Did you know that life insurance for smokers is double to triple the price of non-smokers? That can add up to thousands or even tens of thousands of dollars more that smokers pay over the life of the policy!
But not all life insurance companies treat smokers the same way. The trick is to find the one that views you as low risk and offers you the best rates.
This comprehensive guide will reveal how smoking affects your life insurance rates and how you can get the best life insurance policy as a smoker.
Do you use marijuana?
You might know that cannabis usage can affect your ability to buy life insurance. The good news is, there are plenty of ways to get affordable coverage if you use marijuana.
In this post, we reveal how life insurance companies treat marijuana users. You will also find out how much insurance will cost for them.
In the end, you can make an informed decision about getting the right policy to protect your family.
On May 4, 2017, Bill S-201: An Act to prohibit and prevent genetic discrimination received Royal Assent and became law. The bill prohibits any person or insurance company from requiring an individual to undergo a genetic test or requiring an individual to disclose the results of a genetic test as a condition of obtaining insurance.
It’s no secret that life insurance becomes more expensive as we age. Premiums are related to the mortality rate and the decrease in our life expectancy as we get older is reflected in the increased premiums. What you may not realize is that this risk is not represented by a linear line. If you graph the probability of death from an actuarial life table, you would notice that the probability of death increases exponentially as we age. What this means for term insurance is that renewal premium also rises exponentially, such that they become unaffordable during retirement. So, what are your options for your term insurance policy as you head into retirement?
What is the life insurance laddering strategy?
No, you don’t build an actual ladder with life insurance. (How would that work anyway?)
Instead, you buy term insurance of different lengths (term-10, term-20, etc) at the same time so that you coverage is staggered.
This ensures that you pay only for coverage you need while saving money in the process. It could end up saving you over $10,000!
Read on to find out how this strategy works.
Joint first to die life insurance is a simple and cost effective way for couples to protect their family’s financial security. With one policy covering two people, the death benefit is paid out after the first insured person passes away, helping the surviving partner pay off debts, cover living expenses, or maintain their lifestyle.
This guide explains how joint first to die life insurance works, who it’s best for, the pros and cons, and how it compares to individual policies — so you can decide whether it’s the right solution for your family.
When you decide to get long-term disability insurance, you can apply to the insurance provider. But the application is only the first step. Next is underwriting, where the insurance company assesses if you are a good fit for disability insurance.
Besides your health, what other factors impact the underwriting process? Do you need to undergo a medical exam to buy disability insurance? Get the answers to these questions and much more in this post.
Long-term disability insurance pays you a benefit if you can’t work because of an illness or injury. But while a disability insurance policy is essential, the base policy only gives you the minimum coverage. To get the best disability policy, you’ll need to add disability insurance riders.
Disability insurance riders are optional benefits that enhance your disability policy. But which riders should you get and which ones aren’t worth it? Read on to find out.
Disability insurance can serve as income replacement if you can’t work due to an injury or illness. While anybody with gainful employment should have coverage, nobody wants to go through a disability claim.
But statistics show one in three people become disabled for 90 days or longer before 65. So if you’re wondering how to make a disability insurance claim, this post is for you.
Long-term disability insurance pays an ongoing benefit if you can’t work in your job due to an injury or illness.
The advantage of a long-term disability insurance policy is that the definition of a disability is extensive. As long as an illness or injury prevents you from doing your job, you should qualify for disability insurance benefits.
But what types of disabilities are covered? How do you define a disability? And are there any exclusions or limitations?
In this post, we explore what disability insurance covers.
Disability insurance protects your most valuable asset—your ability to earn an income. Without it, chances are you won’t meet your ongoing financial obligations if you become disabled. It will be a struggle to pay your mortgage, buy groceries, and maintain your lifestyle.
So how does disability insurance work? And if it’s such a critical part of a financial plan, why is it so often overlooked?
In this post, we explain what disability insurance is and how you can protect your most valuable asset.
Small business owners purchase personal disability insurance to protect their income if a disability leaves them unable to work. But while that helps pay for personal expenses, it doesn’t cover the ongoing expenses of the business.
You still have fixed business expenses that continue even if you become disabled. Rent for your commercial office, employee salaries, equipment leases, and utilities are just some of the overhead expenses you need to pay to keep the business running.
