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:
Now let’s dispel some myths!
“No medical life insurance is great, but potential clients often have the misconception that these policies have no life insurance questions. That fact is these policies have no medical tests but do ask health questions which can range from a few questions to over 30 health questions. In most instances the applicant is better off seeing if they can qualify for a fully underwritten traditional life insurance policy.
Most carriers allow the broker to make a preliminary inquiry. A preliminary inquiry is an informal request made by an insurance advisor to an insurance company when the broker does not want to submit a formal application. Preliminary inquiries can be a terrific way to gauge a client’s rating or potential decline.
Key takeaway work with a broker who is familiar with the hard to insure market”
– Jack Bendahan, Expert in high-risk life insurance cases
“When searching for insurance protection, many people believe that they must have a medical examination to be eligible for life insurance and that is the requirement with simplified issue insurance products.
In my experience recently, there are individuals who are eligible for medically underwritten traditional insurance however they either have busy work lives or don’t really feel comfortable divulging personal information and having medical tests. Therefore, the solution is to apply for simplified issue products which do not require medical tests only a health and lifestyle questionnaire. These types of policies are approved and placed very quickly compared to traditional insurance products.”
– Margaret Nikkanen, Insurance Professional
“The main myth is clients will come to me because they saw an advertisement on TV, usually from an American channel, asking if they can get coverage for $9.99 per month. Generally speaking, no medical coverage will be more expensive than traditional coverage, because it requires fewer questions and less evidence of good health. For some people, this is what they are looking for. Price may not be their #1 factor when making a decision, and they just want something unobtrusive that’s quick and easy.
Now that being said, since I work with quite a few of the companies on the non medical side, each will have their sweet spots. A client may find themselves in a product with a waiting period and higher monthly cost with one company, but be able to slide into an immediate coverage solution at a lower cost with another. It’s important that an advisor has a good understanding of each company’s questionnaire, or at least that they are leveraging their resources within the carriers that they do business with. Sometimes a client will be able to get a better deal with a non medical company, if they tick all the right boxes. It all depends, and each case is different, but I really believe that’s where the value of working with a broker will show true.”
– Steve Hazlehurst, founder of Hazlehurst Consulting
Remember, working with an insurance broker is even more important when you need no medical life insurance since he/she can navigate you to the insurance products that are right for your pre-condition and situation. Talk anonymously to an insurance broker today and get a free, absolutely no-obligation insurance quote to find out how much you’d pay. Your rate can be far lower than you think because our partner brokers work with over 20 respected Canadian life insurers.
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