Top 5 Life Insurance Companies in Canada for High-Risk Occupations
Talk to one of our experienced advisors today!
8 minute read
Originally published: September 24, 2024
Top 5 Life Insurance Companies in Canada for High-Risk Occupations
Talk to one of our experienced advisors today!
8 Minute read
Originally published: September 24, 2024
Life insurance is an important part of financial planning, but for people working in high-risk jobs like construction, mining, firefighting, aviation, and law enforcement, getting the right coverage can be tough. That’s why we’ve created this blog featuring the top life insurance companies in Canada that specialize in serving the needs of high-risk professionals.
Because of the dangers that come with high-risk jobs, people in professions like construction, mining, firefighting, aviation, and law enforcement often face unique challenges when trying to get traditional life insurance. Insurers may charge higher premiums, include exclusions, or even deny coverage due to the increased risk of injury or death. That’s why it’s important for those in high-risk fields to find life insurance policies tailored to their specific needs. In this blog, we’ve highlighted some of the top life insurance companies in Canada, in no particular order, that could be a great fit for high-risk professionals. And if you’re looking for guidance, a financial advisor at Protect Your Wealth can help you find the best coverage for your unique situation, ensuring you and your loved ones are well protected.
In this article:
Manulife
Manulife stands out for its flexible underwriting process, making it a strong choice for those in high-risk professions. Unlike many insurers that automatically reject or heavily penalize applicants based on their job’s risk factor, Manulife takes a more personalized approach by assessing each applicant on a case-by-case basis. This flexibility opens the door for high-risk workers to secure the coverage they need without facing automatic rejections.
Additionally, Manulife offers customizable coverage options, allowing policyholders to tailor their insurance policies to their specific needs. Whether it’s adding critical illness coverage, accidental death protection, or disability insurance, high-risk professionals can build a policy that provides comprehensive protection.
What further sets Manulife apart is its Vitality Program. This innovative program rewards policyholders for maintaining healthy habits, such as exercising regularly and completing health assessments. By participating, high-risk workers can potentially reduce their premiums, making life insurance more affordable despite the risks associated with their occupation.
Popular Product: One of Manulife’s standout offerings for high-risk individuals is its Life Insurance with Critical Illness Riders. This product combines the security of life insurance with the added benefit of critical illness coverage, providing peace of mind to those in dangerous professions who want to ensure they are protected against unexpected health issues.
Industrial Alliance (iA Financial Group)
Industrial Alliance (iA Financial Group) is a top choice for individuals in high-risk professions due to its high flexibility in coverage options. Whether you’re seeking term, permanent, or no-medical life insurance, iA offers a range of solutions that cater specifically to those who might face difficulties with traditional insurers. This flexibility is particularly beneficial for high-risk workers who may otherwise struggle to find coverage because of their occupation.
For professionals working in hazardous jobs, iA also provides comprehensive disability insurance options. This coverage can be bundled with their life insurance products, ensuring that workers have financial protection in case an injury or illness prevents them from working.
Additionally, iA offers Guaranteed Issue Plans, which can be a lifeline for high-risk workers who face challenges during the traditional underwriting process. These plans provide coverage without the need for extensive medical exams or risk evaluations, making it easier for individuals in dangerous professions to secure life insurance.
Popular Product: One standout product from iA is their Permanent Life Insurance, which provides long-term protection. This product can be customized with add-ons for disability insurance and critical illness coverage, making it ideal for high-risk workers seeking comprehensive and reliable insurance coverage.
Canada Life
Canada Life is a leading choice for high-risk professionals, thanks to its range of high face value policies. For individuals working in dangerous professions, securing their family’s financial future is a top priority, and Canada Life’s policies offer higher coverage amounts, providing greater financial security in the event of a tragedy.
Despite the increased risk associated with certain occupations, Canada Life is known for offering competitive premiums within the industry. While it’s common for high-risk workers to face higher premiums due to their job, Canada Life strives to make these costs more manageable compared to other insurers.
Another key feature that benefits high-risk workers is the Accidental Death Benefit. This rider provides additional coverage if the policyholder dies as a result of an accident, which is particularly relevant for those in hazardous occupations where accidents are more likely.
