Life insurance in Canada and Preferred Rates

Posted on March 28, 2010 and updated October 12, 2012 in Insurance Types, Life Insurance Canada News, Permanent Insurance, Term Insurance 2 min read

Most life insurance companies in Canada offer preferred rates.

Preferred rates are given to those individuals who are in excellent health and have a very good family health history. Preferred rates are generally further divided into preferred and super-preferred rates. The latter is given to those individuals who are in exceptional health and have an excellent family health history. Life insurance companies will look at many variables when analyzing whether an applicant qualifies for preferred rates, including smoking/tobacco use, height and weight, blood pressure, cholesterol, driving record, family health history, risky sports and occupations, {including flying}, and past substance abuse.

Below is a more detailed snapshot, comparing how life insurance companies view build, Cholesterol and Blood Pressure in terms of qualifying for standard, preferred or super-preferred rates:


For build
Standard rates would be individuals 6′ tall and under 260
Preferred rates, individuals 6′ and under 225
Super-preferred rates, 6′ tall and under 210 pounds

For Cholesterol\HDL ratio
Standard rates, 250\6.5
Preferred rates 230\5.5
Super-preferred, 210\5.0

For Blood pressure readings
Standard 145\90
Preferred 135\80.
Super-preferred, 125\75

For more details, you can contact us at 1-866-899-4849, or visit our Online Life Insurance Instant Quote Calculator.

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GL
GL

How much less are preferred than regular rates with RBC. Tks

LSM Insurance
LSM Insurance

This would depend on your age, smoking status, the type of plan and the coverage amount. RBC Insurance Has a regular preferred and a super preferred classification the latter offers higher savings usually 30% +/- above standard rates.

Edison
Edison

How hard is it to get preferred rates do I have to give blood

LSM Insurance
LSM Insurance

Preferred rates depend on your health and your family health history. Yes you would likely have to do a blood test to qualify for preferred rates.

jacob
jacob

How much do I save with preferred rates and can I get it with high blood pressue. My blood pressure is great as is my health but I do take meds for it

LSM Insurance
LSM Insurance

Preferred rates can save you up to 35% but it is hard to get preferred rates if you are taking medications already. We would be happy to make a preliminary inquiry on your behalf and will send you an email now.

LSM Insurance
LSM Insurance

Thanks for the note. Critical Illness (CI) plans do not offer preferred rates.

Having said that the underwriting is more stringent on CI than life insurance. If the insured has very family history their CI plan could be rated (an extra premium charge above the base rates) or declined. CI can often be added as a rider to a life insurance saving the insured the policy fee.

Frank
Frank

Do they have preferred rates on Critical Illness?