Insurance Blog

When you think about life insurance, you often think of the benefit your family receives if you pass away. However, life insurance covers far more risks than death. Disability is actually a greater risk than death for the average, healthy, middle aged Canadian adult. According to MoneySense, nearly 1 in 6 Canadians, before they turn 50, will experience a disability that disrupts their income for three months or longer. This will mean that they have had to change their life around for a period of ...
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The term “no medical life insurance” has been floating around for some time now. Many are aware that it exists but are not sure of what it comprises. Today we will break down the ins and out of no medical life insurance and show you how it compares to traditional insurance both in policy types and rates. What is No Medical Life Insurance? No medical life insurance is a policy anyone can apply for without having to take a medical exam. On the other hand, ...
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You know that protecting your family with life insurance is a smart move, but what if you have a career that makes underwriters view you as risky to insure? Some of the most rewarding careers are the riskiest, but there are still ways to get life insurance at an affordable rate. Today we will look at which jobs increase your life insurance rates the most, and how to get life insurance for risky careers. Many accidents that happen on these sites may have been avoidable ...
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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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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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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 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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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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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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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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