These day’s people disqualify themselves from getting life insurance because they feel that their health issues are too severe for any Life insurance Canada company to consider. Truth of the matter is that not everyone can get approved but if you have a high risk life insurance expert on your side you can get a very good idea beforehand on how many hurdles you will have to go though and if it will make sense financially before getting declined. Experienced brokers at Lifeman Insurance specialize in getting applicants approved with health, and lifestyle issues and based on experience they identify the best way of getting a client approved at the least expensive rate. They will also do a general inquiry which prevents you from getting a decline on the Medical Information Bureau beforehand by getting a rough idea from all 18 of the Best Life Insurance Companies if you would be declined, approved or rated. These are not set in stone but if all 18 companies come back with declines you might as well not waste any more of your time.
Some of the strategies your high risk life insurance specialists have implemented are submitting multiple life insurance applications to various insurance companies to get the best rates simultaneously. This can be a tedious process on the broker’s side but knowing that underwriters are human and decisions can vary, the approval rate percentages can increase greatly by using this particular strategy and it can lead to overall huge cost savings for your client.
What is considering high risk insurance?
High risk insurance is considered a situation where an applicant may have health or lifestyle issues that can impact approval. These types of issues can include a history of cancer, heart attack, high blood pressure, cholesterol, diabetes, depression, drug use, and even dui or arrests in the past.
Can I get approved?
You would be surprised but by using our high risk life insurance strategy, we often get people approved with significant health or lifestyle issues. This can lead to over all savings because of the extra mile that Lifeman puts into his clients before the application even goes out. This is not a situation that would be used all the time, but with many of our cases it has proven to be very successful. Depending on the health issue you will get approved with a modification to the policy. We call this modification a rating. A rating is a higher premium attributed to the policy based on the higher risk of health or lifestyle.
High Risk Case Study
The below example is a real life example but all names have been changed
Giovanna Rosetta is 43 years old female and she is a non smoker. She lost her husband and suffered from mild depression and some weight gain factors. She was approved originally for 500k of coverage but this included a rating which increased her initially quotes price of $250 per month up to $500 per month. She met with a Lifeman Insurance High Risk Specialist and being that she had lost weight and went off all medication as she was no longer depressed, it was suggested that she apply to more than one insurance company because of her past medical history which was considered high risk. As a result 3 different decisions came back, one was declined, was approved with a slight rating and the final company approved the policy standard. This was a savings of $250 dollars a month for a longer term. Giovanna was so pleased she took the policy for 1 million and even locked it in for a longer term.
Call our High Risk Insurance broker anytime or you can email your questions below.