Life Insurance With a Medical Condition in Canada

Life insurance with a medical conditions might seem hard to get, but this is not the case, there are life insurance plans that you can get no matter what your situation is. The best thing to do is to know about what to expect if you apply for life insurance with your medical condition, that is why we have compiled this guide to help you know more about how life insurance effects your medical condition. Check out list right now to find out about life insurance with your medical condition! 

This guide will help you find Life Insurance with medical conditions. If you have a Medical condition and want to ensure that your family and loved ones are financially stable in the case that you become disabled, critically ill or even if you pass, it is extremely important that you have a life insurance plan.

In this article:

• Can I get insurance if I have a medical condition?
• What is traditional fully underwritten life insurance? 
• What is term life insurance?
• What is permanent life insurance?
• What is guaranteed / no medical life insurance?
• What is simplified insurance?
• What is disability insurance?
• What is critical illness insurance?
• What illnesses does critical illness insurance cover?
• Group Disability vs Individual Disability Insurance Policies 
• What do life insurance companies consider when applying for life insurance?
• Life insurance for people with medical conditions
• Jump to the List!

Can I get life insurance if I have a medical condition? 

Yes, you can get life insurance in Canada no matter what your medical condition is. There are plenty of great life insurance policies that are out there that can provide you life insurance coverage which is affordable, unique and right for your circumstance. There are so many misconceptions about people with specific health conditions getting life insurance, here at Protect Your Wealth we will work with you to find the right life insurance policy for your circumstance. There is fully underwritten life insurance, simplified life insurance, guaranteed life insurance, critical illness insurance, and disability insurance policies out there for people in any situation. 

What is traditional fully underwritten life insurance? 

There are two major kinds of fully underwritten life insurance policies out there, the most popular being term life insurance and the second most popular being permanent life insurance. Fully underwritten life insurance policies require you to have a medical examination, fill out many questionnaires, and get an attending physician’s statement. This being said, this process is definitely worthwhile as fully underwritten life insurance policies are the most affordable and they also have a variety of coverage amounts that can range from under $100,000 to over +2 million dollars. Here is a brief summary of the two different kinds of life insurance policies, keep in mind that if you are someone with a health condition you can indeed get a fully underwritten life insurance policy depending on your health condition and other various factors. 

What is Term Life Insurance

A type of life insurance known as term life insurance pays out to your beneficiaries if you pass away during the policy’s term. Your term life insurance policy’s duration can be specified. For Canadians and people who have been legally residing in Canada for 10, 15, 20, 25 or 30 years, insurance companies offer term life insurance. You will be able to renew your policy after the term has passed, but the premiums will go up. For illustration, if you buy a 10-year term life insurance policy and pass away within those ten years, your beneficiaries will get a tax-free payout (also called a death benefit).

What is Permanent Life Insurance

Because it covers you for the rest of your life, permanent life insurance is also known as whole life insurance. Additionally, it offers a tax-free payment to your beneficiaries after your passing. Some plans are capable of building up cash value over time. Costs for permanent insurance are frequently promised not to increase after the policy is bought. Additionally, some permanent life insurance plans let you pay for a brief time before ceasing all payments. Consider participating life and universal life as additional permanent life insurance options.

What is guaranteed / no medical life insurance?

Questions and medical exams are not necessary for these plans. People with serious health issues or older people who do not meet the requirements for underwritten or simplified insurance are the target market for guaranteed issue insurance. Numerous insurers also provide a deferral period of 24 months for guaranteed acceptance life insurance. Guaranteed issue insurance has the highest premium compared to other life insurance types and it is a a type of permanent life insurance and typically has a $50,000 maximum coverage limit, though some insurers offer less.

What is simplified insurance?

Term and permanent life insurance policies are both available in simplified life insurance forms. For simplified issue insurance policies, a medical exam is not necessary, but you must respond to some health-related application questions – compared to how guaranteed life insurance doesn’t ask any health related questions. Premiums are typically more expensive than those for traditional insurance in exchange for no medical examination. Depending on the insurer and whether or not the policy is deferred, different questions are asked. Simplified issue insurance is a choice for those who want a quicker approval or do not want to undergo a medical exam. It is typically used for term life insurance products. With simplified plans, coverage amounts are lower and monthly premiums are higher.

What is disability insurance?

Disability insurance is designed to replace a sizeable portion of your income in the event that you get sick or injured and it interferes with your ability to work. It gives you regular monthly payments while you get better from your condition or until the end of your predetermined coverage period, whichever comes first.
Similar to critical illness insurance, the benefit can be used however you like, but the monthly payment schedule is designed to look like your paycheque and is typically meant to cover your mortgage or rent as well as other living costs while you are recovering.

There are many different kinds and varieties of disability insurance, but long-term disability insurance is the one that most people think of. Long-term disability policies can help provide a monthly income for several years or longer. They typically do not replace 100% of your income, but they can provide resources to reduce the impact of an injury or illness that keeps you from working. 

What is critical illness insurance?

Critical illness insurance pays the insured a tax-free lump sum on diagnosis of any one of the critical illnesses such as heart attack, stroke, or cancer, and if they survive the waiting period. Their critical illness insurance pays them a lump sum that is tax-free. The number of medical conditions that can be covered by a policy can range from those three to up to 26 or even more.

Approximately 67% of all Critical Illness insurance claims paid are for Cancer. Heart attack and stroke are 24% of claims. 6% are claims for illnesses such as blindness, major organ transplants, multiple sclerosis, paralysis, and Parkinson’s disease. The remaining 3% are less common critical illnesses.

A simplified and comprehensive version of coverage is provided by many of the major life insurance providers. The comprehensive policies offer coverage for up to 26 life illnesses as well as additional benefits like access to Best Doctors, a privately owned, global benefits provider that provides services to more than 40 million members worldwide. The simplified policies only cover 3 to 5 illnesses. Manulife, for instance, offers a comprehensive plan that covers 26 illnesses in addition to 2 simplified critical illness products that cover the 5 illnesses.

What illnesses does critical illness insurance cover?

The following 26 critical illnesses are typically covered by Canadian insurance companies. It’s important to remember that not every illness entails a full payout. You should first check in with our life insurance brokers to see if your specific health condition will be covered by critical illness insurance and what the specifics are regarding the pay-out. 

Group Disability vs Individual Disability Insurance Policies 

Millions of Canadians are covered by group disability insurance policies provided by their employer. Thousands more choose to enroll in insurance through their association plans, such as the Lawyers Financial or the Ontario Medical Insurance (OMA insurance) (previously known as The Canadian Bar Insurance Association or CBIA).

Similar to purchasing travel insurance with your credit card, group disability insurance and many association-sponsored disability policies should be viewed as something better than nothing, but independent coverage is advised to ensure comprehensive and total coverage. Independent disability insurance benefits are overall much better because of many reasons: 

What do life insurance companies consider when applying for life insurance?

Continuing on with our Life Insurance with medical conditions guide, as part of the application process for life insurance, you will have to go through an underwriting process that could result in a rating. Underwriting is the process an insurer uses to rate you and determine your individual risk factor. Every major life insurance company in Canada has its own underwriting guide, which essentially outlines the evaluation process for applicants.

