To insurance companies, individuals with existing medical conditions present a higher life insurance risk than those without. Therefore these individuals will often be charged higher premiums and may be subject to exclusions.
This is mainly because some conditions and illnesses, if already present in other family members can indicate a chance that you may suffer yourself at some point. For the majority of insurers this may include heart disease, diabetes and any cancers that may occur at an early age.
Upon applying for a life insurance policy you will be asked a series of questions regarding your health. This is so that the insurers obtain an accurate idea of your current health and any future conditions that could occur. All questions must be answered truthfully as you risk voiding your policy if it is found that you neglected to list important information.
Factors that will affect your life insurance premiums
There are many medical factors that could affect your premiums. Of note, obesity is one of the most common since it presents a greater potential for other medical complications. For this reason some companies now consider overweight people to be a higher risk.
Smoking is also an important factor when insurers decide on the premium you will have to pay. Similarly this is because you are at a greater risk of developing related complications and will be subject to much higher premiums than a non-smoker.
Many life insurance companies will want to know the extent of any conditions that you have so that they can assess your risk properly. If this happens, they will ask to obtain a report from your doctor. In some cases, you may be required to attend a medical should the insurance company feels this necessary. This will likely include details of your medical history and your blood pressure. In some cases you may also need further tests and these will be arranged by the insurance company.
You can also view the answers to some frequently asked Medical Questions.