IN FOCUS: Hard to Insure Clients

Why hard-to-insure clients present a good business opportunity

Nov 04, 2016
There’s a portion of people living in Canada today for whom getting life insurance is an arduous task. Advisors have the chance to make a real difference

Working with hard-to-insure individuals gives advisors the opportunity to really make a difference; to offer coverage to people who really need it. Whether it’s due to medical, financial or residential status, there’s a portion of people living in Canada today for whom getting life insurance is an arduous task. Some are quoted exorbitant rates by traditional insurers, others are refused altogether.

It’s with these obstacles in mind that Canada Protection Plan launched its suite of no medical and simplified issue life insurance products. Thousands of Canadians, and their advisors, now have an option when before they had nowhere to turn.

Canada Protection Plan does not require a doctor’s visit or a medical report for most plans and the company does not ask a client if they’ve ever been declined or rated for life insurance. 

“We can get a policy done in as little as 24 hours and we ensure that consumers are not poked, prodded or asked too many questions,” says Michael Aziz, SVP of Sales at Canada Protection Plan. “With our new product, you can get up to $500,000 of insurance coverage with no medical requirements; that’s revolutionary. 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.”

The modern consumer leads a busy, active life and in many cases doesn’t have the time or inclination to sit down and complete an application form face-to-face “They still need the advice and guidance but they want to do things on their phone, computer or tablet and they want to do it on their own terms in their own time,” Aziz says.

In an attempt to speed up the process for everyone involved, Canada Protection Plan launched its e-application service, which helps client get coverage in just a few days with the help of their advisor. Millennials want things done quickly, and this sort of application system seems to answer those demands.

Available through over 25,000 independent insurance advisors across Canada, Canada Protection Plan’s ethos is to make sure that everyone in the country can get insurance, not just those in great health with an attractive bank balance. “There are so many people in Canada who go uninsured and we’re trying to change that,” Aziz says. “Canadians deserve life insurance coverage, and products that provide those people with options are a game changer.”

Canada Protection Plan is a disruptor in the insurance industry. They are the first to offer $500,000 in no medical coverage for the hard to insure market and the first to require no payment for the first month’s premium, on monthly payment plans.

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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.

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