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.
- 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:
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)
- 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:
- 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 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:
- 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:
|Life insurance Companies||Underwriting factor(s) that primarily determine the cost of life insurance coverage (Rating)|
|BMO Life Insurance|
- Attending Physician’s Statement (APS)
- Age of applicant
- Severity of applicant’s Parkinson’s
|Canada Protection Plan (CPP)|
- Recommends simplified insurance plan (no medical exam required)
- Severity of applicant’s Parkinson’s
- Age of diagnosis
- Treatments for Parkinson’s
- Stability of disease
- Requires Attending Physician’s Statement (APS)
- Date of diagnosis
- Severity of applicant’s Parkinson’s
- Age of diagnosis
- Treatments for Parkinson’s
- Stability of disease
- Requires Attending Physician’s Statement (APS)
- Requires Attending Physician’s Statement (APS)
- Severity of applicant’s Parkinson’s based on the 5 stages of Parkinson’s
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
- 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
- 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 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:
- 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.