Understand how family history can influence your term life insurance premium.
In the life insurance application process, it’s common for insurers to ask questions about your family’s medical history. When you’re purchasing term life insurance, it’s useful to know how your family’s health can impact your premiums. Did your grandparents smoke a pack a day for twenty years? Do your parents have a liking for all things deep-fried? Even if you have model health habits, you may be the one who has to pay for your family’s misdeeds.
Family history is a piece of the underwriting puzzle. A life insurance company will look at two types of family history during the application process: the family history of cardiovascular disease and the family history of cancer. This helps to identify whether there is a strong pattern of mortality.
With term life insurance policies, an insurer needs to understand an applicant’s probability of dying during the term length. Generally, the fewer assumptions a life insurance company is making about your health, the more likely it is that you’ll get competitive rates. This is why medically underwritten coverage is often a better value because it helps insurers gain a complete picture of your health and lifespan.
Make sure you have the right life policy that steps in when your family needs it the most. Talk to a trusted life insurance advisor to determine your policy and coverage exactly. Contact Donald Weiss Insurance Services to get started on your coverage today.
