Saturday, March 12, 2011

How Does Cosmetic Treatment Influence Your Insurability

As stated by the International Society of Aesthetic Plastic Surgery, the number of cosmetic surgeries in this Country is the fifteenth highest in the world, with 108,758 procedures carried out per year. Especially contrasted with the rather small population of Canada, this figure is really fairly high.

The surgery ladder is headed by the US, which are followed by Brazil, China, India and Mexico. The developing countries increasingly offer advantageous price for the quality of service.

To help our clients understand the impact of invasive cosmetic and/or plastic procedures on people’s ability to purchase proper insurance coverage, LSM Insurance carried out an analysis among several large life insurance companies. Are these insurees forced to look for no medical life insurance? The insurance team queried five major Canadian insurers. We might have expected that none of the insurers would give any simple resolutions, since all traditional life insurance arrangements must be underwritten fully.

Even those insurers who did talk declared that prospective clients who are looking to undergo cosmetic and plastic procedure like breast enlargement, lip enhancement, or Botulinum toxin (Botox) may qualify for standard policy pricing. However, these procedures are considered just as other operations; the life insurer may postpone making a decision for a pending surgery.Normally, the evaluation will be undertaken only after the actual operation. This means that you should basically—when possible—wait with surgery planning until after their agreement has been signed.

Surgical procedures tied with other nervous or mental maladies may carry with themselves additional hazard and could cause the client to receive a rated insurance plan premium or cause him or her to be turned down completely.

Lorne Marr, author, is an independent insurance broker and an expert on no medical life insurance. Lorne has worked in this industry for nearly two decades. His LSM Insurance brokerage firm works with more than 13 Canadian life insurers, such as Standard Life Assurance or Manulife Financial Life Insurance.