Life Insurance in Canada and Obesity

Life Insurance in Canada and Obesity

A disturbing trend that you will find in Canada, just as in many other parts of the world, is the rise of obesity. We live sedentary lifestyles and have jobs that don’t require as much activity, we eat too many foods that are bad for us, and we don’t get enough exercise. Any one part, or more likely a combination of all three of these issues, is causing people to become obese. In Canada along, more than 23% of the population over 18 years old is obese. Millions more are overweight. This problem isn’t going to go away soon, and you can see that it is taking its toll. The life insurance rates are climbing because of this.

 

When someone is overweight, it’s far more than just an issue of aesthetics. It is all of the health problems that go along with obesity that is such a major cause for concern. Elevated blood pressure, heart disease, clogged arteries, diabetes and other health concerns are part of the trouble. Life insurance companies know that those who are obese are going to have more problems with their health. You need to realize that this is going to make it more difficult to obtain quality life insurance at reasonable rates.

 

Life insurance companies in Canada have several classifications when they are determining rates and whether or not they will provide you with life insurance. The preferred rates are for those people who are in great health and have a clean family health history. Standard rates are the rates that most of the people who apply will receive. If you have a higher risk level, you will have substandard rates, and these are more costly. Of course, many people who are obese and have health problems will be declined for traditional life insurance coverage.

 

Knowing that obesity can lead to those health problems mentioned earlier, it becomes more difficult for people who are obese to gain life insurance. You do have some other options though. You can always choose Simplified Issue life insurance, which doesn’t require medical exams and has fewer medical questions. The premiums are going to be higher, and they have lower payouts, but it is still a way to get the life insurance you need.

 

You can find that using a broker to help you find the right insurance policy is very helpful. Even when you are at your wit’s end, he or she has access to all of the Ontario companies offering insurance and can help you find coverage.

Additional resources

http://www.parl.gc.ca/Content/LOP/ResearchPublications/prb0511-e.htm

 

Please feel free to contact Aman Kapur at www.youinsuranceguy.ca or by phone 1-416-509-2540 to assist with the plan of your choice.

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