LSM Insurance President, Chantal Marr, was quoted by CTV News’ Chief Financial Commentator, Patricia Lovett-Reid on Canada AM. Pattie shared Chantal’s top 5 reasons why someone with dependents should buy life insurance.
Today’s Question: If I used steroids seven years ago, can I still qualify for Life Insurance?
When it comes to any substance usage, whether it be steroids, marijuana, tobacco, etc, there are different procedures when it comes to obtaining a Life Insurance Policy.
In most instances, if the person who used steroids seven years ago had no surrounding health or lifestyle issues, they should qualify for a traditional fully underwritten policy. However, if they have some lifestyle or health issues (such as substance use, tobacco use, heart attack, cancer), they may have a rated policy or they may get declined. If this is the case, the person may want to look at submitting a preliminary inquiry.
A preliminary inquiry will allow the broker to make an informal inquiry to the underwriter in determining if you will qualify for Life Insurance or not. If it looks like there is going to be a heavy rating or there is a chance you may be declined, you can look down the road of a simplified issue policy. These policies have no medical tests and contain a short series of questions. The more questions you can answer no to, the better the plan you qualify for.
Just as any other substance use, the type of policy you qualify for is determined mainly on the premise of lifestyle and health in the present.
The longer you have been stable, meaning your medication has not changed recently, you are not on any medication, or you have been without incident for a long time, your coverage will vary. This stability factor will determine how much coverage you are actually eligible for and how much it will cost you.