What Company Should I Choose?
Besides the obvious factor of price, each different company has its own set of advantages and disadvantages that may suit you better.
RBC for fastest application
About RBC Insurance RBC Insurance® offers a wide range of life, health, home, auto, travel, wealth, annuities and reinsurance advice and solutions, as well as creditor and business insurance services to individual, business and group clients.
RBC Insurance is the brand name for the insurance operating entities of Royal Bank of Canada. Among the largest Canadian bank-owned insurance organizations, RBC Insurance has approximately 2,900 employees who serve more than five million clients globally.
For more information, visit rbcinsurance.com. The Canadian head office for RBC Insurance is in Mississauga, Ontario.
- Credit Rating: A+ (Superior) Source – A.M. Best
- RBC will have the fastest online application time as they will have a telephone interviewer call you to ask you all the medical questions required
- Approval time can vary anywhere from 1-4 weeks
- A medical exam may be required
iA Financial Group
iA for fastest approval
About iA Financial Group
iA Financial Group is one of the largest insurance and wealth management groups in Canada, with operations in the United States. Founded in 1892, it is an important Canadian public company and is listed on the Toronto Stock Exchange under the ticker symbols IAG (common shares) and IAF (preferred shares).
Our new company structure gives us more flexibility to execute our growth strategy. Our new holding company created on January 1, 2019, iA Financial Corporation Inc., will better serve our ambitions and the changing needs of our multi-faceted financial services organization.
- Credit Rating: A+ (Superior) Source – A.M. Best
- iA Financial Group will have the fastest approval time often coming back with an offer instantly!
- Approval time can vary between instantly and 4 weeks, however, you will know right away if you’re approved instantly, or if they require further information.
- A medical exam may be required.
Canada Protection Plan (CPP)
CPP for guaranteed no medical exam
Canada Protection Plan was founded in 1992 in Toronto. At that time, we offered one No Medical permanent insurance product for sale through independent insurance advisors.
Our business has expanded in many ways over the years. First, we developed a suite of permanent No Medical products and in 2006, we introduced several No Medical term life insurance options.
We introduced our Call Centre and direct to consumer sales began in 2006. In 2008, Call Centre sales could be completed over the phone.
Today, we are proud to offer our customers a wide selection that makes it easier than ever to purchase No Medical & Simplified Issue Life and Critical Illness Insurance.
We stand by our mission which is to provide protection for those who may have difficulty obtaining life insurance coverage due to health issues as well as for those who are in good health.
- Credit Rating: N/A – Foresters A (Excellent) Source – A.M. Best
- CPP has a competitively priced life insurance product with a guaranteed no medical exam!
- Approval time can vary between 1-3 weeks.
- No medical exam will be required.
What Term Should I choose?
You can choose between a 10, 20, or 30-year term to fit your specific needs.
The premium will be locked in at whatever term you choose and will not increase until that period ends, and the life insurance renews.
You can either choose to renew at the increased rates, shop the market for better rates at that time, or cancel the insurance altogether as it may not be needed anymore.
If you’re unsure about which term is best for you, take Our Recommendation Quiz to find out what term may be best for you!
What Coverage Amount Should I Choose?
You can choose a cover amount between $100,000-$5,000,000.
Feel free to adjust the coverage amount as you see fit to find a price that fits within your budget.
If you are unsure about how much insurance you may need, take Our Recommendation Quiz to find out!
Can I Add My Partner?
If you want to add your spouse to the coverage, it’s easy!
Simply click the “Add my spouse” button and enter their information.
When adding your spouse, you will be shown your price, your spouse’s price, and the total price of both policies together. When applying we will ask for information on both you and your spouse.
Although you will apply together, your policies will be separately owned by each individual!
This way if anyone individual wanted to cancel their insurance in the future it would not affect the other spouse.
Who is Considered a Smoker?
Are you considered a smoker?
Determining if you’re considered a smoker or not for the purposes of life insurance can mean the difference between a relatively inexpensive premium or one that’s more expensive.
You may consider yourself a non-smoker as you don’t regularly smoke cigarettes, but an insurance company will look at more than just that.
Each company is slightly different in its approach to determining non-smoker eligibility however the following guidelines can be used.
In the last 12 months have you used tobacco in any of the following forms:
- Cannabis (Marijuana) mixed with tobacco
- Electronic cigarettes
- Chewing tobacco
- Betel nuts
- Water Pipe
If you answered “Yes” to any of those forms within the last 12 months that you will most likely be considered a smoker.
What about Marijuana use?
Marijuana has come a long way since being considered a dangerous and harmful substance that would usually result in a decline from the insurance carrier.
They will not usually consider a marijuana user a smoker, however, they may give a small rating to the policy meaning an increased premium.
Most carriers treat cannabis use (regardless of form) on a case-by-case basis and are dependent on the frequency and quantity consumed.
In most cases, if you consume less than 1-3 forms of cannabis per week you should either be approved at standard rates or have a small rating applied to the premium.
In some cases, if you are a daily consumer of cannabis you will most likely be rated at 50% of the premium but this could be different based on a multitude of factors.
What if you smoke the occasional Cigar?
Maybe you like to have the occasional cigar on the golf course or with your father-in-law at Christmas, does the insurance company rate you as a smoker for your infrequent use of cigars?
Good news! Most insurance companies don’t view the occasional cigar as a smoker status.
Depending on the carrier they will allow anywhere from 6-18 cigars a year without considering you a smoker!
If you smoke more than the allowed limit however they will rate you as a smoker.