When you go to set up a life insurance policy, the insurance will require that you complete an application form. This will ask for details about your health, pastimes, family medical history etc, and based on this, the insurer will finilise the cost of your life insurance.
Often premiums will increase from the “standard” rates (this is called a life insurance premium “loading”). This increase can occur for many reasons – for example a dangerous hobby like mountaineering can lead to an increase. Also a person’s health can have a major effect on the cost of life insurance.
We’ll look at one common issue that can lead to an increased life insurance premium – high cholesterol, and what you can do to minimize this.
The first step is to make sure that the life insurer can put the raised cholesterol into context by seeing that you are healthy in other ways. For example if your weight and blood pressure are good it can help to emphasize these on your application. This will make sure the insurer understands that some of the issues that can worsen their assessment of high cholesterol are not present for you.
Also, if your control of your cholesterol is good, it’s important to make sure that the life insurance company understands this. The life insurer will be interested in how good your past readings have been, so including detail about these will help your case.
Once the life insurance cover has been set up, it’s important to have the premium reviewed if you have an improvement in your situation. For example if, at the time you set up your life insurance, your cholesterol control is poor but this improves over time, make sure you tell the insurer. This kind of development can lead to a reduced cost. In the same way, if you had another issue (for example high blood pressure or were overweight) and there are improvements in these, tell the insurer too. Improvements in factors like this can result in a real reduction in the cost of your life insurance.