The underwriting process includes a medical exam that looks at the applicant’s medical history as well as any unusual occurrences in the medical past of the applicant’s immediate family. Depending on the amount of insurance, age, and initial investigations, underwriters may ask for a more thorough examination. Although most medical exams are straightforward there is a chance that they might need to conduct some tests including a blood test, urine tests, an attending physician’s statement (APS), and other questionnaires.

Life insurance applicants may receive a rating from the insurer, which has an impact on the policy premiums. The applicant is given a high risk level if the insurer finds that they are in poor health. But there is a fairly wide range that is regarded as normal. If the applicant’s health is better than average, they may be offered a preferred (lower) rate. Your eligibility for different insurance plans and the cost of your premiums are affected by these ratings.

Life insurance for people with medical conditions

Our list of Life Insurance with medical conditions guide will cover everything you need to know for getting life insurance with your medical condition. As stated earlier, you can definitely get life insurance for your medical condition. 

Life Insurance with Crohn’s Disease

Continuing on with our Life Insurance with medical conditions guide, Crohn’s disease is a crippling condition that can affect any component of the digestive system, from the mouth to the bowel, and last for weeks or months at a time. The condition results in inflammation of the lining of the digestive tract and can be brought on by any number of genetic predispositions, immune system deficiencies, prior infections, or environmental factors. It is crucial that you take action to ensure that you and your family are safeguarded in the event that you are unable to work or require time off.

How does a Crohn’s Disease affect life insurance 

Your monthly insurance premiums may increase if you have Crohn’s disease. How much depends on your condition’s severity, how frequently you experience symptoms, and any treatments you’ve had. Every situation is assessed separately. Everyone’s experience with Crohn’s disease is unique; while it may only cause little discomfort for some, for others it may be severe enough to warrant surgery. Insurance companies may ask you the following questions: 

• When did you find out you have Crohn’s disease?
• Is it possible for you to work?
• When was the last time you had a flare-up?
• Have you had intestinal surgery to remove a section of your intestine?
• What kind of medicine do you take?

Cost of life insurance with Crohn’s Disease

Yes, your Crohn’s disease diagnosis will have an impact on your life insurance premium price. Keep in mind that if you have a mild Crohn’s disease diagnosis then you can indeed get a standard rating so you will be paying the same as someone without a medical condition. Although, if you have a moderate to severe case of Crohn’s disease then can get charged upwards to 150% to 200% more than a standard rating. 

Can I get life insurance if I have Crohn’s Disease?

When customers contact us about digestive issues, they frequently worry that their condition is not covered or that they won’t receive the same benefits as other applicants with chronic illnesses. Some customers worry that their premiums will be excessively costly and offer scant benefits. Therefore, “Can I Get Life Insurance If I Have Crohn’s Disease? ” is a frequently asked question. The short answer is that you can obtain affordable life insurance even if you have Crohn’s disease. If you are interested in learning more, read our blog Life Insurance with Crohn’s Disease.

Life Insurance with Dementia and Alzheimer’s Disease 

It can be challenging to plan for the future with life insurance after receiving a diagnosis of Alzheimer’s or another form of dementia. Everyone will feel a little bit more prepared when dealing with the discomfort and condition of this illness if they look for a guaranteed issue life insurance policy.

How does Dementia and Alzheimer’s Disease affect life insurance 

​​An individual’s cognitive and physical abilities can be permanently impaired by dementia or Alzheimer’s disease. There may be an increase in premiums if you seek insurance after a diagnosis. Life insurance policies that don’t require medical examinations, called guaranteed issue policies, are more expensive than standard policies.

• Age: Alzheimer’s disease is more likely to develop in people who are older. The risk of Alzheimer’s doubles every five years beyond the age of 65. Early-onset Alzheimer’s on the other hand, affects those under the age of 65. Around 5% of persons with Alzheimer’s have the illness develop while they are in their 40s or 50s, according to current estimates. Younger Alzheimer’s is frequently misdiagnosed.
• Family History: You are more likely to get Alzheimer’s if your parent or sibling has it, than if you don’t have a first-degree family who has the illness. Although genetics, environmental circumstances, and lifestyle choices could all be contributing factors, scientists still do not fully understand what causes Alzheimer’s to run in families.
• Genetics: Several gene variations that raise the risk of acquiring Alzheimer’s disease have been identified by researchers. The APOE-e4 gene is the most commonly connected risk gene with Alzheimer’s; it is thought to play a role in up to one-quarter of Alzheimer’s cases.
• Moderate Cognitive Impairment (MCI): Changes in thinking capacity are among the symptoms of MCI, although they do not interfere with daily life and are not as severe as those caused by Alzheimer’s or other progressive dementias. MCI, especially MCI with memory impairments, increases the chance of acquiring Alzheimer’s and other dementias. MCI, on the other hand, does not always advance. It can revert or remain steady in some circumstances.

Cost of life insurance with Dementia and Alzheimer’s Disease 

The cost of life insurance might vary greatly depending on your age and health status at the time of purchasing. The level of coverage you purchase will also affect the price you pay, so a life insurance broker can help you compare policies before deciding on one. The rating for Dementia and Alzheimer’s patients who are over 60 are higher than a standard rating, but luckily, if you are under 60 and have a diagnosis then you can find a standard rating out there, this is also dependent over the severity of your condition. 

Can I get life insurance if I have Dementia and Alzheimer’s Disease?

Yes, even if you have dementia and Alzheimer’s, you may still be eligible for life insurance. One option is life insurance with guaranteed issues. People with dementia and other serious illnesses like autoimmune diseases or even cancer are eligible because the policy does not require a medical exam or ask any health-related questions. These policies will typically last for the rest of your life because they are usually permanent. However, compared to other types of life insurance, the rates are typically higher with lower coverage levels.

When purchasing guaranteed issue life insurance, be aware that there may be a graded period, or a time when you are not immediately eligible for the full coverage amount. Your family or beneficiaries will typically only receive the premiums you have already paid, possibly with a little extra, if you pass away during that time, which is typically the first two to three years following the purchase of the insurance. After that, you are typically qualified for the full amount.

If you would like to learn more, read our blog about Life Insurance with Dementia and Alzheimer’s Disease.

Life Insurance With Diabetes 

One of the most significant investments you’ll make is life insurance, and while getting a quote online is simple enough, the real challenge is finding an insurer who will actually accept your unique needs as a diabetic. If you manage your diabetes well, it is possible to obtain affordable life insurance even though it may seem difficult to some.

How does Diabetes affect life insurance 

Diabetes will affect the cost of your life insurance and even the application process for a fully underwritten policy, but it is still possible to get the best life insurance for you. Because they differ from an underwritten policy, even simplified or no medical exam insurance plans will have an impact on your life insurance. There are a few life insurance solutions out there that are offered by life insurance companies that won’t strictly focus only on your diabetes; these solutions will likely be a guaranteed issue or simplified issue. There are even many life insurance solutions that will offer you a standard rating; this is dependent on specific factors that can impact your premiums. Therefore, like most health conditions, it will always affect your life insurance in some way or another but even with that being said, it is possible to get insurance as a Type 1 or Type 2 diabetic.

