Life Insurance Policy Backdating

Life insurance policies are priced based on your health, family history, lifestyle, occupation and the most key factor, your age. In most cases the insurer will use age nearest i.e. which birthday are you closest to. However, there are some instances where a client can take advantage of Life Insurance Policy Backdating.

It is legal to backdate a life insurance policy by up to 6 months to help you get the lowest possible price for that age. While this can save you money, you need to be aware that you’ll have to pay the premiums for the months covered by backdating. You’ll have to do the math to see if the overall savings realized are beneficial.

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The Canadian life insurance industry is regulated by the government and has many laws in place to protect the consumer. Many independent associations also operate in Canada that work to ensure that life insurance brokers have access to continual professional development this combined with a commitment to continually improving the standards of qualifications make Canadian life insurance a safe product to purchase.

Who can you trust
How else can you be sure that the life insurance that you are purchasing is of good quality? All life insurance professionals are licensed, meaning in order to sell insurance in Canada they must pass the required exams. The Life License Qualification Program (LLQP) and the Life Licensing are exams that are specifically designed to provide that the broker or life agent is qualified to sell life insurance.

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