When obtaining life insurance, it is always a good idea to think long term. When you buy a policy at a younger age and when you are healthy, you may be able to maintain it long-term without many risks. Yet, if your term is up and you need a new policy, your health may become a factor. Here are a few things that life insurance companies consider when issuing policies like this. Could this impact your coverage?
Your Health Risk Factors
Whether you are buying a brand-new policy or renewing or converting an existing one, your health usually matters to your insurer. It is quite important for you to be as healthy as possible, of course. Yet, over time, you may notice a few changes in your health occurring. Which of these changes could impact your ability to pay a low cost for insurance? Here’s a closer look at common concerns.
If you are smoking now or using any type of tobacco product, it is likely to show up in a blood test. Even if your health is fine now, smoking is one of the highest risks for increased life insurance costs. That’s because smoking may shorten your lifespan.
Your life insurance company may require you to have a heart screening. This may include blood tests to determine what your cholesterol levels are. Some also require an electrocardiogram or EKG. This can help to show if there are any heart rhythm concerns present. You may also need to have testing for blood pressure if it is high. Heart health risk factors increase with age. That is why your insurer wants to know more about your heart’s condition.
Do you have diabetes? Has a doctor diagnosed you with pre-diabetes? This may also show up in blood tests. Because diabetes can also shorten the lifespan, insurance companies must consider this in the scope of your coverage. Many will still offer you coverage, however.
Cancer or Other Disease
You may need to disclose any type of disease or condition your doctors have diagnosed you within the last few years. Be sure to be thorough here. You do not want to pay into a policy that never pays out because of a mistake in clarity.
Work with your agent to learn more about your risks. Coverage is not necessarily denied in all cases. Yet, it may be more expensive. Contact us to get an Oklahoma City life insurance quote at 405.702.0930.