❓ How insurers assess risk for different types of protection
➡️ When you apply for life insurance it pays a benefit upon death while a living benefit product pays a benefit upon a disability or illness. The insurance company’s analysis of your risk, and its impact on the insurance premium you pay, depends on the type of product you choose. Let’s take a look at how an insurance underwriter may assess your risk for the different coverage types…
👉 Life insurance
For life insurance, end of life, or mortality, is the long-view consideration for the insurer’s underwriter as they assess your risk. How does the compilation of information, medical, financial and lifestyle impact longevity? In 2020, the average life expectancy in Canada was 80 years for men and 84 years for women, a combined average of 82 years (1). In 1981, average life expectancy was 75.5 years (2). As a result, life insurance premiums have dropped and coverage has never been more affordable, especially for younger lives who are healthy, non-smokers. With the introduction of smart life-insurance applications using artificial intelligence, risk-sensitive algorithms and higher non-fluid limits, the purchase of life coverage has never been easier.
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