Cost of life insurance with Diabetes

This typically depends on the insurance provider and the plan you choose. Having access to a wide range of options from numerous companies, as well as working with a specialist who has experience dealing with Type I and Type II diabetics, is crucial for finding the best solution. Beyond that, the same variables—age, insurance coverage, length of coverage, etc.—will have an impact on life insurance premiums.

General costs for a $100K coverage, 10 year term for a non-smoker Male diabetic:

General costs for a $100K coverage, 10 year term, for a non-smoker Female diabetic:

Life Insurance with Epilepsy 

By April 2022, there will be 300,000 cases of epilepsy in Canada, or 1% of the population. Despite being incurable, seizures can be managed with effective therapy. Epilepsy can be dangerous, so having it may make it difficult for you to obtain life insurance. If you have severe epilepsy or can’t control your seizures, it may be difficult for you to find affordable life insurance. However, if your epilepsy is under control, it shouldn’t be difficult for you to find a good life insurance policy. Le’ts continue with our Life Insurance with medical conditions guide.

How does Epilepsy affect life insurance 

Depending on the life insurance company’s epilepsy underwriting requirements and the severity and frequency of the episodes, you might be able to obtain a Standard rating. You might be able to find a less expensive plan than you anticipated, depending on the severity of your disease, your personal habits, and your overall medical history.

Cost of life insurance with Epilepsy

If you are considered:

• High risk – Your option for life insurance is no medical or guaranteed life insurance policies. This is for individuals with severe health concerns who do not qualify for medically underwritten policies. Offers limited coverage (up to $50,000) at inflated costs. Does not require a medical checkup or any questionnaire.
• Medium risk – Your option for life insurance is no medical or simplified life insurance policies. This is a common option for individuals with serious health conditions who do not qualify for medically underwritten policies. Provides moderate coverage (up to $500,000) at moderate costs. Does  not need a medical checkup and consists of a brief questionnaire.
• Medium to low risk – Your option for life insurance is a traditional underwritten rated life insurance policy. This is common for those with health difficulties. Provides extensive coverage (up to $3,000,000 or more). Significantly more expensive than normal policies. Almost always requires a medical exam. 
• Low risk – Your life insurance option is traditional underwritten standard rated policies (most regular policies and products). This is common for individuals in good health or with moderate health difficulties. Offers extensive coverage (up to $3,000,000) at regular rates. When compared to the vast majority of other insurance options, costs are fairly modest. In certain situations, can be issued without a medical exam (e.g., younger ages). 
• Lowest risk – If you are above average in health, you may be considered for underwritten preferred rated policies. These policies are for persons with excellent health and excellent shape. Offers extensive coverage (up to $3,000,000) at inexpensive rates. 

Can I get life insurance if I have Epilepsy?

Yes, you can get life insurance if you have epilepsy! At Protect Your Wealth, we are here for you to help you navigate your options and choose a policy that suits your needs. For more information, please read our blog of Life Insurance with Epilepsy.

Life Insurance for Hashimoto Disease

How does Hashimoto Disease affect life insurance?

Cost of life insurance with Hashimoto disease?

Can I get life insurance with Hashimoto disease?

Life Insurance for HIV/AIDS 

It is possible to obtain life insurance for HIV/AIDS in Canada, and there are many plans available with a variety of benefits. A diagnosis of acquired immunodeficiency syndrome (AIDS) can result from untreated human immunodeficiency virus (HIV), a virus that attacks the immune system of humans. Unfortunately, there is currently no treatment available for these two serious, potentially fatal diseases. Luckily, there are Canadian life insurance companies that do provide life insurance coverage to people who are diagnosed with HIV/AIDS or even STIs/STDs.

How does HIV/AIDS affect life insurance 

Before insuring someone who is HIV/AIDS positive, life insurance companies take a number of things into account. The underwriting process will have an impact on your life insurance because a number of factors, including but not limited to: 

• Date of your HIV/AIDS diagnosis
• The severity of your HIV/AIDS 
• The severity of your symptoms 
• Treatments that you are taking for your HIV/AIDS 
• How those treatments are affecting you 
• If you are being consistent with your HIV/AIDS treatments

Cost of life insurance with HIV/AIDS 

The cost of life insurance for someone living with HIV/AIDS varies from case to case. What you should know about the cost of life insurance with HIV/AIDS is that it may be higher than the preferred rate, but it will not be unaffordable. In fact, having life insurance as an HIV/AIDS positive person is now easier and more affordable than ever. With the advancement of medical technology, HIV positive patients can now receive an ideal rating.

Can I get life insurance if I have HIV/AIDs?

Yes, there are many life insurance companies that will provide you life insurance coverage if you are HIV/AIDS positive! This being said there are some exclusions, and there can be an increase to your premium depending on several factors when you are applying for life insurance. Try reading Life Insurance with HIV/AIDS to learn more.

Life Insurance for Heart Conditions 

It can be difficult to find life insurance if you have a heart condition. You probably have significant life changes ahead of you if your heart condition is severe enough to need medication or surgery. In situations like these, it’s critical to step back and think through your best options for you and your loved ones. Luckily, life insurance is a possible way to ensure that your family and loved ones have financial stability in case the unpredictable happens. 

How does a Heart Conditions affect life insurance 

Underwriters will typically ask about the following to help gauge how serious your condition is and to determine your premiums for your policy:

• What symptoms or health issues have led to your diagnosis?
• When were you diagnosed with congestive heart failure and/or heart disease?
• Does your family history include heart disease?
• Has anyone in your immediate family died as a result of heart disease?
• What medications are you currently taking?

Insurance companies will enquire about your health and lifestyle habits in addition to how serious your condition is. You can anticipate the following questions to be asked by life insurance companies in order to obtain a fully underwritten policy: 

• Any specific congenital abnormalities
• Ongoing and history of treatments 
• Medications for your condition
• Any serious impairments
• Lifestyle habits and choices
• Smoking history 
• Any underlying coronary artery diseases
• Blood pressure and cholesterol levels
• Family history of heart conditions and other conditions
• Possible APS 

Cost of life insurance with a Heart Conditions

Although the cost of life insurance if you have a heart condition is higher than if you were of good health, there are still great affordable life insurance policies out there. A fully underwritten life insurance policy is the best type of life insurance overall for a heart condition. Due to the possibility that it is not the best life insurance for you, it is best for you to speak with a life insurance advisor in order to find the best life insurance plan for your needs. Simplified life insurance and guaranteed issue life insurance may be of interest to people with heart conditions who might be rejected or who have already been rejected from underwritten life insurance policies.

Can I get life insurance if I have a Heart Condition?

If you have a heart condition, you can still purchase life insurance, but the kind of policy you may be eligible for will depend on how severe and what kind of condition you have. Additionally, how well you manage your condition will also affect your rates or whether an insurer will approve you. For instance, a person with congestive heart failure might have more difficulty getting approved than a person whose atrial fibrillation is under control. If interested, read more about Applying for Life Insurance with a Heart Condition.

