Accidental death and dismemberment seems unlikely for most people and can feel like an unnecessary investment as you source the right life insurance policy for you and for your family. And while it's true that the likelihood of you or your family ever having to cash in on your AD&D is very low, it’s a good idea to include this type of coverage in your policy for peace of mind. There are some situations where Canadian life insurance professionals urge policyholders to consider AD&D options. For more insight into the right life insurance policy for you and your loved ones, contact the experts at Insurance Supermarket.
To determine whether AD&D insurance is a smart option for you, read on.
Individuals who work in high-risk industries like construction, manufacturing, or transportation may want to consider adding AD&D insurance to their existing policy. These types of careers naturally come with a greater chance of accidents that could result in serious injury or death. Likewise, hobbies that involve physical risk such as skiing, motorcycling, or climbing can also make AD&D insurance coverage a more practical addition to your plan.
While Canadian life insurance typically provides financial protection for your beneficiaries if you pass away, AD&D adds another layer of coverage for unexpected accidents.
Many Canadians choose to invest in AD&D coverage when they have young children or other dependents who rely on their income. This additional payout can help cover essential expenses like mortgage payments, childcare, or education costs in the event of an accidental death or a serious injury. It’s a way to ensure your loved ones are financially supported, even in unpredictable circumstances.
Insurance Supermarket works closely with families to help them assess their financial needs and find flexible coverage options that fit their budget and priorities.
Not everyone has an extensive emergency savings fund to fall back on. For individuals and families with limited financial reserves, AD&D coverage can offer added protection. In the event of a covered accident, the payout can be used to offset medical expenses, rehabilitation costs, or lost income. It provides room financially during a challenging time without adding unnecessary financial strain.
Canadians who travel frequently or live active lifestyles may also benefit from additional coverage. Accidents can happen anywhere, whether at home or abroad. AD&D policies can provide peace of mind by ensuring your family has financial protection no matter where you are.
AD&D isn’t mandatory, but it can be a valuable complement to your core life insurance policy. It is particularly helpful for people who face higher risks in their daily lives, those with dependents, or anyone looking to increase their financial protection.
At Insurance Supermarket, our experienced team works with individuals and families to design personalized insurance plans that align with their needs. Whether you’re looking to enhance an existing policy or purchase new coverage, our specialists can guide you through the process with clarity and care.
Term life insurance is a type of life insurance available in Canada to those who are looking for coverage for a set period of time. Compared to permanent life insurance policies, term life insurance can be set to different time periods of coverage, after which the policy expires or auto-renews for another term. Life insurance companies offer 10-year term life insurance, 20-year term life insurance, and other periods to help buyers determine the best option for their needs. If the policy holder were to die within the set period or term, then the insurance would be paid out to the selected beneficiaries. At Insurance Supermarket, we offer a wide selection of life insurance options, so you can find the right one for you and your loved ones, your budget, and lifestyle.
If you're interested in term life insurance, here are some of the various term lengths offered by life insurance companies, and some insight on how to choose the right length for you.
When you purchase a term life policy, you're selecting how long you want the coverage to last. This can range anywhere from 10 to 30 years in most cases, although other custom terms are sometimes available. If the policyholder passes away during this period, the policy pays out the death benefit to their beneficiaries.
At the end of the term, you typically have the option to renew, convert to a permanent policy, or let the coverage lapse. That's why it's important to choose a length that makes sense for your financial and family goals.
A 10-year term life insurance policy offers short-term protection. It's often the best choice for individuals who are close to retirement, have few long-term financial obligations, or only need coverage for a limited period of time.
This could include:
It tends to be one of the most affordable term options, but keep in mind that premiums will rise if you need to renew after 10 years, as insurance rates are generally based on age and health. When you opt for term life insurance with Insurance Supermarket in Canada, you can count on receiving options that require no medical exams, doctor's reports, or nurse's visits. In some cases, we even give on-the-spot approvals for 10-year term life insurance applications.
A 20-year term life insurance policy offers a balance between affordability and longer coverage. It's a popular choice for young families and new homeowners who want to protect their loved ones for the bulk of their working years or while raising children.
This type of policy is often selected to:
Since a 20-year term life insurance plan provides a longer window of coverage, it can give policyholders more peace of mind without requiring frequent renewals.
