Questions Regarding Age and Health
- Does my age affect my premium?
- Will my medical history influence the premium?
- Will I need a medical?
Does my age affect my premium?
Yes, your age is one of the most important aspects that influences your premium. (Other important aspects include the level of cover you want, whether you are male or female, whether you are a smoker, your occupation and health record.)
When an Insurance Company considers whether it will agree to insure you, it needs to assess the likelihood of you making a claim. After all, their business needs to make a profit and they will only do that if they receive more in premiums than they pay out in claims.
It is obvious that the older you are, the more likely you are to die or to become seriously ill. Therefore, the Insurance Companies looks at your age from two viewpoints – your age when you take out the policy and your age when the policy is planned to terminate. This is your age range during the period the insurance company may have to meet a claim. Basically, the longer and older the age range, the higher the risk to the insurance company and higher risks are reflected in higher premiums.
Almost all life insurance companies will insure you up to the age of 65 but very few will go beyond. Very few will insure you to 70 years of age (and if they will the rates will be extremely high). For this reason, 65 is the maximum age you can insure yourself here online.
The following Frequently Asked Questions are related to the above topic. Click here
if you wish to read them: -
Do smokers get charged more?
Will my medical history influence the premium?
Will my medical history influence the premium?
Yes, your medical history is one of the most important factors.
When an insurance company calculates a mortgage life insurance premium, it has to work out how long they think you will live. With Critical Illness Insurance, they also need to assess whether you are likely to become seriously ill before the policy has terminated.
To do this the insurance company takes into account your age, whether you smoke, your job and your health record. Therefore, if you have a health record that indicates potential future health problems, or you want an especially high level of insurance cover, the insurance company is likely to require more information about your health.
To obtain this information the life insurance company may decide, with your approval, to write to your GP for information or ask you to have a quick “mini-medical” or even a full medical. (The insurance company will pay the costs of all these medical reports.)
The following Frequently Asked Questions are related to the above topic. Click here
if you wish to read them: -
Can life insurance be arranged quickly?
Will I need a medical?
Will I need a medical?
The answer depends upon your medical history.
After you receive your online quotation, the Insurance Company will require you to complete an application form. This will contain questions about you health both past and present and, indeed, a few questions about your mother and father’s health record.
From your answers, the Insurance Company decides whether it requires more information about your health. This does not necessarily mean that you will need to have a medical examination as in the majority of cases where more information is required the Company writes, with your approval, to your GP for information.
Dependent upon your health or what your GP reports, the Insurance Company may decide it needs a second opinion or an up to date assessment of your health. If this is the case you will need to have a medical.
A medical can be in either of two forms; a short visit to your home by a medical representative from the Insurance Company or a more in depth assessment at Doctors/Consultants consulting rooms. In either case, the entire cost of the medical is met by the Insurance Company.
You should be aware that the medical report is the property of the Insurance Company and you will not have access to its’ findings. However, if anything of concern is found, the Insurance Company or Doctor will normally let you know.
The problem is that medical reports do slow down the application procedure.
Finally, we must remind you that you should be totally truthful when you complete your application form. If you do not disclose anything they ask you about, or you fail to tell the truth, then any subsequent claim will be invalidated.
The following Frequently Asked Questions are related to the above topic. Click here if
you wish to read them: -
Can life insurance be arranged quickly?
What causes delay and can delays be
reduced?
What happens if I urgently need Life
Insurance in order to complete my house purchase?
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