by Guest » Wed May 30, 2012 06:55 pm
Hello--I'm wondering what sort of impact my family history will underwriting of my term life insurance policy. I have a parent who had a melanoma diagnosis several years ago. Parent is doing fine. I am quite healthy--appropriate weight, etc., etc.
Posted: Thu May 31, 2012 12:11 am Post Subject:
If there is anything about family history that is a concern to life insurance companies, it is cardiovascular disease in parents who died prior to age 65. It can prevent an otherwise "preferred" applicant from receiving preferred rates. Cancer can be an issue, but is not often querried in the life insurance application.
Posted: Thu May 31, 2012 08:28 pm Post Subject:
With most companies, the concern is under age 60, not age 65.
Posted: Thu May 31, 2012 11:45 pm Post Subject:
I'm not going to quibble over the difference between age 60 and age 65. I know that some companies (Primerica Life is one) ask a specific age-related question about the subject. Others just ask for information about the health of parents and siblings and simply ask at what age did they die if they are deceased. When the information is correct, the answer gives underwriting what they are seeking.
Posted: Fri Jun 01, 2012 12:22 am Post Subject:
I've never sold a Primerica policy, so I wouldn't know what it says. However, I have sold thousands of policies, and I can't recall ever seeing one that asked about age 65. When there is an age asked about, it is age 60.
You just surprise me at times because you seem to miss some stuff that you wouldn't miss if you sold a decent amount of insurance.
Posted: Tue Jun 12, 2012 11:01 pm Post Subject:
A lot of insurance companies will still issue a preferred rate if only one parent has died due to a certain medical condition prior to a certain age. They're more concerned when both parents have died from cancer or cardiovascular disease. In any case, since your parent is still alive, it shouldn't be a concern.
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