Choosing the right term length depends on where you are in life. Younger buyers may benefit from longer terms to secure lower premiums over time, whereas older buyers might opt for a shorter term that carries them through to retirement.
Considering the following factors can empower you to make the best decision when you reach out to a life insurance company.
If you're unsure, speaking with a licensed insurance advisor can help guide your decision based on your current situation and long-term goals. Contact the Insurance Supermarket team for guidance and insight so you can find the best option for you and your family.
At Insurance Supermarket, we simplify the process of choosing the right coverage. Whether you're leaning toward a 10-year term life insurance plan or a 20-year term life insurance policy, our team will help you compare options, understand renewal terms, and make the most informed decision possible.
Your life and your life insurance should match. Reach out to our team today to explore flexible, affordable coverage that gives you confidence for the future.
Choosing the proper form of life insurance is one of the most important money decisions you will ever make. Canadian shoppers are constantly comparing term coverage to permanent life insurance and deciding which one is the smarter buy. The truth is, permanent life insurance offers life's unbeatable advantages, lifelong protection, savings accumulation potential, and peace of mind. By shopping through Supermarket Insurance, you can compare top life insurance companies and find the coverage that best fits your long-term financial goals.
Permanent life insurance is designed to last a lifetime, unlike term life insurance, which lasts for a certain period of time. It pays a sum to your beneficiaries, has fixed premiums, and has a cash value that grows over time. For Canadians seeking protection and investment, permanent life insurance is not just protection; it's an investment tool.
Lifelong Protection and Stability
Permanent life insurance does not expire, as term insurance does. Your loved ones are protected at all times, and your beneficiaries can rely on a payment. This stability is one of the reasons it's one of the most dependable options supported by the highest-rated life insurance companies.
Cash Value That Works for You
One of the greatest advantages of permanent life insurance is that it will accumulate tax-deferred cash value. This savings feature can be accessed for retirement purposes, business ventures, or in cases of emergencies. Many Canadians view this as both insurance and an investment.
Guaranteed Premiums
Permanent life insurance policies have level premiums. With healthcare costs and inflation rising, guaranteed payments provide security in the long term.
Permanent life insurance is also an excellent estate-planning tool. It pays for estate taxes, facilitates charitable giving, and guarantees a smooth wealth transfer to loved ones. These features are usually highlighted by life insurance companies when they sell coverage to business owners and families.
Permanent life insurance benefits such groups as it is varied based on changing needs while providing level coverage.
While term life coverage is temporary, permanent life insurance covers you for a lifetime, making it a long-term investment in your financial health. It has the added benefit of building a cash value component, which operates as a "forced savings plan" with assured benefits. With Supermarket Insurance, you can instantly compare plans from Canada's top life insurance providers and choose the one that fits your financial situation best.
For Canadians looking for long-term protection, financial investment, and reassurance, permanent life insurance is one of the best investments you can make. Unlike temporary policies, it offers lifetime protection, builds wealth, and aids in estate planning. To see personalized quotations from established life insurance companies, call Supermarket Insurance today and secure your family's financial future.
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Are you in Canada and wondering if health insurance pre-existing conditions might hinder your search for life insurance? You can relax! Insurance Supermarket International (ISI) is ready to ease your concerns. Our team aims to provide a secure financial future for your beloved family members, even if health issues are already in your medical history.
This blog post will clear doubts regarding life insurance and pre-existing conditions, highlight our no-medical exam insurance plans, and emphasize the importance of getting protected regardless of health conditions. Let's get started!
A common concern is, "Can I avail health insurance with pre-existing conditions in Canada?" The answer is a big YES! At ISI, we provide insurance plans that consider all health conditions, even if you have health history like diabetes, hypertension, etc.
For example, look at our No Medical Exam Life Insurance, designed to help those dealing with health challenges.
ISI's No Medical Life Insurance eliminates the need for lengthy health check-ups or questionnaires, making it easier for individuals with pre-existing health conditions to gain coverage.
The No Medical Life Insurance plan offers key benefits, such as:
Our No Medical Exam Life Insurance is available to all Canadian residents between 18-80 years, even those with prior health conditions or lifestyle habits.
