Canadians with pre-existing health issues struggling to find affordable life insurance GlobeBusiness
Half of Canadians will develop cancer at some point in their lives, the Canadian Cancer Society says. The Heart and Stroke foundation points to an increase in the number of people with heart conditions and strokes. And about eight per cent of Canadians have been diagnosed with diabetes, a condition that’s growing in frequency amid an aging population.
There’s also a trend of people needing insurance for a longer period because they have families later in life or haven’t paid off their mortgage yet.“The issue of pre-existing conditions is a bit of a growing issue because people are needing term insurance longer in their life because of the financial pressures today,” said Kevan Penonzek, manager of Insurance Direct Canada in Vancouver.
Aziz said more carriers are adopting its simplified approach that offers certain coverage within days of answering a detailed questionnaire. “Years ago if you had diabetes ... you were declined for insurance, but now most, almost all, diabetics can get some form of life insurance,” he said. No Medical Exam Life Insurance offers two forms of term insurance — Guaranteed Issue for people facing, for example, a serious cancer diagnosis; and Simplified Issue, a less expensive policy used for people with more manageable and less severe conditions.
Still, not everyone benefits from the insurers’ more open approach. Intravenous drug users, for example are denied coverage, which can be a problem for some people living with HIV, said Tammy Yates, executive director of community advocacy group Realize.
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