Whole life insurance is a type of permanent life insurance that provides coverage for the entirety of your life with no end to the term. This solution helps ensure peace of mind, giving you fixed premiums and easy qualification processes. When you work with Insurance Supermarket’s advanced solutions, you can apply easily online and get significant coverage from reliable life insurance companies in the United States.
If you’re deciding which policy is best for you and your family, here are some of the benefits of opting for whole life insurance.
One of the most appealing features of whole life insurance is that the coverage never expires. As long as you keep up with your premium payments, your policy will remain active. This means your loved ones are always protected, no matter your age or health changes over time. It’s a significant advantage over term life insurance, which eventually ends and may require reapplication or conversion at a higher rate.
With whole life insurance, your premiums are locked in from the time your policy begins. That means no surprises as you age or as the market fluctuates. For budgeting purposes, this level of predictability makes whole life policies a valuable tool in long-term financial planning.
Unlike term insurance, whole life insurance includes a savings component known as cash value. A portion of your premium is set aside and grows over time, tax-deferred. You can borrow against this amount or withdraw from it later in life for emergencies or expenses like education or home repairs. It’s a built-in financial asset that adds more value to your policy beyond just the death benefit.
Thanks to innovations from leading life insurance companies and platforms like Insurance Supermarket, applying for coverage is easier than ever. You can complete your application online from the comfort of your home, with minimal paperwork and often without the need for a medical exam. This streamlined approach helps you get coverage faster while reducing the friction that usually delays traditional applications.
Whole life insurance is often used as a tool for estate planning. The guaranteed death benefit can help cover final expenses, pay off remaining debts, and provide financial support to dependents. It also allows you to leave a legacy by naming children, grandchildren, or charitable organizations as beneficiaries.
When considering whole life insurance, it’s essential to work with trusted life insurance companies that are financially stable and have a strong reputation. Insurance Supermarket partners with some of the most reliable providers in the industry, helping you choose the right policy with confidence and supporting you every step of the way.
If you’re looking for lifelong protection, steady premiums, and a policy that does more than just provide a death benefit, then whole life insurance may be the right fit. It offers stability and long-term value that other types of insurance may not.
For a solution that grows with you and offers peace of mind, explore your whole life insurance options today with Insurance Supermarket.
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Navigating the world of life insurance can be daunting, but with Insurance Supermarket International, it never has to be. We’re here to provide all the necessary information and assistance you need to secure your future.
We provide the essentials of life insurance, highlight the importance of having a plan, and simplify the process with easy-to-understand explanations. Here at ISI, we help you make confident decisions for your financial future. So sit back, relax and join us as we simplify life insurance!
Life insurance provides a financial safety net for your loved ones after your passing by helping them handle expenses and maintain their standard of living. While it seems straightforward, the numerous plans, terminologies, and the often complex application process can confuse anyone.
At ISI, we simplify your journey to securing a suitable plan by offering a range of accessible plans designed specifically for your unique coverage needs.
With ISI’s Term Life Insurance plans, you can secure coverage devoid of health history or present condition complications! This plan is budget-friendly and has flexibility regarding term length, making it a perfect choice for various needs.
ISI also offers Critical Illness Insurance as a financial safety net if a critical illness diagnosis occurs. This coverage provides a lump sum benefit, allowing you to focus on health and recovery, without the extra pressure of financial burdens.
ISI simplifies the often-complicated application process of traditional life insurance. We cut through extensive health checks and lengthy underwriting procedures with a simple health questionnaire and quick finalization, assuring speedy coverage.
At Insurance Supermarket, we know that our customer's satisfaction stems from services that are both accessible and tailored to fit individual needs. Whether you are young and just beginning your career, or in the golden years of your life- we have policies that cater to everyone's unique circumstances.
Our offerings range from budget-friendly term insurances to more comprehensive permanent coverage options, allowing you the freedom to choose what best fits your lifestyle.
Life insurance can often feel like a maze of complex terms and intricate procedures. At ISI, we aim to simplify this journey for you. We cut out the complex jargon and present our insurance products in an easy-to-understand format, with a straightforward application process that makes each step feel effortless.
We believe in openness and clarity. At ISI, there are no hidden charges, sudden terms, or confusing fine print. We provide all necessary details upfront, giving you the confidence to make an informed decision about your insurance coverage.
Our esteemed customer service is what sets us apart. Our team of expert advisors are committed to providing you with quality assistance at every step of your journey.
From helping you choose the right coverage to guiding you through the application process and servicing your policy, we are invested in making the process not just simple and quick, but also enjoyable.