Answering the question, "Can you get health insurance with pre-existing conditions in Canada," is easy with ISI. The answer is a big "Yes!"
At ISI, we make sure that our insurance plans are:
Don't let pre-existing conditions stop you from finding the right life insurance policy. With ISI, you can find insurance solutions best suited to your unique health circumstances.
Pre-existing conditions should not limit your options. Make the right choice with ISI and ensure a solid financial future for your loved ones.
Ready to explore life insurance options that factor in pre-existing conditions in Canada? We're eager to create a plan that's tailored to your unique needs.
Embrace the security of a future unhindered by medical issues. Secure tomorrow with ISI's No Medical Life Insurance today.
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When you want to solidify your financial future against unanticipated events like serious accidents or illnesses, combining life and disability insurance under one umbrella is a smart move. Navigating the Canadian disability insurance landscape can seem overwhelming with so many options and terms to understand. However, with Insurance Supermarket International, we ease this process, helping to protect your future without the worries and complications.
This article will assist you through the nitty-gritties of disability insurance in Canada and provide valuable insights on securing a combined and more affordable quote. With us, you'll be well protected against financial instability if you're rendered unable to work due to a temporary or permanent disability.
Ready to learn more? Let's jump right in!
Disability insurance, also known as Accidental Death and Dismemberment Insurance, offers financial assurance if you're unable to work due to an injury or illness. It's a reliable backup to support you and your family during trying times.
Insurance Supermarket provides disability insurance in Canada that's straightforward, comprehensive, and affordably priced — especially when added as a rider to a life insurance policy. Our tailored solutions give you financial peace of mind when you need it the most.
Your journey towards the right disability insurance quotes in Canada starts with understanding your unique needs. Settle on the amount of coverage you'd need to take care of expenses and financial responsibilities.
Ponder your lifestyle, family dependents, potential health costs, and future financial responsibilities. Also, keep your budget in mind so you don't stretch yourself too thin.
Instead of spending time sifting through multiple different quotes, we've simplified the process for you. You can try our user-friendly insurance coverage needs calculator to assist you in determining how much coverage you may require.
This straightforward tool takes into account various factors, from ongoing expenses to your family's future needs, to suggest an appropriate coverage amount for you. Quick and easy to use, it empowers you to make an informed decision with confidence.
Remember, a proper understanding of your requirement won't just get you a better quote, but also the right coverage, providing peace of mind for you and your family.
Insurance Supermarket International uncomplicates the task of protecting your financial future. By prioritizing simplicity and affordability, we stand out from other insurance providers. Our disability insurance plans are flexible, allowing for easy customization to suit your individual needs and financial circumstances. However, when considering our Term Life Plan as your primary plan, adding AD&D becomes a more cost-effective option.
Planning for unexpected events is key to managing your financial health. With disability coverage added as a rider to our Term Life plan, your insurance package becomes more comprehensive. In tough times, your focus can remain on your recovery while we handle the financial burden.
Our goal is to shield your financial future by providing cost-friendly insurance options. Whether it's helping you find the most advantages life and disability insurance quote or explaining complex policies, we're here for you every step of the way.
Are you prepared to secure your financial future with combined life and disability insurance? At ISI, we're committed to offering comprehensive, pocket-friendly insurance solutions. Our specialists guide you through every step of the process, helping you choose an optimal plan catering to your specific needs.
Let's walk together towards a secure, protected future today. At ISI, our focus is always on providing the necessary coverage when you and your family need it most.
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Looking for a surefire way to financial security? The Canadian Final Expense Plan by ISI is your answer! These plans are designed to grant you the relief that comes with knowing your family's future is financially protected.
In this blog, we'll delve into the benefits, features, and easy application process of the Canadian Final Expense Plan by ISI. With this information, you can make an informed decision about the plan that best fits your situation and safeguards your loved ones.
If you're wondering what a Final Expense Plan is, it's straightforward. A Final Expense Plan, otherwise known as burial insurance or funeral insurance, is a policy designed to cover the costs associated with your passing.
Your beneficiaries can use this benefit to cover expenses such as funeral or cremation costs, medical bills, and any other related expenses. The significant benefit of a Final Expense Plan is that it's easier to qualify for compared to more traditional life insurance policies. Also, it offers an affordable way of ensuring that your loved ones will not be burdened with financial responsibilities during a very emotional and challenging time.
