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Family History and Life Insurance

Written by Aaron Pinkston, Mon, Nov 09 2009

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Your family history might have a significant impact on your life insurance rates, despite your good health. Learn the best way to get accurate life quotes, even if you can’t choose your family.

Have you ever felt like your family was keeping you down? I know I have. But in the case of your life insurance rates, they may really be messing things up for you. And there isn’t a thing you can do about it. Or is there?

But I’m healthier than my family

Family history is an important part of getting an accurate life insurance quote. The reason is because if someone in your immediate family (your mom, dad, sister, or brother) had cancer or cardiac disease, there is a stronger chance that you might too.

It might be that your dad smoked two packs of cigarettes a day before he developed lung cancer, and you stay active and fit. Keep it up. But someone else’s dad had the same smoking habit and never got cancer. Family history shows a higher likelihood of health risks versus people without that history. It is not a death sentence or a clear predictor.

How does family history affect life underwriting?

Not all life insurance companies look at your family history the same. Some only care about cancer or cardiac history before age 65. Others only worry about family history before age 60. Some life carriers care about all types of cancer. Others exclude gender-specific types of cancer (such as prostate cancer or ovarian cancer) if you are of the other gender. Some insurance companies give you the same rate if any of your immediate family members had cancer or heart trouble. Others give you a better rate if only one member had these difficulties.

There are enough differences and nuances to make your head spin thinking about it all. Underwriting policies from one life company to another are far from standardized. In fact, an agent who represents multiple companies will probably have to look up family history underwriting on certain cases before giving you a quote because companies have so many differences.

How can I find quotes without confusion?

So here’s how you can use these differences to your advantage and get standardized quotes to compare. Let all the different companies compete for you based on a single set of questions. Sit back and choose the winner.

Because the different life insurance companies and distribution channels compete for you, you don’t have to worry about underwriting nuances. Each agent will want to put his or her best foot forward for your benefit. Because they were able to review your anonymous insurance quote request ahead of time, they have all the information they need to research who has the best rate for you – or even talk directly with an underwriter if they have to.

It may be that a better rate at another company still results in a higher price for you. Now you don’t have to worry about all the mess. Simply fill out your information one time to get customized quotes from multiple agents. Once your choice is clear, choosing the best quote for you is easy.

A little friendly competition is a good thing &ndash especially when you’re not in the middle.