10 Health Conditions That May Affect Your Life Insurance
Practicing good health and lifestyle habits are essential for remaining healthy. But in addition to making you sick and costing you money, certain health problems can affect your financial wellbeing and investments. Here is a list of ten health concerns that may make your life insurance premiums more expensive.
10 Health Problems that Can Make Your Life Insurance More Expensive
Depending on your individual health profile and your specific life insurance policy, certain underlying health conditions may affect your premium. If you have any of the following health problems, discuss your options with your financial adviser to determine how it may affect your policy. Because certain health problems can put you at greater risk for serious illness, life insurance companies may charge higher premiums to insure people with certain health concerns. It doesn’t mean you won’t be able to buy insurance, but it may be more expensive.
1. High Blood Pressure
According to the American Heart Association, high blood pressure (also known as hypertension), affects approximately half of American adults. Like many health problems, many adults are not aware that they are suffering from high blood pressure. The good news is that a simple blood pressure reading can tell you if your blood pressure is too high. Depending on your situation, simple lifestyle modifications can bring your blood pressure back to normal.
Like high blood pressure, obesity can increase the risk for a number of health problems. Maintaining a health weight is one of the best things that anyone can do to get their health under control and get the best rates on health and life insurance premiums. According to insurance industry information:
“…life insurance companies have to charge more to take on this risk. You can still qualify for more affordable policies if your body mass index is not too far outside of the normal range and only just a little outside.”
Life insurance companies assess the risk of an obese person by the severity of their condition, similarly to other health conditions. The more severe the obesity levels, the more risk the person poses. They also inquire about comorbid conditions too, the result of your obesity.
3. High Cholesterol
Like high blood pressure, your cholesterol levels are intertwined with factors like your weight and diet. Because your cholesterol levels can be managed with medication, life insurance companies recommend taking measures to get your cholesterol under control.
Having cancer will not necessarily disqualify you from being able to qualify for a life insurance policy. Insurers will weigh factors like the type of cancer you have, and your overall health to determine your acceptance and premium rates.
5. Mental Health Issues
Mental health issues that are manageable and don’t pose serious or life threatening risks like anxiety and depression have a higher likelihood of acceptance than more serious conditions with additional health problems.
6. Respiratory Problems
Serious respiratory problems like emphysema or lung disease that can pose life threatening risks are typically more difficult and more expensive to ensure.
7. Digestive System Issues
Chronic digestive issues that put your overall health at risk may affect your likelihood of getting approved for life insurance, and make it more expensive.
8. Muscular Conditions
Muscular diseases like muscular dystrophy and multiple sclerosis can make obtaining life insurance more expensive due to the health risks.
9. Lymphatic Disease
Lymphatic cancers like lymphoma will affect your life insurance premiums.
10. Endocrine Disorders
Diabetes is one of the most common endocrine disorders, and a growing health problem in the United States. Diabetics have a number of additional health concerns which can make healthcare and life insurance more expensive.
While you may not have control over your health, the good news is that many health issues are preventable or manageable. Speak to your healthcare provider if you have any concerns or questions.