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Simplified or guaranteed issue life insurance… to simplify your life
By Beneva*
Our SSQ financial security advisors have come to learn that at a certain age, it can sometimes be difficult to get life insurance coverage. That’s why we developed a solution.
SSQ Insurance knows that time is precious, which is why it now offers simplified and guaranteed issue life insurance products. In less than one hour, you’re insured!1
What is simplified life insurance?
It differs from traditional life insurance in its simplicity and how quickly you can be covered.
Rather than meeting with an advisor in person and seeing a nurse for blood and urine samples, you can apply for it with your advisor and simply answer a short health questionnaire.
Your advisor will ask you questions about recent hospitalizations or any critical illnesses such as multiple sclerosis or Alzheimer’s you may be suffering from.
Your advisor will also ask about your smoking and drinking habits as well as your height and weight.
Your answers will be run through a medical database, which will enable the insurance company to assess your insurance risk.
After analyzing your needs, your advisor will determine if you qualify and if so, what the premium will be. Once the insurance application is submitted, the policy is issued in under 60 minutes.
It’s as easy as that!
Is it right for you?
Are you in good health? Do you have basic financial needs? Do you want to get insured quickly? If so, simplified life insurance is for you.
However, just like traditional life insurance, there’s no guarantee that the insurer will cover you. Essentially, if you have a critical illness such as cancer or Hepatitis C, then simplified life insurance is not for you. In this situation, you should consider traditional life insurance which is subject to a full underwriting process or guaranteed issue life insurance.
Certain terms and conditions apply if you work in a high-risk profession or if you engage in dangerous sports.
Guaranteed issue life insurance: another convenient option
Guaranteed issue insurance is another insurance product that can provide coverage for your loved ones in the event of your death.
As the name implies, the insurance company cannot decline your application and you are automatically covered with no medical exam.2
Guaranteed issue insurance complements other types of life insurance and is often recommended if you have not pre-planned funeral arrangements.
With no additional coverage options, it can provide an insurance amount of up to $50,000. After age 71, coverage is limited to $25,000.
More relevant than ever in these times of social distancing
The social distancing measures implemented to reduce the spread of COVID-19 mean that face-to-face meetings with advisors or nurses may be a cause for concern.
A no-contact remote application process is a worry-free way to protect your financial security.
How to purchase simplified or guaranteed issue life insurance?
We recommend starting with an assessment of your situation by an advisor.
To do so with an SSQ Insurance financial security advisor, call 1 866 225-5050.
1 It may take longer to issue an insurance policy for existing clients.
2 Some conditions and restrictions apply.
*Beneva designates Beneva Inc., Financial Services Firm.
Note: This document is provided for information purposes only. Under any circumstances, it should not be considered as financial, legal or tax advice. For advice on your personal situation, speak to your advisor. Beneva Inc. cannot be held responsible for any decision made as a result of reading this blog post.
Life, health and accident insurance, and investment and retirement products are offered by Beneva and are distributed by the financial security advisors of Beneva Inc., Financial Services Firm.
