While most people do not consider life insurance when they are young and healthy that is exactly the best time to purchase a policy.
Waiting until you are older and or not in great health can cost you money – a lot of money, especially in the long run.
Here is why. Most life insurance policies require a blood test and brief physical as well as a medical history. Rates are based on your level of health. The healthier you are the cheaper the monthly rate is. Once issued, your rate is locked in. It doesn’t matter what direction your health takes after that, your rate will not change.
Let’s take a look at the factors that influence the rate quote you receive.
Age, of course, is a big factor. Young people are far less of death risk than senior citizens which means the insurance company is far less likely to have to pay out any time soon.
Obesity – Currently just under 40% of Americans are considered to be obese. They use a build chart that measures hight to weight ratio.
Diabetes – Those with diabetes are a bigger risk for insurers and you could be denied by some companies. Others, however, will still take you and write a policy.
Elevated Cholesterol – This is considered a bigger risk factor because it puts you at high risk for heart disease and even stroke.
Chronic Illnesses – Including HIV, Diabetes, Cancer, Heart Disease, Asthma, Alzheimer’s Disease, and Parkinson’s. Every insurance carrier is different so make sure to shop around or work with a qualified insurance broker who knows the ins and outs of each policy.
Alcoholism – Social drinkers do not worry, however, if you drink excessively it can cause liver issues which will show up on a blood test. This runs a higher risk of denial.
Family History of Cancer – genetics dictate that if you have a high rate of cancer in your family you also may be at risk. This is a consideration when the policy goes to underwriting.
Dangerous Hobbies or Occupation – Police, firemen, truck drivers, power line installers, fisherman, loggers, roofers, steel workers, pilots, skydivers, rock climbers, and so on all may fall into a high risk and possibly uninsurable category depending on the company the quote is from.
Life insurance is necessary. Not just if you have a family, even single people can benefit from insurance. Leaving something behind to help your loved ones is a timeless heartfelt gift that makes grieving just a bit easier as well as life after you. Certain forms of life insurance also may work for you during your life building equity and being able to be borrowed against.
Talk with your Centennial Insurance Agent and let them help you decide what type of policy is right for you. www.cisinsfl.com