How Health Affects Your Life Insurance Premium

runnerWhen looking into getting a whole life insurance policy, obviously one of your first questions will be, ‘how much will my life insurance premium cost?’ The answer to your question is dependent on multiple factors. However, one of the biggest factors that determines the cost of a policy is a person’s health. Undergoing a medical exam is the first and most important step in life insurance acquisition. An insurance company will use your exam results to determine your level of insurability.  If you are considering life insurance here are some conditions that can automatically increase your life insurance premium.

Top 5 Health Factors That Can Increase the Cost of Your Life Insurance Premium

  1. High Blood Pressure

High blood pressure is one of the most common health conditions that could make your whole life insurance policy premium more costly.

It’s taken into high consideration because it can lead to more serious conditions, such as heart disease, coronary artery disease, strokes, kidney damage, peripheral artery disease, and various other vascular complications.

  1. Type 2 Diabetes

Underwriters are extremely wary of Type 2 diabetes because it can lead to peripheral vascular disease, renal failure and blindness, along with other outcomes.

Most carriers will also look into your full medical history to see if any life-threatening complications have occurred in the past as a result of the condition. Therefore, if you haven’t had any major complications due to your diabetes then your life insurance premium rate could be more favorable.

  1. Sleep Apnea

This health condition is seen as a high risk because of the possibility that one may stop breathing in their sleep. However, it is the associated risks that put more classification on the matter. It can be associated with high blood pressure, coronary artery disease, and many other conditions.

Nowadays, there are breathing machines for sleep apnea patients to use through the night, ensuring their breathing is kept under control. By using a sleep apnea machine and other treatment options, the insurance underwriter will give you an advantage.

  1. Cardiovascular Disease

Cardiovascular disease, also called heart disease, is the leading cause of death for both men and women in the U.S. (Web MD).

A heart attack is well-known risk with this disease, but it’s not only this one outcome underwriters are factoring in, because heart disease comes with a conglomerate of conditions.

If you have heart disease in your family history or have been told you are at risk, then it is important to learn how you can prevent heart disease, for your well-being and a more favorable whole life insurance policy rate.

  1. Asthma

Death from an asthma attack is not one of the most common ways to die, so why are insurance companies factoring in this condition? Underwriters are concerned about asthma because it is a chronic condition that can increase in severity if not managed properly. In most cases however, asthma will be favorably underwritten.

Get Life Insurance Sooner, Rather Than Later

Whole life insurance only requires one initial medical exam, when you first sign up for a policy. Therefore, if you happen to develop a health condition after you already purchased your life insurance, it won’t affect your premium rate. This is why, the younger you get your policy, the better – to avoid having to factor in the health conditions that usually develop at older ages.

If you have any questions on how your health conditions will affect the cost of the premium in your life insurance policy, contact one of our agents here at Paradigm Life or schedule a complimentary consultation.

To learn more about why Whole Life Insurance is an excellent financial product:

Read: Access Your Savings Tax Free

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Gary Pinkerton

Gary Pinkerton (7 Posts)

Gary has been practicing the Infinite Banking Concept (IBC) for 3 years. He was originally introduced to the concept as a client of Paradigm Life. Gary grew up on a dairy farm in Murphysboro, Illinois, quickly learning to appreciate the importance of hard work, high standards and integrity. He has applied these lessons to a 24 year career in the US Navy, graduating from the Naval Academy with a Mechanical Engineering degree in 1991 and from the University of Illinois, Urbana-Champaign with a Nuclear Engineering Masters in 1993. Gary was selected for the nuclear submarine program and has served as a Naval officer on 4 ships and in numerous shore assignments, promoting to the rank of Captain in 2013. He commanded the USS TUCSON (SSN 770), a Los Angeles class nuclear attack submarine from 2009-2011 where he had the pleasure of seeing his crew of 140 Sailors earn the 2010 Battle Efficiency “E” award and a rare Navy Unit Commendation. Gary is an avid real estate investor and has always been passionate about personal financial management. After repeatedly experiencing first-hand the tremendous benefits of IBC, he recognized it was time to help others find and employ this system. His mission is to improve the financial lives of as many people as he can by helping them further their financial education and tailor their personal financial life with an extraordinary program for wealth preservation and growth. Gary and his wife, Susan, live on the New Jersey coast with their two sons, Jake and Ryan.