We all have physical qualities that get passed down from our parents—anything from a glorious head of hair, to piercing eye color, and luminous skin tone. But it’s not just the good stuff like blue eyes or curly tresses that can be inherited from mom and dad. Unfortunately, some people are also predisposed to get lesser desired hereditary conditions from their family. Many people have even done DNA testing through genealogy companies to see if something comes up that they might not have been privy to through their family’s health history.
When trying to buy life insurance, the question of health is definitely a topic that will come up. But how much does your family’s medical history affect your ability to get coverage?
You may have already heard of medical underwriting, but we’d be remiss if we didn’t rehash the definition again. Basically, when you want to buy a policy from an insurance company, they need to assess your level of risk as a potential customer. One of the primary ways they do this is by asking questions about your medical status, as well as your family history. Underwriting, along with other factors, can help determine how much coverage you’re eligible for as well as the monthly premium amount you’ll have to pay.
While many insurers still require a potential customer to get a physical, a lot of them are going digital and don’t require a medical exam—as long as they get truthful and transparent information on the online questionnaire. That’s more than enough to get the ball rolling—we’re truly living in the future folks.
So we know your current medical status is part of how a company can decide if they are going to insure you and at what cost. The other possible reason for all the medical questions is for insurers to understand how your family’s past might affect you. No, we don’t mean the great board game argument of 2019, we’re talking about what has happened in their medical history, whether known or unknown, and how it affects your insurability. It’s important to note, if you’re adopted, there may be particular screenings that need to be done to determine family health that could be unfamiliar to you. Here are some medical histories that could be flagged.
Insurance companies usually have lists of conditions and diseases that are ranked on how potentially harmful or high-risk they are, depending on your family history. As you answer underwriting questions, the company may consider these variables as they try to determine your insurability and premium. While every company is different in how they choose what’s most risky or dangerous, some of the most common conditions are:
While certain factors can shift your insurability and premium amount, it’s still important to have plans in place to protect the ones you love. Many life insurance companies offer different tiers in the policies they sell that are specifically designed for people whose family health history can be a factor in insurability.
If you have health complications due to family history, the best thing to do is talk to insurance agents and have them walk you through your coverage options. This way you’ll be able to get the best policy that works with your past, present, and future.