Although there are many different types of insurance products to be bought and they are all important, life insurance is near the top of the list. Most individuals worry about their loved ones and families in the event something happens to themselves. For this reason, it plays the biggest role in why they seek out life insurance. Among the many companies that offer this type of insurance product, National Life Insurance is one of them. The four main companies owed by National Bank Insurance are;

  • National Bank Insurance Auto and Home
  • National Bank Life Insurance Company
  • National Bank Insurance Firm Inc.
  • National Bank Assistance Inc.

National Bank Insurance Company

This is a company that is comprised of four companies that are located in Quebec. They are a large conglomerate with a heavy focus on many different types of insurance including life insurance.

National Bank Term Insurance

The National Bank as decided to put all of its focus on term insurance when it comes to life insurance products.

National Bank 10 Year and 20 Year Term Life Insurance

This insurance provider is focusing on two levels of term life insurance, the highlights are;

  • Insurance coverage is available between $25,000 to $1,000,000.
  • Those who are diagnosed with a critical illness may be entitled to tap into 10% of the value of their term life insurance. Up to a maximum of $30,000.
  • A 30 day grace period of the payment of a premium but not applicable to the first payment.
  • If death is as a result of accident then the life insurance policy value doubles.
  • The application for this life insurance is simple up to the amount of $750,000. After this, it becomes a little more complex.

National Bank Life Insurance Applicant Qualifications

Like any insurance company, National Bank has a set criteria that must be met for an insurance applicant for this product to quality and these are,

  • Be a between the ages of 18 to 60 for the 10-year term coverage
  • Be between 18 to fifty for the 20-year term life
  • Be a Canadian citizen or
  • Hold a valid permanent resident card
  • Applicants must have been living in Canada more than six months during the last twelve months of the date of the application.

National Bank Life Insurance Insurability Requirements

One of the concerns that many people have is that they are going to be denied life insurance because of their state of health. National Bank has some set criteria concerning this which are,

  • They will assess the applicant based on the information provided in the application.
  • They may request a medical examination which could include;

Electrocardiogram

Blood tests

Screening tests

Critical Care Payment Requirements

As part of the term life insurance, there is also a payment that may be made in the event of a critical illness, but there are some stipulations relating to this such as;

  • The insurance company must be notified within 30 days of the date of diagnosis.
  • All supporting documentation required has to be provided by a specialist.
  • Documents plus claim forms that are requested by the Insurance company must be submitted within one year of the date of the diagnosis.

National Bank Critical Illnesses Coverage

Many Insurance companies offer critical illness insurance as a separate package. National Bank Life Insurance has decided to include this as part of their term life insurance.

Although there are a lot of critical illnesses, there are only specific ones that are covered such as;

Stroke

  • There has to be a definitive diagnosis of an acute cerebrovascular event, and there are specific details concerning this outlined in the policy. There are some similar events that will be excluded.

Cancer

  • Cancer has to be creating a life-threatening situation. The company requires a definite diagnosis of a tumor that is showing uncontrolled growth and a spread of the malignant cells along with tissue invasion. There are specific types of cancer and conditions outlined in the policy as well as several exclusions.

Heart Attack

  • A definite diagnosis of a heart attack must be made where a portion of the heart muscle is dead. Again the specifics are clearly outlined in the policy as well as exclusions.

General Exclusions

Although there is accidental death coverage, there are exclusions that apply to this segment of the coverage which some of them are accidental death as a result of;

  • War
  • Terrorism
  • Riots
  • Aircraft
  • Criminal Offence
  • Alcohol or drugs
  • Medical or surgical treatments
  • Suicide or self-inflicted injuries

National Bank Life Insurance Encourages Term Life Insurance

This is a large company and certainly would not have a problem offering other forms of life insurance. But, they are of the belief that term life insurance applies to almost everyone that wants and needs life insurance. Some of the reasons they have come to this conclusion are;

  • It’s a simple form of insurance to apply for.
  • Term life is cheaper in premiums compared to many other life insurance products.
  • It is the type of insurance that will fit the majority of needs of those wanting life insurance.
  • It is also a good choice of business for business owners.
  • Term life can be used also with other types of insurance.
  • This time of insurance is a great starter insurance. For those that need to have affordable premiums.
  • Those that have a high debt load are going to want to be sure that the debt is covered in the case of death of the insured.

Conclusion

It is always good to have a general idea as to what the various types of insurance products cover. But, it does not replace the need for every person to read their policies through carefully and know exactly what is covered and what is excluded.

This term insurance offered by National Bank Life Insurance is a little different with its inclusion of critical illness coverage and accidental death. One needs to weigh out the benefits of this additional insurance when comparing what is offered by other insurance providers.

Resources

https://www.nbc-insurance.ca/content/bna/en/accueil/a-propos.html
https://www.nbc-insurance.ca/content/dam/BNA/documents-en/policy-10y-t-en.pdf