IN FOCUS: Hard to Insure Clients

Providing hard-to-insure clients with the coverage they desperately need

Nov 03, 2016
A Canadian citizen in good health with a strong financial history has no problem securing a comprehensive life insurance product, but what about everyone else?

If you’re a Canadian citizen in perfect health and with a strong financial history, securing comprehensive life insurance products isn’t going to be a struggle. But what about everyone else; those whose lives haven’t gone to plan at every step of the way? In many cases, the people who are unlucky enough to fit into these categories are penalized or even refused when it comes to purchasing insurance products.

“If, for example, a client has filed for bankruptcy, most traditional carriers will either rate them heavily or decline,” says Michael Aziz, SVP Sales at Canada Protection Plan. “We don’t believe that’s fair. On our No Medical product, we don’t have a bankruptcy question. And we’ve recently increased the coverage limit on that policy from $300,000 to $500,000.”

Newcomers to Canada are another group that often get the short straw when it comes to life insurance. Not having access to a family doctor means that these newcomers face significant hurdles when trying to obtain insurance policies.  “Also, in some parts of the world, certain health conditions are more prevalent, whether it’s diet based or hereditary, which makes it even harder for people to get coverage,” Aziz says. “Newcomers 18-80 years-old can apply, all that is required is a valid work permit. We can get a policy done in as little as 24 hours with no medical requirements and we ensure that consumer is not poked or prodded.”

Having access to these sorts of policies enables Canadian advisors to deliver coverage to the sort of hard-to-insure people who need it most. “Traditionally, these clients would not be able to get coverage at a reasonable rate, but now they can – and they can get it immediately,” Aziz says. “Helping someone who has been declined by another carrier and advisor will also result in the advisor getting referrals.”

“Traditional carriers offer insurance to a large portion of the population but there’s also a large portion who can’t get that coverage. That’s where we come in.”
 

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Company Info

Canada Protection Plan is the leading provider of No Medical & Simplified Issue Life Insurance in Canada. Our goal is simple – we want to make buying life insurance straightforward and easy to purchase. No matter your health, you can apply for affordable coverage fast. We offer coverage up to $500,000 on our No Medical & Simplified Issue Life Insurance plans. This means no medical exams and being able to get protected quickly. We also provide coverage up to $1 million – applying is quick and easy. And now, it’s $0 cost for your first month – applicable on monthly payment plans only.