Life Insurance and Driving – Are they Compatible?

It may shock you to find out that the mere fact you have a driver’s license can affect your qualification for life insurance.

One of the highest causes of death amongst younger people is down to vehicle accidents due to fast speeds and alcohol. Applications from drivers over the age of 65 are also examined closely, as it is understood that they may have slower reflexes due to natural cognitive degeneration. As a result, the following factors are investigated by underwriters when the applicant is known to be a driver:

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1. The age of the individual when they apply for the cover.

2. What violations has the individual had.

3. How many Driving Under the Influence Charges?

4. Any other driving misdemeanours and how many?

5. Has the individual had any road traffic accident, either at fault or someone else’s fault?

6. Any other hazardous taking pastimes?

The number and kinds of offenses will be examined by the underwriters. Drivers with these type of problems could see their application taking an long time to proceed, so the applicant needs to give and prove as much information as possible.

DUI’s will not be dealt with for a minimum of six months after a license suspension. Twelve months must have gone by if the individual has other violations as well as the DUI. A few petty infractions will get you standard premiums. For every $1000 of benefit, then on average the customer would expect to pay an extra $2.50 to $5.00 per month for at least three years. It would be an automatic refusal for individuals with multiple DUI’s

Qualifying for Canadian life insurance is a complicated process. Don’t neglect any side of the process!