Without proper insurance, a person is at the risk of spending all of his savings to treat health conditions when they occur. Most insurance providers will hardly offer their service to a person if he has already been diagnosed with a health condition such as cancer or diabetes. However, with deferred elite life insurance, you can be insured even when you already have a less serious health condition.
This plan is generally designed for Canadians classified as hard-to-insure.
However, unlike the deferred life insurance, this plan is designed for people whose health conditions are less serious. Some diabetes, cancer and heart conditions may be categorized under such health conditions.
Plan Options and Features of Deferred Elite Life Insurance
Deferred Elite Life has two plan options namely, whole life (cash value) and T100 (no cash value). The minimum amount of the plan varies. For the whole life option, the minimum face amount depends on age; for age 18-60, the minimum amount is $10,000 and for age 61-80, the minimum amount is $5,000. The minimum face amount for the T100 is $25,000.