Explained by an Expert: Life Insurance and Diabetes

Lorne: I have Mike Liem with me from Canada Protection Plan today. We’re talking about life insurance and the different options available. One thing we get a lot of inquiries on is diabetes. It’s a very common ailment. We get a lot of inquiries from insulin diabetics, non-insulin diabetics—how can you guys help and what are some of the options for those people?

Mike: It’s an excellent question, Lorne. We deal with a lot of diabetics, whether it’s type one or type two—those are the main ones. We can cover them, depending on their age and when they diagnosed it. A lot of times, with traditional carriers, they will get either rated or even declined, depending on how serious the diabetes is. But with us, we can offer up to Simplified Elite (which is our best no medical), half-million dollars with no waiting period, and another feature is that clients don’t actually have to pay until the second month.

Lorne: Wow! That’s a good feature, and the half-million dollars can provide quite a bit of coverage, and they can combine that with other carriers or if they have another plan?

Mike: Yeah, if they are looking for more than half a million, they can go to other carriers to get extra. We call it stacking. It’s just a better way to get what they wanted using multiple companies versus just one.

Lorne: Yeah.

Mike: And again, a lot of times it’s helpful with diabetes. I, myself, am a diabetic, type two. It’s hard to get insurance without doing medicals and ABS, so a lot of the times I say “look, I don’t want to do more testing, I want to do less testing.” Sometimes the clients prefer doing a no medical simplified approach.

Lorne: Thanks for sharing that.

Mike: Thank you.


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