When it comes to life insurance, providers consider a number of factors when setting your premium rates. Everything from your age and gender to your credit score could influence your rates. One of the main factors that insurance companies consider, however, is your health. This is because the healthier you are, the less likely you are to pass away prematurely and, therefore, the less likely you are to need life insurance.
Did you know you can get life insurance without a medical exam? When people talk about life insurance without a medical exam, they’re referring to policies that don’t necessarily require you to have a health exam prior to being offered life insurance coverage. One real reason to choose this type of life insurance is to skip the hassle of a medical exam and get insured faster.
If you are in good health, you will likely pay less for life insurance than someone who is not in good health. For example, AIG has an annual rate of $345.65 for a 40 year old male in excellent health and of average height and weight. The rate is based on the assumption that the individual is in excellent health and has no major health concerns.
Let’s take a look at some ways that your health and medical exam can factor into your life insurance rate.
Pre-Existing Conditions
There are a few things that impact life insurance rates, and one of those things is pre-existing conditions. A pre-existing condition is any illness or injury that you have prior to buying life insurance. If you have a pre-existing condition such as diabetes or heart disease, insurance companies will likely charge you more for life insurance.
In some instances, you could be denied coverage altogether. This is because insurers see you as being a greater risk because you are more likely to file a claim. If you have a pre-existing condition, the best thing to do is shop around for insurance to find a company that will offer you coverage for a rate that you can afford. You can also look for life insurance with no medical exam required.
Weight
Weighing too much or too little can affect how much you pay for life insurance. Carriers use your weight as one factor when determining how likely you are to have health problems and file a claim.
The more you weigh, the more likely you are to have health problems, such as heart disease, stroke, and cancer. This means you’re also more likely to file a claim and cost the insurer money.
This is why people who are overweight often pay more for life insurance than those who maintain a healthy weight. If you are overweight or obese, you will pay higher premium rates for insurance.
Blood Pressure and Cholesterol
If your cholesterol levels are high, your life insurance rate will be higher than if they are normal. This is because high cholesterol can lead to heart disease, which is one of the leading causes of death in the United States.
Similarly, if your blood pressure is high, your life insurance rate will be higher than if it is normal. This is because high blood pressure can lead to heart disease and stroke, both of which can be deadly. Life insurance companies are very interested in health factors that could impact your heart health.
Age and Family History
Your age and family history are also important factors in life insurance rates. The older you are, the more likely you are to succumb to health issues or old age, so your life insurance company will charge you a higher premium.
If you have a family history of health problems, your life insurance company will also charge you more because you are more likely to develop health problems yourself.
Lifestyle Choices
Aside from certain health conditions and risk factors, certain lifestyle choices that could impact your health will also influence your life insurance rates. If you smoke, for example, your life insurance rate will be higher than if you do not smoke. This is because smoking increases your risk of developing health problems such as cancer, heart disease, and stroke.
Smoking and tobacco use has been linked to all kinds of health problems, and insurers will place you into a higher-risk category as a result. Similarly, if your blood work during your medical exam determines that you use recreational drugs, your rates will also likely be higher.
Overall, how healthy you are is a major factor in how much you will pay for life insurance. If you have any major health problems, you will likely pay more for coverage than someone who is in good health. This may be a reason to choose life insurance with no medical exam. However, even if you are in good health, you may still pay more if you are older or have a family history of health problems.
If you are expecting to start a family soon, you may be at a stage where thinking about life insurance becomes especially important. You can look for no-exam life insurance as a way to finally help make sure your family is covered, without the anxiety.
It is best to shop around for the best type of life insurance for them from various companies to find the best coverage and rates for your need.
