Life insurance rates are determined by a lot of factors, including age and gender, but perhaps the biggest factor is your health. It’s a common obstacle in the path to life insurance and many people worry rates will be too high due to pre-existing conditions. We are here to help, so we have found ten health conditions that are most likely to affect your rates.
High Blood Pressure
High blood pressure is a condition that can raise your life insurance rates, but it’s also a condition that is easily controlled through medication and work with your physician. Most insurance companies look favorably on controlled high blood pressure, so your rate may not be as high as you think.
Sleep Apnea
Strange as it may be, yes, it is true, having snoring problem may affect more than your sleeping habits. Don’t hesitate to have a doctor check it out, as severe or untreated sleep apnea will cause premium rates to rise. If you have your sleep apnea well taken care of, your rates won’t be outrageous.
Asthma
You can breathe easy. If you and your doctor have your asthma well-managed, chances are your rates won’t be too much higher. But if you are not keeping your asthma under control and find yourself in the hospital for breathing problems, you may be considered high risk.
Depression
Like many of the other health hazards, it’s all about the severity of depression and mental illness. If it is a severe condition with many hospitalizations, insurance companies may even choose not to offer a policy. However, if it is a less severe and well-managed condition, some insurance companies may favorably underwrite your policy, and you won’t have a huge rate increase
High Cholesterol
High cholesterol isn’t considered a disease, but it can contribute to many life-threatening health conditions life insurance companies try to avoid. But like many other health conditions, if high cholesterol is well-managed, there shouldn’t be too many worries about life insurance cost.
Heart Disease
There’s no getting around this one, heart disease is a big red flag for insurance underwriters. Insurance companies also take into consideration family history. There isn’t much you can do to avoid higher rates due to heart disease, but if you are healthy now, consider purchasing life insurance early. The longer you wait, the higher rates can get, and if your heart disease becomes severe, you may struggle to find a life insurance company willing to insure you.
Cancer
Like heart disease, this is a difficult red flag to avoid. But there is some good news. Although cancer will raise a red flag for underwriters, because the illness has so many forms and stages, it’s not a guaranteed rate raise. No two cancers are the same, and no insurance company will underwrite them the same way.
Obesity
Insurance companies consider obesity a health condition, mostly because it can contribute to many other health hazards. Insurance companies use your body mass index (BMI) when determining your risk class for life insurance. If it is in the obese range, you will likely incur higher premium rates. If you get healthier and lose weight, you can contact your insurance company to review the rates.
Organ Transplants
Hopefully you’ve already secured life insurance if you are the recipient of an organ transplant, but if you haven’t, you may have a hard time finding life insurance. It does depend on the type of organ you received, but many insurance companies don’t insure those with organ transplants
Type 2 Diabetes
Uncontrolled diabetes can lead to a plethora of additional diseases, including coronary artery disease and blindness. It’s the reason diabetes can raise your life insurance rates, but again, insurance underwriters look favorably if your diabetes is well-controlled. This means keeping up with medication and making sure to see your doctor regularly.
Some of these health hazards simply can't be avoided, or they can be difficult to manage, but it is worth it in the long run. Proper management of these issues can help your rates and lead to much lower payments.
If you have questions, or simply want a quote, visit goldcoastlifeinsurance.com.
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