Popular Product: One of the standout products offered by Canada Life for high-risk professionals is their Term Life Insurance with Accidental Death Rider. This option offers affordable protection with an added layer of coverage for accidental deaths, providing peace of mind for individuals in high-risk jobs where the likelihood of accidents is higher.
RBC Insurance
RBC Insurance is a strong contender for individuals in high-risk occupations, thanks to its simplified and quick application process. For those working in hazardous professions, speed and accessibility are crucial, and RBC delivers on both fronts. Their underwriting team is experienced in assessing the unique risks associated with various high-risk jobs, ensuring that applicants can secure coverage without the usual complexities.
RBC also provides options for Critical Illness and Disability Riders, which can be added to term life insurance policies. These riders are ideal for high-risk professionals who want comprehensive protection, ensuring that they’re covered not only in the event of death but also in case of serious illness or disability.
A standout feature is the Waiver of Premiums for disability. This ensures that even if a policyholder becomes disabled and unable to work, their life insurance coverage remains intact without requiring further premium payments. This feature provides an extra layer of security for high-risk workers whose chances of injury or disability are higher.
Popular Product: One of RBC’s top products for high-risk individuals is their Term Life Insurance with Critical Illness and Waiver of Premium Riders. This policy provides valuable financial protection for those in hazardous professions, covering not only life insurance but also offering peace of mind in the case of critical illness or disability.
Equitable Life of Canada
Equitable Life of Canada is an excellent choice for individuals in very high-risk professions who may struggle with traditional underwriting. One of the key advantages is their no-medical life insurance options, which provide coverage without the need for extensive medical exams. For those who might face rejections or be heavily rated due to their occupation, Equitable Life’s no-medical and simplified issue policies offer a practical and accessible solution.
Another benefit for high-risk workers is the flexible term lengths. Equitable Life offers policies with 10, 20, or 30-year terms, allowing professionals to select coverage that aligns with their career timelines and risk exposure. This flexibility is particularly useful for those whose risk levels may change over time.
Equitable Life also provides conversion options for term policies, allowing policyholders to switch to permanent coverage later on without having to undergo new medical underwriting. This feature is ideal for high-risk workers who may wish to secure long-term protection as their needs evolve.
Popular Product: One of the most suitable products for high-risk workers is Equitable Life Simplified Issue Term Insurance. This policy is specifically designed for individuals who may struggle with traditional medical underwriting, making it a reliable option for those in hazardous professions who need coverage quickly and without the hassle of medical exams.
Frequently Asked Questions (FAQs) About Life Insurance for High-Risk Occupations
A high-risk occupation typically includes jobs with an elevated risk of injury or death, such as construction work, firefighting, mining, aviation, and law enforcement. These jobs are often viewed as hazardous due to the physical dangers involved.
Yes, people with high-risk jobs often pay higher premiums due to the increased likelihood of accidents or injuries. However, many insurers offer policies specifically designed for high-risk occupations, helping to manage costs and provide adequate coverage.
Yes, if you’re declined by traditional insurers, you can explore options like no-medical or simplified issue life insurance. Some companies specialize in offering coverage to high-risk individuals, even without extensive medical underwriting.
In addition to standard life insurance, high-risk workers should consider adding critical illness, accidental death, or disability riders to their policy. These riders offer extra financial protection in case of injury, illness, or accidental death, which are more common in hazardous jobs.
Find a solution for what you’re looking for
Finding life insurance for a high-risk job is important, and with the right company, you can get the coverage you need to protect yourself and your family. At Protect Your Wealth, we work with and compare policies and quotes from the best life insurance companies in Canada to ensure the best solution for you and your needs. We provide expert life insurance solutions, including no medical life insurance, critical illness insurance, term life insurance, and permanent life insurance to build the best package to give you the protection you need.
Contact Protect Your Wealth or call us at 1-877-654-6119 to talk to an advisor today! We’re proudly based out of Hamilton, and service clients anywhere in Ontario, British Columbia, Alberta, and Manitoba including areas such as Toronto, Kamloops, Airdrie, and Portage la Prairie.
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