How does an insurance company rate my health?
Many people think that money buys mortgage protection or life insurance. But your health actually buys mortgage protection insurance; money just pays for it. Look at your health, like your credit, when applying for your home loan. The better your credit score, the better the interest rate. This would lead to a lower monthly payment. Mortgage Protection is similar. Your credit is your health. Better health earns you a better rating. A better rating means less expensive premiums. A common myth about insurance is that if you have ANY pre-existing condition, then you will not be able to qualify for insurance, or it will be too expensive.
Not all pre-existing conditions will raise your premiums. A lot depends on the number of years you have had the condition and how well you keep this condition under control.
For Example, some of the more common conditions like high blood pressure and high cholesterol can still get you preferred ratings. It is important that these conditions are under control, medication is renewed on time, and you keep the rest of your health in check. Clients with Anxiety or Depression can also be eligible for the best classes.
Did you know that you can smoke marijuana and still get preferred plus ratings??? Did you know that you can smoke cigars occasionally and still get Non-Tobacco ratings?? You can read more about tobacco rates, marijuana smoking, and cigar use here.
This is why it is essential to have an agent working on your side. Some insurance companies will offer the best classes for high blood pressure or high cholesterol, while others might only offer standard. Some companies might offer tobacco rates to marijuana users, while some will offer non-tobacco rates. At Aultium Insurance Services, our agents are trained to know which insurance companies specialize in certain pre-existing conditions.
When searching online, you might think the teaser rate is fantastic. However, once you go through underwriting, you realize that the rate offered is only for a perfect individual. An agent can advise you on the best company for your particular situation. In a quick, few-minute consultation, you can speak with an agent, without giving any personal data, about your conditions and if you can qualify for insurance. You can schedule a free consultation here.
Here is an example…
John and Jenny just purchased a home and have a $250,000 mortgage. They both work and need each other’s income to help make the payments on the house and cover all additional expenses. John has some high cholesterol and blood pressure that he keeps under control.
One night John goes online and looks for the cheapest premiums he can find. He applies for ABC Insurance Company and goes through the underwriting process. After the qualification process, he receives a slightly lower rating than anticipated so his premiums are a little higher than quoted. But he understands that he does have some pre-existing conditions. So he takes the newly offered premium and begins making the regular payments.
Now let us take that same scenario but with an agent involved. One night John goes online and finds an agent with Aultium Insurance Services. He has a 10-minute free consultation with the licensed agent and lets the agent know he has high cholesterol and blood pressure. The agent tells John that although ABC Insurance Company offers the least expensive rates for the best health class, 123 Insurance Company has the least costly premiums for the rate he will qualify for. So John applies with 123 Insurance Company and qualifies for a better rate class than ABC Insurance Company. This ends up saving up hundreds if not thousands of dollars a year in premiums.
Does your health impact what you pay for life insurance or mortgage protection insurance? Absolutely!! However, it might not be as bad as you think. The only way to find out is to speak with an agent for just a few quick minutes to find out if you would qualify for insurance.