Life Insurance By Health Condition

Life Insurance Policies for Specific Health Conditions:

Life insurance is a very simple product – an insurance company looks at your age and health and determines a premium based on actuarial tables (also called life tables, or mortality tables).

An actuarial table is simply a spreadsheet full of data that helps determine the probability that a person will die before his or her next birthday. A mortality table shows the number of people that survive up to each age range.

To keep it simple, the insurance companies are looking for the following:

• The probability you will survive past a particular year or age.
• The life expectancy remaining for people who are a particular age.

Actuarial tables look at a broad cross-section of numbers within a population to formulate an accurate estimate on when a person may die, and how long they will live.

Let’s look at diabetes as an example:

Diabetes can be a genetic condition. Your parents may have passed to you some genes that will predispose you to a future diabetes diagnosis.

Diabetes may also result from being overweight, during pregnancy, or as a side effect of chronic pancreatitis (often caused by heavy alcohol drinking).

Diabetes also has two types – Type I diabetes, and Type II diabetes.

There is also a condition known as pre-diabetes. This condition is where your blood sugar levels are higher than normal, but not at high enough levels to be classified as type II diabetes.

Diabetes can also occur at any age; the longer you have diabetes, the more complications can occur within your body. When diagnosed with diabetes at an early age, you will probably not live as long (or not be as healthy) as somebody diagnosed at a later age.

So, when you look at all information surrounding this one medical problem (diabetes in this case), you should be able to understand it is tough to come up with an accurate estimate on how long you will live and how healthy you will be when you are alive.

Let us look at another example – circulatory problems

Circulatory problems can be health issues including high blood pressure, stroke, aneurysms, heart attacks, stents, cholesterol complications, and more.

To insurance underwriters, high blood pressure controlled with a low dose of a single medication is a relatively low-risk factor for a life insurance policy. If though, during a medical examination, your doctor determined you had an aortic aneurysm, this would be a severe and life-threatening health issue. If you have had stents or other heart surgery performed in the past, this presents a greater health risk and life insurance risk for the insurance company (for them to insure you).

The best predictor of your future health and lifespan is by looking at the health problems experienced in the past. If you have had quadruple bypass heart surgery in the past, you are a greater risk to the insurance company than somebody who has experienced no heart problems.

If everyone was healthy, not overweight, had no hereditary medical issues, no environmental exposure, never got in an accident, and experienced no disease or illness, life insurance underwriting would be simple!

What also complicates the insurance underwriting process is the myriad of medicines people take to control diseases and medical problems. Also, sometimes, patients do not take their medication as prescribed by their doctor; this is a significant health risk too!

If you have ever experienced a stroke or a TIA, then you are at much greater risk of having a stroke in the future. The life insurance companies know this and will adjust your insurance rates accordingly.

If you have a family history of heart or circulatory problems, there is a much higher likelihood you will experience heart or circulatory problems because of your inherited genetics.

So, how would the insurance companies calculate a life insurance rate for you?

Again, the insurance companies would look at large segments of the population to analyze the health and mortality data to come up with accurate mortality tables and actuarial tables. These statistical results can then be analyzed and used by insurance underwriters and insurance companies to calculate what your life insurance rates will be at any age and with any health condition.

It is to your advantage to invest in life insurance before you become ill or become diagnosed with a disease. The healthier you are, at any age, the more affordable your life insurance rates will be.

The earlier you get your life insurance, the longer-term policies you will qualify for better prices.
prices.

If you are young, you can afford more life insurance coverage, as your income and family needs grow.

If you are a business owner, you likely need to protect what you have spent so many years nurturing and growing into a profitable business. As a business owner, you may also need life insurance is part of a loan underwriting process.

Here is a list of health problems that we have written in-depth articles on to understand better how each medical condition may affect your life insurance eligibility and premiums:

Life Insurance Policies by Specific Health Condition:

• Abdominal Aortic Aneurysm
• Adhesion
• Aortic Aneurysm
• Aortic Dissection
• Ankylosing Spondylitis
• Achondroplasia
• Basal Cell Carcinoma
• Back Surgery
• Blindness
• Breast Cancer Life Insurance
• Arthritis – Rheumatoid Arthritis
• Cancer
• Celiac Disease
• Diabetes – Life Insurance For Diabetics
• Duodenal Ulcer
• Dwarfism
• Enteropathy
• Epilepsy
• Fulminant Ulcerative Colitis
• High Blood Pressure
• Inflammatory Bowel Disease (IBD)
• Kidney Transplant
• Chronic Obstructive Pulmonary Disease (COPD)
• Gastroenteritis
• Gout
• Hemophilia
• Hernia
• Hypertension
• Hyperthyroidism
• Hypothyroidism
• Male Breast Cancer
• Malignant Melanoma
• Migraine Headache
• Osteoarthritis
• Pancreatic Cancer
• Periodontal Disease
• Proctosigmoiditis
• Overweight and Obese
• Rheumatoid Arthritis
• Short Bowel Syndrome
• Spinal Stenosis
• Stent Surgery
• Stroke
• Squamous Cell Carcinoma
• Thyroid Disease
• Ulcerative Colitis

Life-Wealth-Win will help get your loved ones, family, and business protected! Call us at (888) 435-4342, or get your free life insurance estimate by clicking the link below.