Users of marijuana applying for life insurance will no longer be treated as smokers by several life insurance companies in Canada. These include Sun Life, BMO Insurance and Assumption Life, although their policies regarding the classification of marijuana usage differs.
Manulife has announced that they are going to offer life insurance to HIV positive applicants, becoming the first insurance company in Canada to do so. It will offer up to $2 million of coverage for applicants aged 30-65 who have tested positive to the human immunodeficiency virus.
The best reads in personal finance, investments and insurance from the week of June 13-June 19, 2015.
If you read the fine print for any insurance policy, you will notice a section on exclusions. These are situations that the insurance company does not cover and will not pay a benefit. Disability insurance is no exception, and anybody who owns or is considering purchasing it should be aware of its exclusions. Below are some of the typical disability insurance exclusions found in policies.
The best reads in personal finance, investments and insurance from the week of June 6-June 12, 2015.
Unlike built-in benefits of disability insurance policies, which are provided at no extra cost, riders are optional features that can be added onto a an insurance policy for a price. We’ve talked about some common life insurance and critical illness insurance riders before. Here we want to address some common disability insurance riders, and whether or not you should add them to your policies.
The best reads in personal finance, investments and insurance from the week of May 30-June 5, 2015.
The maximum issue limits for disability insurance is the maximum coverage you can purchase based on your age, occupation class, and income. Disability insurance is designed to replace a portion of your income, up to a maximum amount. By basing the benefit on income and replacing up to a certain amount, disabled individuals do not suffer financial hardship, and at the same time maintain the incentive to return to work.
The best reads in personal finance, investments and insurance from the week of May 23-May 29, 2015.
The disability insurance elimination period, also known as the waiting period, is the period of time that must elapse in a disability before benefits are paid. Benefits begin at the end of the month after you have satisfied the elimination period. For example, a disability insurance policy with a 90 day elimination period will have benefits start after 90 days of disability have passed. Along with the benefit period, the elimination period is the most common option for customizing the premium of your policy.