This blog is about No Medical Life Insurance which is the best option for Vancouver residents who:
- Have a health condition that may make them uninsurable with the traditional insurance companies.
- Have been declined for life insurance.
- Need life insurance right away and can’t wait weeks to have their application underwritten and processed.
- Don’t have time for a medical exam.
- Have a fear of needles – as many life insurance applications require a blood test.
- Have a high risk job or hobby.
- Are seniors between the age of 60 and 80.
No Medical Life Insurance – The Financial Advantage
Life insurance is an important piece of good financial planning and it’s the easiest and most effective way to make sure your loved ones are protected. No medical life insurance in Vancouver works to provide your beneficiaries with a creditor-protected and tax free benefit when you pass away.
The money from your No Medical Life Insurance policy death benefit can:
- Pay off any loans, mortgages, or other debt
- Pay final expenses such as probate fees, estate taxes, and funeral costs
- Be a gift or legacy to children and grandchildren
- Be a charitable donation to your church or chosen cause
- Supplement retirement income for a surviving spouse
Where to Get No Medical Life Insurance and Tips for Reducing the Cost
There are many options when it comes to no medical life insurance, and since many major life insurance companies offer this product, the competition keeps prices reasonable. Some of the top companies in Canada that offer No Medical Life Insurance include:
- Assumption life insurance
- Industrial Alliance
- Equitable Life Insurance
- Manulife Financial Insurance
- Sun Life Financial Insurance
While each company will have their own premium, these tips generally work across the board for reducing your cost of a No Medical Life Insurance policy:
- Make sure your age rounds up rather than down. If your birthday is at the end of the year, purchase your no life insurance policy at the beginning…or ask your broker to ‘save your age’, this way you will pay the rate for your lowest age.
- Pay your premiums annually instead of monthly. The net cost of annual payments are lower than monthly.
- There are a range of options for seniors. If you’re a senior, insist your broker do some comparison shopping to find a policy that meets your needs.
- Insurance carriers treat cancer cases differently, so if you’ve had or have cancer, you should get advice from an experienced life insurance expert.
- Contact an experienced life insurance broker for other cost-reducing tips. It’s free and you’re not obligated to buy. Brokers work with a variety of carriers, so they shop the market and find the best policy and price on your behalf.
At Shelter Bay Financial Corp., we’re a life insurance brokerage firm and we offer all our price comparison and advice services online and by telephone. If you have health conditions, we can find the best No Medical Life Insurance policy for your situation, and we’ll ensure you get the best price too.
We use a very easy screen sharing method for the application and signing process so you can see exactly what we see on your computer, tablet or smart phone. You don’t have to take time from your busy day to come to our office. We make getting No Medical Life Insurance quick and easy.
Click here to learn more about No Medical Life Insurance.