Paul Sanchez
When applying for life insurance, insurance companies will often ask to see your medical history to assess the risk involved in offering you a plan. Insurers take many factors into account when deciding your life insurance costs, including your medical record and that of your family. This information dictates how much you pay, with those deemed higher risk typically asked to pay more. Insurers want to know as much about potential clients as possible to build a picture of what could increase your risk of falling ill or dying.
| Characteristics | Values |
|---|---|
| Insurers' access to medical history | Insurers can only access medical history with the policyholder's consent |
| Insurers' use of medical history | Insurers use medical history to assess the risk involved in offering a plan and decide how likely the policyholder is to make a claim in the future |
| Insurers' response to medical history | Insurers may increase premiums, offer no terms of cover, or deny the application |
| Insurers' response to non-disclosure of medical history | Insurers may deny claims if they find that the policyholder withheld or was not fully honest about their medical history |
| Insurers' questions about family medical history | Insurers are interested in the medical history of blood-related siblings and parents |
| Insurers' response to family medical history | Insurers may increase premiums if multiple family members have the same condition, conditions have been diagnosed at a young age, or a condition has been proven to indicate a higher risk to direct family members |
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What You'll Learn
Insurers may request medical records to assess risk
When you apply for life insurance, the insurance company will ask for your permission to access your medical history. Insurers take many factors into account when deciding your life insurance costs, and your medical record is one of them. They want to assess the risk involved in offering you a plan. By obtaining details of your medical history, a provider will then decide how likely you are to make an insurance claim in the future, which may impact your life premiums. This is known as the underwriting process.
Insurers are also interested in your family's medical histories to establish the likelihood of you suffering in the future from inherited conditions. They want to know the issues endured by close family members, including your biological parents and siblings. This information also dictates how much you pay. Naturally, those deemed a higher risk are usually asked to pay more for the policy.
If an insurer requires further information, you might be asked to complete a consent form. This enables the insurer to access the relevant medical information from your GP. Your GP will usually send this information to the insurer in the form of a statement or report. The breadth of information requested from your GP will depend on the medical or lifestyle information you have disclosed on your application.
It is worth remembering that all insurance companies have different policies and take different views of the medical history of your family. Each company will have its own set of conditions that it considers high risk. As such, if you are quoted an extortionate figure on your life insurance premiums, it is a good idea to shop around to get the best deal.
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Family medical history can increase premiums
When you apply for life insurance, insurers will ask you a number of questions to calculate your personal risk. This includes your family medical history, which gives them insight into your health and the likelihood of you suffering from certain conditions. While you are not obliged to disclose your family medical history, withholding this information may give insurers grounds not to pay out if they find that you have provided false information.
Insurers are particularly interested in critical illnesses that are often inherited, such as bowel cancer, breast cancer, or Huntington's disease. They will also want to know about any issues endured by close family members, including biological parents and siblings. This information helps them assess the risk involved in offering you a plan.
If your family medical history indicates a higher risk, you will likely be asked to pay more for the policy. This is because, in the case of life insurance, the greater the risk that you are perceived to be, the more you will have to pay in premiums for it to be worth insuring you. For example, if your medical history shows that you are a heavy smoker, the insurer might raise your premium as they believe the risk of paying out is higher for a smoker than for a non-smoker.
It is important to note that each insurance company has its own set of conditions that it considers high risk. As such, if you are quoted a high figure for your life insurance premiums, it is advisable to compare multiple insurers to get the best deal.
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Insurers are interested in inherited conditions
Insurers will ask about your family's medical history when applying for an insurance policy such as life insurance, critical illness cover, or income protection. They are likely to ask about your blood-related siblings and parents only. They will want to know about the issues endured by close family members, including your biological parents and siblings.
Each insurance company has its own list of conditions that it looks out for. Generally, they will ask about a family history of conditions such as heart attacks, strokes, and cancer, and Huntington's disease. If multiple family members have the same condition, if conditions have been diagnosed at a young age, or if a condition has been proven to indicate a higher risk to direct family members, this can result in the insurer increasing the life insurance premium.
