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Life Insurance & Medical Plastic Surgery
Life Insurance & Medical Plastic Surgery
As per the International Society of Aesthetic Plastic Surgery (ISAPS), the number of cosmetic and/or plastic surgeries in Canada is the fifteenth highest in the world, with 108,758 procedures performed per year. This is only a small percentage of the 17 million surgical procedures executed in the entire world, yet it is significant when calculated on a per-person basis.
The surgery ladder is led by the US, followed by Brazil, China, India and Mexico. China, India and many other booming countries offer quality doctors and treatment at a small proportion of western rates, plus the wealthier population can now easily pay for these new medical luxuries.
In order to aid our clients estimate the impact of invasive cosmetic and/or plastic procedures on an applicant's insurability, we performed an analysis among several major Canadian life insurance companies. Must cosmetic surgery clients make use of no medical life insurance for their insurance needs? Five large Canadian insurance companies were asked about their way of handling applicants who are also cosmetic operation patients at the time of the application. Unfortunately, none of the insurers would give perfect or conclusive answers to our questions, since all traditional life insurance contracts must be fully underwritten. This means that insurers generally do not take any chances and need the applicant to be in a steady, unthreatened state at the time of the application.
Whenever the insurers did talk, most only specified that patients who are going for cosmetic and/or plastic surgery such as breast enlargement, lip enhancement, or Botox will still meet the criteria for regular policy fees. These procedures are, however, regarded as most other surgeries in that the life insurer may refuse to make a decision for a pending procedure.Typically, the judgment will be announced only post the actual surgical procedure. Clients should therefore generally wait with surgery plans until after their life insurance contract has been signed by the company.
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