Having a driving license can raise the premiums on your life insurance policy and could even affect the chances of you being authorized for certain plans.
This is because insurance firms know that motor vehicle accidents are the leading cause of death among young people, due largely to excessive speed and the presence of alcohol. Possible deterioration of mental state and slower reactions are the basis of why drivers over the age of 65 are also looked at thoroughly. As a consequence, the following points are investigated by underwriters when the applicant is known to be a driver:
1. How old is the individual?
2. Has the person had any offences.
3. Has the person had any drink-driving offences as well as driving whilst under the influence of drugs (DUI)?
4. Any other driving misdemeanours and how many?
5. Did you have an accident and if so, how many?
6. Does the person go 'all weather terrain' driving or any similar high risk hobbies?
The types of violation and how many the person has had will be examined carefully by the underwriters. If the applicant doesn't want the application to take a long time, then they will need to provide as much information as possible, including all the dates of offenses and when any suspensions run from and to.
DUI's are not be considered for a minimum of six months following a license suspension. Twelve months must lapse if the person has other violations as well as the DUI. Rates for an individual with a few small violations would be at their standard fees. An average case means an excess of $2.50 to $5.00 on your monthly fee for every $1000 of coverage for a minimum of three years. Numerous DUI's are an assured decline.
Getting Canadian life insurance is a complex process. Don't neglect any part of the process!
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