We go beyond offering insurance policies. We aim to be your trusted partner throughout life's journey, adapting and responding to your ever-changing needs. Your satisfaction is our motivation, and we aim to stand by you, safeguarding your future.
Choosing life insurance with ISI assures safety and financial stability for your family. The value of securing your loved ones' future cannot be overstressed. We ensure easy access to the protection you need with minimal hassle.
Are you set to secure a financially protected future? Look no further. Here at ISI, we’re dedicated to making insurance user-friendly and available to all. Regardless of your individual needs, we provide affordable insurance plans that are tailored just for you.
With ISI, life insurance is simplified. Act now and attain peace of mind knowing the future is secure!
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As we age, many of us often muse over what we'll leave behind for our loved ones, particularly in terms of financial burdens. Final Expense insurance, also known as burial or funeral insurance, is a practical solution to alleviate these potential costs, but how do we determine who needs Final Expense Insurance?
In this blog post, we'll delve into why people opt for Final Expense Plans, who could benefit the most from it, and why it might be a sensible step for you, regardless of your health status or age. Let's clear up the process of securing your family's fiscal stability.
Final Expense Insurance isn’t solely about your age or health condition. Rather, it's about safeguarding your family from unwelcome financial burdens, such as funeral expenses and debt obligations, when you are no longer there to shoulder them.
At Specialty Life, our Final Expense plans cater to a wide range of individuals, making them an ideal choice for those who want a straightforward, robust policy to cover these end-of-life costs. With easy approval, an uncomplicated application process and no need for medical examinations, you can secure peace of mind for your family's future.
Final Expense Insurance offers numerous advantages that make it an attractive choice for many, some of which include:
Though Final Expense Insurance can benefit just about anyone, certain groups may find it particularly useful. If you fall into any of the following categories, securing a Final Expense plan might be worth serious consideration:
Death is a certainty we all must confront eventually. But here's a probing question: Are you financially ready for the inevitable costs? Securing a Final Expense plan now could be a good idea. This plan makes sure your loved ones aren’t burdened by end-of-life expenses. This allows them to focus more on healing and less on financial stress during tough times.
Determining who needs Final Expense Insurance involves introspection regarding your personal financial situation and an honest assessment of your family’s future needs. Regardless of your current health status or age, it’s a responsible and compassionate decision. Essentially, this coverage is a commitment to the future. It benefits your loved ones by lessening any possible financial burden.
You may want to consider Specialty Life's Final Expense Plans. They could ensure a secure financial future for your family after your departure. We offer a simplistic, straightforward journey towards securing the fiscal stability that your family deserves, with policies tailored to cater to various situations and budgets.
Don't hesitate—take the first step to secure your family's financial future today!
Whether you're just starting out in your career or enjoying your retirement years, life insurance is an important consideration to protect yourself and your loved ones financially.
However, navigating the world of life insurance policies can be overwhelming, especially with all the different options available. Two popular choices for individuals looking for hassle-free coverage with an easy application process are simplified issue and guaranteed issue life insurance.
In this article, we'll break down what these types of policies are and how they can benefit you.
Simplified issue life insurance is a type of policy that offers coverage without the need for a medical exam. Instead of going through extensive medical underwriting, applicants are simply asked a series of health-related questions during the application process. They typically cover information about your medical history, lifestyle habits, and current health status.
The difference lies in the application process. Simplified Issue Life Insurance requires a short questionnaire. These questions are simpler than your traditional life insurance application process, which in contrast, typically require an in-person medical exam, doctor’s visit, and often take up to 90 business days for approval.
The main advantage of simplified issue life insurance is the quick and convenient application process. Since there's no medical exam involved, you can get approved for coverage instantly. This makes it an ideal option for individuals who have health conditions that might make it difficult to qualify for traditional life insurance policies, or those who simply don’t want to wait.
There are several benefits to choosing simplified issue life insurance:
Guaranteed issue life insurance is another type of policy that offers coverage without a medical exam or health questions. This means that regardless of your health condition, you are guaranteed to be approved for coverage. The main purpose of guaranteed issue life insurance is to provide coverage to individuals who may have difficulty obtaining traditional life insurance due to age or health issues.
Here are some important features of guaranteed issue life insurance:
The choice between simplified issue and guaranteed issue life insurance depends on your individual circumstances and needs.
Simplified issue life insurance is a good option if:
Guaranteed issue life insurance may be the right choice if:
It's important to note that while simplified issue and guaranteed issue policies offer convenience and ease of access, they may come with certain limitations. For instance, the coverage amounts for these policies may be lower compared to traditional life insurance. And there may be waiting periods before the full death benefit is available.
