A rather grim topic, to say the least. Auto insurance is one thing, but this is always an uneasy matter to discuss. Nevertheless, it is necessary for you to know what factors determine your life insurance. This article is designed to shed some light on the risk factors that insurance companies take into account.
The Risk Factors
There are many lifestyles and choices that prove hazardous to our health. Insurance companies always take that as risk factors – conditions that may lead to poor health and untimely death. Here are some of the most important things that must be taken into account:
- smoking cigars or tobacco;
- history of cancer in the family;
- past health issues;
After looking into these matters, insurers designate a status based on your age, gender and general health. In order to provide them with such information, you must go through a physical exam and supply them with your medical history. You will also have to fill out a questionnaire – make sure you are completely honest when answering the questions! Incorrect information will most likely result in the insurance company canceling your policy! If you manage to hide the fact that you smoke two pack of cigarettes a day or you suffer from terminal cancer, the company will deny the death benefits of your policy.
Some risk factors, like gender and age, cannot be controlled or manipulated. For instance, women generally live longer than men, so they receive lower rates on life insurance. Remember – your family medical history and choice of lifestyle are perhaps the most important factors when it comes to your health!
A doctor hired by the insurance company will be assigned to take your physical exam. They will examine your weight, blood pressure, blood and urine samples, cholesterol levels and other vital factors. If you are up for a smoker life insurance policy, the test will show the nicotine content of your body. The examination will also tell if you are taking any illegal drugs.
The insurance companies take all these factors into account when calculating your life insurance. If you already have such a policy, you should be mindful of the risk factors. If anything happens, you should inform your agent immediately. The factor may be controllable or uncontrollable – if it is the former, try eliminating it! Try to lose some weight, quit smoking, take your medications daily. Remember – an insurance company will almost never increase your insurance, but they will definitely reduce it if your health starts to deteriorate.
You can always depend on our honest and professional insurance premiums. Barfield Insurance has been serving Orlando, FL and the surrounding area for quite some time now, and people have learned to rely on us for their auto insurance and life insurance needs, among other things. By working with us, you are working with a team of experienced professionals that are guaranteed to provide you with a high quality service. Contact us now at (321) 332-7090!