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What is covered under this policy?
- Death from any activity in any country (Excluding suicide in the first two years)
What’s included with this policy?
- A lump sum tax-free death benefit that will be paid to your loved ones in the event that you, unfortunately, passed away
- A fixed-rate for the term that you select and guaranteed renewability (meaning you can renew the policy once your term is finished regardless of what happens to your health)
- 30-day grace period for missed payments
- 10-day free look period to cancel and get all your premiums back
- Cancel anytime after that without fees or penalties
What isn’t covered under this policy?
- Suicide in the first two years of the policy (this is industry standard), however, your premiums paid would be returned if this did occur
How is this different from other insurance?
Both policies through CPP and iA are “Simplified Issue” products. This type of insurance is typically cheaper than traditional insurance for individuals who are engaged in extreme sports. Traditional insurance may appear less expensive initially but once your sports are disclosed the price is usually significantly increased or they will offer you an exclusion for those sports. You can learn more about that here
I found insurance at a cheaper rate somewhere else, what gives?
All companies and insurance brokers will show prices for traditional life insurance at standard rates. That price is only an estimate and assumes that your lifestyle habits don’t include any extreme sports. If you went to apply for any of these companies, they would offer you either an exclusion (meaning they won’t cover) for your sports, or a rating. In most cases, the rating will be substantially more expensive than our simplified issue products. You can learn more about that here
What if I don’t do that many extreme sports or I do them very infrequently?
If you aren’t ly involved in any extreme sports, it may be cost effective for you to apply with a traditional product (which we also offer!). If you’re not certain which side of the fence you’re on, schedule a call with us and we’ll push you in the right direction.
Does this insurance require a medical exam?
Nope! Our simplified issue products that cover extreme sports don’t require a medical exam. You can skip the needles and paramedical questions!
Are there any reasons it won’t pay?
There are only two reasons an insurance company can deny a claim. Suicide within the first 2 years and fraud on the application. If you answer the questions truthfully, you have nothing to worry about. Read more about that here