Your Health

When you choose to take out life insurance cover, you will be required to make regular payments to your insurance provider in exchange for the cover. These payments are called premiums and will usually be paid monthly. To assess the cost of your life insurance premiums, your insurer will ask for details of your current state of heath and your medical history. You will need to disclose any current medical conditions when you first apply for the insurance.

In addition, your insurer may contact your General Practitioner (GP) for a medical report. This will enable them to better evaluate the risk you present, that is, how likely it is that they will need to make a pay-out in the near future. If you have any developing medical conditions, or your insurance provider decides that they require further information on or confirmation of your state of health, they may pay for you to take a thorough medical examination. This will usually be conducted at a medical institute of your choice, such as your local GP's surgery, as long as this would not result in unreasonable or unnecessary costs for the insurer. Based on the results of this examination and the reports of your GP, the insurance company will be able to determine the cost of your premiums.

As a general rule, the healthier you are, the lower the cost of your premiums. However, the cost of your premiums is influenced by other factors such as your age, occupation and level of cover. If you are currently unhealthy, for example if you have diabetes and are a heavy smoker, the insurance company will tend to charge you high premiums because the chance that they will have to pay out to your survivors in the near future is fairly high. You may be able to reduce the cost of your premiums if you are currently in poor health but request a review of your condition in a few months' time. If you make a concerted effort to improve your health during this period, perhaps by eating more healthily, exercising regularly or giving up smoking, you may be able to demonstrate that the state of your health has improved and thus negotiate lower premiums.


For more information, see:

• Your Medical History
• Genetic Testing