bs-preloader__icon
ru kz en

How to improve the terms of your life insurance policy

Forbes wondered how to get a better life insurance contract if health of a LIC client has improved.
How to improve the terms of your life insurance policy

Insurers take many conditions into account when deciding on the insurance policy cost. Two main factors as age and health play an important role here. Usually, the younger and healthier a person, the cheaper life insurance costs.

Before signing the contract, people undergo a medical examination. Based on doctors' opinion, the underwriter determines the risk class. Tobacco use, overweight, high blood pressure, or chronic illnesses such as diabetes are among the factors that life insurance companies consider to be risk factors. If you have risk factors when applying, it is likely that your policy will cost much more than a policy of a healthy person without bad habits.

“If a client of a LIC has lost weight or given up alcohol and tobacco, then the insurance company can revise the rates,” says Paya Schlass-Epstein, the Haven Life account manager.

According to her, the insurer will first double-check this information. “You need to prove that you have been losing weight within a year before the policy cost goes down. If you have a more complex disease, for example, cancer, you will have to wait a longer period,” the interviewee emphasizes.

As a result, insurers' clients can save 57% of the premium.

Source: https://www.forbes.com/advisor/life-insurance/rate-reconsideration/

Photos are from open sources.  

Share
read also
Do people in Kazakhstan “eat away” their health?
Do people in Kazakhstan “eat away” their health?

Kazakhstan ranked 9th in the rating of countries with the most dangerous food habits ...

Why do people buy life insurance policies?
Why do people buy life insurance policies?

Life insurance is a financial product that can set up a person and his family in case...

Which countries do have the highest life insurance penetration rate?
Which countries do have the highest life insurance penetration rate?

The countries of Asian-Pacific region have the highest life insurance penetration rat...

The most interesting materials of the site you have in the mail! Subscribe to the newsletter.

ASK A QUESTION TO THE EXPERT
ASK A QUESTION TO THE EXPERT
Submit your application