity comes at cost. The following are five reasons not to buy guaranteed issue life insurance. 1. Guaranteed Issue Life Insurance plans have a waiting period for non accidental deaths. The waiting period is generally two years and this means if the insured dies of a non accidental ...
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Special Risk Life Insurance

Hunter McCorquodale Inc. offers a special risk life insurance policy that is different from other simplified issue and guaranteed issue life insurance plans. Simplified issue life Insurance policies are issued on an instant issue basis, which means the insured is either approved or not approved based on their answers to a short series of questions. These policies generally have much more limited death benefits, especially guaranteed issue plans and many of these plans have a two-year waiting period on non-accidental deaths. This policy, which is ...
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