Life insurance premiums are based on the applicants’ age and health status. The older you are, the higher the cost. Health is the biggest factor regarding the potential cost of a policy, if you are in exceptional health and have a good family history you may qualify for preferred rates. If you have ill health, your policy may be rated (cost more) or in extreme cases declined.

Critical Illness is a type of coverage that provides a one-time lump sum payment to the insured if they suffer a critical illness and survives it for 30 days after diagnosis(90 days for cancer). Most policies cover up to 25 illnesses with the majority of claims being for Cancer, Heart attack and Stroke. Like life insurance, you can buy “Term” or” Permanent” policies depending on your need.

Disability coverage provides the insured with monthly income in the event that they are unable to perform the regular duties of their job. The coverage amount is based on your pre-disability income and will not exceed that amount. Benefits can be paid (depending on your policy) for a disability resulting from accident only or you can purchase a policy that covers both accident and illness claims. Most policies will only pay the benefit until age 65.