What can impact the value of my life insurance?
There are several factors that can condition the amount you pay for your life insurance, depending on the risk that insurance companies incur when granting you the contract. Find out which ones in this article.
Are you looking for life insurance? Why not seek the help of an insurance broker to find the best proposal for you, completely free of charge? Contact Poupança no Minuto and start the process today! Or first read about what factors can jeopardize the hiring of insurance and its value.
What factors can influence the life insurance premium?
Depending on the level of risk, the price of life insurance varies, and there are several factors to consider, from lifestyle habits to medical history.
If there is, for example, any pre-existing health problem, one of two things will happen: the insurance company may refuse to make your life insurance, or may exponentially increase the amount you will pay for the contract, aggravating the premium. It is also possible that they may add an amendment to the contract that exempts the insurer from covering death or disability resulting from the existing problem.
But let's see, point by point, what factors an insurer takes into account about a client when subscribing to a life insurance policy.
Clinical history (pre-existing problems)
So, one of the factors that the insurer takes into account is the potential insured's medical history. In the presence of a health problem, such as high blood pressure (due to the risk of cardiovascular diseases), the insurer may refuse to contract or significantly increase the amount that the client will pay for insurance. In order to protect itself, the increased amount will depend on the severity of the disease.
2. Features such as age and weight
Age is a factor that insurance companies take into account, as older clients may pay a higher life insurance premium - due to the greater likelihood of diseases and health problems. The same applies to body mass index, as the risk of disease is higher in extreme cases of thinness or excess fat. Therefore, these are characteristics that typically lead an insurance company to increase the insurance premium or even refuse its contracting.
Habits and lifestyle
The habits and lifestyle of a client are also considered, such as smoking, drinking alcohol, or sedentary behavior. If a potential insured does not have these habits and has an active lifestyle, exercising and playing sports, it is less likely that their life insurance will be denied or that their premium will be increased.
4. Family history and genetics
Finally, the client's family background and genetics are also confirmed by the insurance company before subscribing to a life insurance.
In other words, the insurer verifies in advance if the relatives have or have had serious illnesses such as diabetes, cancer or cardiovascular diseases, to understand the level of risk of a client also suffering.
Therefore, the insurance company can deduce the genetic characteristics of a client from these backgrounds, being able to decide whether to increase the value of life insurance or not.
If you want to take out life insurance, the process becomes much simpler if you turn to an insurance broker to help you with the whole process. In addition to being free, the broker can present you with several proposals and guide you in choosing the proposal with the most beneficial conditions for you! Talk to Poupança no Minuto and find out how we can help you.