Life Insurance with Hepatitis 

Continuing on with our Life Insurance with medical conditions guide, having a health condition diagnosed can have a significant impact on your quality of life. Hepatitis (specifically types B and C) may result in higher life insurance premiums, but it is still possible to find a plan at a competitive price. Obtaining life insurance with hepatitis can be easier than you might imagine if you know what to look for in a life insurance provider and how to present your application effectively.

How does Hepatitis affect life insurance 

Some common aspects that the majority of insurance companies prioritise are the following, though it depends on the insurer and the type of policy you are applying for: 

• The applicant’s age
• Treatments
• Using alcohol/smoking
• The duration of hepatitis
• Acute or chronic hepatitis
• If remission occurs and the virus has been eradicated from your system
• Current blood test results, including a liver function test and a hepatitis panel

Insurance companies will consider the following when it comes to a fully underwritten policy with hepatitis B: 

• After complete recovery from acute hepatitis B, coverage can be considered.
• Chronic hepatitis B is evaluated on an individual basis and may be rejected based on current liver function tests and hepatitis panel findings.
• Applicants with Hepatitis B and C, cirrhosis, alcohol issues, severely elevated liver function tests, or an abnormal liver biopsy are usually turned down.

Insurance companies will consider the following when it comes to a fully underwritten policy with hepatitis C:

• Depending on the patient’s age, duration of the disease, and liver test results, some Hepatitis C candidates may be accepted for life insurance coverage. Applicants may be refused in some instances.
• Applicants who have been successfully treated and have undetectable HCV-RNA levels can be eligible for coverage three months after their treatment stops.
• Applicants with Hepatitis B and C, cirrhosis, alcohol issues, severely elevated liver function tests, or an abnormal liver biopsy are usually turned down.

Cost of life insurance with Hepatitis

Depending on the virus you have and the severity of your illness, you will be given different prices. Expect a lower rating if you have fully recovered from the illness or have shown normal viral load and liver function for at least two years.
Remember that life insurance companies look at more than just your hepatitis status. Your family history, general health, and even your driving history all play a role in the choice. The amount of term life insurance coverage you choose will also have an impact on your costs.
Life insurance companies base your rates on rating classes. You’ll have a better idea of what to anticipate if you understand life insurance rating classes. The Preferred and Preferred Plus rates are the highest (least expensive). For those who have recovered following treatment. Standard and Standard Plus are typically used for patients who have fully recovered or are managing their disease and have normal test results. They are in the middle of the spectrum.

However, those who have chronic hepatitis and have test results that show current concerns may be given a standard rating. The insurance company could also turn down your application. Two of the most frequent reasons for application rejections are cirrhosis and liver disease.

Can I get life insurance if I have Hepatitis?

Yes! You can apply to life insurance with hepatitis. Please keep in mind that depending on certain factors such as: the type of hepatitis, the treatment, or even your test results. It is possible to get a fully underwritten life insurance policy, but in the case that you are denied, you will still have options such as guaranteed issue life insurance. For more information, read our blog about Life Insurance with Hepatitis.

Life Insurance for High Blood Pressure and High Cholesterol 

When evaluating your health for a traditional life insurance application, insurers take high blood pressure and high cholesterol into account. If not properly managed, either high blood pressure or high cholesterol can increase the cost of your premiums, but it is still possible to find affordable rates despite either condition.

How does a High Blood Pressure and High Cholesterol affect life insurance 

Having high blood pressure might lead to your life insurance company charging you a higher premium based on your lifestyle, date of diagnosis, age of diagnosis, and treatments or medications you are taking for your high blood pressure. Luckily, many people who have high blood pressure end up getting a standard rating.

Having high cholesterol might lead to your life insurance company charging you a higher premium based on your lifestyle, date of diagnosis, age of diagnosis, and treatments or medications you are taking for your cholesterol. Luckily, many people who have high cholesterol end up getting a standard rating. 

If you’re applying for life insurance with high blood pressure, the insurance company may have questions or concerns specific to your diagnosis that can affect your premiums. These factors considered are typically:

• the age of diagnosis
• the severity (how high your blood pressure is) 
• any complications related to your high blood pressure
• your current treatment for it
• your overall general health

Cholesterol levels are calculated by the amount of LDL, HDL (high density lipoprotein), and triglycerides (fat) in your blood. Generally, a total cholesterol level of 200 mg/dL or less will typically put you in the standard rating for life insurance premiums. This means keeping your LDL levels below 129 mg/dL, your HDL Levels above 60 mg/dL, and your triglycerides below 150 mg/dL. Total cholesterol is calculated by adding together your HDL levels, LDL levels, and 20% of your triglyceride levels. Another possible cholesterol ratio can be done by dividing your LDL cholesterol by your HDL. With this, ratios of 5.0 or lower are ideal. Insurance companies will have different guidelines to assess your cholesterol levels as high or not.

Cost of life insurance with High Blood Pressure and High Cholesterol

A blood pressure reading of more than 130/80 will typically be regarded as high blood pressure by life insurance companies, which may start to affect your premium rates. However, just because you have high blood pressure doesn’t mean that your insurance premiums will be higher; it all depends on how long you’ve had it and how well you control it, whether or not you take medication.

Can I get life insurance if I have High Blood Pressure and High Cholesterol?

If you manage your cholesterol levels well or are actively seeking treatment for it, you can obtain life insurance if you have high cholesterol, just like you can obtain it if you have high blood pressure. In the future, as your cholesterol falls, you will be able to apply for lower rates if you are actively managing your high cholesterol with medication, a change in diet, or weight loss. Learn more about Life Insurance for High Blood Pressure and High Cholesterol.

Life Insurance with a Lung Condition

You can get life insurance if you have a lung condition! Although life insurance companies will consider your lung condition when determining your quote, getting approved is possible.

How does a lung condition affect life insurance 

You can obtain life insurance even at a reasonable price if you have a lung condition. There are guaranteed issue and simplified issue life insurance policies that are very affordable because life insurance companies are aware of how common health conditions are among the general public. Lung conditions do not preclude you from obtaining a standard fully underwritten life insurance policy at a very competitive price and rating. Lung conditions, like the majority of medical conditions, may make it more difficult for you to be approved for the least expensive life insurance policies, but it is still possible to receive a standard rating. As a client with a lung condition it can result in extended application processes and your quotes and rates will highly depend on a few factors:

• The severity of your lung condition
• How you are reacting to the treatment prescribed  
• How long you have had the condition
• Other medical conditions

These factors are considered during the application process through questions and medical examinations.

• Asthma
• Emphysema
• Chronic bronchitis
• COPD (Chronic Obstructive Pulmonary Disease)

Cost of life insurance with a lung condition

You must take your condition’s severity into account if you have been diagnosed and are searching for your options. Standard life insurance policies may be available to you if your condition is mild or moderate, but they will be unaffordable for those with severe conditions. However, you still have options to consider even if standard policies are too expensive or you are turned down.

What to do if you are denied

There are a few options you can take advantage of in situations where the condition is severe enough to warrant getting denied by conventional life insurance policies:

• Guaranteed Life insurance 
• Simplified Life Insurance

Can I get life insurance if I have a lung condition?

