As we all know, some factors determine life insurance premiums and one of these factors is your family medical history. While it determines it, does family medical history affect my life insurance? This information helps insurance companies gain insights into your general health and how likely you are to generate genetic illnesses.
To evaluate the risks you pose, life insurance companies consider your family medical history as well as other factors like age and gender. If your family often develops genetic illnesses, you may likely pay more on premiums. The level of risks these factors pose determines how much your life insurance premiums are affected. Here, we will be discussing how your life insurance is affected by your family medical history.
Why is My Family Medical History Considered By Life Insurance Companies?
When you apply for a life insurance policy, insurance companies look into genetics to determine the health of policyholders and how likely they are to develop an illness. Genetics plays a remarkable role in determining the health of a person.
For instance, if a member of your family has been diagnosed with several health conditions like cancer, diabetes, or heart attacks, you may be at risk of having it too. In this case, insurers charge premiums enough to cover this risk if eventually, it happens.
How is My Life Insurance Affected by My Family Medical History?
Your family medical history may affect your life insurance premiums. If any specific conditions run in your family genetically, you will be considered high-risk and would be required to pay more premiums. This factor can also affect your eligibility for certain life insurance policies.
Insurance providers may set limitations or exclusions on your policy if you will be buying critical illness coverage or income protection coverage. However, life insurance is not generally known for exclusions; instead, you will be charged more premiums. Aside from all of these, your insurance underwriting process may be affected. More medical exams and information may be required to determine your risks.
Should I Reveal My Family Medical History?
You must disclose your family medical history to your insurance provider, including all medical conditions they have had. Aside from the fact that this information will be required during your application, failure to reveal these details can lead to your future claims being denied as well as other consequences. However, insurance companies may have access to your database and medical history to verify the accuracy of the information you provide.
What Happens if My Family’s Medical History is Bad?
In cases like this, there is no need to panic. When insurance companies evaluate the level of risks when determining your approval and premiums, they look into several factors.
If eventually you are rejected by one insurance company due to a bad family medical history, you can always apply for others who don’t rely on your health status for approval. Some insurance companies don’t take medical exams, ask medical questions, or demand your family’s medical history for approval.
Some Genetic Conditions That Can Affect My Life Insurance
While family medical history is a key factor in determining premiums, some genetic conditions affect your life insurance. Genetic conditions in your family’s medical history that can affect your life insurance include:
- Diabetes.
- Stroke.
- Polycystic kidney disease.
- Huntington’s disease.
- Heart disease.
- Familial adenomatous polyposis.
- Parkinson’s disease.
- Motor neurone disease.
- Alzheimer’s disease.
- Epilepsy.
- Multiple sclerosis.
- Cancer.
- Cardiomyopathy.
- Myotonic dystrophy.
However, just because your family has one or more of these conditions does not guarantee that your life insurance will be affected automatically. Life insurance companies look into close relatives as well as the number of those who have been affected by these illnesses to determine whether or not your premiums would be affected.
Is It Possible to Buy Life Insurance With a Family Medical History of Disease?
Yes, although you may likely face higher premiums, if a person has a family medical history of health issues, insurance providers determine it to be a predictor of your health in the future. According to the level of risk you pose, premium rates will be higher.
Other Factors That Affect Life Insurance
As previously stated, several factors affect life insurance. Aside from your family medical history, insurers look into other factors to determine the level of risks and how much premiums you would pay. These factors include:
- Age.
- Gender.
- Occupation.
- Hobbies.
- Coverage needs.
- Policy type.
- Policy limits.
- Lifestyle.
- Health condition.
This information determines how much premium you pay. However, factors that pose more risks tend to lead to higher premiums, which makes it important to keep them clean.