An illustration (quote) is an illustration to show you how the policy may be given the limited data at the time of the request. The illustration is not a legal document, and the quote prices change monthly.  

Meagan Balaneski is an independent broker which puts her in the unique position to obtain quotes from multiple insurance companies, providing you with more choices. There is no one company that is better than the other. Each company must follow some very strict Provincial laws but this ensures the basic insurance provided does not change.  

Figuring out which insurance is right for you is a matter of determining what is important to you. Things to consider when choosing life or living benefits insurance would be if you need coverage in the event of your death, or coverage for critical illness or disability. The cost of premiums and flexibility of payments, the length of time you need the coverage for, and if it will sufficiently cover your needs.  

Once you have made a decision on which insurance is right for you, an application can be made to the insurance company to determine if a policy can be offered on the basis for which it has been applied. Detailed health questions and medical examinations are evaluated by the insurance company underwriting team to assess the risks associated with the application.   

It is important to be up-front and honest when applying for insurance. Withholding or misrepresenting information could result your coverage being cancelled even after you have been approved. The insurance company is in the business of providing insurance, even for those that are a higher risk. Most applicants fall under the standard risk category and 96% of applications are approved under a standard risk.   

The underwriting team factors in age, medical history, finances, occupation, lifestyle habits, and the coverage type and amount when reviewing an application.  

Most life insurance companies will require a medical examination. During the examination, the paramedical will likely ask about your lifestyle habits and medical history, ask about your family’s medical history, take your blood pressure, and take a blood and urine samples.  

The underwriter will review the medical exam results and may order additional tests or may order medical records from your physician to learn more about your medical history.  This information helps them determine the level of risk you are to the company financially and what rate to set for the coverage amount. The whole process can take between two to eight weeks to complete. 

Once a decision has been made, the insurance company will notify you if you have been approved, approved with conditions, or declined. Regardless of the outcome, you will be provided with a reason for the decision.   

If the application is approved, you will have 10 days to review and accept the policy offered by the insurance company. If you choose not to accept the policy offered, you can return it and receive a full refund for any premiums already paid.