The decision to take up a Final Expense Plan is a personal one and depends on your individual circumstances. Ideally, if you're between the ages of 18 to 74, and would like to have a plan in place that aids in covering the costs associated with your passing, then a final expense plan is a suitable choice.
It's especially useful for those who may not have access to, or be eligible for, other forms of life insurance. The premiums for this type of plan are generally lower, and coverage often continues until your 100th birthday. Moreover, acceptance is guaranteed and does not rely on your health status, making it an excellent solution for those with health issues.
Age or health concerns often pose barriers when we seek financial protection for our future. But with our Canadian Final Expense Plan by Insurance Supermarket, there's no need to worry. We're here to turn those barriers into stepping stones.
Our plan is tailored for individuals who may find conventional life insurance out of reach due to age or health challenges. It cuts out the need for a medical exam, making your journey to financial assurance smoother and simpler.
By choosing our Canadian Final Expense Plan, you're one step closer to the peace of mind you've been seeking.
Awareness of key features is essential in choosing an insurance plan. Our Canadian Final Expense Plan provides crucial aspects like:
Our process is as simple as ABC! All it takes is filling out a short health questionnaire. So, say goodbye to hefty paperwork and medical tests.
Our pricing model is transparent. Rates based solely on age, gender, and smoking status offer you a fair and budget-friendly rate for the protection you need.
Our plan promises approval regardless of your health or lifestyle. If you meet the age and Canadian residency requirements, you're eligible for coverage.
Our Canadian Final Expense Plan guarantees enduring coverage till age 100, ensuring your loved ones are safe, even when you're not around.
The road to financial assurance varies for everyone. We can help guide you on this journey by offering personalized recommendations based on your unique needs. We'll help you figure out the coverage that best keeps your family financially secure.
Choosing the Canadian Final Expense Plan by Insurance Supermarket means securing not just a policy, but a pledge to your family's financial strength, regardless of life’s unexpected twists and turns.
The Canadian Final Expense Plan offers much more than money - it gives you the peace of mind that comes with knowing your loved ones are financially secure. This plan ensures that your family has financial cover, regardless of what the future brings.
With family, friends, and our team by your side, securing your future is easier than you think with the Canadian Final Expense Plan by ISI.
Secure your loved ones' future with a Canadian Final Expense Plan by Insurance Supermarket. With our easy-to-understand approach, custom advice, and specially crafted plans, you'll experience the relief of knowing your future is safe.
Don't put off protecting your loved ones' future. Take the leap today!
Living the fast-paced life while you're young can be thrilling, whether you're chasing new accomplishments, finding interesting job prospects, or bringing your aspirations to fruition. But amidst this thrilling journey, it's crucial to financially equip yourself for an unforeseen future. This is where Accidental Death and Dismemberment Insurance (AD&D) factors into financial planning in Canada.
This blog post presents a simple guide to understanding the usefulness of AD&D Insurance. Learn what it covers, how it functions, and the importance it holds in ensuring your financial stability. Allow the seasoned experts at Insurance Supermarket to demystify the intricacies of this essential insurance coverage.
Let's explore the realm of Accidental Death and Dismemberment Insurance!
AD&D Insurance is an insurance plan that pays out in case of accidental death or serious injury resulting in dismemberment. These drastic circumstances can spark intense emotional stress and financial pressure for you or your family.
Considering such a protective measure might be upsetting, but it's a useful security layer, particularly affordable for young adults. And in short, it's crucial to guard against unexpected life events.
Suppose a insured person loses their life in an accident. Or they suffer a covered loss like the loss of limbs or eyesight. In that case, the AD&D policy pays a benefit. This payout can significantly help cover expenses or serve as a financial relief during an incredibly trying time.
Better yet, we at Insurance Supermarket allow extras to your AD&D plans. They include rehabilitation costs and daycare expenses in case of loss of life. Vehicular adjustments for better access are also included, among other benefits.
There's more to AD&D insurance than just accidental death. It covers many things to keep your money safe in different situations. It provides a lump sum payment if an accident results in serious injury or death.
An AD&D insurance policy from Insurance Supermarket provides coverage. It safeguards your financial future against serious incidents, including:
Essentially, if an accident results in a serious injury impeding your normal life, it's likely covered under your AD&D policy.
