Life Insurance Questions
Life insurance can be a perplexing topic. Whether you’re reviewing an existing policy or are shopping for the first time, you probably have many questions that you need answered in order to make your decision. In this post, we’ll give you the answers to six of the most commonly asked questions.
- How does a provider determine the cost of a particular policy? The premiums for any given policy represent the insurer’s calculation of how much money it needs from the members of the insurance pool in order to offset its losses. Your premiums will depend on the mortality rates for your demographic and risk factors. Your rates reflect how large of a risk the company is taking by offering you coverage.
- How does the brand calculate risk when offering coverage to an individual? When you apply for a policy, the provider will ask you about your health status and administer a medical exam. The information they gather will be used to determine if and how they want to insure an applicant. This process is known as underwriting. Providers have very few limits on what they can take into consideration when deciding on your premiums and whether to issue you coverage.
- Do all companies require a medical exam? Most companies require a medical exam before they will agree to cover an individual. This exam is usually administered by a company physician or medical technician. Often, the medical tech will come to your home or office to administer the exam. You should not be charged for this examination.
- What kinds of questions will an insurer ask an applicant? When you apply for a policy, you can expect to be asked the following questions:
- Do you smoke?
- Do you have AIDS, cancer, heart disease, or are you HIV positive?
- Do you have a hazardous occupation or dangerous hobbies?
- Does anyone in your immediate family have a history of fatal diseases at a young age?
- What other questions might a company ask? The company might ask you about your drinking habits, any diagnoses or treatments you’ve received, whether you’ve ever been disabled or forced to retire due to illness or injury, or if you’ve ever received a DUI.
- Can a company use genetic testing to decide whether they want to cover someone? A life insurer might use genetic testing to determine as much as they can about applicants. A blood test might reveal not only what diseases you have currently, but also what illnesses you might face in the future. Some states prohibit genetic testing for coverage purposes.
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