Are you looking for Life Insurance during the COVID19 crisis? Here’s what you need to know. 

 

There is a misconception that life insurance is now harder to apple for because of COVID19. This is simply incorrect, in fact, it is now easier to apply for life insurance than ever before. Most Canadian insurance companies have made it easier for Canadians to apply and purchase for life insurance. Here is what you need to know. 

 

 

First, because of the recent outbreak, most companies have made applying for life insurance easier. You can now purchase life insurance without having to meet with an advisor face-to-face. Most insurance can now be applied for online and a non-commissioned advisor can walk you through the process over a phone. This also means the approval times have been cut down, so your coverage can be placed in effect much sooner. 

 

 

When it comes to applying for coverage over the phone, their normally will be a maximum you can apply for. With most companies the most they can apply for is $1,000,000. However some companies allow more. As I write this from our office in Richmond hill Ontario, companies like Desjardins offer up to $5,000,000 of life insurance coverage without having to meet with an advisor face-to-face. This means for most Canadians they can find an option that is right for them without having to worry about the process. 

 

 

Depending on the coverage you are apply for, you may be able to purchase coverage without having to have any blood work, saliva test or urine samples taken. Typically you will need to ask a series of health related questions first. The amount of questions will be depended on the carrier you go with. The good news, is there are carriers that offer guaranteed issue policies even if you are in a poor health condition. 

 

 

Guaranteed issue policies are great for people with health conditions, who take several different types of medication and for people who are little older and are worried about high premiums. 

 

The amount of coverage you can purchase with a guaranteed issue policy does change depending on how you answer the questions. The amount of coverage you can with a guaranteed issue policy ranges from $25,000 to $1,000,000 of coverage.

 

Think about all the people you care about and ask yourself, what would their life look like if you were not around to provide for them. How would they be impacted financially? Would they have trouble paying for a mortgage, food cost, clothing etc. If you answered yes, you should look for a life insurance policy that will help you protect the people you care about that doesn’t break the bank to get you there.