It’s not just your personal health that insurance companies are concerned about when considering providing your life insurance policy, and at what price. They also look at your parents’, and sometimes your siblings’, health history. The details of what they’re looking at can vary depending on the insurance carrier.
When applying for life insurance, you will likely be asked about for your medical history and a physical exam will probably be required. The healthier you are, the lower your rate. But the medical history of your parents or siblings can also play into their risk assessment. Family health history affects your life insurance costs for real.
The Diseases That Matter to Insurers
In general, life insurance companies are most concerned about particular disease categories:
- Heart disease (cardiovascular disease)
- Stroke (cerebrovascular disease)
- Cancers that affect both genders (such as colon, breast, lung, ovarian, prostate and melanoma)
Some insurers also look at other health issues, such as Type 2 diabetes and obesity.
Other Carrier Concerns
- Some insurers look at health of parents as well as siblings.
- At what age the death occurred is also important, with 65 being a common age to be considered premature. Other companies may consider a death at 60 or younger premature.
- Insurers may look strictly at death, and some may consider a diagnosis alone as reason to raise rates or decline an application.
You Can Still Get Affordable Life Insurance
There are exceptions that can enable you to be insured at a reasonable rate, even with health issues in your family. You just have to look at policies from several insurers. One company may be mainly looking for incidences of cancer, while others might be more concerned with cardiovascular disease. Some look at parents only, others include your brothers and sisters. A carrier may consider death as premature if the individual was 70 or 65 and younger, or it may consider 60 or younger as premature.
Even when your family has a “risky” medical history, you may still be make the guidelines. For instance, even if a family member died of colon cancer before age 65, you may be accepted if you’ve had a normal colonoscopy within the previous 24 months.
All of this makes comparisons essential. Get several quotes and policy proposals and you’ll be prepared to get the best coverage at the best price. Learn more about life insurance and get started by getting quotes from a variety of carriers using the Einsurance quote generator.