If you have been given a diagnosis of a lung condition, you can obtain a fully underwritten life insurance policy. If a person has a more serious lung condition and fears that a fully underwritten policy might reject them, they do have the option of getting insured with a simplified issue policy or a guaranteed issue policy. Read Life insurance with a Lung Condition to understand your options more.

Life insurance with Lyme Disease

When looking for life insurance, especially if you have Lyme disease, it can be overwhelming, but it can be beneficial to understand how life insurance companies view the disease. No matter how severe your Lyme disease is, you can always find a life insurance option. Depending on the severity and length of your Lyme disease, you may be eligible for different types and amounts of coverage.

How does Lyme Disease affect life insurance 

Even if you have Lyme disease, you can still purchase life insurance. Having Lyme disease is typically associated with higher insurance premiums. However, it won’t stop you from obtaining insurance. However, it might be difficult to be approved for a conventional life insurance policy if your condition has gotten worse. Having said that, you shouldn’t automatically assume that if you have Lyme disease, all insurance companies will decline to cover you.

Specific to Lyme disease, the following information will assist them in understanding your risk:

• Date of Diagnosis – The length of time you have had Lyme disease will influence the side effects you may encounter.
• Length of Treatment – Insurers will want to know how long your Lyme disease treatment lasted. The lengthier the duration of your treatment, the more side effects you may experience.
• Resolved/Addressed – This is a significant development for Lyme disease. Carriers are interested in whether or not you have recovered from Lyme disease. In addition, they will require evidence from your doctor that Lyme disease has been effectively treated. Effective treatment greatly benefits your application.
• Chronic Lyme Disease – Unresolved chronic symptoms negatively affect your application for life insurance.
• Current Therapy – Are you currently receiving Lyme disease treatment? If so, what type of medication, what dosage, and how frequently do you take it? Insurers will evaluate specific medications for possible adverse side effects.

Cost of life insurance with Lyme Disease

We do not recommend waiting to purchase coverage when you have a pre-existing condition such as Lyme disease or waiting for your Lyme disease to progress. Your premiums may become more expensive as your condition may worsen with age. Because of this, it may be beneficial to purchase insurance in advance and lock in a lower cost while you’re still young and healthy. You have some options, if you are dealing with a mild case of Lymes disease then your chance to get an affordable life insurance policy is much higher, but there are awesome and affordable simplified and no medical life insurance policies out there too!

Can I get life insurance if I have Lyme Disease?

Even if you have Lyme disease, you are still eligible for life insurance. Protect Your Wealth will assist you at no cost in finding coverage to financially protect yourself and your family, no matter the severity of your illness or where you are in the course of treatment.
For more information about finding life insurance with Lyme disease, check out our blog Life Insurance with Lyme Disease

Life insurance with a mental illness

Insurance companies will take your mental health into account. Applying for and receiving approval for life insurance may prove to be more challenging, but it is definitely possible with the right paperwork. Selecting life insurance that will meet your needs is essential because mental illness can definitely have an impact on your life.

 A list of Mental health conditions: 

• Anxiety Disorders 
• Attention Deficit Hyperactivity Disorder (ADHD) 
• Bipolar Disorder 
• Borderline Personality Disorder (BPD) 
• Depression 
• Dissociative Disorders 
• Eating Disorders 
• Obsessive-Compulsive Disorder (OCD) 
• Post traumatic Stress Disorder (PTSD) 
• Psychosis Schizoaffective Disorder Schizophrenia

How does mental illness affect life insurance

Continuing on with our Life Insurance with medical conditions guide, the severity of your mental illness is vital for rank assessment and calculating premiums, and is measured with the CGI-BP scale:

If you have a mental illness and apply for life insurance, you might experience some resistance in the form of drawn-out applications and higher premiums. You will be prompted with a number of questions about your diagnosis at the beginning of the life insurance application process.

These inquiries differ from company to company but typically they want to know: 

• The time of your diagnosis 
• The severity rating of your diagnosis 
• Symptoms that affect daily living 
• Treatment plan 
• Frequency of your episodes 
• Your hospitalization record 

Additionally, you will be required to provide documentation and medical reports detailing your medical history. You might be required to have medical exams to assess your mental health depending on what is found in your file.

Cost of life insurance with a mental illness

The diagnosis and management of a mental illness will have an effect on your life insurance, but it’s important to keep in mind that 1 in 5 adults have a mental illness, so it shouldn’t have any bearing on how you live your life.
The best companies that provide life insurance for mental illnesses with the fewest questions and medical exams required are listed below. However, any insurance provider might be successful, so it’s a good idea to talk to an agent before choosing: 

Humania

• Plan name: Insurance without Medical Exam 
• Max coverage: $300,000 
• Issue ages: 18-70 
• Number of questions: 6-18 
• Medical exam: No

Industrial Alliance (iA) 

• Plan name: Access Life 
• Type of insurance: simplified issue insurance 
• Max coverage: $25,000-$500,000 
• Issue ages: 18-70 
• Number of questions: Deferred – 5 Deferred Plus – 9 Immediate – 13 
• Medical exam: No

Canada Protection Plan (CPP) 

• Plan name: Guaranteed Acceptance Life 
• Type of Insurance: guaranteed life insurance 
• Max coverage: $50,000 
• Issue ages: 18-75 
• Number of questions: 0 
• Medical exam: No

Can I get life insurance if I have a mental illness?

Yes, you can definitely get a great underwritten life insurance policy at an affordable rate if you have a mental illness. There are plenty of life insurance companies that can give you a fully underwritten life insurance policy at a standard rating if you have a mental illness, or in some cases they might give you a rate increased by 50% of the standard rating. You can find term life insurance policies or permanent life insurance policies with a mental illness. If you are concerned that you will not be able to attain an underwritten policy, you can get a simplified life insurance policy or a guaranteed issue life insurance policy while doing minimal medical questioning. For more information, check out Life Insurance with a Mental Illness.

Life Insurance with Melanoma

How does Melanoma affect life insurance? 

Cost of life insurance with Melanoma? 

Can I get Life Insurance with Melanoma

Life Insurance with Multiple Sclerosis in Canada

MS is diagnosed in 12 Canadians on average each day, most of whom are between the ages of 20 and 49. Even if you have this condition and have received a diagnosis, you can still find a great life insurance policy in Canada. No matter which type of multiple sclerosis you’ve been diagnosed with, there is an insurance option for you.

How does a Multiple Sclerosis affect life insurance 

“Can I get life insurance if I have multiple sclerosis?” is a common question from those who have the disease. and it is indeed true! It is absolutely possible to obtain life insurance while living with multiple sclerosis, though it may be more challenging depending on how severe and how far along the disease is.

This frequently means that those who have been diagnosed with multiple sclerosis will not be eligible for regular or preferred traditional life insurance when it comes to the two conditions. However, that does not preclude you from purchasing life insurance.

No medical life insurance policies are your best choice for quick approval when applying for life insurance with a multiple sclerosis diagnosis. You have two choices to think about: 

Guaranteed Issue insurance

There is no medical exam requirement for either type of policy, but there are a few small distinctions between guaranteed issue and simplified issue. There is always a two-year waiting period on the no accidental deaths policy as part of the coverage and higher premiums with guaranteed issue policies because you are guaranteed approval and there are no medical exams or questions to answer. These contracts are also long-term insurance services.

