When you are going to apply for a life insurance policy, you are probably aware that insurance companies evaluate your application on the basis of certain criteria such as your age, profession, hobbies, lifestyle, and most importantly, your health.
The result of this evaluation is that you can either be a high-risk applicant paying higher premiums or at low risk with premiums low and minimal (if the insurance company finds you in sound health at a comparatively young age).
It is true that you do not have control over your age or profession at the time of application, but your health is an entirely different story. You know your health better, so you it is in your hands to take care of it properly. Here, let us take a look at the most important health conditions that can substantially affect your life insurance premium. Take your time to go through them all and try to do your best to keep these conditions at bay.
1. High blood pressure
This is a very common health condition affecting individuals over 40, particularly those having a family history.
However, if you are able to show your insurer that you have brilliant control over your high blood pressure, like a change in diet, regular exercise, taking timely medications and doctor visits, you may be able to bag a reasonably low premium policy.
2. High cholesterol
It is often linked to high blood pressure. Just like high blood pressure, if you are able to show that your cholesterol is well-maintained with proper medication, exercise, and diet, you will be evaluated more favourably than the ones who disregard their condition.
3. Type 2 Diabetes
Type 2 diabetes has many other life-threatening health issues attached to it. Similar to high cholesterol and high blood pressure, if diabetes is shown to be under excellent control, you may be able to get yourself excellent rates on a life insurance plan in Mississauga and Toronto.
4. Heart disease
This is the one that insurers look carefully at because heart diseases are often linked to heart attacks. The risks will escalate further if you have already had a heart attack. This is why it is necessary to provide all relevant medical history and the results of visits to the cardiologist.
Also note that the insurance companies will take into consideration the history of any immediate family member with heart disease or heart attack.
Cancer comes with several stages and degrees of recovery. Having cancer does not automatically mean that you will be at high risk. Insurers will take a look at your detailed medical history before assessing your life insurance application.
In fact, the longer the time since diagnosis, the better the premium rates.
Asthma, in itself, is not a life-threatening medical condition but certain complains can arise that can result in a life-threatening situation.
If the attacks happen often or you do not take medication to keep the condition at bay, then it becomes a matter of concern to insurers.
Obesity can easily lead to heart problems and diabetes, which can indirectly affect your life insurance premium. Different insurance companies have different standard weight and height criteria. Always talk to your advisor to find the best company for you.
Note, if you have recently lost some weight, request the insurance underwriter to review your coverage and reduce the premium.
8. Mental Health problems
Mental health issues like anxiety and depression are very common these days. Most insurance companies are aware of this fact, and they also know that these conditions can be well-controlled with proper medical treatment.
Always talk to your life insurance advisor before choosing the best life insurance plan for you
At Trust Life & Investments, we have over 30 years of collective experience providing expert insurance and investment advice to individuals and businesses in Ontario, Canada. Talk to our advisors to know the best and affordable life insurance plans for you based on your budget, goals, health, and lifestyle at no additional fees or obligations. Free consultation for life!