If you’ve ever applied for life insurance coverage, you know that your overall health has an effect on your premiums. But, just what type of health conditions will result in raising insurance rates? Generally, insurance underwriters review an applicant’s medical history, and assign a rating based on the presence (or lack there of) of the following common medical conditions.
High Blood Pressure
High blood pressure is fairly common among Canadians, and can unfortunately lead to a variety of other health issues, including strokes. While life insurance companies are interested in an applicant’s blood pressure history, if the blood pressure has been treated and is ultimately controlled, there’s a good chance that the application will be accepted.
Asthma
Unless the applicant has had to visit the hospital due to asthma attacks, the condition is unlikely to have a big effect on their insurance premiums. When controlled, asthma will have little impact on one’s life insurance application.
Heart Disease
Heart disease is thoroughly investigated by almost every insurance company. As there are so many forms of heart disease, underwriters will often want to examine the applicant’s family history to better predict the impact the disease could potentially have on the insured. Ultimately, the primary concern of the insurance company is a fatal heart attack. However, the severity of heart disease will ultimately impact whether or not the individual will be insured, and the rate of their premiums.
Diabetes
While an insurance company will want to know about any form of diabetes, Type 2 diabetes has the larger effect on an individual’s life insurance application. With the potential to lead to blindness, renal failure, or coronary disease, the younger the person is when they contracted Type 2 diabetes, the more likely the disease will impact their insurance premiums, or ability to obtain life insurance coverage.
Cancer
Most people assume that if an applicant has had cancer, they won’t be able to obtain medically underwritten life insurance. But this is not necessarily true. There are many different forms of cancer, each with it’s own treatment success and fatality rates. Underwriters will consider those facts, as well as the stage of the cancer in the applicant to determine whether or not to accept the insurance request and at what rate.
When applying for life insurance coverage, it’s important to note that the conditions listed above are not the only health issues that can impact your premiums. In addition, there are forms of life insurance, like no medical life insurance, that do not require a medical exam to enroll.
Canada Protection Plan is a leading provider of No Medical Life Insurance. If you have a fear of medical exams or needles, or have been previously turned down for life insurance, we encourage you to call us toll free at 1-877-851-9090 to learn more about our no medical life insurance coverage.