Simplified life insurance

There are no medical examinations required for simplified issue policies, but you will be asked a few quick health-related questions that could influence whether you get approved. The advantage of the simplified issue policy, however, is that you may have a higher death benefit and pay lower premiums than with guaranteed issue policies.

For more comparison, feel free to read our blog about Guaranteed Issue vs Simplified vs Fully Underwritten Life Insurance Policies.

Cost of life insurance with a Multiple Sclerosis

The severity of your multiple sclerosis and your general health will be taken into account by the insurers when you apply for life insurance. For underwriting, insurers will specifically take into account the following factors:

• Age
• Symptoms/Date of Diagnosis
• Whether a confirmed or potential diagnosis has been made 
• Current Symptoms
• Last attack date and attack frequency
• Information on treatment
• Problems with your health, if any
• Level of impairment
• If you are staying up to date on your treatment

All of these elements go into determining how serious your condition is. The higher the risk of insuring you is, the more expensive your premiums will be, and in some extreme cases, you may not be accepted. This is true regardless of how severe your condition is.

Can I get life insurance if I have Multiple Sclerosis?

Yes! If you have multiple sclerosis, you will be able to purchase life insurance. There is insurance available for you, regardless of the type of MS that has been identified. A simplified life insurance policy or a guaranteed life insurance policy can be purchased even though a fully underwritten life insurance policy may not be. To learn more, read our blog about life insurance with MS in Canada.

Life Insurance with Parkinson’s Disease in Canada

Parkinson’s disease can still qualify for life insurance in Canada, but there are some considerations to take. Parkinson’s disease is a serious condition that affects the brain and, as a result, the ability to move. Fortunately, there are many life insurance providers who can offer coverage to those who receive a Parkinson’s disease diagnosis.

How does Parkinson’s Disease affect life insurance 

When Parkinson’s disease is diagnosed, many people wonder if they can still purchase life insurance. Fortunately, Parkinson’s disease does not prevent a person from obtaining life insurance. There are some restrictions for traditional life insurance coverage that must undergo underwriting, and they may have an impact on your coverage. Parkinson’s disease underwriting is primarily based on your individual situation and the severity of your symptoms.

There are excellent guaranteed life insurance plans that can give you protection without having to go through the process of underwriting. Parkinson’s disease patients will find it much simpler to obtain life insurance coverage thanks to no-medical and guaranteed life insurance, which won’t need any medical exams or an APS (attending physician statements).

Cost of life insurance with Parkinson’s Disease

The cost of your premiums will vary depending on whether you choose a no medical exam policy, a simplified policy, a fully underwritten policy, term life insurance, or whole life insurance. The cost of life insurance can differ from one company to another. The rating is the most crucial thing to understand because it can affect how much life insurance for people with Parkinson’s disease costs. If you have Parkinson’s disease and receive a 150% rating for life insurance, you will pay 1.5 times as much as someone with a standard rating. A standard rating is for someone who has no health conditions. This evaluation is based on an APS, questions about your PD, and your physical exam. Life insurance providers base this percentage rating in particular on the circumstances surrounding your Parkinson’s.

If you have Parkinson’s disease, the following table lists the information some Canadian life insurance companies are willing to share about their underwriting procedure and the primary factors they will consider when calculating your rating:

Can I get life insurance if I have Parkinson’s Disease?

Yes, luckily in Canada you can get a life insurance policy if you have Parkinson’s disease and there are plenty of different options for you. Fully underwritten life insurance is affordable and offers great options and coverage, this goes for simplified and no-medical life insurance too, although they offer less coverage than fully underwritten insurance they have great benefits for those who suffer from a severe case of Parkinson’s disease. To learn more, please read our blog about Life insurance with Parkinson’s Disease. 

Life Insurance for Recovering Addicts 

We occasionally have clients looking for life insurance while they are in drug rehab. Because it has only been a short while since they have been sober, the majority of recovering addicts worry that they won’t be eligible for a policy and inquire, “Can I get life insurance if I’m a recovering addict? ” The answer is: yes! No matter what  stage of recovery you are in, there is an insurance product out there for you.

How does being a Recovering Addict affect life insurance 

Regarding previous drug use, different companies have different policies, but most call for you to have become sober from drugs for a predetermined period of time. The way life insurance companies view drug use is influenced by a variety of factors. It really depends on the drug you use and, in some cases, how frequently.

Since there is a higher risk involved in insuring a drug addict or recovering addict than there is with a typical applicant, underwriters must assess the recovering addict’s risk, medical history, and other factors in greater detail. Substance abuse carries a number of risks, and the consequences over the long term can differ depending on the substance, the dosage, and the duration of use. Due to being under the influence, substance abuse can result in a number of health problems and even accidental injuries. Drug use is linked with a number of illnesses and conditions, including but not limited to:

• Organ damage (liver, lung, pancreas, etc)
• Blood borne viruses (HIV/AIDS)
• Neurological disorders
• Depression, anxiety, and other mental health disorder
• Liver disease
• Asthma 
• Cancer
• Drug overdose 
• Drug related scabs, lesions and necrosis

Cost of life insurance for Recovering Addicts

Drug addicts in recovery may pay anything from standard rates to 400% rates for life insurance. Your rates and life insurance are based on how long you have been drug-free because this amount is typically related to how long it has been since you last used drugs. Your rates will decrease the longer you have gone without using drugs and/or relapsing. These are the following rates for based on how long you’ve been sober from drug usage for:

• One to four years sober: Substandard (highest) rates, 150%+, or even decline
• Five or more years sober: 50%+ or Standard rates

Can I get life insurance if I am a Recovering Addict?

Yes, recovering addicts can buy traditional life insurance, no medical life insurance, and simplified life insurance. To compare these policies check out our blog: Guaranteed Issue vs Simplified vs Fully Underwritten Life Insurance Policies.  The eligibility for a simplified or traditional life insurance all depends on the drug used, the usage frequency, years sober and many other factors. Regardless, if you are a recovering addict there are plenty of life insurance companies that are willing to provide you coverage. If you would like to read more, try our blog about Life Insurance for Recovering Addicts. 

Life insurance for Recovering Alcoholics

On occasion, we receive clients looking for life insurance who have recently quit drinking. They frequently inquire, “Can I get life insurance if I’m a recovering alcoholic? ” because they are concerned that they won’t be eligible for a policy because it has only been a short while since they have been sober. Luckily, as a recovering alcoholic you can definitely get a life insurance policy. 

How does being a Recovering Alcoholic affect life insurance 

Due to impairment, excessive alcohol consumption can cause a number of serious health issues as well as accidental injuries. Among the ailments connected to alcoholism are:

• Liver disease
• permanent heart damage
• Stroke
• Cancer
• Diabetes
• Pancreatitis
• Neurological conditions
• Anxiety, depression, and other mental health conditions

People who drink excessively receive higher ratings for life insurance than those who only drink occasionally and socially due to these risks associated with excessive drinking.