Yes, our AD&D Insurance provides financial relief in case of unfortunate incidents. It also includes additional benefits for extra protection.:
These benefits add an extra layer of financial support, enabling the policyholder and their family to better manage unexpected circumstances.
Accidents are unpredictable, yet their financial burdens can be planned for with AD&D Insurance. This is especially relevant for millennials, whose financial stability may still be developing. An accidental disability could result in profound financial strain, deferring life plans. AD&D Insurance is a supportive beacon during these difficult times.
Using Insurance Supermarket, the application process is paperless, simple, and trouble-free.
Considering life's unforeseen twists, investing in Accidental Death and Dismemberment Insurance proves an intelligent choice. Particularly for Canadian millennials leading dynamic and sometimes daredevil lifestyles, AD&D Insurance offers a financial safety blanket against unexpected misfortunes.
Trust Insurance Supermarket to protect you against life's unanticipated hurdles. Assure your future, and savor the present, without worrying!
In a world that continues to evolve and expose us to new risks, accidental coverage is a vital financial safety line. Accidental Death and Dismemberment Insurance from Insurance Supermarket empowers you to secure your financial future. Don't wait for tomorrow, start today!
Set out on a Safeguarded Path to Your Future. Click the Button Below Today!
As a vibrant young adult, you're probably just taking the first step into your career or exploring life's endless possibilities. Amid all these thrilling experiences, finding affordable life insurance for young adults might not be at the top of your to-do list. But let's tell you why it should be! Investing early in life insurance can offer you an inexpensive, long-term financial bedrock.
This blog post will uncover the notion of affordable life insurance for young adults, highlight its benefits, guide you in choosing the right one, and show you why it’s a wise investment. By reading this, you'll understand the significance of early investment in life insurance to maintain your financial stability and get the relief of having future insurance.
Let the journey begin!
Picking the right insurance policy can often feel overwhelming. However, knowing the benefits of early life insurance investment can guide you to an enlightened decision.
Remember, it's never too early to plan your financial future. Life insurance policies for young adults come with inexpensive premiums, largely thanks to you having lower health risks from your young age. Better yet, this also means you're likely to get approved for higher coverage.
The affordability of life insurance for young adults primarily lies in the decreased risk. Typically, young adults tend to have fewer health issues, leading to reduced premium rates. These lower premiums, coupled with long-term gains, make life insurance an attractive and smart investment for your financial future.
Life insurance for young adults comes in many shapes and sizes, designed to fit your unique lifestyle & budget. Insurance Supermarket offers a wide variety of life insurance options from our budget-friendly Term Life Insurance to AD&D Plans and Critical Illness Plans, each catering to the unique protection needed by young adults.
Young adults generally get the best insurance rates. You pose a lower risk for insurers, enabling them to offer high coverage for relatively low premiums. These attractive prices make life insurance the perfect first step in building a financial stronghold.
Insurtech companies like Insurance Supermarket have digitized the traditional approaches and introduced easy-to-use platforms for young adults. You no longer have to tackle tedious paperwork and tiresome procedures. Instead, enjoy the convenience of a quick, simple, and efficient online insurance application.
Even if comprehensive coverage doesn't seem necessary now, securing a life insurance policy early helps shield against future health issues. It’s a proactive strategy ensuring your protection, irrespective of potential health complications that may come your way in the future.
In short, investing in life insurance at a young age can supply a multitude of benefits. As a young adult, you can enjoy lower premiums, higher coverage, simple processes, and a shield against future health risks. Not convinced yet? Let's unpack these benefits.
Gearing up early with a budget-friendly life insurance policy can solidify your financial future. Young adults reap the benefits of lower premiums, extensive coverage and the peace of mind, knowing they've taken a significant stride towards financial security. Investing early in life insurance sets the wheel in motion for a promising financial future.
Want to find out why ISI should be your insurance provider? Let's delve into the details:
Are you ready to lay the foundation of your financial future? With Insurance Supermarket’s palette of affordable life insurance plans, it's ever so easy and pocket-friendly to make that pivotal decision. Why let the concerns of tomorrow hamper the life you're crafting today?
