Frequently Asked Questions About Life and Health Insurance
COVID-19 has brought insurance back into the public consciousness. Here are some FAQs that we get on a weekly basis:
So, to ensure you have all your doubts cleared, Camlife Financial Corp wants to arm you with the most accurate information available to help you get insured. To do this, we’ve answered some of the most frequently asked questions about life and health insurance.
1. Will my life insurance policy payout if I die?
Ninety-nine percent of private life insurance policy claims payout. It differs significantly from mortgage insurance, which more frequently sees claims denied.
2. Do I need to do a medical to get insurance?
If you are middle-aged or younger and in good health, you may not need to do a medical. However, if you are older or have a health condition, a medical check-up may be required to get a favorable policy and premium.
3. Do I need disability insurance?
Ask yourself, if you could not work, could you pay your bills? If you are dependent on working to make ends meet, then yes, you need disability insurance.
4. How do insurance advisors get paid?
The insurer pays insurance agents a commission, and the consumer only ever pays for the insurance premium.
5. Has the pandemic made term life insurance more expensive due to increased mortality?
No, it has not. Most COVID-19 deaths or disabilities in Canada have occurred among people aged eighty and over.
6. Has the opioid epidemic made term life insurance more expensive.
Somewhat, yes, as the people dying of drugs are generally younger and many years of life are getting lost. Keep in mind that the price of life insurance is based on life expectancy.
7. Which insurance company is the best?
There is no best insurance company, as they each have their niche. The advisor’s job is to place the client with an insurance policy that fits their needs appropriately.
8. Which is a better option, critical illness, or disability insurance?
They are both good, but disability insurance is better as it’s far more comprehensive than critical illness.
If you have any more questions about life and health insurance, get in touch with the experts at Camlife Financial Corp. As the best life Insurance broker in Vancouver, BC, we provide excellent insurance solutions.
Besides, we represent over a dozen insurance and investment companies, which gives our clients access to all the major carriers.
We serve clients across Richmond, West Vancouver, North Vancouver, Burnaby, Surrey, White Rock, Langley, Coquitlam, Maple Ridge, New Westminster, BC.