Cost of life insurance as a Recovering Alcoholic

The cost of life insurance for alcoholics in recovery can be as high as 400% of standard rates. Your rates and life insurance costs will vary depending on how long you’ve been sober. Your rates will decrease the longer you go without drinking and without relapsing. According to how long you’ve been sober, generally speaking, you can anticipate seeing the following rates:

• One to four years sober: Substandard (highest) rates
• Five or more years: Standard rates

Can I get life insurance if I am a Recovering Alcoholic?

After two to three years of sobriety, recovering alcoholics can purchase traditional life insurance, though they will pay significantly higher premiums than those without a prior history of alcoholism. But luckily, as your sobriety progresses, you can get a standard rating after 5 or more years of sobriety. Alternatively, guaranteed issue life insurance will accept their application and offer coverage regardless of the circumstances if they need instant life insurance. For more information, please read Tips for Recovering Alcoholics applying for Life Insurance.

Life Insurance with Rheumatoid Arthritis (RA)

If you suffer from rheumatoid arthritis (RA), you might be wondering how to obtain life insurance or even if you are even eligible. Although it is still possible to get life insurance with RA, it will affect how your rates are determined. What you should know about purchasing life insurance while having rheumatoid arthritis is provided below.

How does Rheumatoid Arthritis affect life insurance 

If you have RA your life insurance ratings will go higher and your availability to secure certain types of life insurance might decrease depending on the severity of your RA.

Insurance Companies will also inquire about your RA and may ask some of the following questions: 

• Date of diagnosis – The longer you have RA, the greater the risk of joint and organ damage.
• Flare Ups – The frequency with which your flare ups occur affects the amount of inflammation in your body.
• Type and Severity – How it affects your ability to live an independent and active life.
• Disability – The inability to work as a result of a RA disability lowers your life insurance rates.
• Medications – Some RA medications are considered red flags by life insurance companies.
• Damage – Joint damage, bone erosion, and organ involvement all have a negative impact on life insurance underwriting.

Cost of life insurance with Rheumatoid Arthritis

Life insurers have a lot of things to think about when it comes to rheumatoid arthritis. They must take into account the applicant’s lifespan in addition to the fact that many medications used to treat RA have serious side effects. In extreme cases, the disease may also affect other organs in addition to the joints. Life insurance providers use underwriting to assess the level of risk you represent.

RA typically has an impact on how much your life insurance policy will cost. Family, medical history, and lifestyle are the three factors that affect your insurance rates. It is significant to note that your health plays a significant role in determining the cost of traditional life insurance. For term life insurance, depending on how severe your condition is, your ratings will differ and can cause your premiums to be slightly higher than if you didn’t have RA.  No medical life insurance is more expensive and typically provides less coverage for the money, although it does provide some coverage in the case of death for individuals in desperate situations. 

Can I get life insurance if I have Rheumatoid Arthritis?

When clients with RA contact us, they frequently worry that they won’t be able to get life insurance. This is particularly concerning for clients who have been identified as having severe RA. Your symptoms might become worse because of your worry about life insurance, premiums, and not being able to provide for your family in the event of a worsening prognosis. “Can I get life insurance if I have rheumatoid arthritis?” is a frequent query we receive from our clients. The answer is: Yes!  Even if you have rheumatoid arthritis, you can still purchase life insurance. There are products available for you to protect yourself and your loved ones, regardless of the severity of your condition. To learn more about life insurance with rheumatoid arthritis click here!

Life Insurance with Sjögren’s Syndrome

Sjögren’s Syndrome is a chronic autoimmune disease that attacks the body’s moisture-producing glands, causing dry eyes, dry mouth, fatigue, and joint pain. There are two types: primary and secondary, with unknown causes but potentially linked to genetics, environment, and viral infections. Diagnosis can be tricky, but blood tests, imaging, and biopsies can help. While there is no cure, treatment aims to manage symptoms, with artificial tears, saliva substitutes, and medication. Patients should work with healthcare providers for personalized care and monitoring. Securing life insurance coverage with Sjögren’s Syndrome is possible with careful research, consultation, and comparison of policy options.

How Does Sjögren’s Syndrome Affect Life Insurance?

When applying for life insurance with Sjögren’s Syndrome, applicants may face challenges in eligibility and premiums due to the nature of the condition. Insurance providers consider factors such as symptom severity, overall health, and potential risks of future claims before approving an application. Individuals with mild to moderate symptoms and a well-managed treatment plan may receive more favorable terms and premiums. However, those with severe symptoms, associated conditions, or other health risks may face higher premiums or more stringent underwriting guidelines. By working with healthcare providers, maintaining a healthy lifestyle, providing complete medical documentation, and comparing options, applicants can improve their chances of obtaining favorable life insurance coverage. Some of the factors that are considered are:

• Severity of symptoms: Applicants with mild to moderate symptoms may receive more favorable terms and premiums compared to those with severe symptoms or complications related to the condition.
• Overall health: The presence of other health conditions or risk factors, such as obesity or smoking, can further impact life insurance eligibility and premiums.
• Treatment and management: Applicants who demonstrate effective management of their Sjögren’s Syndrome with a well-documented treatment plan may be viewed more favorably by insurance providers.
• Associated conditions: Secondary Sjögren’s Syndrome, which occurs alongside other autoimmune diseases like lupus or rheumatoid arthritis, may result in higher premiums or more stringent underwriting guidelines.

Can I Get Life Insurance With Sjögren’s Syndrome?

Yes, you can typically obtain life insurance with Sjögren’s Syndrome, though the terms and premiums may vary depending on the severity of your condition and other factors. Insurance companies evaluate applicants based on their overall health, medical history, and lifestyle choices.

Life Insurance with a STI 

The prevalence of STDs like gonorrhea, syphilis, and HIV is very high. Sexually transmitted diseases are significantly more common in people of reproductive age. Human Immunodeficiency Virus (HIV) is widely regarded as the most serious sexually transmitted disease because there is no cure. If you are concerned about leaving a death benefit to your loved ones so that they can live comfortably after your passing, you might add buying life insurance to your to-do list.

How does a STI affect life insurance 

Sexually transmitted infections, or STIs, are a distinct health issue that shouldn’t present a big problem for underwriting if they are properly managed. Insurance companies would typically want to know if this was a one-time incident or a recurring one. For example, if you have more than 10 STIs in a year, this may indicate that your health history is more complicated than if you have just one or two STIs in a year. This has to do with a different area of health. We recommend that you seek the help of an advisor to walk you through the process of obtaining insurance coverage because every situation is unique.

The typical inquiries that are made of every applicant for life insurance will be made of you. However, if you look closely, you’ll see that some of the inquiries can be used to determine whether or not a person has received a STI diagnosis. Few should be able to determine whether someone has experienced significant medical complications after being diagnosed with a STI.

Cost of life insurance with a STI

Depending on the virus you have and the severity of your illness, you will be given different prices. Expect a lower rating if you have fully recovered from the illness or if you are being consistent with your treatment. 

Remember that life insurance companies look at more than just your STI status. Your family history, general health, and even your driving history all play a role in the choice. The amount of term life insurance coverage you choose will also have an impact on your costs. Contact us to find out more about the prices for the cost of life insurance with a STI.

