With the economy in a slump, more and more people are finding it difficult to afford insurance. It is certainly no help that so many factors affect insurance premiums, or if one is even eligible for insurance.
Since insurance companies are precise about who is given coverage and what their premium will be, even people who have a clean bill of health may be denied coverage. This is because even the family history of the person applying for coverage will affect whether or not that person receives coverage.
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In fact, family history could be one of the biggest factors that the insurance company looks at when you apply for a life insurance policy. Things such as a family history of cardiovascular diseases, death by cancer, or a family history of high blood pressure and diabetes will result in higher premiums or no coverage at all.
Your Family’s Health History Can Haunt You
When applying for an insurance policy, the applicant is asked questions about their family’s medical history. These questions are limited to parents and siblings. The applicant is asked whether family members under the age of sixty have suffered from certain diseases or medical conditions. It is customary that family members over the age of sixty will not be taken into account.
However, if the applicant has a family member or family member that have died from cardiovascular-related illnesses, smoking-related illnesses, or cancer before the age of sixty, then this will negatively affect the applicant. The same goes for any family history of stroke, kidney disease, heart disease, Alzheimer’s disease, mental illness, and Parkinson’s disease, just to name a few.
The applicant could be in perfect health and have never experienced any of these themselves, but having a family history of these health problems will always be taken into account by all of the top life insurance companies.
Family medical history affects medical insurance rates because, in the case of hereditary diseases, it is more likely that the applicant will succumb to those diseases as well. When configuring insurance rate premiums, the insurance writer will calculate the applicant’s life expectancy.
It may sound cruel, but the insurance industry is a complex industry. It is easier to determine premiums based not only on one’s health but also on the future possibility of the deterioration of one’s health. Family medical history affects insurance rates in this way. Being at greater risk for dying early means having to pay a higher premium, or worse, not getting coverage at all.
How Family Medical History Affects Medical Insurance Rates Varies by the Insurer
For example, if the applicant only has one family member who suffers from diabetes, then that may not have such a great effect on the premium. However, if there are several family members in the applicant’s family history who suffered from heart disease, for instance, that will have a greater effect on the premium rate. It does vary depending on the insurer, so some insurers may raise premiums based on just one family member’s illness, while others may ignore that completely.
Conversely, an insurer may just not cover the particular illness or illnesses and cover all of the others. When looking for coverage, it is best to compare the rates of different companies to see which one offers the best plan.
Why It Matters
There are millions of people who simply skip getting a life insurance policy for whatever reason, but that is one of the worst mistakes that you can make for you and your family. Life insurance provides peace of mind knowing that if anything were to happen to you, your family would have the funds they need to get through that difficult time in their lives.
Losing a loved one is never easy, but it becomes even more difficult if you leave behind thousands of dollars in debt. If you were to pass away, how much debt would you leave your loved ones? Would they be responsible for mortgage payments, car loans, and credit card bills? For a grieving family, all of those bills piling up can make the whole process a nightmare.
This is where life insurance comes in. Having a large enough policy will give your family the money they need to pay off all of those debts without adding any financial stress.
Because each company is different, they are all going to look at an application differently. It’s important to find a company that will work with you to get the policy that you want at the cheapest rate for term life insurance. If you have a family history of health complications, you need to find a company that will look more favorably at your specific situation.
You could spend hours on the phone talking with different agents and it could take you months of research to find the perfect company, or you can let us do all of that for you. Our agents are well-versed in the health insurance market and can find the perfect company to get the policy that fits you the best.
Getting Approved for a Life Insurance Policy
There is nothing that you can do about your family history, but there are a lot of things that you can do about YOUR health. One of the best ways to get approved, even if you have an awful family history, is to be in excellent health.
Being in great shape will help you get approved and secure excellent monthly rates that will save you money. If you’re looking to increase your chances of being approved for a policy, there are a couple of changes that you need to make.
Put down the cigarettes. This is one of the best things that you can do for your insurance premiums. Smoking cigarettes or using tobacco is going to drastically decrease your chances of getting approved for your plan, and if you do get approved, it’s going to cause your premiums to double or triple.
Aside from quitting smoking, losing weight can also give you a much better chance of being approved for your policy. Being overweight or obese increases your risk of having severe health complications later in life, which means that you are a bigger risk to the life insurance company.
Getting to a healthy weight through regular exercise and a diet is a great way to ensure that you get the life insurance coverage that you and your family deserve.
What You Need to Know
If there is something that you weren’t fully honest about, and you were to die from that complication or a related complication, there is a chance that the insurance company can rule your policy null and void, which means that your family wouldn’t get the payout from the policy.
Bottom Line: Family History’s Impact on Life Insurance
Your family’s medical history can greatly influence your eligibility and premium rates for life insurance. While personal health is paramount, insurers often consider hereditary diseases, as they can predict potential health risks. Even if you’re in perfect health, a family history of severe conditions could impact policy terms.
However, maintaining a healthy lifestyle, like avoiding tobacco and maintaining an ideal weight, can boost approval odds. It’s vital to be truthful on applications, as discrepancies can invalidate policies. Shop around for the best insurance fit, keeping your unique circumstances in mind. Every insurer weighs factors differently, offering varied opportunities.
