Insurance Blog

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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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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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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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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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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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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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. However, if the family believes that the accidental death was caused by misconduct or negligence, they could contact wrongful death lawyers to pursue the accidental death as wrongful death. Having said that, there are certain instances with traditional life ...
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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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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 these days, which is why so many people do look to take out life insurance to try and cover these expenses. If someone passes away unexpectedly, life insurance will ensure that the funeral can be ...
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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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