When you are seeking to buy life insurance policy for you, you just need to understand basics of the issuance of the insurance policy. The coverage and the premium of an insurance policy are determined by underwriting process. The underwriters evaluate the risk involved in ensuring a person before issuing an insurance policy. After evaluating all the factors, they will decide whether to approve the insurance policy or not. The underwriters will decide the coverage of the policy to be issued.
The underwriters determine all these findings using mathematics probabilities and statistics based upon information provided by you. Age, gender and health condition of an applicant as well as the medical condition of parents and siblings decide the premium and insurability of applicant. The underwriters consider medical conditions of immediate family members and take closer consideration about any serious major health disease. For example, if your father or mother has heart disease and frequency of that disease is high then the underwriters will increase your premium due to the high risk involved.
The number of family members and their age when they get affected by the disease also influences the determination of risk involved. If an only single member in your family get affected by the disease and they get to know about it later, in the age of sixties or seventies then the premium of your life insurance policy will hardly get affected and vice versa.
The only exceptional advantage you get if you are an adopted child. The underwriters assume that you are not familiar with your biological family and their medical conditions. And you need to inform insurance provider at the time of application about your adoption. So they will not penalize you in such case.
Visit HealthIQ to learn more about how your family history could potentially effect your life insurance rate options.