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Who can apply for Life insurance? |
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This depends on the insurance company, but generally speaking individuals
who are 18 to 80 years of age and who are resident in Canada are eligible
to apply. Most companies also offer coverage for children as riders
on the applications of their parent(s). |
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How much term life can I purchase? |
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This depends on the insurance carrier, but generally speaking term
life insurance offers coverage ranging from $20,000 to a maximum of
$10,000,000. |
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When does coverage begin? |
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This depends on the carrier, but usually coverage will start on
the date the head office approves the policy. In some conditions,
where money is submitted along with the application, a temporary insurance
certificate is issued to the proposed insured, which provides coverage
during the underwriting process. |
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What if I change my mind after applying for coverage? |
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Canadian insurance law stipulates that you have a 10-day right (starting
the day the policy is delivered) to examine any insurance policy purchased,
and if not completely satisfied you can return the policy for a full
refund of any premiums paid. |
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How do I cancel coverage? |
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This depends on the carrier. Usually, written notice is required
by the owner of the policy. However, some carriers do allow cancellation
of a policy over the phone. |
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What is not covered under the policy? |
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This depends on the insurance company. Virtually all insurance companies
have a suicide clause that will limit benefits paid if the insured
dies by suicide within the first one or two years of the policy. |
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Can I reduce my coverage? |
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Absolutely, coverage can always be reduced. |
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Can I increase my coverage? |
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Coverage can usually be increased, but there may be medical requirements,
and additional premiums will need to be paid. |
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Should I consider term life insurance as an alternative
to mortgage insurance from the banks? |
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Denifitely!!! Your own individual Mortgage Life Insurance is usually
better and often cheaper than the banks’ mortgage life insurance
for protecting the mortgage on your home. |
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For a comparison of the advantages of your individual mortgage life
insurance over the banks’ mortgage life insurance, see the information
under Mortgage Insurance on this website. |
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Can I get insurance if I am a smoker? |
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Smoking DOES NOT prevent you from getting insurance. However, most
insurance companies have special rates for smokers. To qualify for
non-smoker rates, most companies require that there has been no smoking
for a period of twelve months before applying for insurance. |
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What if I quit smoking after I'm insured? |
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This depends on the insurance company. Usually, once you abstain
from smoking for twelve consecutive months, you can apply for an amendment
that will give you non-smoker rates at that point in time. Non-smoker
rates are usually lower than smoker rates. Thus you save money ( premiums)
as a non-smoker. |
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Can I convert my term life policy to permanent insurance? |
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All of the term policies sold by IFSC’s brokers are convertible
to permanent insurance (also called whole life or universal life insurance)
at various times during the term of the policy. This conversion takes
place without you having to take another medical exam or re-apply.
It doesn’t matter if your health had changed, the conversion
is guaranteed! |
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This option provides reassurance and flexibility should your health
or insurance needs change after your original purchase through IFSC’s
brokers or agents.. |
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Can I renew my policy? |
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All of the term life policies we sell give you the option of renewing
the coverage when the initial term period (e.g. 10, 25, 20 etc) expires.
Most importantly, the coverage is renewed without you having to take
another medical exam or reapply, so you can continue your coverage
even if there have been changes in your health. Premium charges will
increase when the initial term period expires. |
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I've had some health issues. Can I still get insurance? |
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There's a very good chance you can. Some of the insurance companies
whose products IFSC’s brokers sell are designed for people with
less than perfect health. Our brokers have helped people, including
those with diabetes, high blood pressure etc, get the coverage they
need at the best price available. Each case is assessed on its own
merit. Give us a call at 416-834-4404 or 1-877-529-4372 and our brokers
will assist you promptly. |
