Family picture by 'freyja'
Over the last few years life insurance companies in Canada have started to dissect family history when analyzing the risk of new life insurance applicants.
The most common family history questions surround the following conditions: diabeties, cancer, high blood pressure, stroke, heart disease, kidney disease, Huntington's Chorea, Alzheimer's disease, Motor Neuron disease including ALS or Lou Gehrig's disease, Parkinson, mental illness or Multiple sclerosis. It can seem like a long list but the following our a few important points to consider.
- Family history questions are limited to biological siblings or parents
- Family history questions have a much greater impact on Critical Illness insurance than Life insurance
- Family history issues will generally not result in an applicant getting a rated policy. A rated policy is where the insured pays a sur-charge for what the insurance company deems to be extraordinary risk. Applicants may also receive ratings for a variety of health, lifestyle and travel related issues.
A new development in the life insurance industry over the last decade has been the introduction of preferred rates.
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