Comparing the different rates of each life insurance provider is basic research that every individual carries out before deciding on which policy they should buy. But this isn’t the only way that your rates can be different from those of your peers because there are several other factors that influence the amount of premium you will have to pay your life insurance providers. Your family’s medical history is one of these pivoting factors that can influence your life insurance premiums.
Because of its importance, checking the family medical history of an applicant is a crucial step in determining the rates that will be offered. One may not see the necessity of such a measure because they don’t suffer from any disease as of yet, but it often happens that symptoms that are genetically inherited do not surface until later in a person’s life. Arrhythmia is one such disease that is a red flag if spotted in the family medical history. The disease is highlighted with irregular pulse rate and can lead to expensive premiums. Of course, there is the case of applicants not turning in the necessary information about their family’s medical history or lying about it, which amounts to falsity and doing so can make your life insurance void and will result in the beneficiaries not receiving a payout.
Other than inherited chronic diseases, there’s also the life expectancy of an applicant’s family members that counts. A trend of lower life expectancy is also seen as a cause of concern, which is likely to result in higher premiums. When life insurance providers do inquire as to an applicant’s family medical history it is usually that of immediate family members like one’s parents and siblings. If you know about the facts on how your family medical history can affect your life insurance premium then take a quiz here to test your knowledge for fun!
The life insurance industry is still inconsistent in terms of certain situations for which there is no precedent. In such situations, the decision is usually up to the individual insurance provider. For more information on the factors that affect your life insurance rates, visit the HealthIQ website.