General Questions
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What is No Medical Life Insurance?
In order to be accepted for a life insurance policy, the insurance company will ask for a medical exam to ensure you’re not at risk of disease or have a history of drug or alcohol abuse. If you’ve been denied life insurance for any reason, this is where no medical life insurance can come in.
You don’t have to undergo a medical examination or worry about being denied life insurance because of a pre-existing medical condition. There are many benefits to purchasing a no medical life insurance plan, one of which being that you do not have to pay higher premiums just because you have a health condition, particularly if you work with an experienced individual life insurance broker like Maple Bay. We can guarantee that you will not end up having to pay a fortune or having to wait a long time to be accepted by an insurance company.
For more information, please click the link below:
https://www.maplebay.ca/everything-you-need-to-know-about-no-medical-life-insurance/
What Is Term Life Insurance?
Term life insurance is a simple, affordable way to protect your loved ones for a set period—usually 10, 20, or 30 years. If you pass away during that time, your beneficiary receives a tax-free lump sum (called a death benefit) to help cover expenses like income loss, debts, or future goals.
You pay a monthly premium to keep the policy active. If you outlive the term, coverage ends—but you may have the option to renew or apply for a new policy. Just keep in mind that premiums increase with age, so it’s smart to choose a term that covers the years your family needs protection most.
Which Term Length is right for me?
The right term length depends on your life stage and financial goals. If you want lifelong coverage that doesn’t expire, whole life insurance may be a better fit. But if you only need protection for a set period—like while raising children or paying off a mortgage—term life insurance is a simple, affordable option.
When choosing a term, consider how long your loved ones would rely on your income. Many people choose coverage that lasts until they retire, their children become financially independent, their mortgage is paid off, or they’ve built enough savings to protect their family. The goal is to align your coverage with the years you carry the most financial responsibility.
What Is Permanent and Whole Life Insurance?
Permanent life insurance provides coverage for your entire life, as long as you continue to pay your premiums. Whole life insurance is the most common type of permanent insurance you’ll come across. It offers lifelong protection with fixed premiums that won’t increase over time.
This type of insurance is a great option for people aged 18 to 80 who want coverage that never expires and can help cover end-of-life expenses and final costs.
When choosing a term, consider how long your loved ones would rely on your income. Many people choose coverage that lasts until they retire, their children become financially independent, their mortgage is paid off, or they’ve built enough savings to protect their family. The goal is to align your coverage with the years you carry the most financial responsibility.
What does life insurance cover?
It can help cover some of life’s biggest expenses, like a home mortgage, debt, your children’s college tuition, and it can also replace lost income. Your policy can also help cover everyday expenses—anything your beneficiaries need, really. Ultimately, it’s up to them to decide how to use the payout.
What is simple issue Critical illness Insurance?
Simple Issue Critical illness insurance provides a lump sum cash payment to individuals that develop a disease named in their policy.It’s called a living benefit because you do not need to pass away to make a claim.In most cases, the insured is also the beneficiary so you can receive a tax-free lump sum of money that defrays your temporary loss of income, medical treatments, need for respite or specialty care, and more.
To learn more, read this article:
Do I need a medical exam?
No, you don’t need a medical exam to apply for life insurance. We offer easy application options that only require you to answer a few health questions, making the process faster and more convenient. This way, you can get coverage without the hassle of lab tests or doctor visits.
Can I choose more than one beneficiary?
Yes, you can name more than one beneficiary. You’ll just need to decide what percentage of the death benefit each person will receive. For example, you might leave 50% to your partner and 25% to each of your two children, adding up to 100%.
You can also name a primary and a contingent beneficiary. The primary beneficiary is first in line to receive the payout. If they pass away before you do, the money goes to your contingent, or backup, beneficiaries. For example, if your partner is your primary beneficiary and your children are your contingent beneficiaries, your children would receive the benefit if your partner is no longer living.
It’s a good idea to name contingent beneficiaries, just in case something happens to your primary one.
How much coverage do I need?
The answer varies and there really is no right or wrong answer. It will end up depending entirely on what you’re looking for. There are also no limits as to how much life insurance you can buy, but you need to take your budget into consideration.
In general, experts may end up recommending getting life insurance that is worth 7-10 times your annual salary in order to ensure your family is thoroughly protected. For example, if your annual salary is $50,000, you may want to consider coverage upwards of $500,000. Depending on your lender, a $500,000 plan can end up costing you approximately $30 per month, but it’s worth noting that you shouldn’t try to add the figures yourself. This is why you should work with a professional and individual insurance broker,
Does Life Insurance ever expire
It depends on the type of Life Insurance you purchase. Please read the following article for more information:
https://www.maplebay.ca/does-life-insurance-ever-expire/
Why might employer Life Insurance not be enough?
Life insurance through your employer is a great benefit, but it often doesn’t provide enough coverage to fully protect your family. Most employer plans offer coverage that’s only 1 to 2 times your annual salary. While this helps, it usually falls short of covering all your family’s expenses and long-term financial needs.
Experts suggest having life insurance equal to at least 10 times your yearly income. This amount helps ensure your loved ones can maintain their lifestyle, pay off debts, cover your mortgage, and handle future costs like your children’s education.
To better understand your needs, try the DIME formula. This adds up your Debt, Income (for how many years your family depends on you), Mortgage balance, and Education expenses. This approach can reveal any shortfalls between your employer’s coverage and what your family really needs.
Relying only on employer life insurance might leave your family unprotected. Considering additional coverage can give you peace of mind and help secure your family’s financial future.
Can I speak with a real person?
Yes—we’re happy to assist and support you anytime. You can get in touch with our customer success team by sending us an email at se*****@******ay.ca.
Am I covered if...?
Can I get Life Insurance if I have a dangerous job?
Yes!
Having a job that is considered dangerous will definitely increase your chances of being denied typical life insurance. Why? Because you could die unexpectedly before your life insurance term comes to an end. But at Maple Bay, there’s a Life Insurance plan for everyone. We say yes when others say no.
Dangerous jobs are considered as follows:
- Construction workers
- Pilots or flight engineers
- Miners
- Loggers
- Lumberjacks
- Truck drivers
- Commercial fishermen
- Power line installers/repairmen
- Steelworkers
- Farmers
- Roofers
- Arborist
- Etc.
Can I get Life Insurance if I engage in dangerous activities?
Yes!
Do you play extreme sports that put your life at risk and were denied by life insurance companies? You can still be covered with Maple Bay’s no medical life insurance, particularly if you participate in the following:
- Skydiving
- Scuba diving
- Rock climbing
- BMX racing
- Big wave surfing
- Mixed martial arts
- Hang gliding
We say yes when others say no.
Can I get Life Insurance if I have a history of substance abuse or a criminal record?
Yes!
Having a criminal record or history of substance abuse, will have typical life insurance companies denying you right away.
At Maple Bay, you can qualify for no medical life insurance if you have not been charged, incarcerated, on probation, or have been awaiting sentencing in the past twelve months. In fact, if you haven’t done these things in the past three years, our Maple Bay team can help you qualify for up to $500,000 coverage so all you have to do is worry about moving forwards and not being judged by your past.
Have you previously struggled with alcohol or drug abuse? Again, Maple Bay’s no medical life insurance applications will not judge you based on your past. You can qualify if:
- In the past twelve months, you have not used drugs or been in a treatment facility
- In the past three years, you have not used drugs, received medical treatment or advice, or been to a treatment facility.
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