Without any protection, your business might not have the means to endure a long-term disability.
That’s where business overhead expense insurance can help. It covers your ongoing expenses, so you have a business to return to when you recover from your disability.
In the ever-changing landscape of business, unexpected events can throw your carefully crafted plans into disarray. But what if the unexpected wasn’t a market downturn or a competitor’s new strategy, but the critical illness of a key employee? These individuals, the backbone of your success, hold irreplaceable knowledge, skills, and relationships that drive your company forward. Losing them, even temporarily, can have a devastating impact.
Key person critical illness insurance isn’t just a financial safety net; it’s a strategic investment in the very foundation of your business. It acts as a shield against the unthinkable, ensuring your company remains resilient even when faced with a key employee’s critical illness. But who exactly are these “key people,” and how does this insurance work?
This post will guide you through the essentials, demystifying key person critical illness insurance and empowering you to make informed decisions to protect your business and its future.
Forget the fear-mongering and misinformation. Navigating the world of critical illness insurance can be clouded by confusion, riddled with common myths that deter informed decision-making.
“I’m too young,” “It’s redundant with my health insurance plan,” or “It’s a rip-off” – these are just a few pervasive misconceptions that leave many unprepared for life’s unpredictable curveballs. But what if these assumptions were simply half-truths, roadblocks holding you back from the potential security this coverage offers?
This post cuts through the clutter, debunking these widely held myths one by one. It empowers you with the facts to make confident choices about protecting your financial future—and your peace of mind—should a critical illness strike. Buckle up, get ready to ditch the doubt, and let’s navigate the road to clarity together.
Life-altering in more ways than one, a critical illness diagnosis not only shakes the individual directly affected but sends ripples of impact through the lives of those in close proximity.
In Canada, it is crucial to address the increasing prevalence of chronic diseases that have long-term impacts on one’s life. As we delve into this pervasive issue, it’s essential to acknowledge that the statistics speak louder than one might anticipate. The reality is that chronic diseases are on the ascent, and the likelihood of you or someone you know already grappling with one is statistically significant.
This post aims to shed light on the escalating prevalence of chronic diseases, emphasizing the need for proactive measures like lifestyle choices and critical illness insurance.
Critical illness insurance plays a vital role in maintaining your financial stability after being diagnosed with a covered illness, like a life-threatening cancer or heart attack. It pays a one-time tax-free lump sum benefit that you can use to pay for extra medical expenses, replenish your emergency fund, replace lost income, and more.
However, the landscape of critical illness insurance is expansive, with several plan options available. From term policies with a defined coverage period to whole life plans, ensuring lifelong protection, the array of choices can be overwhelming.
In this post, we shed light on the options you have to buy critical illness insurance. By the end, you’ll be equipped with a clearer understanding of the plans available, empowering you to make informed decisions to safeguard yourself and your family.
Critical illness insurance offers financial protection if you are diagnosed with a covered condition, like life-threatening cancer, heart attack, kidney failure, or motor neuron disease. Despite its comprehensive coverage, scenarios exist where an insurance provider might withhold the critical illness insurance payout. These are called exclusions.
Critical illness insurance exclusions outline what a policy won’t cover, representing the boundaries and limitations of the coverage. Understanding these exclusions isn’t merely an afterthought but a pivotal part of making an informed decision. They serve as guardrails, defining the scope of the policy and shedding light on scenarios where the safety net might not extend.
This post equips you with the knowledge necessary to navigate through policy intricacies, ensuring that the safety net you’re investing in aligns with your expectations and needs.
In today’s world, securing the well-being of our children extends beyond providing daily care and nurturing their dreams. As parents or guardians, safeguarding their future against unforeseen challenges is a responsibility we take seriously.
Child critical illness insurance protects against the financial strain that may arise if a child encounters a severe health setback. This specialized coverage offers peace of mind and practical support, ensuring that in the face of a critical illness diagnosis, the focus remains on the child’s recovery rather than financial worries.
This post explains what child critical illness insurance entails, why you need it, and the type of coverage to get. Read on to equip yourself with the essential knowledge to make a well-informed decision.