“Coverage denied”. It’s something that many people fear hearing when applying for life insurance. That due to a medical condition, or family history that may not be perfect, the insurance company has denied coverage or if they do offer it, it is at a much higher premium or with limitations on coverage. Which is one of the reasons why some people choose to go for no medical life insurance.
People who have survived cancer, a stroke, heart failure, and are now healthy, or people who suffer from insulin dependent diabetes or bipolar disorder can find coverage when they would otherwise be denied it. Unlike traditional life insurance applications, there are no blood tests or urine samples to give, and no concerns over whether or not your life insurance application will be rejected. These policies can provide insurance to those that need them the most, and at a reasonable price.
No medical life insurance quotes are often done online or over the phone with only a few simple questions asked. Here at Nomedicallifeinsurance.ca, we partner with only the best insurance companies. Companies like Assumption Life, BMO Life Insurance, Manulife, and more. We offer our clients a variety of companies to choose from, so that our clients can find the best fit. Each company provides different coverage levels and has different restrictions on what they would cover. Assumption and BMO both offer amounts up to $250,000 for no medical plans, Canada Protection Plan offers only up to $200,000. While these numbers may seem low in comparison to what other, traditional plans may offer, insurers are only able to offer no medical life insurance at these lower amounts.
When choosing a no medical life insurance plan it is also important to ask what will be covered under the plan. Many plans will not cover a non-accidental death within 2 years of the policy being issued. Some companies may refund any premiums paid within that time (plus interest), others may not. While all plans by law do have a 30-day cancellation period, where the policyholder can choose to cancel the policy and have all premiums repaid, it is important to read the fine print and see if there are any medical conditions that the plan will not cover. For example, the Bingham Group offers policies with up to $500,000 in coverage and no medical questions; however, in the event of the person passing, the insurance is tied to their mortgage, so it would first go to paying off the mortgage before going to the beneficiary and any conditions diagnosed within one year prior to the insurance being purchased are excluded from coverage. While this may not be a concern for everyone, some intend for their insurance benefits to go towards funeral arrangements or setting up a legacy for their loved ones. Because of the variability between no medical policyholders it is in the insured’s best interest to find the one right for them.
No medical life insurance can become your lifesaver. It can be used to cover the cost of funeral or expenses, provide transitional income for beneficiaries or pay off outstanding debts or mortgages and give families the time they need to grieve. Because of the limited questions, it grants coverage to people who may not otherwise be able to get it. But just like many other things, it is important to find the right fit. While we do offer quotes online, feel free to give us a call and discuss your options and learn the pros and cons of different companies’ plans. Our qualified brokers can help determine which policy will be the right one.
For more information, visit www.NoMedicialLifeInsurance.ca or call 1-866-899-4849.