Buying an insurance for yourself and your family has never been so crucial. The pandemic has put healthcare at the forefront. It is more important than ever to have a good life and health insurance policy and be financially covered for unforeseen events.
When you select an insurance policy, it might seem confusing why insurance quotes differ from person to person. Here are top reasons why you may be paying a higher premium than others.
MedicalHistory
Almost all insurance companies require you to undergo a complete health check-up before they issue you a policy. They also access and review your health records to understand if you have any pre-existing health conditions. If you have conditions such as hypertension, arthritis, diabetes, asthma, thyroid, obesity, etc., you may be asked to pay a higher premium.
This is because people who have underlying health conditions are more likely to claim insurance for various tests, diagnostics, medication and treatment. Your insurer will assess the risk before issuing you an insurance policy. If you have undergone any surgeries or procedures in the past, you need to disclose it to your insurer. Some insurance companies may even ask you to serve a waiting period before your policy comes to an end.
FamilyMedical History
This is another factor that plays a vital role in deciding how much premium the insurance company will ask you to pay. Suppose an immediate family member has health issues such as heart diseases, diabetes, cancer, neurological disorders or hereditary disorders.
In that case, it puts you at a higher risk of getting affected with the same. Hencedepending on your family medical history, you may be asked to pay a higher premium because the likelihood of claiming insurance costs is more.
FinalThoughts
Buying insurance for yourself and loved ones are a paramount importance because unforeseen medical emergencies can cause a considerable dent in your finances. Right insurance gives you a peace of mind and keeps you prepared for an emergency. For a detailed insight into what affects your premium, contact your insurer.
