Life Insurance and National Heart Awareness Month
Term life insurance is a type of life insurance that requires medical underwriting. This means that in addition to completing an application there would also be a mini health exam and review of medical history records if needed. Now, there are some term life insurance policies called simplified issue term life that does not require a health exam but the focus of this blog is on the type that is medically underwritten. Did you know February is also the month for National Heart Awareness? As I’ve mentioned before a person’s health plays a big role in the ability to purchase term life insurance.
All facets of health are extremely important and especially the health of your heart. So when it comes to reviewing applications and medical records, the fact that a person has or did have a history of heart trouble/disease can have an impact on not only the cost of life insurance but a person’s ability to be approved for term life insurance.
Did you know that family health history can also impact your rates for term life insurance? If immediate family members, which would be mother, father, brother or sister, have been diagnosed with heart disease or passed away from this condition prior to certain ages, usually under age 61, this could possibly lower your health class approval rating even if you are extremely healthy. So as you shop for term life insurance or if you are applying, ask your agent what impact family medical history may have on your quote.
So if you are contemplating term life insurance options or maybe planning for retirement make sure to really put some thought into your own heart health and that of your immediate family members. Some people may feel that as they plan for retirement, downscale their home and with children out of the house they may not need term life insurance anymore. Things like heart disease can build over time or it could be a sudden heart attack or stroke. Here are just a few of the many sobering statistics on heart disease as reported in heart.org.
1. Cardiovascular disease is the leading global cause of death, accounting for 17.3 million deaths per year, a number that is expected to grow to more than 23.6 million by 2030.
2. Cardiovascular diseases claim more lives than all forms of cancer combined.
3. About 85.6 million Americans are living with some form of cardiovascular disease or the after-effects of stroke.
When it comes to shopping for term life insurance always keeps in mind that your health can change in the future. As you evaluate what term period to choose also look into your family’s health history to make sure you are aware of any hereditary diseases or condition such as heart disease. These conditions can greatly impact your life insurance quotes in the future or in some cases people may be declined due to health situations that have developed over time or since the last time a person applied for a term life insurance policy.
About the author: Dan Cody has been in the life insurance business for over 7 years. He loves playing a variety of instruments including the guitar, bass, drums, and piano. He also supports cancer research foundations and volunteers at local pet shelters. Dan enjoys helping customers understand life insurance, so they can find a solid policy that fits their needs. You can reach Dan at 1-800-651-1953 or DCody@Pivot.com.