Own your financial future and experience life to the fullest, leaving all financial worries behind, get started now with Insurance Supermarket!
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Talking about your health can be hard enough. Finding life insurance for people with health issues can be even more stressful. Let go of the worry and stress — Insurance Supermarket brings you accessible and affordable life insurance solutions.
Here, we'll explore how ISI has made life insurance for people with health issues so much more straightforward. We will show you how our guaranteed term life plans, Accidental Death & Dismemberment plans, and Critical Illness Plans can give peace of mind to people, no matter their health situation. Step into the future with control and confidence with ISI.
So, say goodbye to medical exams and health questions, and secure the future of your loved ones with our hands-on offerings!
What if chronic illnesses and health problems weren't barriers to future protection? What if life insurance for people with health issues was more than a dream? That's what we aim for at Insurance Supermarket.
To simplify things, our life insurance provides quick coverage. No medical exam. No waiting. You can even get instant approval! Whether you're well or not, you can sign up for a plan quickly without the stress.
At Insurance Supermarket, we have specifically developed our Term Life Insurance plan to make life insurance accessible for individuals with pre-existing conditions or health issues. This plan is open to all Canadians aged 18 to 80, offering a lifeline of affordable and straightforward coverage irrespective of their health status.
Key features of our Term Life Insurance Plan are designed to benefit individuals with health concerns:
Our Term Life Plan is not just about providing financial support. It is about empowering individuals with health issues with a stress-free insurance experience. Life insurance for people with health issues is not just a dream with Insurance Supermarket; it's a reality.
Riders are like extra chips in a bag, giving more value to your term life insurance plan. They're especially helpful for people with health problems.
For example, our Critical Illness Plan can help by giving instant money if someone gets really sick with things like cancer or a heart attack. Meanwhile our 'Accidental Death Plan' gives people more money if they pass away or get seriously injured from an accident, no matter what health issues they have. In short, these riders make sure that no matter what, there's a safety net to help people regardless of their health issues.
The Critical Illness Plan at ISI is not just about life insurance. It's also a safety net that can be ready for you in hard times. It covers you if diagnosed with one of 24 serious conditions including cancer, heart attack, and stroke.
What makes it stand out?
Accidental Death & Dismemberment Plan is also a crowd-pleaser. It provides quick access to coverage of $250,000. This is an extra layer of financial security that covers accidental deaths and debilitating situations. Like the Critical Illness Plan, this plan keeps things simple with a smooth online application process.
Our goal at Insurance Supermarket is to offer you financial support when you need it the most. Our Critical Illness Plan and Accidental Death & Dismemberment Plan align with this goal. While providing extensive coverage, we keep our costs within reach.
Access to life insurance for people with health issues is not just a possibility. It's reality with ISI. It's real-time financial protection just a few clicks away.
At Insurance Supermarket, we believe that everyone has the right to secure their financial future. Health problems should not stop you from getting the coverage you need. Our streamlined online application, immediate protection, no-medical examination, and guaranteed acceptance policies have transformed life insurance for people with health issues.
Empower yourself with Insurance Supermarket and attain the peace of mind you deserve!
Are health problems posing a hurdle in securing your future? At Insurance Supermarket, your health condition will not hold you back. With our provision of life insurance, you can rest assured about the future of your family.
Owning your future begins today. Secure it with the promise of guaranteed acceptance. Choose Insurance Supermarket today!
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When it comes to insurance, the underwriting process can seem mysterious. If you’ve had questions surrounding this topic, you’re not alone! What you need is an introduction to underwriting in life insurance.
In this article, we’re going to explain what the underwriting process is and how different factors can affect your insurance rates, as well as what you can do to lower them.
By the time you’ve finished this article, you’ll be on top of all things underwriting!
Underwriting is one of the most important steps in getting a life insurance policy. It’s when your provider evaluates your case and assesses its level of risk. The underwriting process is used to determine what policies and the amount of coverage you qualify for, as well as how much you will have to pay in premiums for your policy.
Since life insurance is, for the most part, centred around death benefits, the underwriting process is streamlined (although not always simple). In a nutshell, tt focuses on the risk of early death of the applicant. The higher the likelihood an applicant dies early, the higher the risk for the insurance company to insure the individual. That’s why some people are quoted cheaper premiums and qualify for more coverage than others.
