When it comes to providing life insurance, an insurer is interested in several things, and one of those things is your medical history. The insurer would like to know whether you smoke or if you have high blood pressure. And it’s not just your current or past illness and injuries that they would want to know. An insurer will also show interest in your family’s medical history.
Now you must be wondering, why family medical history? Well, to determine your insurance premium, this is one of the most crucial deciding factors apart from your age, hobbies, gender, and overall health.
Usually, when you have problems like obesity, cancer, diabetes, depression, anxiety, or stress, you are expected to pay more for your premium. Such issues usually lead to a lower life expectancy, and this is why insurance can come costly to you.
Insurers are interested in knowing how and at what age your immediate family members died to predict your health. And not just your health but also the cost of your premium. But remember that it is not just your family medical history but also other factors taken into account while getting life insurance. If you still have questions regarding the need for family history, then continue reading this article.
Why is Family History Important to Insurers?
When it comes to setting up your insurance premium, a company takes all the risks to your life into account. If there is a higher chance of you dying, then the premium cost will go high too. And that is where family medical history plays a role. Your immediate family’s medical history, along with their mortality rate, can define/predict your health to some extent.
Insurance companies take some illnesses very seriously, including cancer, asthma, and more, because you have a high chance of inheriting them. There are several conditions that an insurance company might show interest in, including:
- Lungs Cancer
- Colon Cancer
- Prostate Cancer
- Lung Cancer, and more
If your immediate family members were diagnosed with any diseases, it might help the insurance company determine the right package for you. There is a very high possibility that you might also get affected by that illness in the future.
But it is not just your family medical history but also your own that they take into account. That means that you may have a chance of getting quality coverage regardless of your family history.
What Does the Insurer Want to Know?
As mentioned above, it is not just your current well-being that an insurer is interested in but also your family medical history. They would want to know if your family, mainly your parents or your sibling, ever suffered from a serious condition because this can increase your chances of falling victim to such conditions.
Don’t mistake injuries for medical conditions, as the insurer is more interested in knowing whether anyone in your family had diseases like cardiovascular diseases, asthma, and so on.
If such medical conditions in your family are present, an insurer will make sure to charge you more for your premium plan. Don’t be surprised if this happens, as they see it as a sign of low life expectancy.
Apart from that, you will also have to go through a medical examination to know your overall well-being. Keep in mind, if a medical condition is found in just one family member, it can have a very minimal impact on your insurance coverage.
What if there’s a Hereditary condition?
If there’s a hereditary medical condition in your family, you will still receive insurance coverage. Some people think that they will be denied medical insurance for having such a condition running in the family. But the reality is the opposite of that.
The only difference it would make is in the plan the insurer will give you. You will be required to pay a higher price than a regular person to get medical insurance coverage. That’s because your condition can affect life expectancy.
Even though your family history is a vital piece of information, it won’t make much difference to your life insurance. The only difference is, you have to pay a higher premium.
Family history will not impact your overall life insurance coverage.
Is it possible to refuse to disclose family history?
It’s a common question among people who have a family medical history. A lot of people might think of withholding this information. But this might not be so useful.
When you go through the process of underwriting, the companies tend to access all your medical records. While doing that, they also go through the family history. So, if any serious medical condition appears, they will instantly increase your premium rates.
Apart from that, withholding such crucial information can lead to insurance fraud. In such cases, an insurance company can refuse to pay your beneficiaries the death benefit, or they can cancel your insurance policy altogether.
It can be a good option to disclose family medical history as some insurance companies give you better rates if there’s a history of illness in the family.
If adopted, it can be hard to determine the family’s birth medical history. In such cases, the insurance company will not include this information in your insurance underwriting process.
Any information from your insurer to provide all the information needed to get you the right insurance package.
Family history can play a vital role while getting life insurance coverage. But remember that it is not the only criteria as there are many. Also, there are many different insurance companies to choose from.
So, it is always best to compare while getting the right package for yourself. Ensure that you reveal all the information needed, from your own medical condition to your family medical history.
The cost of your insurance premium will largely depend on the information that you provide and the deals that a company is willing to offer. So, be patient and do your best research while getting life insurance coverage for you or your family.