It is important to note that insurers are not generally allowed to ask about the results of any predictive genetic testing you have undertaken. Being at a higher risk does not mean that you will get the conditions. If you are taking any preventative medication or treatment, have been diagnosed with a medical condition, or have shown symptoms, you will need to detail these in your application, and the insurer may ask for further details.
In some cases, an insurer may increase your monthly payments or offer you cover but exclude certain conditions from the policy. If you are applying for life insurance with a value over £500,000, you may need to disclose any positive Huntington's disease test results.
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Pre-existing conditions can increase premiums
When applying for life insurance, you will be asked a series of questions to help the insurer calculate your personal risk. This will include details about your health and your family's medical history. Insurers want to know as much about potential clients as possible to build a picture of what could increase your risk of falling ill or dying.
Insurers are interested in your family's medical history to establish the likelihood of you suffering from inherited conditions in the future. They will ask about your blood-related siblings and parents, and whether they have suffered from conditions such as heart disease, certain types of cancer, Huntington's disease, strokes, and diabetes. They may also ask about your lifestyle choices, including whether you smoke or drink alcohol.
If you have a pre-existing condition, you can still find life cover, but the premium could be more expensive, and there might be fewer providers willing to cover you. The insurer might also offer you cover but exclude certain conditions from the policy, meaning they would not pay out if you died from that specific condition.
The attitude towards certain medical histories varies between insurance providers, and each will have its own list of conditions that it is most concerned about. If you are deemed high-risk by one insurer, it is worth shopping around to find the best deal for your circumstances.
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Withholding medical history may result in no payout
When applying for life insurance, you will be asked a number of questions to allow the insurer to calculate your personal risk. Withholding information about your medical history may be tempting, as it may result in cheaper premiums. However, this may give insurers grounds not to pay out at all if you are found to have provided false information. This would mean that your loved ones would receive no payout, and your premium payments would have been a waste of money.
Insurers take many factors into account when deciding your life insurance costs, including your medical record. They want to assess the risk involved in offering you a plan. They will also want to know if you have had or recovered from any serious illnesses. By obtaining details of your medical history, a provider will then decide how likely you are to make an insurance claim in the future, which may impact your life premiums. This is known as the underwriting process. For example, if your medical history shows that you are a heavy smoker, the insurer might increase your premium, as they believe the risk of paying out is higher for a smoker than for a non-smoker.
Insurers are also interested in your family's medical history to establish the likelihood of you suffering in the future from inherited conditions. Generally, they want to know about the issues endured by close family members, including your biological parents and siblings. Each insurance company has its own list of conditions that it looks out for. For example, many insurers will ask if a close family member has had a heart attack, stroke, or cancer. If there is a history of illnesses in your family, such as heart disease or certain cancers, you may face higher life insurance premiums.
It is important to note that insurance providers can only see your medical details if you have given them permission. You can deny their request, but this could result in your life insurance application being rejected. If you do provide permission, the insurer will contact your GP for details of your medical history, usually in the form of a medical report. You will have 21 days to review the GP's response with your GP before they send it to your insurer. If you do not agree with the contents of the report, you can add a written statement expressing your views, which must be attached and sent with the report.
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Frequently asked questions
Insurance companies can only access your medical history with your consent. If you don't give them permission, this may result in your life insurance application being rejected.
Insurers take many factors into account when deciding your life insurance costs, including your medical record. They want to assess the risk involved in offering you a plan. If they believe the risk of paying out is higher, they will charge you more.
Insurers are interested in your family's medical history to establish the likelihood of you suffering in the future from inherited conditions. If multiple family members have the same condition, or if conditions have been diagnosed at a young age, your insurance premium may be higher.
You don't need to tell your insurance company about changes in your medical records during the policy unless you want to make changes to your life insurance. However, it's crucial to provide information as accurately and comprehensively as possible to ensure that your insurance claim doesn't get rejected.
