Family history life insurance underwriting is an important part of the life insurance underwriting process and may affect your ability to obtain the best life insurance rates. If you go to the wrong life insurance company, you will pay more money because of your family’s health history…
Even if you are in perfect health! The good news is that we can help you.
How does family history affect my life insurance rate?
Life Insurance companies look at your medical records and ask you questions about your parents and siblings medical history. The type of medical history and the age that your parent or sibling had the medical condition will affect the best life insurance rate available to you.
How will my family history affect the life insurance rate I pay?
Every term life insurance company has its own set of life insurance underwriting guidelines that we have access to and use in order to get you to the most competitive term life insurance company.
In general, family history of cardiovascular issues will have a more negative effect on your term life insurance rate than a family history of cancer. It is also important to note that term life insurance companies distinguish between death from a medical issue vs. suffering from a medical issue.
Family History if You Are Age 60 or Older
In general term life insurance companies will hold your family history against you if their health problems occurred prior to their turning age 60.
If their health problems started at age 60 or after age 60, most life insurance companies will not hold this against you.
If you are age 60 or older, some life insurance companies will disregard your family history when determining your rate.
At Life Insurance Advisors, we maintain the underwriting guidelines for the life insurance companies and will check against each life insurance company in order to get you the best possible rate!
But I’m in Perfect Health!
We understand, but unfortunately the life insurance companies rarely do.
There are many times when we work with someone who is in great health and meets all requirements for the “preferred best” rates offered. The only problem is that a parent medical history began prior to age 60.
Most life insurance companies will not budge and make an exception for you, especially if your parent’s medical history is cardiovascular related…
We have had instances where we obtained exceptions when the circumstances were extraordinary, and the proposed insured had complete and thorough cardiac workups performed to offset the history.
My family member was a smoker and died from lung cancer prior to age 60!
Most life insurance companies will hold this family medical history against you for life insurance underwriting purposes even if you have never smoked in your life. The good news is that each term life insurance company will treat this differently and there are some companies that are more aggressive than others.
While some life insurance companies may only offer you their “standard” rate, there may be other life insurance companies willing to offer “preferred” life insurance rates. We’ll tell you which life insurance company to go to.
My parent family history was heart disease prior to age 60
Even if you are in perfect health, you will probably not get an exception to the cheapest term life insurance rates. Life insurance companies are especially tough on family history of cardiovascular issues.
Here is a classic example of how family history of cancer may affect the life insurance rate that you pay. If you have had a lower stage prostate cancer with successful treatment such as radical prostatectomy, we may be able to get you a “preferred” rate with one of our term life insurance companies….
Here’s the kicker. If you never had prostate cancer but your Dad died prior to age 65, this same term life insurance company would hold your dad’s family history of cancer history against you and only give you a “standard” life insurance rate at best…Family history affects your life insurance rate, but we can help you minimize the impact of family history by taking you to the correct life insurance company based on your specific family history.
What Can You Do to get the best life insurance rate?
We’ll give you the information you need in order to make an informed decision about your term life insurance. When we speak, we will ask you about your family’s medical history as part of our life insurance underwriting process.
Whatever the history is, whether you are in great help or need an impaired risk life insurance company, we will be able to match you up to the best possible life insurance rate available based on your individual health circumstances.
Remember – There is Never any pressure or obligation with our service. We will give you the information you need to make an informed decision about your life insurance. We want to help you.
Would you rather discuss your request? Please call us at Toll Free (800)909-2040.