Got a burning question? See if we’ve answered it already in the questions below:
Why do I need insurance?
Whether you have a family that is dependent on your income, or whether you’re seeking to provide the coverage that they may need in the event of a critical illness emergency – making an investment into life insurance is one of the most important purchases you can make to ensure the ones you love the peace of mind and assurance that comes with financial security.
When should I consider getting insurance?
There are many factors which contribute to the timing of insurance which may be specific to each individual and their unique needs. However, one of the most important contributing factors to purchasing insurance is if you identify yourself as an income producer of the family. Where should anything causing you to be unable to work due to death or illness, your family will suffer from financial hardship going forward.
Is InsurSimple affiliated with any specific insurance companies?
Insursimple is not affiliated with any insurance companies. All insurance policies are processed through an independent third-party brokerage: Monic Insurance Services Inc, which helps by saving your time and effort by gathering the best and most suitable insurance quotes to you. Utilizing our state of the art algorithm which assesses and processes various insurance company products and prices, we are able to deliver a comprehensive array of different insurance products and prices from companies that are personalized and suited to you.
How does InsurSimple make money?
InsurSimple process all insurance policies through Monic Insurance Services inc, which is a licensed brokerage working directly with insurance companies – we receive paid commissions on the policies which we sell by the insurance companies directly. As such, there are no fees or charges from InsurSimple that apply to you beyond the premiums paid to the insurance company upon purchasing a policy.
How can I speak with someone about insurance?
With an easy to use website backed by a team of experienced and licensed insurance experts who are ready to answer any questions you might have regarding insurance policies, you can reach us through our contact page on our website or also get in touch with us over text or call at 1 (855) 695-2255
Who should get insurance coverage?
In an ideal situation, every member of the family should be covered to some extent from insurance policies. However, oftentimes the most important person or people who should be covered are the income producers of the family whose inability to work would cause financial hardship for the family.
What type of insurance is offered by InsurSimple?
InsurSimple offers a flexible, timeframe-based, Term Life Insurance options as well as a large variety of Critical Illness Insurance at highly competitive rates.
What is Term Insurance?
Term Life Insurance is put simply as the most cost-efficient life insurance. Set within a specific term of usually 10 or 20 years, in the possible event of death occurs within the set term, your designated beneficiary will receive a tax-free, lump sum cash payment from the insurance company. Term Life Insurance from InsurSimple is not only flexible to your unique needs – allowing you to choose your time commitment to a certain insurance policy – but InsurSimple also further provides competitive insurance premiums across different companies for your comparative convenience.
What is Critical Illness Insurance?
While Term Life Insurance may cover compensation in the event of death, Critical Illness Insurance provides benefits for those experiencing or recovering from a critical illness such as a heart attack, stroke, cancer, etc. Critical Illness Insurance helps to support the emergency medical costs of your treatment and further acts as income replacement to provide you and your family financial stability through turbulent times.
Can I get coverage if I have a previous history of health issues?
Yes! InsurSimple’s life insurance partners underwrite their policies for each individual based on a variety of factors. While medical history is a contributing factor to each individual’s life insurance policy, other factors such as current health, age, and gender may also influence your underwriting. Many individuals who have existing health conditions receive coverage regardless of their medical history. While there remains a possibility that coverage could be denied due to health concerns, InsurSimple’s diverse selections of insurance companies allows for a comprehensive selection of companies which also deal with harder to insure individuals. InsurSimple is here to help you find the coverage that you need regardless of your medical history.
What are insurance premiums?
Insurance premiums are the monthly or annual payment amounts made out for your insurance coverage. Different insurance types along with differing insurance providers offer an assorted range of insurance premiums available to you for determining which option may best suit you and your loved ones.
What am I covered for?
Whether it is health related or accidental, life insurance has you covered for all causes of death. However, a notable exemption from this coverage is suicide within the first two years of your insurance policy. This is done by the insurance companies in order to mitigate the risk of individuals purchasing life insurance immediately before taking their own lives.
How are my insurance premiums calculated?
Across a wide variety of insurance companies, each provider carries their own calculation algorithm for assessing your insurance premiums according to their evaluations. Broadly speaking however, most algorithms are based upon 3 fundamental factors related to health: age, gender, and smoking status. Other factors which may contribute your insurance premiums may include you and your family’s history of health, living lifestyle, pre-existing conditions, and your financial statues. These factors may all work to increase or reduce your insurance premium amount depending on their assessment.
Does my quote include my family members?
InsurSimple’s quotes derived from the insurance companies are meant to provide estimates for individual coverages only. Further quotes on family members may be done individually through the InsurSimple’s website.
Why do the prices vary so much for the same coverage?
With many insurance companies often competing to underwrite your policy, you may find that the varied pricing of insurance policies to be to your benefit. As insurance companies aggressively price their policies, you will be able to take advantage and shop around for the policy which best suits you. One particular company of note however, is the unique Canada Protection Plan or CPP. As the leading provider of simplified, non-medical life insurance policies of Canada, the Canada Protection Plan offers a variety of options for those who may have been unable to get coverage such as those with health conditions or the elderly. This option may not be the most suitable for you if you are eligible for insurance options with other companies due to your age and health.
What do I need to sign?
Upon submitting the information onto our online platform, you will be e-signing a PDF form which will allow InsurSimple and insurance companies to review your information with your permission.
