Insurance Blog

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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When is Accidental Death Coverage a Good Fit

According to the latest statistics from Statistics Canada, around 10,000 people die by accident every year. Accidental death insurance, as the name implies, only pays out if the insured dies by accident.  An insured dying by accident is much less likely than dying by non-accidental causes. Having said that, there are certain instances with traditional life insurance is not available, which could be as a result of health or lifestyle-related issues. Of course, another cause may be travel to areas restricted by traditional insurance companies ...
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Guaranteed Issue Life Insurance: Who is it For?

Guaranteed Issue life insurance always seems like the most no fuss insurance choice for those who hear about it for the first time. The commercials and advertisements can be very alluring because the insured is not asked to complete any health questions and there are no medical tests. However, this convenience comes at a big cost. Most guaranteed issue life insurance plans have a two-year waiting period or longer on non-accidental death. Moreover, the issue limits are very low on these policies and the premiums ...
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‘No Medical’ Doesn’t Always Mean No Questions

Many insurance buyers don't understand the meaning of no medical exam life insurance. They assume that since there are no medical tests anyone can qualify, which isn't necessarily the case. Unfortunately, only some no medical plans have this perk. This is because No medical life insurance plans are generally broken down into two categories: Simplified Issue Life Insurance - No medical tests and three to twelve health questions. Guaranteed Issue or Guaranteed Acceptance Life Insurance - No medical tests and no health questions. Simplified Issue ...
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Life Insurance and Funeral Costs

Looking for a way to cover final expenses? Funeral insurance maybe the answer. Proceeds are paid out tax free in a lump sum. The Industrial Alliance website breaks down the cost of Funeral Expenses and related expenses. It reveals that it costs a minimum of $2,500 to organize a funeral in Canada. Below is a breakdown of other related costs: 1. Laboratory, thanatopraxy, products - $365 (average cost) 2. Funeral salon for two days - $481 (average cost) 3. Professional and administrative services - $484 (average ...
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Financial Advice: ‘Selling’ a Car Lease

We like to offer complex financial help to our clients, not only guaranteed issue life insurance. And we encountered number of clients bothered with their car leasing. Leasing a car from a company such as ICL may be a sensible option if you are planning to purchase a car. Lease payments are usually smaller than the payments for a consumer loan. You may therefore be able to afford to lease a car which you don’t care to legally own right now. Maintenance of a leased ...
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No Medical Life Insurance On Twitter

No Medical Life Insurance opens Twitter account. You are welcome to follow stream of information about Canadian insurance industry, policy reviews and financial news, prepared by LSM Insurance team ...
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bmo life assurance - Canada - featured

BMO Life Assurance Company Keeps Rating A

A.M. Best Co. kept the financial strength rating of BMO Life Assurance Company (BMO Life) at “A”, which stands for “Excellent”. At the same time, BMO Life’s issuer credit rating was sustained at “A”. Better yet, the prospects for BMO Life were assessed as stable, considering the financial statements and other publicly available information on BMO Life and Bank of Montreal. BMO Life is owned by Bank of Montreal (BMO). BMO Life is not the only insurance subsidiary of BMO, but it is a very ...
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