Q. At age 35, what are the chances a man living in Canada will die before age 65?

The correct answer is:

18%

 

It's 18% according to Statistics Canada: Canada Year Book 1999. Because this is an average of all Canadian men, non-smokers tend to have a lower chance of dying before the age of 65.

 

What about women's chance of dying before age 65? The same source indicates that it's considerably lower. In fact, it's only 11%!

 

How does this affect life insurance premiums?

 

Because more women tend to live longer, their life insurance premiums tend to be lower than men of the same age group and smoking status.

 

The chance of becoming disabled is considerably higher!

 

During a man's 35th year, he is 10 times more likely to suffer from a disability than to die!

 

Tip of the week:

 

This last statistic stresses the importance of having proper disability coverage. If you are on a tight budget, it is advisable that you first obtain proper disability insurance to protect your valuable income, and then buy term life insurance with the remaining dollars.

 

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Learn more about life insurance.

 

Learn more about critical illness insurance.

 

Learn more about disability insurance.