The easiest way to understand the underwriting process is to know what key factors are examined.
As with any life insurance plan, age is the first and most important detail about an applicant. The older you are, the riskier you will be for your insurance provider. Because of this, as a general rule, younger people pay lower premiums than older people.
Your sex also plays a big factor into determining how much you should pay in premiums. In Canada, women’s life expectancy is at a staggering 84 years, which is about 4 years higher than Canadian men.
This means that depending on your sex, your age might not represent the same risk for your insurer. Women pay lower premiums than men across the board because they tend to live longer, work safer jobs and have safer hobbies.
Because the underwriting process is all about risk assessment, it basically comes down to measuring the overall health of a candidate. Things that put your health at risk or that actively worsen your health will always be a detriment to your life insurance’s underwriting process.
Smoking is one of the most obvious things to look out for. Smoking is usually a daily, regular habit, and its negative effects on health have been well-documented over the last decades. Because of this, the simple fact of being a smoker could double, triple, or even quadruple your insurance premiums, depending on other factors.
Medical history is a very important part of the underwriting process. Because of the way certain diseases work, knowing your personal as well as your family medical history is crucial for insurers to be able to do an accurate risk assessment.
If you have a history of critical illnesses like heart disease or cancer in your family, that will make you a riskier candidate than someone who doesn’t have a history of illness. As a result, your premiums will more than likely increase, depending on how serious your medical history is.
Medical history is also one of the main reasons why people’s applications get denied. If your medical history suggests too much risk for the insurer, then they might think it better to simply reject your application than take a risk with you.
However, the thing about medical history is that not all plans require a medical underwriting. Guaranteed-issue plans are an example of this. Make sure you understand whether the plan you’re interested in requires medical history as part of your underwriting process.
Together with your medical history, insurers will want to see how healthy you are currently. This is often done through what is called an Attending Physician Statement, where your doctor completes a questionnaire about your medical status for your insurer, and a medical examination.
During this process, you will undergo a number of tests to determine your general health, and whether or not you are experiencing any symptoms. The better the assessment, the lower your premiums will be. If you are deemed too unhealthy in your current state, then your application may be denied. But don’t worry, being denied once doesn’t mean you will be denied forever. You can always improve your health for your next application!
Here, your insurer will ask you about the different occupations you have in life, typically your job and hobbies. Depending on how dangerous these are, your provider could decide to increase your premiums.
For example, if you work an office job and you play golf on the weekends, your occupations won’t be deemed very risky. On the other hand, if you’re an underwater welder and you enjoy extreme sports in your free time, your provider will most likely increase your premium payments to compensate for your risky occupational habits.
The underwriting goes through multiple steps in order to assess your risk. These steps can vary from company to company and from plan to plan, but they generally follow a similar pattern. There are three big steps in the underwriting process:
The reason why underwriting is intimidating to a lot of prospective clients out there is because traditional insurance companies can take a very long time with the process. So people are left waiting for weeks or even months before they get a response.
At Insurance Supermarket, we focus on creating a smooth application process for our clients. Reducing the length of the underwriting process was key to achieving this. With some of our plans, you could be approved for insurance in just 48 hours!
If you’ve already been denied for a plan with one provider, that doesn’t mean you are uninsurable! Even amongst insurance companies, some are more inclusive than others. Some, like the major banks, may only accept those they deem low-risk. Others may accept applicants for certain plan types.
At ISI, we understand that often those who typically get denied coverage are those who need financial protection the most. In fact, many of our existing policyholders are those who had struggled to pass underwriting previously.
If you’ve been denied life insurance coverage in the past, you may still be able to qualify with our comprehensive suite of simplified-issue and guaranteed-issue life insurance policies. These policies have a more limited underwriting process that usually excludes medical history and medical exams, making them much more accessible.
By picking the right provider and the right plan, you’ll be maximising your odds of having a smooth underwriting process and getting the best possible rates for the plan that works best for you.
At Insurance Supermarket, one of our main goals is to make the application process as smooth and fast as possible. We know things can be stressful going in, so we want our clients to be at ease during the entire process.
It can be difficult sitting around waiting for a response from your underwriters about how much your life insurance is going to cost. Why not start today?
