Insurance solutions for smokers

Smokers typically believe that their not healthy habits make them too expensive to insure or not insurable at all. However, in most cases, you can still get insurance plans and often at better rates than you might think.

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No medical exam life insurance for smokers

A no medical life insurance policy could be the answer for smokers.

Whether you’ve been denied life insurance before due to your age, health, or smoking; or you’re concerned you may be denied life insurance should you seek it, you can still be covered under a variety of policies. No Medical life insurance may be the perfect solution for you.

No Medical life insurance allows you to obtain coverage with no medical exam, insurance that can cover you through a specific term or for a lifetime.

There are a few no medical exam and simplified issue term and permanent life insurance (whole life insurance) providers in Canada. A variety of plans are designed to make it easier for everyone, including hard-to-insure people, to get the life insurance coverage up to $200K when it’s least expected.

Those plans can provide accessible, full-spectrum coverage regardless of your health condition, smoking, health history, age, or income; whether you are in good health or hard-to-insure. Often, it’s the only way for smokers to get life insurance.

Key benefits of no medical exam and simplified issue life insurance

 No medical exams required: It’s a major advantage. If you are a Canadian resident between 18 and 80 you can apply and your application will be accepted.

• No denial due to smoking: If you are a Canadian resident between the ages of 50 and 75, you will be instantly approved for coverage ranging from $5,000 to $25,000. You can get covered even if you have been turned down before. There are no health questions and no medical tests when you apply.
• Lifelong coverage: It is protection for a lifetime. As long as you make your regular payments, your coverage will never be cancelled. There’s no end date.
• Guaranteed premiums: Your premiums will not go up and your coverage will not go down. When you reach age 100, you won’t pay anything.
• Tax-free lump sum: Your coverage will be paid directly to your beneficiary – tax free. No questions asked. Your beneficiary can use the lump-sum payment towards funeral costs, outstanding debts and loans, living expenses… The choice will be theirs.
• Compassionate advance living benefit: Once your coverage has been active for 2 years, you can choose to take 50% of the death benefit in advance if you’re diagnosed with a terminal illness. The remaining 50% is paid directly to your beneficiary when you pass away.
• Accidental death benefit: In the case of accidental death before age 85, your benefit amount will increase 5X if you’ve been covered for over 2 years. That means your beneficiary could receive up to $125,000.

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No medical exam critical illness insurance

Even if you are a smoker and realize the health risks of it, you don’t plan to be sick, but what’s your plan if you are? Illness can strike at any time, and the impact can be devastating, both to your well-being and your financial security. Critical Illness Insurance offers you the security of a plan that helps you when you’re sick and supports you while you recover. And best of all – your coverage is guaranteed.

Key benefits of no medical exam critical illness insurance

 Guaranteed acceptance: On the Canadian market, you can find many critical illness insurance policies that guarantee acceptance for all Canadians ages 18 to 69, with guaranteed coverage up to $25,000 with no medical questions required.

• Dependable coverage to age 75: Make sure your coverage lasts as long as you need it to. Your policy cannot be cancelled or expired before age 75 without your consent, ensuring your family has the protection they need when they need it most.
• Instant issue policy: The value of critical illness insurance speaks for itself. You can purchase a policy online, at your leisure. All policies are considered in force from the day you apply, giving you instant protection.
• Tax-free benefit paid to you: No one knows better about your health than you, and you have the full freedom to choose how to use your benefit. Whether you need to travel for care, or just need to take time off – your benefit works in your best interests.
• 30-Day review period: Deciding whether to get insured isn’t easy or to be taken lightly. You can review your policy and make sure that it’s right for you. You may cancel your coverage with no obligation and receive a full refund of your premiums within the first 30 days, if you feel this policy isn’t suitable for you.
• Benefit payable upon cancer diagnosis
• Payment to be used any way you prefer
• Guaranteed renewable contract up to age 75
• Eligibility from birth to age 65
• Optional coverage: prevention, critical illness and return of premiums available
• Available plans: terms 10, 20 and 75
• Return of premiums: For those who are under age 55, the Return of Premiums option can be added to the coverage. This will return 100% of all premiums to the beneficiary if the insured person dies while the contract is in effect, less any claim payments. If the contract expires at age 75, this option will return up to 50% of all premiums paid, less any claim payments.

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Group health insurance

If you run your own business or you work for one, there is a variety of group health insurance plans that can meet your needs. For many of those plans, there is no minimum number of employees or years in business required to apply.

Although the federal and Ontario governments provide with major health insurance programs such as OHIP, disability, workplace injuries, etc., they don’t cover everything. Group health insurance provides additional healthcare coverage to a select group of people, for example the employees of a common employer, the members of a society, professional association or NGO.

A group of people can NOT be created only for the purpose of obtaining group health insurance. To be eligible to purchase group health insurance, people must belong to the group for other reasons that are unrelated to insurance.

Key benefits of group health insurance

 Coverage: Usually, a group health insurance policy covers prescription drugs, dental and vision care, physiotherapy and other health services to better ensure the physical, mental and financial health of insured members.

• Coverage for dependents: In addition, dependents of eligible group members are generally eligible for coverage under a group plan. Dependents include spouses and children. Dependents cannot enrol for coverage unless the employee has enrolled. Normally, group insurance plans extend coverage to adult dependents through age 26.
• Uniform in nature: Group health insurance plans are uniform in nature, offering the same benefits to all members of the group.
• No medical examination: Because group health insurance is uniform in nature it doesn’t require any medical tests
• Significantly lower costs: Members of the group buy insurance on a “wholesale” basis. The coverage costs each individual member much less than if they had to purchase an individual health insurance plan.
• Equal payments: Every insured person in the group pays the same premium amount regardless of their age or other factors.
• Master Policy Holder: To save administrative costs, there is often a Master Policy Holder who will retain the documentation on behalf of the members, and may deal with the members on behalf of the insurer. The Master Policy Holder also ensures each member gets their certificate of coverage stating the details of the premium paid, cover available, term of the cover and the claims process
• Coverage renewal: Generally, people are eligible to renew coverage while they continue to be members of the group.
• Coverage termination: If a person leaves the company or organization, their coverage is terminated.

In addition to all the benefits of group health insurance I’ve already mentioned, there are three major advantages for smokers:

• Opportunity to obtain basic coverage without evidence of insurability.

• Possibility to pick and choose a plan that best suits their needs.
• Chance to share costs with your employer.

However, the best insurance solution for smokers is quitting smoking.