Can I get life insurance if I have a STI?

Yes, there are numerous life insurance companies that will provide coverage. Nevertheless, there are a few exclusions, and your premium may increase based on a number of factors when you apply for life insurance. Read more on our blog about Life Insurance with an STI.

Life Insurance with Sleep Apnea

It is easy to get life insurance despite having sleep apnea because there are numerous insurance options available at reasonable costs. A sleep-related medical condition called sleep apnea is increasingly being diagnosed and is even common among young people. According to statistics, the number of patients in Canada receiving a sleep apnea diagnosis from medical professionals is rising. Fortunately, there are many life insurance providers who are eager to offer coverage to people with sleep apnea.

How does sleep apnea affect life insurance 

Fortunately, sleep apnea is a common condition, and people who have been diagnosed with it typically receive favourable rates from insurance companies and have a high likelihood of approval. A person who doesn’t want to get a medical exam can greatly benefit from no medical exam life insurance policies. The kind of life insurance you can buy and the amount of coverage you can have won’t always be impacted by sleep apnea. Because sleep apnea is treated like any other medical condition, you can still pay a standard rate and obtain adequate coverage as if you had no other medical conditions; the severity of the sleep apnea will usually determine this.  Usually the severity of it is rated by being either mild, moderate or severe.

Cost of life insurance with sleep apnea 

Depending on whether you choose a no medical exam policy, a simplified policy, a fully underwritten policy like a term life insurance policies, or whole life insurance policies, the cost of life insurance can vary. Protect Your Wealth offers a free consultation to help you find the best insurance provider and coverage for your needs and wants. We at Protect Your Wealth firmly believe that you should make an informed decision when shopping for life insurance. The rating is the most crucial thing to be aware of because it can affect how much life insurance for people with sleep apnea costs. 

A rating is a percentage that you will be charged for your policy by a life insurance company. If you have severe sleep apnea and your rating is 200%, as opposed to the standard rating of 100% for someone without any health conditions, you will pay twice as much for life insurance.

This evaluation is based on the questions you answered about your condition as well as the results of your physical examination. Life insurance companies base this percentage rating specifically on how bad your sleep apnea is. Here is a list of some life insurance companies in Canada and what they will rate you based on the severity of your sleep apnea and if you are treatment compliant (fully underwritten policies): 

Can I get life insurance if I have sleep apnea?

If you have been given a diagnosis of sleep apnea, you can obtain a fully underwritten life insurance policy. If you have a more serious case of sleep apnea and fears that a fully underwritten policy might reject you, you do have the option of getting insured with a simplified issue policy or a guaranteed issue policy. This being said, it is worth applying for a fully underwritten life insurance policy if you have been staying on top of your sleep apnea treatment and are aware of your issue. Try reading Life Insurance with Sleep Apnea for more information.

Life insurance for obese or overweight people

Your height and weight, or your BMI, are two factors that insurance companies will consider when evaluating your health. For underwriting and selecting your rate class, life insurance companies use your BMI to assess your overall health. Your life insurance policy will cost more if you have a higher BMI because your health risk is higher.

How does being overweight and obese affect life insurance

Your BMI will be taken into account by insurance companies when calculating your life insurance premium. Your life insurance rates will be lower the healthier your BMI (the lower your weight in relation to height). For example, if you’re 5’5 and 153 pounds, your life insurance premiums might be more than if you are 5’6 and 153 pounds because of your BMI. However, having a BMI that is too low is also not ideal, as this indicates that you are underweight and at risk for or already have health problems.

The height/weight chart (build chart) that each insurance company uses to determine your premiums is unique, and some are more lenient (have wider ranges) than others. The lower and healthier your weight, the more likely you’ll be fitted to ‘preferred’ premiums, which are cheaper than standard. If you don’t meet the weight range for preferred rates, you’ll be given standard rates. If you exceed the weight maximum for standard rates, you’ll most likely be rated higher (from 125% to sometimes 350% of standard premiums). Most life insurance companies will also decline if you exceed a maximum weight for your height. Note that some companies will have a unisex chart, while others will have a chart for males and females.

Cost of a fully underwritten life insurance policy for obese or overweight people

To give you a better idea of a the price of life insurance for overweight or obese people, this is some of the prices for a fully underwritten policy for obese or overweight people: 

Cost of a simplified life insurance policy for obese or overweight people

Build charts for BMI are more forgiving in Simplified Issue policies. This means that you can use simplified issue policies if you want a standard rating for your BMI but are too heavy for fully underwritten policies.
The rates for an adult who is between 5’5″ and 5’8″ tall from Canada Protection Plan (CPP), Assumption Life, Industrial Alliance (IA), and SSQ Insurance are compared below using their streamlined issue build charts.

Can I get life insurance if I am obese or overweight

Being overweight will typically only mean that you are rated higher, which means you have to pay more for the same coverage you wanted compared to someone who has a healthy weight. Unless you have other severe conditions, being overweight does not affect you in getting life insurance. That being said, here are 3 ways you can secure getting life insurance if you are overweight:

• Work with an insurance advisor to apply for a policy.
• Reapply after losing weight and changing your lifestyle choices.
• Choose a no medical exam policy.

To learn more, information read our blog about the impacts of height and weight on life insurance!

Life insurance for stroke survivors

Being a stroke survivor or someone who is at high risk for a stroke may find it hard to find a traditional life insurance policy. As for stroke survivors, the underwriting will want to know if the stroke was a transient ischemic attack (TIA) also known as mini stroke or if the stroke was a Cerebrovascular Accident (CVA), known as a full stroke. Where the severity of the stroke, how many strokes you’ve had, and how long it had been since the last stroke not only affects the premium for the policy but will determine the eligibility of different types of life insurance policies. 

For more information, please read our blog for tips for Stroke Survivors Applying for Life Insurance.

Life insurance for people who are underweight

Having a BMI that is too low (typically 17 or below) is also something that life insurance companies worry about. A medical condition or mental illness that contributes to being underweight could be present if you are underweight. A BMI that is too low can lead to additional health issues and concerns, which is risky for insurers.

Being underweight may result in:

• Osteoporosis
• Malnutrition
• Depression
• Fertility issues.

When applying for traditional life insurance and having a BMI of 17 or less, it’s likely that you will be questioned about your health further during the underwriting process. If it’s very low, some insurers might not let you buy traditional life insurance, but you can definitely get a guaranteed life insurance policy, contact a life insurance agent to find out your option!

Get the protection you need

If you have a medical condition, there’s a life insurance product or package for your situation. Working with a life insurance advisor can help you build the right life insurance plan and package for your needs.

At Protect Your Wealth, we work with and compare policies and quotes from the best life insurance companies in Canada to ensure the best solution for you and your needs. We provide expert life insurance solutions, including no medical life insurance, critical illness insurance, term life insurance, and permanent life insurance to build the best package to give you the protection you need.

Contact Protect Your Wealth or call us at 1-877-654-6119 to talk to an advisor today! We’re proudly based out of Hamilton, and service clients anywhere in Ontario, British Columbia, and Alberta, including areas such as London, Oakville, Vancouver, Calgary, Edmonton, and Victoria.