Co-Founder, Coastal Financial Partners Group, California
Yes. Family history is one of the qualifying factors for Preferred underwriting rate classifications at most insurance companies. The details are important and vary widely between insurance companies. The specific family history may exclude someone from qualifying for Preferred rates at one company but not another so it is important to work with an independent life insurance professional with access to a wide variety of companies who will offer to find the best fit based on your facts and circumstances.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
Usually it effects the uber upper classifications when applying for a policy. Your parents health history is factored into the super preferred class. Why? good question. For a short period of time the aspect of genetic testing in regards to the purchase of life insurance was kicked around. The thought that through a genetic sample an insurance company could questimate the risk of certain illness and price accordingly. While on the surface this seemed OK, the underlying problem was as simple as pricing somebody who has the genetic marker for cancer who has never had cancer. If they never get cancer, which is always a possibility, were they fairly underwritten? Genetic testing quickly was banned from life insurance testing. The asking about parents health history I believe, is one the few ways an insurance carrier can get as close to genetic testing as the law allows.
Some life insurance companies consider the health history of parents and siblings for the Preferred or better ratings, while others only look at parents.
Some look at diabetes, cancer, heart disease, and other conditions. Others only look at heart disease.
One ore more relatives passing from one of the considered conditions before a certain age (usually 60 or 65) will usually have more an impact than one or more of the relatives having that condition but surviving beyond age 60 or 65.
Some will disregard family history if the applicant has outlived the parent who passed from that condition.
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Some look at diabetes, cancer, heart disease, and other conditions. Others only look at heart disease.
One ore more relatives passing from one of the considered conditions before a certain age (usually 60 or 65) will usually have more an impact than one or more of the relatives having that condition but surviving beyond age 60 or 65.
Some will disregard family history if the applicant has outlived the parent who passed from that condition.