Family History: Life Insurance Impact

When applying for life insurance, you may be asked to complete a questionnaire about your health and lifestyle, including any history of illness in your family that could be hereditary. This is because life insurance companies use your family's medical history as an indicator of your future health risks when determining the cost of your premiums. If your family has a history of certain illnesses, you might pay more for life insurance. However, your personal health profile is a much larger factor in determining the cost of your life insurance.

Cancer history

When applying for life insurance, you will be asked about your personal medical history and your family's medical history. This is because certain conditions, including cancer, can be inherited and increase your risk of developing the condition in the future.

If you have a family history of cancer, it is likely that your insurance premiums will increase. The insurance company will want to know which relative had cancer, what type of cancer it was (e.g. breast cancer, lung cancer, melanoma), their age at diagnosis, and whether they are still alive.

The death of a parent from cancer before the age of 60-65 will usually still allow you to obtain the best rates with some companies. If your parent died from cancer before the age of 60, some companies, such as Banner, will still consider you for their preferred best rates, while others, like Protective, will only offer a "standard" rate.

If your sibling died from cancer before the age of 60-65, this is rarely an obstacle in underwriting and will not affect your premiums with most companies.

Gender-specific cancers, such as breast, ovarian, or prostate cancer, are not usually considered a risk factor if you are of the opposite gender.

It is important to be honest about your family's medical history when applying for life insurance. Insurance companies will confirm your application against existing health records, and lying or omitting information can result in your application being declined or your policy being cancelled.

Heart disease history

If you have a family history of heart disease, you are more likely to develop heart disease yourself. This means that life insurance companies will consider you a higher risk and may increase your premiums.

Life insurance companies consider your immediate family's health history when you apply for coverage. If your mother, father, brother, or sister has been diagnosed with a serious condition like heart disease, the insurance underwriters will take a closer look. These inherited conditions may cause the life insurance company to increase your premiums because there is a risk that you could also be diagnosed with these medical conditions.

Parental Heart Disease

Parental heart disease has the most significant effect on your underwriting. The availability of the best rates depends on whether your parent died from a heart condition and their age at death. The death of a parent before the age of 60-65 eliminates the availability of the best rates with most companies. If your parent died of a heart attack at 55 and you are 40, in perfect health, and applying for a $500,000 20-year term, you can expect to pay the following annual premiums with the best companies:

• Pacific Life – $335
• Prudential – $515
• Banner Life – $542
• Corebridge Financial – $545
• SBLI – $580
• John Hancock – $593
• Protective – $645
• Symetra – $645
• Transamerica – $655
• Mutual of Omaha – $698
• Lincoln Financial – $706

Sibling Heart Disease

The death of a sibling before the age of 60-65 eliminates the availability of the best rates with some companies. If you are currently aged 60-70, some companies disregard family history. It is rare to get exceptions to the best life insurance rates if there was an early death of a parent from a heart problem.

When you apply for life insurance, you will need to provide information about your personal medical history and your family's medical history. You will be asked specific questions about your immediate family's health history, such as whether any of your parents or siblings have been diagnosed with heart disease before the age of 60 or 70. You will also need to answer follow-up questions, such as which relative had the condition, their age at diagnosis, and whether they are still alive.

Yes, you can still get life insurance coverage even with a family history of heart disease. While you may have to pay higher premiums, your personal health profile and age are bigger factors in determining the cost of your premiums.

Diabetes history

A family history of diabetes will likely affect your life insurance rates. If any of your immediate family members (mother, father, brother, or sister) have been diagnosed with diabetes, insurance underwriters will take a closer look and may increase your premiums. This is because there is a risk that you could also develop diabetes in the future.

However, the impact of a family history of diabetes on your life insurance rates depends on several factors. Firstly, the number of family members affected and their age at diagnosis matter. If only one relative was affected, it may have little to no impact on your premiums. Additionally, if the condition was diagnosed late in life (after age 60 or 65), most insurance underwriters might disregard it, and it won't affect your rates.

The type of diabetes in your family history also plays a role. Type 1 diabetes, often called "insulin-resistant diabetes," can be more challenging to control and is usually associated with higher premiums. On the other hand, Type 2 diabetes is typically considered less risky and easier to manage, which may result in more affordable rates.

It's worth noting that your personal health profile and current age are more significant factors in determining life insurance rates. If you are in good health and actively managing your diabetes (if you have it), you may qualify for more competitive rates.

To get the best rates, it's recommended to work with an independent broker who can help you navigate the different rules and guidelines of various insurance companies. They can assist in finding coverage that suits your specific circumstances.

Neurological conditions history

When applying for life insurance, you will be asked to provide information about your personal medical history, as well as any illnesses in your family history that could suggest a higher risk of developing certain conditions. This is because medical underwriters need to estimate your life expectancy and how likely you are to make a claim.

Neurological conditions that are considered in life insurance applications include:

• Motor neurone disease
• Parkinson's disease
• Neurological/psychiatric disorders
• Early-onset Alzheimer's disease
• Age-related macular degeneration
• Huntington's disease

The insurance company will take into account how many family members were affected by the condition and how early in life they were diagnosed. If the diagnosis came after the age of 60-65, this may be less of a concern for insurers.

If you have a rare hereditary neurological condition in your family, the insurer might ask your consent to contact your GP or other healthcare professionals to find out more information before deciding whether to offer you cover.

Age of diagnosis

The age at which a family member is diagnosed with a serious illness is a key factor in determining life insurance rates. The younger a person is when diagnosed, the higher the insurance rates will be for their family members. This is because early-onset diseases are often seen as having a stronger genetic link and, therefore, a higher chance of being passed on.

For example, if a parent is diagnosed with heart disease at 45, this will present a higher level of risk than if they were first treated at 75. Similarly, a sister being diagnosed with breast cancer at 40 will be seen as a higher risk than a mother being diagnosed at 80. If a family member is diagnosed with a serious illness after the age of 60 or 65, most insurance companies will disregard it and it won't impact premiums.

The age of diagnosis is also important when it comes to gender-specific cancers. For instance, if a mother is diagnosed with ovarian cancer at 55, this won't affect her son's insurance premium as he is not at risk of this type of cancer.

The age of diagnosis can also affect the availability of the best insurance rates. For example, the death of a parent from heart disease before the age of 60-65 will eliminate the availability of the best rates with most companies. However, some companies, such as Pacific Life, use an age cut-off of 50, so it is important to shop around. If the parent died at 64, finding a company with a cut-off of 60 rather than 65 could save the applicant a lot of money.

Frequently asked questions