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Why Indian life insurers ask about education when selling policies

Information on education may be one of the factors influencing the risk and likelihood of developing health problems. When selling term life insurance policies, insurers seek to assess insurance risks, including risks associated with the client’s health, writes the Business Today portal.
Why Indian life insurers ask about education when selling policies

Education may be associated with a certain lifestyle, level of access to health services, and the extent to which a person monitors their health and seeks medical advice.

“Education often influences the client’s lifestyle and health status. This information helps insurers better understand risks and determine the fair price of a product,” says Rakesh Goyal, director of reinsurance company Probus.

Such factors can affect insurer's decision to issue a policy, the amount of insurance compensation, or even the cost of insurance. Some insurance companies may consider education as part of client's overall health picture when calculating life insurance risks.

Source: https://www.businesstoday.in/personal-finance/insurance/story/heres-why-insurers-ask-for-educational-background-when-selling-term-life-insurance-policies-411867-2024-01-04

Photos are from open sources.

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