Will Health Concerns Affect your Life Insurance Policy?

While life insurance is available for people of all ages, sexes, and health levels, it is a fact that the younger and healthier you are, the cheaper your term life insurance policy will be. Unfortunately, as you age and perhaps your health deteriorates, your premiums can increase drastically. Here are some ways that your health conditions may affect your term life insurance policy.

Age

Obviously, the likelihood of death is much lower for people of a young age, who are still in the prime of their life. Term life insurance may provide a young man with low premiums, but only because it is unlikely that the life insurance will need to be used. If you plan to renew your term life insurance in 10 or even 20 years, keep in mind that the premiums will likely be significantly higher, even if you are still in good health with no additional problems. Obtaining term life insurance at an older age can be difficult, and often very expensive.

Weight

Excessive weight is considered a health condition, and possibly a risk factor, when it comes to term life insurance policies. Those classed as being overweight or obese are at greater risk for health problems and eventually death, which is why life insurance companies increase premiums for people who are carrying extra pounds. If you don’t want this to be a factor in your health analysis or physicals, do you best to keep your weight at a healthy BMI, or body mass index. If you fall within the “normal” range for weight in your age and height range, then it cannot play a role in increasing your term life insurance premiums.

Smoking

Undoubtedly, smokers are more likely to suffer from heart and lung disease, cancer, and possibly an early death. Therefore, life insurance companies will make it costly for a smoker who wants to purchase term life insurance. Across the board, and at any age, non-smokers will receive lower premiums and have a greater chance of coverage than smokers.

Chronic Health Conditions

Those who suffer from chronic health conditions may or may not even be able to find suitable term life insurance. Companies realize that the more health problems an individual has, the more likely they are to pass away before old age. Therefore, those will chronic health conditions like diabetes or Crohn’s disease, although these diseases are not generally life threatening, will pay higher premiums for the same basic coverage.

Keep in mind that even if you are a young, healthy person, term life insurance will eventually need to be renewed. If for some reason your health, weight, or any other factors have changed, premiums will go up. At certain ages or states of health, it might actually be difficult to get term life insurance at all, regardless of price. However, if you believe that term life insurance is only a temporary need, it can be much cheaper than whole life insurance policies in the long term.

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