How Health Affects Your Life Insurance Premium

Health affects on life insurance premium

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When 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.

At Paradigm Life we can customize a policy to fit your financial situation. Our expert Wealth Strategists are available to answer your questions and show you customized illustrations, outlining an individual plan of action to help you achieve your goals. Request a free virtual consultation, no strings attached.

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