Thursday, November 26, 2009

Life Insurance for the Older Generation

Life insurance for the senior generation has altered substantially in Canada. Although insurance companies look more closely at applications the actual charges, in most cases, are a lot lower.

The following are six factors to keep in mind when looking into when thinking about life insurance as a senior:

1. Life insurance up to the age of 85 is now quite normal. Nonetheless, the premiums vary significantly between ages 65, 75 and 85. What a lot of people fail to contemplate is the best time to buy life insurance is now, that's because you are looking at today's rate.

2. The premiums payable can be anywhere from $20 per month with a face value of $5,000. If you are searching for traditional life insurance and want an instant life insurance quote, hunt no further.

3. Many creditor insurance plans end at age 69. Individual life insurance is certainly the better option if you are in good health and coming up to or have already retired.

4. If you fortunate enough to be in excellent health with an excellent family health history you could probably qualify for the preferred rates.

5. A last-to-die policy often has a smaller rate than the normal life insurance policies, this is on offer at a lot of insurance companies. This type of insurance is used largely for estate planning and pays out a tax-free death benefit upon the passing of the last surviving spouse. It's because the the insurance monies are paid out further in the future that the price are substantially smaller.

6. If you do have a few health problems then look at Simplified Issue policies. These policies do not have medical examinations, but they do have health questions. When picking which company you should go with, have a look at the medical questions; select the one you can answer no to the most. If you are wanting a scheme that has no medical questions then you will be paying out a lot of money; they also state that the death benefit can't be claimed for two years.

Photo: Seniors by Grant Talbot.

Thursday, November 19, 2009

How Does Obesity Effect Your Life Insurance?

Obesity is prevalent all round the globe and Canada is no exception. A survey undertaken in 2004 by the Canadian Community Health stated that over 23% of the adult public suffered from obesity. Another 8.6 million, or 36.1% were heavier than average.

For those that are overweight or obese purchasing life insurance is more complicated to purchase due to the direct health issues that go hand in hand with weight issues such as heart disease and diabetes. Life insurance comes in four types:

Preferred Rates: For people in very good health and with an outstanding family health history.
Standard Rates: The usual rate that an applicant is normally classified.
Rated/Substandard: Given to individuals who have a greater risk category.
Declined: Where the insurance company refuses to cover an customer.

Standard cover would be granted to a healthy man who weighed 250lbs and had a height of 5'9" - this is established on an in-house survey completed by some of the life insurance companies.

When working work the grouping a person comes under, insurance companies look at the risk variables linked with health problems that are often part and parcel of obesity. If you are obese find yourself a reputable broker as they are able to help obtain a reasonable premium for you.

Making an insurance company aware of lifestyle or any irregularities that may influence your quote is common sense if you want a fair quote, especially as many companies use the equivalent height/weight chart for both genders. Simplified Issue Life Insurance is another option for obese customers. These applications have no medical tests and less health questions. They come with higher costs and lower face amounts, but pricing options have increased significantly in recent years.

For more information, visit our instant life insurance quote calculator.

Image capture by Miran Rijavec.