"Good" health, for the purposes of life insurance cost comparison surveys means that the person is of average or above average health. This includes the lack of critical illness events (including no history of heart problems, blood pressure is in the normal range without medication, no prior incidents of cancer, stroke, etc., as well as no recent hospitalization for any serious illness). Life insurance cost.
To qualify for life insurance under Regular terms, for "Good" health, the applicant must also not engage in any hazardous activities. "Hazardous" activities would include flying as a passanger or crew in small private planes, mountain climbing, motor racing, stunt acting, etc.
Life insurance companies impose further conditions for acceptance for Regular, "Good health" rates. These include normal, average height-weight ratios (not being very much overweight or underweight), good immediate family medical history without multiple critical illness events and without death of multiple members of the immediate family due to cardiovascular, carcinoma or HIV related causes prior to age 60.
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"Life Style" requirements to qualify for Regular, "Good Health" rates may include but are not necessarily limited to no criminal convictions or personal bankruptcies during the immediately preceding past 10 years, no travel to geographic areas that are "combat zones", no major traffic violations that would normally lead to a suspension of one's driver's license, no recent history of alcoholism and no consumption or use of ilicit drugs.
The terms "Regular", "Standard", "Non-Preferred" and "Good Health" are often used interchangeably to refer to the benchmark premium rates being offered. Individuals who do not qualify for the benchmark rate may still qualify for life insurance; however at higher costs. These extra costs are often referred to as "Sub-Standard" rates or "Rated" premiums or "Loaded" premiums.
Individuals whose health and lifestyle is "Excellent", or measurably better than the average may enjoy varying degrees of discounts from the "Regular" or "Standard" premium rates. These discounted rates are loosely referred to as "Preferred" rates. It is important to note and understand, though that the word or term "Preferred" may have entirely different meaning among the various insurance companies and is not an absolute or commonly agreed to description of any particular rates, or discounts, or percentages thereof. Given that the word or term "Preferred", in terms of life insurance rates, does not have a conventional uniform definition or application to start with, use of insurance sales terms such as "Super Preferred" or "Preferred Plus" or the like have no credible meaning or value for the purposes of life insurance cost comparisons. For this very important reason, WinQuote(tm) does not engage in the use of such potentially confusing and/or confounding trivial generalizations in reference to Excellent health and lifestyle (preferred health and lifestyle) rate discounts.
The foregoing is a general description and is not meant to be exhaustive. For further details, please contact a Canadian financial services broker or agent. For your convenience, a link to Canada's foremost financial services brokers and agents database, is provided on the comparison survey screens of WinQuote. The Canadian financial services brokers and agents database contains the names and telephone numbers of thousands of consumer-oriented Canadian financial services brokers and agents. Inclusion in the database requires professionalism and a consumer-oriented practice but does not require the broker or agent to sell for any specific entity or to be a member of any insurance sales "association".
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