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Introduction to personal insurance

Why it can pay to buy now Add to ...

Buy personal insurance while you're healthy – before issues that can limit your coverage arise.

​Getting accepted for personal insurance (and your cost of insurance) are based in part on your age and health at the time you apply. Even if you have health issues later on, the insurance company cannot cancel your coverage. In effect, you’ve “locked in” your insurability for that particular coverage.

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So if you’re in good health, apply now. If you wait until health issues arise, the coverage you want could be restricted or declined – and it will almost certainly be more expensive.

Your cost of insurance is based in part on your age and health at the time you apply.

Guaranteed insurability

Many personal insurance policies let you increase your coverage in the future – without the need for a medical exam. While you may have to pay extra for this option, it is money well spent. It lets you buy insurance when you’re young and healthy, then increase your coverage as your needs change.

Content in this section is provided in partnership with Investor Education Fund, a non-profit organization founded and supported by the Ontario Securities Commission that provides unbiased and independent financial tools to help Canadians make better money decisions. To find out more, go to: GetSmarterAboutMoney.ca

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