Buy it while you're healthy: how underwriting really works

Insurability is a use-it-or-lose-it asset. The best time to buy life, disability, or critical illness coverage is while you're young and healthy, because underwriting only gets stricter with age and diagnoses.

What underwriters look at

Age, health history, family history, smoking/vaping/cannabis use, occupation, hobbies, and sometimes a medical exam or bloodwork. Answer honestly — material misrepresentation can void a claim later.

Nicotine and cannabis

Most insurers rate cannabis more favourably than they once did, but regular use and any nicotine (including vaping) typically move you to smoker rates. Rules vary — ask before assuming.

The MIB (Medical Information Bureau)

Insurers share coded underwriting information through the MIB to catch inconsistencies across applications. Another reason to be consistent and honest.

Genetic testing — you're protected

Canada's Genetic Non-Discrimination Act prohibits insurers from requiring you to take a genetic test or to disclose existing genetic test results as a condition of coverage (upheld by the Supreme Court in 2020). You can pursue genetic testing for your health without it being used against you in underwriting.

Locking in future insurability

Guaranteed-insurability and future-income riders let you buy more coverage later without new medicals — valuable if you're young with a rising income or planning a family.