Term insurance is an essential financial instrument that helps your family in the time of need by providing financial coverage. While purchasing term insurance, your insurer will evaluate all the essential details about you. These include your family medical history, age, gender, lifestyle, your overall health. The insurance premium depends upon these factors.
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Family health history can affect your term insurance premium rates. If your immediate family member has a hereditary illness, like diabetes, you are more likely to contract it than those who don't have diabetes in their family history. In this case, you will have to pay a higher premium. Therefore, apart from your health, the insurer will also inquire about your family's health when you buy term insurance. These inquiries may include:
These questions help predict your future health conditions. Insurance premiums are dependent on the policy that you choose and the diseases it covers. So, by taking your answers into account, your insurer will decide your insurance premium. This way, you and your insurer can pick a policy that will be better suited for you.
Suppose any of your immediate family members, most preferably your parents, have a terminal or chronic illness. In that case, insurance companies consider this a determiner and put that in terms and conditions of your insurance policy. By taking it into account, your insurer will sell you the insurance cover for increased rates.
Three factors about family medical history affect your term insurance rates. They are as follows:
If the factors mentioned above are severe, then the following will be the consequences that you have to face:
Insurers take all these measures to mitigate the risks involved if you are a high-risk customer.
No, you should never hide facts about your family medical history from your insurer. Withholding facts can have serious repercussions when it comes to claims. You have to face the following consequences for hiding information from your insurance company:
Not everyone knows about their family medical history. Orphans or adopted children may not be aware of their family history or have no other way of knowing it. Belonging to a nuclear family can also make you unaware of your family medical history. Insurance companies offer "I do not know" or "not sure" options for such exceptional cases.
It is advised to contact family members or try to gather as much information about your family. This will help you secure better coverage for yourself as your insurer will have a more comprehensive idea about your health.
If you fail to find information about your family's medical history, you have to choose one of the above options on your application form. Insurers seek to know your family's medical history, but it is not the deciding factor of selling you the policy. Insurers will ascertain your age and current health status before providing you well-curated insurance policy.
It may look or sound appealing, but you must never lie about your health and/or your family's medical health, from your insurer. It is not only unwise, but you can invoke penalties. You can also be disqualified from purchasing an insurance policy again. Therefore, it is always advised to check your and your family's medical history so that you can get a better-curated policy catering to you and your family.
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+All savings provided by insurers as per IRDAI approved insurance plan. Standard T&C apply.