Is this a policy contract?
There is no obligation for any individual to buy a policy, any application is assessed absolutely free by InsurSimple and our insurance companies allowing you the flexibility of choice with no requirement of commitment. Your application can be cancelled at anytime.
Can I change my coverage or term once I apply?
Any coverage options picked can be changed and adjusted as you see fit, whether it be your coverage or term length, anytime before your policy is finalized and activated. Your life insurance advisor will also assist you in choosing a policy most suitable for you before your policy is in effect.
Can I cancel my application?
Yes! Your application can be cancelled at anytime for your convenience without penalty or cost. To cancel your application, contact your advisor at [email protected] and your request will be processed as soon as possible.
Do I need to pay upfront?
There is no upfront cost to submitting an application and all assessments are free. Payment information will only be asked for upon approval and confirmation of selecting a policy and coverage. Your insurance company will accordingly request banking details to charge for the premiums of the policy.
How can I fix incorrect information on my application?
To update or correct any information on your application, you can contact us through our website, email, or telephone.
If you might require further clarification on any particular topic, please email your advisor at [email protected] or call us at 1 (855) 695-2255 to further discuss your application with our experienced advisors.
Can I speak with a real person?
Yes! You can reach out to an advisor for any questions or concerns you might have by calling or texting: 1 (855) 695-2255
You can also reach out to an advisor to ask questions over email as well at: [email protected]
What would happen if there are inaccurate statements on my application?
Life insurance companies have the right to deny your claim should it be proven that you have previously lied on your application.
Upon discovery of a misrepresentation in your application for assessments such as your health, medical conditions, or other lifestyle details, your claim and death benefit could be denied along with the return of any premiums paid. As such, it is incredibly important to be honest when answering assessment and eligibility questions for your application.
Should I disclose my smoking habits?
It is important to be honest on your application with regards to your smoking history. Whether you are an occasional or regular smoker, smoking will place you at a higher risk for cardiovascular disease and disclosure of this fact will support your claim should you pass away while your policy is in effect.
Furthermore, should you choose to quit smoking; you will be able to further save on your monthly premiums by abstaining for 12 months.
What happens after I sign?
Once your application is submitted, the insurance company of your choice will be reviewing your health, finances, and lifestyle information and assessing your case for likely approval. You will also be scheduling a medical review with your insurance company and will receive an email upon confirmation of a convenient time and availability for you.
Upon approval, InsurSimple will be reaching out to you to communicate further information and walk you through the final steps of your policy.
How long does the application process take?
While each individual’s choice of policy and insurance company may affect the timing and completion of the application, it is likely that applications can be approved anywhere from a few days to a few weeks.
Should your insurance company of choice want to further enquire about your application details, the application may take more time depending on the nature of the inquiry.
Why do I need to provide detailed information?
All information which is asked by our platform are standard requirements used by insurance companies to underwrite your application.
Why do I need to book a medical interview?
As a part of their underwriting process, insurance companies require a medical review of the applicant before they can approve their policy. Commonly, this medical review is done via an in-home visit to assess your health – usually gathering information such as height, weight, blood pressure, resting heart rate, blood samples, etc.)
Some insurance companies may offer an express medical process which can be done so over the phone with their health care professionals.
Depending on your chosen insurer, InsurSimple will communicate to you the requirements of your application as well as gather any further information your insurer may need. These medical reviews are done at no cost to you and are scheduled at a time that is convenient to you.
Can I use my doctor’s tests to represent any medical tests requested by my insurer?
While required by your insurer, tests done by your doctor are unable to be used in your medical review for your application. For a variety of reason such as a potential differing nature of tests required or the slow process of getting the results to your insurer, insurance companies prefer to arrange for a quick medical appointment – oftentimes requiring only around 20 minutes – to gather all the medical information they need for your application.
Is my application binding?
Your application is not binding and can be withdrawn at anytime for your convenience without fees or penalty. The provided eSignature on your PDF form during your application submission confirms the information provided is correct and can be sent over to your insurer but does not bind you to any policy or agreement.
How is my final price calculated?
Quotes provided by InsurSimple are done so through answering a few questions about yourself which help to provide an estimate to your monthly premiums for a variety of insurance companies at a standard rate.
Upon submitting an application, the previously submitted information is sent to an underwriter at the insurance company who will review and assess your application before providing a more accurate estimate of the costs associated with your policy.
Can I cancel my insurance?
Term Life Insurance can be cancelled at anytime without penalties or fees should you choose to see fit to cancel it. However, upon cancellation you will not be eligible to receive a refund or repayment of the premiums as it serves to provide coverage during the duration of your insurance policy up to your cancellation.
How do I make my payment?
Payments going towards your insurance premiums can be made by a monthly pre-authorized debit payment directly from your bank account or can be paid by cheque annually.
What if I miss a payment?
Insurance companies often offer a “grace period” – usually around 30 days from the payment date – for which you can still make your payment in and in doing so, your insurance coverage will no be cancelled.
How will my benefits be paid?
Your insurance company is obligated to pay out your insurance policy’s – whether it may be a Term Life Insurance policy or a Critical Illness Insurance – as a lump sum, tax-free payment to your designated beneficiary.
How do I claim an insurance policy?
Claiming your insurance is a timely matter and it is important that you contact us immediately at: [email protected]
Our insurance policy experts at InsurSimple will guide your through the claims process.