Therefore, it's always a good idea to consult with a licensed insurance professional who can assess your individual needs and help you choose the right policy for your specific situation.
Simplified issue and guaranteed issue life insurance policies offer convenient and accessible coverage options for individuals who may have difficulty obtaining traditional life insurance. Whether you choose a simplified issue policy for its quick approval process or a guaranteed issue policy for its guaranteed acceptance, both options provide valuable protection for you and your loved ones.
At Insurance Supermarket, we understand the importance of finding the right policy to suit your unique needs. Start protecting your future today with a tailored policy from Insurance Supermarket. Get in touch with us today and get a free quote by clicking the button below!
Smoking is always a big topic in the world of life insurance. If you’re a smoker, you probably already know that it will impact your life insurance in some way. But not everyone knows exactly how smoking affects your life insurance premiums.
In this article, we will be talking about how smoking can affect your life insurance premium rates, why it does, and ways to lower it. This post will shed light on an important aspect influencing life insurance cost–your smoking habits.
Let's light up this topic!
Insurance companies evaluate risk when determining premiums, during the underwriting process. The riskier you are to insure, the higher your premiums will be. Smokers generally face higher premiums because smoking increases the risk of serious health issues like cancer, heart disease, and respiratory disease.
Understanding insurance companies' rationale is key to understanding why smoking elevates the cost of life insurance and, more importantly, why reducing or quitting can have a positive impact on your premiums.
Apart from the direct cost of cigarettes and potential health care costs, there’s another expense smokers may not consider: increased life insurance premiums. Premiums for smokers can be significantly higher than for non-smokers.
And when we say significantly, we mean it. The smokers pay on average over twice as much as non-smokers, and can pay up to 4 times as much for the exact same plan!
Let’s elaborate on that.
When applying for a life insurance policy, one of the first questions an insurer asks is whether you smoke. If the answer is ‘yes’, you are typically classified as a "smoker", and this categorization can lead to significantly higher premiums compared to non-smokers.
Remember, honesty is crucial during the application process. Your insurer assumes that all information you are giving them is truthful. Failing to disclose your smoking habits could result in a policy denial or application cancellation, leaving you without valuable financial protection.
If you start smoking after acquiring life insurance, you’re not committing fraud, so you won’t get into any legal trouble. But you could still face some problems with your provider. They might see this is an indication that you only quit smoking temporarily to reduce your premiums. If they can prove this, they can void your policy.
If you die, and there is enough evidence to show that your death was in large part caused by tobacco usage, then your death benefit may be reduced, delayed, or even cancelled. And you won’t even be around to try to remedy the situation, so be extremely careful!
Insurance companies generally have "tobacco" and "non-tobacco" rate classifications. Those using tobacco products, whether it's cigarettes, pipes, cigars, or vaping, are usually classified under the "tobacco" rate, meaning you’re likely to pay higher for your premium.
Remember that “smoking”, in general, refers to tobacco products. This often includes e-cigarettes, but doesn’t apply to marijuana. Some companies will have separate considerations for marijuana usage, but since it’s generally much safer for your health than tobacco, it won’t impact your premiums as seriously, if at all.
Not all smokers are equal in the eyes of an insurer. Factors that will influence your premiums include:
For example, a casual cigar smoker will likely pay less than a pack-a-day cigarette smoker.
The good news is, even if you're a smoker now, it doesn't mean you'll always be considered one by insurance companies. Most insurance companies recalibrate to "non-smoker" rates if you've been tobacco-free for a set time, usually 12 months or more. Make sure you discuss this with your insurer.
Because premiums are always calculated based on your age and health, quitting smoking at any time will be a boon to your premiums. You’ll hit two birds with one stone: improving your health all while saving on life insurance premiums!
The bottom line is this: smoking is bad for your health, and bad health means higher premiums. So the more tobacco you use, the higher your premiums will be. On the other hand, the less tobacco you use, the less your premiums will be affected by your smoking status.
Remember, if quitting smoking is a goal of yours, not only will it be a cause for celebration for your health, but your wallet might also join in the party! As always, make sure to discuss any lifestyle changes with your insurance provider. Now that you know how smoking affects your life insurance premiums, you can confidently make the right choices for you!
Are you ready to make informed choices about your future? Secure a life insurance policy that adheres to your lifestyle and requirements. Protect yourself and your family's financial future. After all, love is making sure that even in your absence, your family is well taken care of.
Smoker or non-smoker, everyone deserves a secure future. Start your journey today to a safer tomorrow.
Overwhelmed by puzzling insurance terms, piles of paperwork, and exhaustive medical exams? Fret not! Insurance Supermarket is your clear path to easy insured options. Are you wondering how health issues could impact your life insurance choices? Many share your concerns and we're here to help on your insurance journey.
