All about Canadian insurance. Learn the ins and outs and get the latest news.
Life insurance policies cannot only be left to an individual beneficiary, but can be donated to charity. Along with the satisfaction of knowing that you are leaving money to a worthy cause, donating your policy will also have certain tax benefits. Donating your life insurance policy can be accompli.... More »
Earthquake insurance may not be on the minds of many Canadians. And earthquakes may not top the list of likely natural disasters in Canada, but your home could be at risk. According to a study commissioned by the Insurance Bureau of Canada, a major earthquake could devastate communities across the c.... More »
Renters insurance likely isn’t on the top of your to-do list as a landlord—but it should be for your tenants. And it may deserve a nudge from you. As a property/home owner, you carry your own property insurance, but there are convincing reasons to ask your tenants to have their own policies. Fin.... More »
Most life insurance plans are medically underwritten, which means that the insurance company has an underwriter look at your medical history (as well as conducting an interview with a medical practitioner) to evaluate your overall health condition. This evaluation determines what health class an application falls under, which determines monthly premiums of a plan. In some cases an applicant will be deemed too risky and coverage will be declined (at this point a guaranteed issue life insurance plan is the applicant’s only option).
But what health conditions do life insurance companies specifically look at? More importantly, how do these conditions affect life insurance rates?
Please note that all life insurance applicants are assigned a health classification, ranging from Regular to Preferred Plus. Plans for a Regular health classification have higher premiums compared to those with a Preferred Plus health rating.
The following are multiple health conditions that life insurance companies specifically look at, as well as their effect on life insurance premiums…