Seven Health Factors That Affect Your Insurance Premiums
There are many health factors that can affect what you actually pay for your life insurance policy. So here are 7 most important of them.
Taking out a life insurance policy is a smart move that helps to protect your family in the event that something happens to you, leaving your spouse and children without your income.
While a great way to provide protection for those you hold most dear, it is also a major investment.
Shopping around will help you to compare rates to find the best coverage for the lowest price.
While different providers charge different premiums, there are many other health factors at play that can affect what you actually pay.
Health Factors That Can Increase Your Insurance Price
These are the health factors that have a significant impact on your insurance premiums:
1. Your Body Mass Index
Your BMI, or height to weight ratio, plays a significant role in the cost of your insurance premiums.
Those who are deemed overweight or obese by this scale are considered to be at higher risk for health complications later in life.
As a result, they will end up paying more than someone who is considered to be in the normal BMI range.
2. Tobacco Use
Whether you smoke cigarettes or cigars, chew tobacco, or use any other form of tobacco products, you are at risk for a number of different serious health issues, such as lung and oral cancers.
Tobacco products are a major red flag for insurance providers.
In fact, it’s not uncommon for smokers to pay up to twice as much as nonsmokers for comparable coverages.
3. Alcohol Consumption
You may be asked about your drinking habits when getting a quote for life insurance.
The occasional drink may not affect your premiums, but drinking habits deemed excessive can.
This is because those who drink excessively are at a much greater risk for developing health-related issues such as hypertension, heart disease, and liver disease.
4. Family Medical History
You will be asked questions about your family medical history, including health issues suffered by biological parents and siblings.
Hereditary illnesses, such as heart disease and some cancers, can affect the cost of your premiums, even if you currently do not have these conditions and are not exhibiting any symptoms.
Often taken into consideration is the severity of the condition, the age that which your family member developed the illness, and if it played a role in their death (if applicable).
5. Your Current Health
Life insurance providers will often require a medical exam to determine your current health.
In addition to your weight, they take into consideration your medical history (such as if you have had any serious illnesses or other conditions in the past), your blood pressure, your cholesterol, and other metrics.
Those who are deemed unhealthy are considered to be at risk for developing serious issues later in life, and therefore end up paying more.
It is important to keep in mind, though, that if you improve your health and show it to your life insurance provider, it is very possible to lower the cost of your premium.
6. High-Risk Hobbies
While your hobbies aren’t directly linked to your health, having a hobby that is considered to be high risks, such as racing, skydiving, rock climbing, or scuba diving means that you are at a greater risk of suffering an injury.
As a result, your premiums will be higher than those with comparable coverage who participate in less risky activities.
Bear in mind that every insurer is different and what one company considers high risk, another might not.
7. Your Line Of Work
Again, while not directly linked to your health, the type of job you have can play a role in your risk for injury and illness.
As a result, having a job that is considered high risk, such as military members, police officers, construction, or in a career that deals with chemicals, can mean higher premiums.
Your actual life insurance quote is based on a number of different factors, including several health factors. Maintaining a healthy lifestyle can help to keep the costs of your premiums down.
Although there are some insurance plans that don’t require a medical examination. Some life insurance and final expense insurance are good examples of this.
Make sure that when getting quotes, you go over the information carefully so that you are able to make the most informed decision possible.
