Life happens and life insurance is not high on the priority list for the majority of people. The sad truth is that many people only start thinking about insurance after an eye-opening experience. Covid-19 has reminded us all that “any thing can happen”.
Many Canadians are waking up to this new reality and realizing their family is under insured or not protected at all. It is a great time to be having an insurance conversation. But what if you were avoiding buying insurance because you think that you may be medically ineligible? If you have a medical condition, you are in a greater need of insurance because you are a greater risk. Insurers know this and will either charge more or deny coverage.
Traditional insurers will try their hardest to exclude high risk individuals, but there are insurance providers that specialize in the hard to insure. Diabetics, cancer survivors, or other higher risk individuals can all be insured quickly at least to some extent by these providers.
Through most traditional insurers a diabetic who uses insulin will be declined coverage. Through the non-medical market, it is possible to get up to $500,000 worth of life insurance.
If you have dependents, you should have life insurance. If you think you are hard to insure, it may be easier than you think.
By: Alexander Hutchison | Life Insurance Advisor
Blair + Adrian Wealth Advisory
Photo by Austin Chan on Unsplash