How to Choose the Right Life Insurance – Visual Decision Help
When insurers sell a policy, they always assess risks associated with that policy. Those with lower risks (e.g. younger person, no bad habits, no health pre-conditions) get life insurance rates that are typically lower than those with a history of health pre-conditions and a number of bad habits, like smoking. Based on these risks, you can qualify for one or more of these four insurance types (shown here in order of increasing risk, and thus, increasing coverage costs): Traditional Life Insurance (also called Standard Life ...
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Life Insurance Companies in Canada – Who Owns Whom
The variety of life insurance companies in Canada is not what it appears to be in the Canadian market. From a consumer perspective, there are nearly 50 life and health insurance providers, but the reality is a bit different... (scroll further down to continue reading) Here you can download this infographic as a PDF What are a few key things to start with? 1. The majority of the market is owned by three life insurance giants: Manulife Financial (who also owns, among others, John Hancock ...
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No Medical Life Insurance – 15 Myths You Need to Know
Most of the articles about insurance myths talk about typical car insurance legends, such as higher insurance for red cars. Barely anybody focuses on the misinformation about no medical life insurance! Before we start, here’s a quick recap. No medical life insurance is a type of insurance that does not require a medical test. There are two types of no medical policies: Simplified Issue No Medical Life insurance has no medical exam, but still has a medical questionnaire that you need to complete. You will ...
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No Medical Life Insurance: 22 Tips to Get the Best Rate
No medical life insurance is viable life insurance option for those who either cannot qualify for standard insurance or those who prefer to skip the medical exam, which is an inescapable part of any traditional life insurance assessment. No medical life insurance has some special aspects though that you should know in advance before getting a life insurance policy. No medical life insurance comes in two different forms: Simplified issue has no medical exam, but you are asked a few questions e.g. about your lifestyle ...
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Term Life, Whole Life and Universal Life Insurance Explained
There is always some confusion among term, whole and universal life insurance. All these insurance types are normally offered by insurance companies and insurance brokers, but how do they differ from each other? We will clarify the differences in this article. First of all, one needs to understand the overall classification of these insurance types. As per the chart below, there are two basis insurance types, term and permanent, and they are based on coverage length: if coverage is available for a period of time, ...
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Life Insurance for People with Cancer – Rate Comparison
The topic of cancer and life insurance is not an easy one. Cancer is a disease that falls into the category of critical illness, so all insurers treat it as a higher risk. If you were diagnosed with cancer or you are a cancer survivor, getting a life insurance quote and buying a life insurance policy is not as straight-forward as it would be for people with manageable diabetes. In this article we will highlight the options that are available to you, and also provide ...
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What Alternative Life Insurance Options Have People With Diseases?
Getting life insurance is not always easy for people whose health is affected by illness and pre-conditions. Insurance is all about risk management, therefore many medical issues are seen by insurers as increased risk – and they price that risk accordingly. If your prognosis is not good then it may be even more challenging to find life insurance. However, other safeguarding strategies like writing a will could be completed with the assistance of an estate planning attorney. Before starting, however, it is important to note ...
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Top 5 Scenarios to Consider No Medical Life Insurance Plans
There are many situations when people start thinking about life insurance, such as at birth of a child, protection of newly purchased assets (e.g. house), etc. However, the search for life insurance (market research, getting a quote, buying a policy) for some people is more complicated. There are situations when life insurance companies prefer not to take the risk and opt to reject your life insurance application. Are you at risk of being declined and if so, what can you do about it? Fortunately, there ...
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Life Insurance for Parkinson’s Patients – Key Things to Know
Despite many people's best intentions, they put off getting life insurance. Sometimes it's the thought of their own death or disability that disturbs them, other times it's just a convenient thing to push to the back burner. After all, what are the chances of something happening to you...right? Unfortunately, accidents, death and illness happen and sometimes with very little warning. When something does inevitably happen, the need for life insurance becomes much more urgent. So, why life insurance for Parkinson's patients? For example, did you ...
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Life Insurance No Medical – 20 Ways to Reduce Its Cost
Insurance websites offer numerous articles about ways to reduce your life insurance costs, but there is a particular category of people who cannot use many of these tips since the only policies they qualify for are life insurance no medical or guaranteed issue. These type of insurance have both positive and negative aspects. On the positive side, they come without medical tests and, in some cases, without any medical questions. On the negative side, you pay more for the coverage and the amount of coverage ...
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