The hard-to-insure market can often be just that for advisors: ‘hard’. Rather than developing programs and policies to help these types of clients, traditional carriers have turned their backs. When you consider that a health condition is one of the main reasons why insurance is refused, the plight of these prospective clients becomes all the more real.
“Traditional carriers are much stricter on individuals who suffer with diabetes, heart attack, stroke, depression, schizophrenia, bipolar, histories of cancers, rheumatoid arthritis and lupus,” says Michael Aziz, SVP of Sales at Canada Protection Plan. “We’ve developed policies that allows us to provide insurance insure all of those conditions. Our application works with ‘yes’ ‘no’ questions. If you have suffered with a certain condition within a period you answer ‘yes’, if you don’t have it then you answer ‘no’ and move on.”
Canadians suffering with these types of conditions already have enough uncertainty in their lives. Waiting on medical test results and prognoses from doctors is as bad as it should get – these people shouldn’t have to wait days to hear that they’ve been refused for an insurance product they really need.
“When the advisor walks away from the application, their client should know exactly what type of coverage they qualify for,” Aziz says. “They should have a clear and quick picture about the maximum coverage and the premium. Nothing should be left to the imagination, the client deserves to know right away.”
It’s not just Canadians with health issues who are being neglected by traditional carriers. Those at the other end, the millennials who enjoy ‘high risk’ sports and activities, are also finding it increasingly difficult to secure coverage. “Millennials are into quality of life and going out and having a good time, whether that involves extreme skiing or bungee jumping,” Aziz says. “Many traditional carriers will have exclusions on those activities, but in reality if you’re a bungee jumper and you’re 28 years old, the chances are that you’re not going to die of natural causes in the next few years.”
Aziz, like many advisors. is frustrated by the reluctance of traditional carriers to service the needs of every single Canadian. Just as those in need are difficult to insure, the easy to insure are just that: ‘easy’. “Canadians deserve insurance coverage and products that provide those people with options are a game changer,” he says.
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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.