What are the main factors that may affect Health and Life Insurance charges
Life insurance policy premium rates are affected by two major factors. The main influence is the policy holder’s personal health or family history. The second is the age of the insured.
No matter about weight, lifestyle and health staus, an eighteen year old will always have a lower premium than an individual who is 60 years of age.The variance in rates based on age and weight is used to compute premiums for everyone who is being considered for life insurance coverage.
Personal health and family health history is a major contributor when calculating health and life insurance premiums. Most life insurance companies will request urine and blood samples to ensure that no pre-existing conditions exist. A licensed professional will often go to the home of the applicant to check blood pressure, weight draw blood and collect a urine sample as well as ask dozens of health related questions.These questions often include specific queries regarding the history of the family with high blood pressure, cancer, heart disease, diabetes, cardiovascular disease and other serious health risks.
For those who may have difficulty meeting the health requirements of standard life insurance policies, there is the guaranteed issue life insurance policy where the life insurance company takes an average assumption regarding risk and will insure any apparently healthy person without blood or urine samples. Guaranteed issue life insurance policies are capped at a certain benefit level, restricting the face value to a certain level.
Consumers who are in optimum health will find that a standard term life insurance policy will offer cheaper premiums than a guaranteed issue policy simply because they are paying for some risk with a guaranteed issue policy. The guaranteed issue policy is a viable option for those with existing conditions that might affect their ability to get standard life insurance.It is also convenient for people whose busy schedules do not allow them time for medical examinations and an easy out for those who do not handle needles very well~It is also convenient for people whose busy schedules do not allow them time for medical examinations and an easy out for those who do not handle needles very well}. People who apply for a guaranteed issue policy are still required to answer health related questions and dishonesty could very well result in a voided policy or worse yet, one that will not pay death benefits when they are needed.
Unfortunately, one’s health and family history isn’t always controllable. Some diseases are hereditary and perfect health which equals affordable health and Life insurance policies is not possible. Be in the best health your body or family history allows for and buy health insurance that provides good benefits and is still affordable.
