How Your Medical History Can Affect Your Life Premiums

​An insurer who is offering you a quote for life insurance would also like to know if you are an ideal candidate for it. Do you smoke? Do you have a serious illness? The insurance agent will ask you many other questions, and your answers determine your eligibility for insurance.

The insurance company wants to know if the chance of you dying during your life policy term is higher. If you have a lower life expectancy, you will likely receive a higher life insurance premium.

​Do Not Try To Hide The Truth
When applying for life insurance, the insurer will require you to answer a questionnaire completely. Sometimes, they will ask you to take a medical examination. While doing so, do not give in to the temptation of skating over certain medical issues. 

In the event of your death, when they find out about it, they can refuse your payout as they declare you in breach of the policy conditions. 

What They Want To Know
Insurance underwriters want to know specific details about your personal health condition as well as the medical history of your family. 

They are mainly looking for hereditary conditions like diabetes, stroke, coronary heart disease, and cancer. In case any of your close family members had experienced any of these disorders, they could decide to increase your life premiums. 

Illnesses Can Affect Your Premium
The type of medical problems you have suffered has an effect on your premiums. For example, if you have had cancer, most insurance companies would qualify you, only if you are clear of the illness for at least five years. 

On the other hand, having a Type I diabetes could mean paying up to three times higher to obtain coverage. 

When it comes to your family medical history, it depends on the number of family members who have suffered and their age during the time. The insurance company may disregard the condition if only one in your family got affected. 

On the while, it all depends on the insurance company. You can find those that ignore family medical history. 

Conclusion
Not all insurers follow the same rules and guidelines for underwriting. It is important to compare quotes so you can find a deal that is suitable for your situation and budget.

At Insurance Agency Network, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (425) 681-0996. Get your free quote today by CLICKING HERE.