Rates or policy premiums are affected by two major influences. The main influence is one's personal health or family health history. The second major influence that affects one's life or health insurance policy premium is age.
Not knowing exactly how much weight age holds in determining life and health insurance policy premiums we do know that two individuals (one 18 years old and the other 60 years old) with the same health and health history show that the 60 year old will always have higher health and life insurance premiums. The amount of weight age holds is likely calculated into a quoting algorithm put in place by actuaries.
Personal health and family health history is a major contributor when calculating health and life insurance premiums. More common for life insurance due to fraudulent activities most life insurance companies will request blood and urine samples to ensure no pre-existing conditions exist. A licensed professional will come to your home to draw blood and collect a urine sample as well as ask dozens of health related questions. Some policy questions involve high blood pressure, heart disease, cancer, diabetes, cardiovascular disease and other serious health risks. Now, there is a Guaranteed Issue Life Insurance policy where the life insurance company has taken an average assumption regarding risk and they will insure any healthy person without blood or urine samples. These Guaranteed Issue Life Insurance policies are capped to a certain benefit meaning the most life insurance you could get is $150,000 or so. If you have perfect health you will find that a standard term policy will have more affordable premiums than a Guaranteed Issue simply because you are paying for some risk with the Guaranteed Issue. The Guaranteed Issue is a good option for those that don't have time or don't deal with needles very well. Please note that with a Guaranteed Issue Policy you still have to answer health related questions and not telling the truth usually ends up with a voided policy or a policy that will not pay death benefits.
Unfortunately, one's health and family history isn't always controllable. Some diseases are hereditary and perfect health which equals affordable health and life insurance policies is not possible. Be in the best health your body or family history allows for and buy health insurance that provides good benefits and is still affordable.
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