This blog aims to conquer your fears of complexity that traditional insurance companies often elicit. We're here to show you the simplicity and accessibility of the Term Life Plan, specially tailored for those with pre-existing health conditions.
The thought of pre-existing conditions and life insurance together can be daunting. But with customer-driven providers like Insurance Supermarket, this fear is a thing of the past. With our innovative insurance solutions, you can easily overcome the hurdle of pre-existing conditions.
The Term Life Plan offered by Insurance Supermarket is an easy, simple, and efficient life insurance solution. There are no medical exams or waiting periods involved, thus removing the common roadblocks associated with insurance acquisition.
Ranging from modest to generous, we offer policyholders a wide choice in benefit amounts, running from $10,000 up to $1,000,000. This variety allows you to choose a coverage amount that aligns with your specific needs.
Incorporated within our Term Life Plan, we have the Term 100 option that offers lifelong protection for those seeking long-term coverage. This efficient solution provides higher protection but at a lower cost when compared to other lifetime coverage options like Whole or Universal Life Insurance.
Choosing to be easily insured with Insurance Supermarket provides multiple perks like:
Our Term Life Plan is a simple, flexible, and all-inclusive life insurance solution responding to diverse customer requirements while keeping the process uncomplicated and quick. Whether it's the simplicity, affordability, or the range of coverage amounts, this plan encompasses all the right features to make it an excellent choice for Canadian residents seeking the best life insurance product.
Essentially, if you're a Canadian resident aged 18 to 80 or somebody finding it hard to get coverage due to previous health conditions, then our Term Life Plan is an ideal fit.
Eligibility for our Term Life Plan is simple. If you're an inhabitant of Canada and aged between 18 and 80, you're eligible for the plan.
Based on your needs, you can pick a coverage duration from the various options available such as 10, 20, 30 years, or even a lifetime with our Term 100 plan.
We provide a 10-day review period for your policy. That means if you're not fully satisfied with the policy during these first 10 days, we offer a full refund on policy cancellation.
Keeping up with the times, Insurance Supermarket provides:
Pre-existing conditions should not worry you when planning for your family's financial stability. With Insurance Supermarket, your family's future is secure. In short, this assurance remains, irrespective of your health history.
Remember, your health should not limit your insurance options. With Insurance Supermarket, opt for easy insurance. Your family deserves security. You can provide it.
Ready to embark on a simple, inclusive insurance journey that acknowledges your unique health status? Don't let a health issue interfere with your loved ones' monetary safety.
Say hello to insurance ease with Insurance Supermarket. Your future is within reach. Guard it today.
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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?
Many Canadians enjoy the benefits of life insurance through their jobs. But is your employer’s life insurance enough for you? Should you rely on the coverage you get from your work to protect your family’s financial stability?
In this article, we’ll focus on answering these questions. First, we’ll start by explaining what kind of life insurance your employer is providing you with. Then, we’ll go over some of the strengths and weaknesses of employer-provided life insurance. Finally, we’ll show what an individual life insurance plan does better, and how you could use an individual plan to supplement your job’s life insurance policy.
The kind of life insurance that an employer provides to its employees is called Group Life insurance. As the name implies, group life insurance is a policy that covers a group of people, in this case employees of a company.
With a group life plan, the policyholder is not the same as the insured party. The policyholder is the company, whereas the insured party is the group of employees like you. The big advantage of this is that the company is responsible for paying all or a majority of the policy’s premiums. This leaves you, the employee, with very little responsibility and all the benefits of your group life insurance!
There are two conventional ways for determining your group life insurance’s coverage amount. The first is a fixed amount that is identical for all insured persons under the policy. The second is a multiple of the insured employee’s salary, typically 2 or 3 years worth.
While we believe you shouldn’t rely too much on your employer’s life insurance, there are still great sides to it. It’s important to know what good comes from a Group Life plan to see where it falls short later on.
So let’s look at the upsides of a Group Life policy:
Accessibility: If your employer offers life insurance, you are guaranteed to be eligible for it upon being hired. And since it’s part of your benefits package, most of the administrative work will be done by your employer.
Cost: Your employer will either pay a majority or all of your policy’s premiums. Because of this, Group Life plans can be extremely cheap, if not free, for you.
Early coverage: If you’re still early in your career, you’re probably not thinking about life insurance. Or, you might not be able to afford it. Employer life insurance ignores these obstacles and just gives you coverage automatically.
Customizability: Despite being group policies, you will generally have some level of flexibility with what you get out of your life insurance package. This is especially true for employees who have spent a long time with a company and their life circumstances have changed.
