As per the International Society of Aesthetic Plastic Surgery, Canada is fifteenth most popular place worldwide for cosmetic and/or plastic surgeries with rougly 100,000 surgeries done each year. This is only a small percentage of the 17 million procedures taking place globally, yet it is a significant number when computed per person.
The plastic surgery ranking is headed by the United States, which are followed by Brazil, China, India and Mexico. India, China and other developing countries are becoming more and more popular because they offer high quality doctors and treatment at a fraction of western rates, plus the wealthier population can now often pay for these medical luxuries.
Taking into consideration the frequency of invasive plastic procedures in this country, LSM Insurance chose to do a survey of how such procedures may affect an applicant’s ability to take out life insurance. Is no medical life insurance the exclusive opportunity for cosmetic surgery patients? We studied five prominent Canadians life insurers but, unfortunately, none of the life insurers would give perfect answers, since all traditional life insurance applications must be underwritten completely.
When the companies did talk, most stated that applicants going for lip enhancement, breast augmentation, or Botulinum toxin (Botox) will likely qualify for standard policy pricing. However, these procedures are understood just as most other types of surgical treatment– the insurer may postpone making a decision before the surgical procedure has been done. Clients should therefore generally wait with surgery planning until after their agreement has been signed and approved.
Surgeries related to other nervous or mental ailments can carry with themselves heightened risk and this could potentially cause the client to receive an extra life insurance premium or have her or him disallowed on the spot.
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