As covered in our previous guides Life Insurance premiums are made up of risk factors including family history. Which allows an insurer to calculate the best Life Insurance deal for you, which will give value to both the policyholder and insurer. The Life Cover provider will need to find out as much about the individual as possible. This information is used to work out the potential risk to the insurer for the future.
Part of these questions include lifestyle, job type, smoker status, alcohol consumption. The basis of today’s guide, your family’s medical history. Although it may seem unfair to take your family history into account. It will allow an insurer to have a small potential glimpse into the future as your family are the closest to you genetically. Unfortunately it is statistically true that a family history of illness can mean that you are more likely to become ill yourself.
In Today’s Guide:
Why Does My Family History Affect My Life Insurance Policy?
As with many different types of illness including some critical illnesses, they can be inherited throughout a family’s genes. These illnesses include Kidney Disease, breast cancer, and different forms of diabetes. By identifying if there is a pattern in a family’s medical history. Will help give insurers a greater understanding of the potential likelihood of them having to a claim payment to your family.
Because Family Medical History is one of the risk factors in working out Life Insurance acceptability. It can be defined as, the larger the risk that you potentially pose in the future. Will mean the more you will have to pay in monthly premiums to an insurer.
A family’s medical history is just one part of the calculation process as mentioned above. Also taken into consideration are your age, occupation and lifestyle choices. Which are taken into account as part of an application for Protection Insurance. It is worth noting that if there is a history of illnesses in your family. It does not mean that you will be unable to get cheaper Life Insurance quote and policy. When you decide to take out a Life Insurance policy when you are young, fit and have a healthy lifestyle. You will still be able to get cost effective Life Cover for the future.
What Happens If I Do Not Disclose All Of My Family History?
When you decide to start comparing and subsequently buy a Life Insurance policy. You will be asked a few very important questions. This allows an insurer to calculate your monthly premiums and your personal risk to them. Because there is no policy for all, instead each policy is based on the individual it may be tempting to withhold some information. If you choose to not tell them about whether you may have a history of illness in your family. Which you may think will get you cheaper premiums on your policy. It is important to note that by withholding information relating to your health or family history can be detrimental to your policy protecting you.
By not declaring your full medical history could give an insurer grounds to cancel your Insurance. Or at worst a claim against the policy, if you are found to have provided false information. This could mean that not only would your family and loved ones potentially receive no claim payment. But would also mean a lot of wasted money on monthly premiums.
It is very important that when choosing to buy a Life Insurance policy. That you provide all of the information requested. As accurately as you possibly can to a potential insurer to ensure that your protection policy looks after you and your family.
Will Medical Conditions Impact Premiums?
Because your family history is a part of the process that goes into deciding how much you will pay in monthly premiums, it can have quite an impact on how much you pay. If your family has not been impacted with ongoing medical problems, the likelihood of higher premiums is quite low. However, if your family has a history of illnesses and you may have some health conditions yourself. You will find that your Life Insurance quote might be a little bit more expensive.
At Life Insurance Cover, we have created a page titled A to Z of medical conditions. Which details many but not all of the potential conditions an insurer will provide protection for. If you have ongoing medical issues or a family history of illness. You may find that an insurer may add a little more to the monthly cost of your policy. Or in certain circumstances they may even refuse to offer a policy to you. This is one of the key reasons to use an FCA regulated broker like Life Insurance Cover. As we search all of the UK for Life Insurance companies for you. By using a broker who has access to all of the insurers, we can search all of the leading providers and ones that specialise in medical conditions.
All Life Insurers Are Completely Different
It is worth noting that all of the Insurance companies are completely different. In the way they calculate a monthly premium and the many different policy types they offer. All Life Insurance providers also take different views on the medical history of your family. Each provider has its own set of conditions (underwriting criteria) which they will put people into different categories. Deeming them to be high risk, medium risk and low risk.
Therefore, rather than searching all of the Life Insurance providers yourself. Which could mean that you receive a very expensive monthly cost for your Life Insurance. It is a good idea to compare different policy types to get the best life insurance deal for you and your family.
The best way to do this is to compare policies with Life Insurance Cover. To start a quote only takes a few minutes and all you have to do is fill in some information on our quote form. Including your age, employment status and lifestyle choices.
Being able to compare all of the multiple Insurers. Is the one of the best ways to make sure that you get the best Life Cover available for you and your family.