Posted on: 20th May 2019
One of the major things (if not the most important factor) pertaining to the business of life insurance, is the health status of the person seeking to be insured. The health and state of well-being of a person applying for life insurance is a priority to any life insurance company and we (African Alliance) are not left out as this is paramount. In addition, one whose family’s medical history strikes a cause for concern is also carefully put under the microscope as this will inevitably influence his or her insurance rates. A thorough investigation is usually conducted to ascertain the bill of health of a potential client and to gain knowledge of their family’s medical history. As stated by the well known fall injury claims attorneys, this is originally done in order to uncover the necessary medical information required to either qualify or disqualify a client from purchasing a life insurance cover or in this instance, to determine the insurance premium to be paid by said client.
Without mincing words, an already ailing person who is regularly going to urgent care Jamaica NY or in this case one with a family history of health problems seeking life insurance stands disadvantaged as he or she would naturally be required to pay higher premiums to sustain their life insurance cover. Whereas, a healthy individual (one with a healthy family history) automatically stands a much better chance at negotiating and eventually paying significantly lower premiums in order to purchase life insurance. Note that while you may not be ill or in any immediate mortal danger due to health concerns, your family’s medical history will always play a major role when it comes to how this can influence your insurance rates.
There are some parameters life insurance companies use to ascertain insurance rates in the form of premiums. They include;
We’ve talked about how the health and the family medical history of the person to be insured are at the forefront of all of this. However, even though a client has a family history containing certain medical conditions he or she can still be able to secure a life insurance package, but chances are that your premiums for such cover will be quite high as the insurance companies are inclined to charge you more depending on how much of a risk you are – the severity of the kinds of health conditions. On the other hand, the premium to be paid by someone whose family’s medical history shows no damning health condition and hence possesses a much cleaner bill of health is going to be most likely (much) lower as he or she poses less of a threat health-wise.
The parameter above and the point about to be made here typically go hand-in-hand. This is because insurance companies calculate premiums to be paid by clients using a number of variables. One of such is the likelihood of your passing. This also revolves around the age factor. Take for example a parent of yours died at age 60 due to lung disease and right about now you’re a beaming 53 years of age. There’d be immediately a concern as to the likelihood of you passing away just like that parent (it could even be a sibling). These variables are exactly that, variables. Hence, they are not cast in stone. Nonetheless, it gives the insurance companies a range or rather an estimate of the likelihood of your demise by that particular generic health condition. If in addition to this scenario you’re also a smoker, you can be sure that your premium is going to take the hit if you do qualify to purchase life insurance. This is because the likelihood of you developing the same illness which might eventually lead to your passing just elevated to a whole new level.
In closing, remember that the quality of your life matters when negotiating insurance rates, and what also matters just as much is your family’s medical history. It comes into play when insurance rates/premiums are being determined.
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