Despite being a great (and guaranteed!) source of financial protection, there are some big issues with Group Life policies. It’s crucial to know exactly where your employer’s life insurance policy falls short.
Limited mobility & security: The thing about your job’s life insurance is that… it’s tied to your job. This means that your life insurance plan won’t be portable. If you are laid off, change jobs, retire, quit, or your employer goes out of business or sells, chances are, your current protection won’t carry over with you. Unlike a personal policy, life insurance that’s tied to a group policy has no guarantee of being in effect if and when you actually need it.
Not enough coverage: A Group Life policy will usually provide a coverage of around 2 or 3 times your salary. With the average Canadian salary floating around 50 and 60,000 dollars per year, that amounts to $100,000–$180,000 of coverage. While this is more than enough coverage for your 20 year old single coworker with no children, for example, it won’t be nearly enough if you have a family or dependants. If you have dependents, adequate coverage is generally considered to be a policy worth 10-15 times your annual income. Chances are, your group benefits aren’t nearly enough!
Personalization: An individual policy is made just for you. It’s not a general policy that is one-size-fits-all (which is in reality all too commonly one-size-fits-none). It’s a plan that you build together with your provider, going over the exact details so that it perfectly suits your needs. This is where nothing can beat having your own bespoke policy.
Take advantage of your age: No matter how old you are, now is the youngest you’ll ever be. Since life insurance premiums are dependent on age, locking in a personal policy today allows you to keep your rates lower than waiting. Don’t make the common mistake of waiting until your group plan lapses or until a health scare comes up to realize your coverage may not be enough.
Reliability: There’s no middleman with individual plans. It’s just you and your insurance provider. Your death benefit won’t be dependent on your job and employer, and you won’t lose it if you decide to move to another job or retire. As long as you pay your premiums, your coverage isn’t going anywhere, regardless of what happens with your career!
Coverage amount: An individual plan will allow you to get a much bigger coverage than most Group Life policies. According to Investopedia, it’s best to aim for a coverage of about 10 times your current salary. It’s very unlikely that your employer’s plan will be able to cover you for that amount.
Add-ons and riders: An individual plan allows you to take advantage of the variety of extra features, such as riders, that they offer. You can additionally cover specific cases such as accidental death or injury, or certain serious diseases. Due to employers wanting to keep overhead costs low, most group plans don’t offer additional coverage that would otherwise be beneficial.
Adaptability: Your individual plan can evolve with your situation. If you want to use your individual plan to simply supplement your employer’s life insurance and cover its weaknesses, that’s an option. Later on, if you lose your employer’s coverage, you can renegotiate your individual plan and expand it as needed.
If you’re looking into getting an individual plan, there are a few options to choose from. Here’s a quick rundown of the two most common types of life insurance plans that are available to you.
Term Life Insurance is the most basic and affordable type of life insurance. It provides coverage for a fixed period called “term”, usually ranging from 5 to 30 years. If you die during this period, your beneficiaries will receive your death benefit. But once your term ends, your policy expires. It’s a great choice for people looking to protect the financial stability of their families through a specific period at an affordable rate.
Permanent Life Insurance is the more sophisticated type of life insurance. It has no expiry date, so as long as you’re paying premiums, you’ll stay protected forever. Permanent Life Insurance has more advanced things you can do with your plan, like borrowing against it or using it for estate planning. The added usability and reliability of permanent life insurance comes with a higher price tag.
Want to learn more about Term Life and Permanent Life insurance? Check out our Life Insurance 101 blog for a more detailed explanation!
When a job offers life insurance as a benefit, it’s always a blessing. With little premiums to pay, it’s a great bonus for employees of a company. What we tried to show in this blog post is that it’s best to think of your Group Life policy as just that: a bonus.
Because of the nature of Group Life policies, they end up being too generalist in their approach and too rigid to be relied upon by individuals. While we believe everyone should take advantage of whatever benefits their job offers, we also think it can be risky to rely on these benefits too heavily.
If you have an employer-provided life insurance policy, the best thing you can do is to supplement it with an individual policy of your own. This way, you’ll cover up any weaknesses that your Group Life policy has, and you’ll have a financial safety net that won’t go away if your job does. (And, you’ll be surprised to learn how affordable insurance can actually be, potentially starting at just a dollar a day.)
A problem with employer-provided life insurance is that it makes people forget how important having your own plan is. And the earlier you start, the cheaper your premiums will be. So there’s no better time than now to get the best plan for your needs!
With our group of experienced advisors, we’ll be able to help you figure out what you need to supplement your work’s life insurance plan. We’ll help you get started today - it’s easier than you think!
