Life Insurance – Medical history increases the cost for 66% of applicants
As the cost for insurance continues to rise, many Americans are scrambling to find other options for meeting their life insurance requirements. Many people rely on a life insurance policy as a tool to provide funds for their survivors when the unexpected happens and they pass away. Unfortunately, applicants with certain medical histories are charged significantly more than those without these conditions by life insurers due to increased risk of death.
The study analyzed data from 1,000 companies that run consumer-oriented websites in order to compare rates based on medical history. The analysis determined that 66% of applicants are charged more because of a medical condition such as high cholesterol or blood pressure. The average increase in premiums for those individuals is $31,000 per year.
To determine whether this is accurate, the study analyzed several factors, including applicants' current health status, age, and gender. In addition, it included the list of medical conditions that insurers commonly check for prior to purchasing a policy. The cheapest group of applicants has a history of high blood pressure or high cholesterol – both conditions that can lead to premature death or disability – costing 2% more per year.
When buying life insurance on the internet from a broker, some extra precautions should be taken to avoid high rates of life insurance; particularly with regard to heart disease and cancer. These two conditions are commonly checked by insurers, and they are known to drive up insurance premiums to astronomical levels.
For an application, applicants may be asked about a variety of items, including whether or not they have diabetes or epilepsy. If they answer in the affirmative, the insurer will often check a blood test for the disease or a CT scan if it is cancer. Unfortunately, many Americans have these conditions but may not realize that they are insurance risks.
Heart disease is responsible for one out of every four deaths in the United States. Heart disease is also divided into two categories: Ischemic heart disease and non-ischemic heart disease. Ischemic heart disease is caused by narrow or blocked arteries, while non-ischemic heart disease is a result of poor circulation or hypertension.
Heart attacks are arguably the most common type of heart disease. A person can usually survive a first heart attack, but many of those people will likely die in the years that follow because of a second or third heart attack. Heart attacks can also damage other areas of the body, including the brain and kidneys. Unfortunately, these complications occur in about one-third of people who have had a heart attack.
A stroke is another frequent complication for those with high blood pressure and/or high cholesterol. According to the American Heart Association, about 6 million Americans suffer a stroke each year, and another 795,000 have a transient ischemic attack. Strokes typically lead to severe disability and death in less than five years.
Despite its wide prevalence, many people do not realize that their high cholesterol or high blood pressure can drive up insurance premiums by more than double for those who have both conditions. According to the American Heart Association, over 70% of people with high cholesterol (above 200 mg/dL) and over 36% of those with high blood pressure (above 180/110) do not even know that they may be at risk for an increased medical cost due to their conditions.
Some people may know about their medical condition and still choose to have a cardiac or stroke event because of the insurance benefits. If you are suffering from this, a health insurance policy can become an excellent secondary plan for financial security. A heart attack or stroke can be devastating even in the event that you recover, but you will have the peace of mind knowing that your children will not face financial hardship if you die prematurely.
For those who get a yearly physical exam from their doctor to monitor cholesterol and blood pressure, they may end up saving themselves thousands of dollars over the course of a decade by making sure that they don't develop further complications with their medical conditions. If you have a history of high cholesterol or hypertension, talk to your doctor about how to best manage the condition to avoid health complications.
When buying life insurance on the internet from a broker, some extra precautions should be taken to avoid high rates of life insurance; particularly with regard to heart disease and cancer. These two conditions are commonly checked by insurers, and they are known to drive up insurance premiums to astronomical levels.
For an application, applicants may be asked about a variety of items, including whether or not they have diabetes or epilepsy. If they answer in the affirmative, the insurer will often check a blood test for the disease or a CT scan if it is cancer. Unfortunately, many Americans have these conditions but may not realize that they are insurance risks.
Heart disease is responsible for one out of every four deaths in the United States. Heart disease is also divided into two categories: Ischemic heart disease and non-ischemic heart disease. Ischemic heart disease is caused by narrow or blocked arteries, while non-ischemic heart disease is a result of poor circulation or hypertension.
Heart attacks are arguably the most common type of heart disease. A person can usually survive a first heart attack, but many of those people will likely die in the years that follow because of a second or third heart attack. Heart attacks can also damage other areas of the body, including the brain and kidneys. Unfortunately, these complications occur in about one-third of people who have had a heart attack.
A stroke is another frequent complication for those with high blood pressure and/or high cholesterol. According to the American Heart Association, about 6 million Americans suffer a stroke each year, and another 795,000 have a transient ischemic attack. Strokes typically lead to severe disability and death in less than five years.
Despite its wide prevalence, many people do not realize that their high cholesterol or high blood pressure can drive up insurance premiums by more than double for those who have both conditions. According to the American Heart Association, over 70% of people with high cholesterol (above 200 mg/dL) and over 36% of those with high blood pressure (above 180/110) do not even know that they may be at risk for an increased medical cost due to their conditions.
Some people may know about their medical condition and still choose to have a cardiac or stroke event because of the insurance benefits. If you are suffering from this, a health insurance policy can become an excellent secondary plan for financial security. A heart attack or stroke can be devastating even in the event that you recover, but you will have the peace of mind knowing that your children will not face financial hardship if you die prematurely.
Conclusion
If you have high cholesterol, high blood pressure or any other medical condition that could affect your insurance premium, talk to your doctor and insurance broker about the coverage options that can reduce how much you pay for insurance. For an application, applicants may be asked about a variety of items, including whether or not they have diabetes or epilepsy. If they answer in the affirmative, the insurer will often check a blood test for the disease or a CT scan if it is cancer. Unfortunately, many Americans have these conditions but may not realize that they are insurance risks.
Heart disease is responsible for one out of every four deaths in the United States.