You may not be bothered about the medical history of your family. But most life insurance companies think there is a correlation between your health and your family health history, thanks to the advancement in genetic studies. To life insurance companies, if one person or two people in your family died of genetic diseases, you may die of similar disease, too. You may argue that this assumption is not true and not fair. But that’s the perception of organizations that insure life.
Without further ado, below are the truths about how your family history affects your life insurance rates.
- A vast majority of life insurance companies will approve your application if you have a negative family health history.
- Your insurer will not consider the medical history of your family if it is sex-related.
- Popular family health history life insurance companies are concerned about include diabetes, cardiovascular disease, coronary artery disease, and, above all, cancer.
- You are likely to pay more premiums if one of your family members died of the above diseases.
- All life insurance companies have different quotes for providing life insurance for clients with a negative family health history.
- It might take life insurance service providers about 3-4 months to approve your application if any of your family members died as a result of hereditary diseases.
- Lying to your insurer about your family health history is a serious offense in the life insurance industry. Your insurer may cancel your application or refuse to pay you the agreed benefits.