- November 13, 2013
- Posted by: Brian Poncelet
- Category: Approved, Life Insurance, World News Insurance
The short answer is probably not. However he maybe able to get some special coverage assuming he gets the right help. Yes it maybe rated but…why not. You don’t know unless you try.
Fact: Roughly 4% of life insurance applications in Canada are declined each year. This represents an estimated 35,000 policies and $7 billion coverage. 80% of these declines are due to medical reasons.
- Special Coverage has been designed specifically to enable many clients that have been declined elsewhere for medical reasons to obtain valuable life insurance coverage.
Through a combination of special plan design features and unique special risk underwriting expertise and experience, we can offer coverage to many otherwise uninsurable individuals. Among the more common medical conditions we have been able to insure are:
- Heart disease
- Cancer survivors
- Obesity (this seems to be a issue)
- Alcohol, drug abuse (I think this is a problem)
- Mental disorders
- Kidney transplants
- Multiple conditions
Highlights of the Special Coverage Plan include:
- Level term insurance for 20 years (or until age 75, whichever occurs first)
- Issue ages 20 to 65
- Face amounts $50,000 to $500,000*
- Fixed pricing – Most of those who qualify for coverage will pay the published and quoted rates. A 2nd tier of rates, roughly 40% higher, allows us to offer coverage to many others that would otherwise be declined.
- Innovative optional Premium Refund Rider
- Full underwriting, full benefits from issue
* for larger needs we can offer supplementary accidental death coverage through Lloyd’s, London.