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Life Insurance
Vistaplan Blog

Read the Vistaplan Financial Group blog: Universal Life Insurance, Term Insurance, Disability Insurance, Critical Illness Insurance, Super Visa Insurance.

Posted: 1 Dec '15

What is Involved in Qualifying for Insurance?

A lot of people have misconceptions about how to qualify for life insurance. The coverage you’re eligible for can depend on several factors, including your age, the age of any dependents you have, your spouse’s income, and your financial resources. Understanding how to apply for and qualify for insurance in Edmonton can help ensure you get the maximum coverage at a price that fits within your budget.

Applying for Life Insurance

While a few insurance providers will accept a health questionnaire only, the typical application process consists of a written application and a medical exam. On the written application form, you’ll be asked to provide the following personal information:

  • Date of birth
  • Height
  • Weight
  • Financial information, such as your annual income and net worth
  • Lifestyle habits (exercise, drinking, smoking)

Next, your life insurance agent will arrange for an exam to be performed by a contracted healthcare professional (a paramedical). The paramedical will:

  • Check your blood pressure
  • Ask about your medical history and the medical history of your immediate family
  • Obtain samples for blood and urine tests
  • Listen to your heartbeat
  • Ask about any lifestyle factors that could impact your health (i.e.. smoking, drinking, high-risk job, frequent travel)
  • You may need to undergo additional tests depending on your age and the type or amount of coverage you’re applying for. Such tests can include X-rays, and EKG, or a treadmill test. Once your application and medical information has been reviewed, the insurance provider will either approve or deny your request for coverage.

Qualifying for Life Insurance

Worried that your age means you won't qualify for insurance in Edmonton? While you can’t change your age or medical history - two major factors deciding the type of coverage you’re eligible for - you can make lifestyle changes to ensure the best possible coverage at a price you can afford. Here are a few things you can do to lower your insurance premium:

  • Maintain a healthy weight. Weight loss lowers blood pressure and cholesterol levels, and can help reduce your risk for developing a chronic disease.
  • If you smoke, quit. You’ll live longer, thus maximizing the potential payout on the policy when you pass away.
  • Drive carefully. Moving violations can cause your insurance premium to increase.
  • Drink in moderation. Drinking alcohol poses several potential health risks. Drink less - or stop altogether - and your premium will be reduced.
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