Impact of Physical Health on Life Insurance

logo

Impact of Physical Health on Life Insurance

Although life insurance is important, many people put it on the back burner, assuming it will be costly or difficult to secure. Certainly, risk factors will always influence the cost. Often, people are worried about how their physical health will affect their premiums. So, does your waistline have an effect on your bottom line? In short, yes. The condition of your physical wellness is a main consideration for insurance companies. In fact, a physical examination may be required. In addition, they might want to know the physical health history of your family. Preexisting conditions and a family history of illness will have an impact. However, this does not mean that you will not find a suitable Life insurance policy plan. This article will help you understand the impact that physical health has on your plan and the factors to consider when looking for the best plan.

Things to Note When Securing Your Life Insurance Plan

  1. Make sure that you tell the truth about your family’s physical health history. Your family’s health history will not make an insurance company deny you health coverage. However, it could limit your ability to secure the highest or best health rating. This means that you might have to pay about twenty percent more for your insurance coverage.
  2. Learn about your family’s health history beforehand. If you want to apply for a fully underwritten life insurance policy, you need to prepare yourself for some of the health history questions they might ask. Take note that these questions mainly refer to your immediate family members. This includes your parents and siblings. For example, they might want to know if any of your family members died from a heart attack or cancer before the age of sixty or sixty-five. Additionally, insurers will want to know the relationship between the disease in your family history and your genetics or lifestyle choices. For instance, if your mother died of a lung cancer because she smoked.

Types of Policies

Insurance companies have varying policies regarding physical health. Most of these policies consider diseases like cardiovascular disease and cancer. Insurance companies have health ratings that determine the cost of your life insurance policy. This means that you could have relatives who passed away because of the mentioned conditions or diseases and still not pay a higher cost of life insurance rate. The cost of life insurance rate packages include:

  • Preferred plus
  • Preferred
  • Standard plus
  • Standard

Securing an Affordable Policy

A person who qualifies for the highest package could get a substantive increase in life insurance rates if their family history is flawed with diseases such as cancer or heart attacks. If you want to secure the best life insurance coverage, apply the following measures:

  1. Work and consult with an independent insurance broker. This broker will help you look for the best insurance companies offering the best cost of life insurance.
  2. Plead your case with the insurance company. Just because your family has a history of cancer does not mean you too will get it. Defend yourself during the physical health examination. For example, you could point out that your family has a history of smoking, which led to the development of lung cancer. Then show that you do not indulge in any smoking activities.

The Takeaway

In the end, you also have the option of choosing a life insurance policy that does not require a physical examination or blood work. However, this plan will definitely cost more. This is because the insurance company is taking a greater risk by offering you such a policy without knowing the exact state of your physical health. Overall, physical health will be considered, but conditions that you may have will not prevent you from securing good, affordable life insurance.

Auto Listings
Motorcycle Listings
Life Listings
Health Listings
Home Listings
Small Business Listings

Leave a Comment





This site uses Akismet to reduce spam. Learn how your comment data is processed.

RECENT POSTS

Car Insurance, Commuting, and Coronavirus: Companies Offer Relief in Uncertain Times

May 25, 2020

Car Insurance is essential for anyone who drives. And the word “essential” has taken on a whole new meaning these days. Our daily lives have changed drastically amid coronavirus and…

Read More

Coronavirus Pandemic Reminds Us of Importance of Life Insurance

May 4, 2020

As of the beginning of May 2020, coronavirus is responsible for almost a quarter of a million deaths worldwide. The coronavirus pandemic has reminded us of all of what is…

Read More

The Healthcare Industry, Health Insurance, and Coronavirus

March 30, 2020

According to CNN, as of March 22, the number of deaths from coronavirus in the United States has risen to 377. As a result, governors in 5 states have issued…

Read More

Kobe Bryant’s Tragic Loss Reminds Us of the Fragility of Life

January 27, 2020

Kobe Bryant’s passing is a terrible tragedy. It’s easy to forget how fragile life is. Unfortunately, we can get caught up in the hustle and bustle. It is not uncommon…

Read More

Save Money on Motorcycle Insurance in Quarantine

May 30, 2020

You used to be out roaming the open road. Now your motorcycle is in the garage while you practice social distancing. Over the past few months, the nation has changed…

Read More

Seinfeld Teaches the Value of Home Insurance; Don’t Be like Jerry

May 22, 2020

Lessons are all around us. Some we accept openly with grace. Others we have to learn the hard way. Home insurance is one of those things that you definitely want…

Read More

Health Insurance Resources: Telehealth and Mental Health During COVID-19 Pandemic

May 20, 2020

COVID-19 has changed the way that we live our normal day to day lives. We are wearing face masks when we go out in public for essential needs only. Gone…

Read More

Navigating the Road of Car Insurance, COVID-19, and Policy Relief

May 11, 2020

Car insurance provides uncertainty in these uncertain times. Given the fact that so much is up in the air, it’s nice to have the solid protection on the road. Even…

Read More