3 Changes That Make Getting Insurance Easier Than Ever
Applying for life insurance just got easier….. and less invasive.
Manulife Financial launched their new Vitality program (see my last post) a few months ago and announced that they will be eliminating much of the medical testing previously required. Now Sun Life Financial has announced similar changes for both Life Insurance and Critical Illness applications. Several of the big insurers have made getting insurance easier and quicker by launching E-applications, allowing advisors to complete applications electronically, when you cannot meet in person.
So what does this mean for you?
Depending on which company you apply with:
- No upfront blood tests, saliva, urine and other medical data are needed, simply answer the questions on the application. (Manulife allows this for new insurance of up to $1M from applicants between ages 18-40)
- Electronic applications can be completed over the phone, from the comfort of your home or office.
- Faster turnaround time for approvals, especially on clean applications (i.e. no medical issues). Standard turnaround time previously was 4-6 weeks. Now approvals have been issued in less than 10 days from submission date!
Why are insurance companies making these changes?
Medical advancements and new technology have shown it is possible to underwrite certain policies without obtaining detailed medical data. They also know that Canadians have been wanting a less invasive and simpler way to get insured. By reducing medical requirements it not only cuts expenses for insurers, it allows Canadians to get the insurance they need faster and more easily.
The bottom line: 2017 is the year to get the protection you need for yourself and your family, it’s never been easier!
Want to learn more about your options when it comes to life insurance, disability and critical illness? Contact me today for your complimentary 30-minute healthcare strategy session!
Want more tips on how to avoid out of pocket health expenses? Get my free e-report: 5 Ways To Avoid Costly Out Of Pocket Medical Expenses.
Aviva Abraham is a group benefits and insurance advisor at Creative Planning. She has been providing healthcare solutions for self employed and business owners since 2010. You can reach her at email@example.com or 416-545-5310.