Update: Oct. 2, 2015
When this post was originally published, BGS had ceilings on coverage levels, $500,000 for the Life Protection and $3,000 per month for the Disability Protection. They have since been able to get those coverage limits removed. So applicants can now purchase as much coverage as they qualify for based on their income for Disability Protection and outstanding mortgage loan amount for Life Protection.
Bingham Group Services Corp. provides the only guaranteed issue disability insurance plan in Canada.
“We provide disability protection on a No Questions-Guaranteed-Issue-basis up to $3000 per month,” says Paula Cook, a Bingham Group Services Corp. account manager and Certified Health Insurance Specialist. “This is singularly
unique in Canada.”
Those considering this plan for their disability insurance needs will enjoy the luxury of never having to answer health questions or undergo medical tests. They will be approved right away, no questions asked, and enjoy the following benefits:
Total Disability
• Up to $3,000 per month for those age 18-64
Though you can purchase coverage up to age 64, the coverage itself actually expires at age 70.
• Total Benefits Payable
Expect 48 months of total maximum benefit and
20 months of maximum benefit per occurrence.
• 60-Day Waiting Period
Claims approved will have a 60-day waiting period during which the client will be responsible for paying her own premiums and mortgage payments.
• Monthly Mortgage Payments & Disability Premium Paid on All
Approved Disability Claims
• Pre-existing Condition
If disability is due to a pre-existing condition within the first 12 months following the effective date of insurance, the claim may be declined. If the disability is claimed after the 12-month period, the customer’s previous medical history will not be reviewed.
• Joint-Benefit
One insured person’s coverage will pay the full benefit for two people under the single policy.
“This plan is ideal for any personal or family situation where there is
some medical history that has led to problems, one way or the other, in
obtaining a traditional product,” says Cook. “It is also ideal if the family has simply resorted to a bank-issued product that could disqualify you from coverage through sneaky post-claim underwriting.”
Post-claim underwriting is when your medical history is checked after you’ve already bought the policy and filed a claim. If there’s any red flag in your medical history, you could get zero and the claim you made may never pay out right when you need it most.
Though Bingham Group Services Corp’s disability plan avoids the prospect of post-claim underwriting, it does have other limits.
What ius the best definition of disability to have in my policy?
Thanks for the note. The gold standard definition for a disability policy is Own Occupation but this is not always available or suitable for all occupations.
Good point – but the Edge No questions asked plan would only be for Injury Only coverage. The BGS plan would cover injury and illness related claims minus their pre-existing clause. Thanks for your input.
there are other companies who provide Guarenteed Issue DI benefits with NO MEDICAL questions. One, Edge Benefits, has an issue limit of $6,000 and a participation limit of $20,000