Are You Insurable?

Most life insurance requires medical exams, blood tests, and/or health records before a policy is issued. If you have health problems, life insurance companies may deny your application, or they may charge a higher rate.  This is similar to how car insurance treats drivers with bad driving records.

A lot of people are not insurable and may not know it.  1 out of 2 men and 1 out of 3 women have the risk developing cancer in their life time. 90% of  Canadians having at least 1 risk factor of heart disease or stroke.

Thus, if you have the need, buy life insurance as soon as you can while your healthy and insurable. Buying early is also wise because you may qualify for better rates.

Some policies can be issued without medical exam

Don’t wait too long, because when you have a health issue it may be too late. You might find out that you are no longer insurable.

Some policies can be issued without  medical exam or with limited medical questions. These forms of ” guaranteed” policies typically charge higher premiums and are only available on lower coverage amounts.

Why do you need life insurance?

At the time of your untimely death, things will be a bit haywire for a while. Emotions will be running high, social media will be flooding with messages to your loved ones, and rising above all, the financial burden. Yes, even in death you have things to pay. When considering all these variables, it would probably be best to invest in Life Insurance. 

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Who needs life insurance?

Ask yourself this question: Would anyone you care about suffer financially in the event of your premature death? If you have dependant children, the answer is yes. If you have a spouse, the answer is probably.

Who does not need life insurance?

If you are single you probably do not need life insurance. Usually the death of a single/childless person does not leave anyone worse off financially. A single person with a mortgage may still NOT need life insurance as their family would still inherit equity in their property. Single people need to prioritize critical illness and disability insurance.

How much life insurance do I need?

The primary purpose of life insurance is to pay off debts (especially a mortgage) and replace income for dependants of the deceased. We do a needs analysis to determine how much money your family would need to maintain their standard of living in the event of your premature demise. A commonly used guideline for someone in their 30s is 20 times after-tax annual earnings.

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