Most insurance companies will be very cautious about insuring those with particularly serious medical conditions. Examples include diabetes, cancer and heart disease. All these conditions that will raise red flags with respect to getting life insurance. Even if your cancer has gone into remission you still have to wait a minimum amount of time before you are eligible for coverage. That amount of time is dictated by the type of cancer and can range from a single year to ten for particularly aggressive types. Since so many factors go into high risk insurance policies that depend on your situation, it is best to speak with a qualified advisor.
If your medical history is preventing you from getting other types of coverage, the last option is guaranteed life insurance. Comparatively, these policies are substantially more expensive than high risk policies. Their benefits are prorated, which means you aren’t entitled to the full benefits for the first two to three years. But, as the name says, these plans are guaranteed. For many, the investment is well worth it for the peace of mind it affords.
Whether you are considering a high risk or guaranteed policy, your best option is to first speak with a certified insurance professional. By weighing your options, and assessing your particular life situation, you may be able to avoid the higher prices and drawbacks of guaranteed life insurance. With over 108 life insurance companies in Canada, there is a good chance a qualified broker can find a policy that will fit your needs perfectly.