How Family Medical History Can Affect Your Life Insurance Rates

December 15, 2017 | By admin | 0 Comments

Although life insurance is inexpensive compared to the final payout that your beneficiaries receive, the premiums that have to be paid vary for each individual. This isn’t due to the difference in basic rates provided by each life insurance company and rather because of the influence of family medical history. Life insurance providers depend on your mortality to receive premiums and it will be risky for them to do so if your family history hints at chronic illnesses.

The measure to check your family medical history may seem trivial if you aren’t diagnosed with any disease nor have a history of one yourself, but it often happens that inherited symptoms don’t begin to surface until much later. Arrhythmia is a disease associated with an irregular pulse and if an applicant’s medical history shows cases of it, it’s highly probable that expensive premiums will be charged. You can learn more about saving money on your life insurance policy by visiting the HealthIQ website.

In the life insurance industry, falsity is lying about your family’s medical history and doing so can nullify your life insurance policy and your beneficiaries won’t be entitled to a payout. Also, it’s not just illnesses that insurance providers look out for; a trend of low life expectancy can also cause them to charge higher premiums. When they inquire as to family medical history, it’s more likely to be that of your immediate family such as parents and siblings. This makes it important to read up on how exactly your family’s medical history affects your life insurance policy rates.

However, there is still a lack of consistency and precedent in the life insurance industry with regards to unfamiliar situations. One example is that of candidates that are adopted and don’t know of their family medical history. In such situations, the policy is granted at the insurer’s discretion, but it remains essential that the applicant discloses as much as they know. You can take a quiz to test how much you know about why family medical history is important.