Written By David Pipe
(Four-minute read time)
Getting life insurance is a big decision that requires a lot of research. It’s important to understand how life insurance works and what factors are taken into consideration when you apply for coverage. In this guide, you’ll learn about the steps involved in getting approved for life insurance, including the types of policies available, the factors insurers consider, and the steps you need to take to get the coverage you need.
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Types of Life Insurance Policies
When you’re shopping for life insurance, you’ll come across different types of policies. Here’s a breakdown of the most common types of life insurance:
Term life insurance: This type of policy provides coverage for a specific period of time, usually 10, 20, or 30 years. Premiums are typically lower for term life insurance, but the coverage ends when the term is over.
Whole life insurance: This type of policy provides lifelong coverage, with premiums that stay the same throughout the life of the policy.
Universal life insurance: This type of policy provides lifelong coverage, with premiums that are adjustable.
Variable life insurance: This type of policy provides lifelong coverage, with premiums that are adjusted based on the performance of the underlying investments.
Factors Insurers Consider
When you apply for life insurance, the insurer will consider a variety of factors to determine your eligibility. Here are some of the factors they’ll consider:
Age: Generally, the younger you are, the more affordable your premiums will be.
Health: Insurers will look at your medical history to determine your eligibility and the cost of your premiums.
Lifestyle: Insurers will consider whether you have any risky hobbies or activities that could increase your chances of premature death.
Occupation: Insurers will consider whether you have a dangerous job that could increase your risk of death.
Financial history: Insurers could look at your credit score and financial history to determine your eligibility.
Steps to Getting Approved for Life Insurance
Once you’ve determined which type of policy is best for you, you’ll need to take the following steps to get approved for life insurance:
Gather the necessary documents: Before you apply for life insurance, you’ll need to gather the necessary documents, including your driver’s license, Social Insurance Number, and you should be ready to give some details about your medical history. You don’t always need documents for this, since the underwriters will gather this info also.
Shop around: It’s important to compare rates from different insurers to ensure you get the best deal.A licensed insurance agent can help you quickly compare your options.
Fill out the application: Once you’ve chosen an insurer, you’ll need to complete the application. Be sure to answer all the questions honestly and accurately. Many of the applications are online today - no need for a lengthy paper application.
Undergo a medical exam: Many insurers require applicants to undergo a medical exam. The results of the exam will be used to determine your eligibility and the cost of your premiums.This is becoming less common, especially for smaller policies or if your health is generally good.
Wait for a decision: Once you’ve submitted your application and undergone a medical exam, you’ll have to wait for a decision. It typically takes about one to two weeks for an insurer to make a decision, but many more applications are approved instantly or in a matter of hours.
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Conclusion
Getting approved for life insurance can seem daunting, but it doesn’t have to be. By understanding the types of policies available, the factors insurers consider, and the steps involved in the application process, you can make sure you’re getting the best coverage for your needs. Contact one of our licensed advisors to ask any questions you have about life insurance in Ontario.
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FAQs About Life Insurance
Several factors can impact your ability to get approved for life insurance in Ontario. These include your age, overall health, smoking status, occupation, and lifestyle habits. Insurers will also consider your family medical history and any pre-existing conditions you may have.
The length of the life insurance application process can vary depending on a number of factors, including the complexity of your application and whether or not you need to undergo medical exams or tests. Typically, the process can take anywhere from a few days to several weeks.
Yes, it is possible to be denied life insurance coverage in Ontario. Insurers will assess your risk profile based on several factors, and if they determine that you are too high of a risk to insure, they may deny your application.
The medical exams or tests required for life insurance approval in Ontario will vary depending on the insurer and the type of policy you are applying for. Generally, insurers will require a medical questionnaire to be completed as well as a physical exam that may include blood and urine tests, blood pressure checks, and other health assessments.
It is possible to get life insurance coverage if you have pre-existing health conditions in Ontario, but it may be more difficult and you may be subject to higher premiums or reduced coverage. It is important to disclose any pre-existing conditions to your insurer during the application process, as failure to do so could result in your policy being voided.
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David Pipe
David Pipe helps business owners, investors, and first-time homebuyers build and protect family wealth with creative financing and tax-efficient life insurance solutions. He is an award-winning mortgage agent and life insurance agent in Ontario. David believes education in personal finance and seeking great advice is the best way to reach our financial goals, and he is focused on sharing his knowledge with others. He lives in Guelph, Ontario with his wife Kate Pipe and their triplets (and english bulldog Myrtle).
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