Does Family History Affect Your Term Life Insurance Rates?
Close
Close

Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak e-Term Plan

Protect Your family’s financial future with Kotak e-Term Plan. Know more

Kotak Assured Savings Plan

A plan that offer guaranteed returns and financial protection for your family. Know more

Kotak Guaranteed Savings Plan

A plan that offers long term savings and insurance in one premium. Know more

Kotak e-Invest

Insurance and investment in one plan with Kotak e-Invest. Know more

Kotak Health Shield

Insurance against medical expenses related to heart, brain, liver and Cancer. Know more

Does Family History Affects your Term Life Insurance Rates?

Does Family History Affects your Term Life Insurance Rates?
  • 12th Nov 2019 |
  • 4,140

A term life insurance policy is a very useful investment, which helps your family in times of a financial crisis. The term plan offers a huge financial cover to the nominees of a policyholder in case he or she passes away before the tenure of the policy is over. It is an affordable cover, as it does not come with any maturity benefits. A policy like this is a pure life insurance plan, as it only offers death cover.

When you apply for a term policy, the insurance company considers factors such as your age, lifestyle, current health condition, family history, gender, and income source.
Among these, the family history part is perhaps the most critical aspect to understand, as you need to learn about various points in this factor.

The insurance industry focuses on risk management to make sure that they are not taking too many chances with a policyholder as these risks result in huge losses. This is why the life insurance family history aspect is important to them. If your parents have any critical illnesses or if your family has a history of a recurring illness, you are exposed to a great risk. Knowing that helps the insurers to decide on how much premium you need to pay to receive the death benefit you want.

How Family History Affect your term Insurance Rates?

The following three main aspects of family history impact your mortality risk.

  • Heredity
  • Certain medical conditions are known for being transmittable. So, if one of your parents is suffering from any condition, you run a high risk of being diagnosed with it at some point in your life.

  • Average lifespan of your family
  • If the parents of the policyholder have died at an early age because of critical illnesses then he or she too has the risk of an early death.

  • Family environment
  • The environment you and your family live in can be a catalyst for grave diseases. An unhealthy living condition might result in infections and other illnesses.

List of illnesses that are checked in your family history

  • Cancer
  • Diabetes
  • Heart diseases
  • Lung diseases
  • Kidney-related issues

Although every insurance company considers these illnesses, these do not affect their premiums equally. For example, some insurers might take diabetes very seriously, but others might not charge you too high for it. However, there is a tendency among the insurers to deny someone a policy if their family’s medical history is filled with illnesses. They can still consider you if your health condition is perfect and you lead a healthy lifestyle.

Never hide family history

Many people tend to hide their family history while buying a term life insurance plan because they believe that it might result in higher premiums or rejection. The truth is, the insurance companies might find it out on their own eventually. It surely comes out if any claim is made by your nominees. This results in a rejection of the death claim. It will surely put your loved ones in jeopardy.To avoid this situation, always be truthful about any information that the insurer needs to know.

The best way to save yourself from a high premium is to stay healthy. Take care of yourself, do not smoke or drink, exercise regularly, and go for regular health checkups.The insurance companies always prefer a healthy policyholder.

Calculate Term Insurance Premium

Kotak e-Term Plan

Download Brochure

Features

  • Nominal Cost
  • Multiple Plan Options
  • Flexible Payout Options
  • Critical Illness Rider
  • Tax Savings
  • Long term Coverage

Ref. No. KLI/22-23/E-BB/492

T&C

Browse our library of resources

- A Consumer Education Initiative series by Kotak Life

Similar Articles

What Is Surrender Value (Cash Surrender Value) in Insurance and how is it calculated?

Voluntary Life Insurance Policy Vs Group Life Insurance

Why do I Need Life Insurance?

What is a Single Premium Term Plan and its Tax Benefit?

भारत में जीवन बीमा पॉलिसियों के प्रकार

Why Online Term Insurance Plans Cheap?

What Is Insurance Coverage?

Life Insurance vs Mutual Funds

Beware of Phishing & Fraud Insurance Calls

Details Required To Be Filled In A Life Insurance Form

Different Kind of Deaths that are Not Covered in a Term Insurance Plan

Why do most Indians choose the wrong way to buy life insurance?

Does Life Insurance Cover Terminal Illness?

Life Insurance with Money Back vs Without Money Back

Different Types of Insurance Policies in India

Process of Filing A Claim For Life Insurance

Savings cum Protection Plans Secures Your Family from Unforeseen Events

Can NRI Buy Life Insurance in India?

Importance of Checking Claim Settlement Ratio before Buying Life Insurance

What Should One Expect During the Medical Evaluation for Life Insurance?

Choosing Between Short-Term & Long-Term Insurance Plans

Types of Life Insurance Policies in India

All about Your Rights and Duties While Buying Life Insurance Policy

Is It Advisable To Have Multiple Life Insurance Policies?

Why Term Insurance for Women is Important?

What Should One Consider Buying: Term Insurance or Traditional Life Insurance

Difference Between Term Insurance and Endowment Plan

Life Insurance for Millennials

Biggest Life Insurance Myths

How to Revive the Lapsed Life Insurance Policy?

All About Backdating in Life Insurance

Do Your Financial Planning with Life Insurance!

Benefits of Buying Term Insurance Plan for Senior Citizens in India

How Does Life Insurance Work?

Comparing low premium term insurance Is Not the Only Factor While Buying Life Insurance

What Is Social Impact Investing and How Does It Benefit Society?

Adding A Child to Your Life Insurance Policy?

Top 5 Common Life Insurance Myths and Facts

Always keep your Nominee informed

4 Benefits of Gifting Life Insurance Cover to Your Spouse

Do Life Insurance Premiums Increase Every Year?

Terms and Conditions of Term Insurance Plans

Take 100% Responsibility of Your Family with Term Life Insurance

Life Insurance Policy Closure

What is a savings plan?

Can a Term Plan be the Substitute for a Retirement Plan?

6 Different Types of Insurance Policies

How to Buy a Term Life Insurance Online

What Is Financial Planning?

Why One Must Buy Term Insurance before 25 Years

Term Life Insurance vs. Accidental Death Insurance

Life Insurance and Millennials

Should you buy a Renewable Term Life Policy?

How to Customize Your Life Insurance Policy with Riders

5 Smart Steps to keep in mind while buying term policies

What is the Difference Between Limited and Regular Pay Insurance Plan?

5 Easy Steps to Buying A Policy

What Is Insurance Rider and It’s Benefits?

Can You Apply For A Life Insurance After Getting Heart Attack? Here is Everything You Need To Know

How to Choose Life Insurance for All Ages?

Most Common Life Insurance Riders to Enhance Your Existing Policy

What is Underinsurance & The Dangers of Being Underinsured

How Often You Must Review Your Life Insurance Policy?

What are the Benefits of Endowment Policy?

Life Insurance Plans for Women

5 Advantages of Life Insurance Going Digital

Term Insurance Tips for NRIs in India

Who Is A Nominee In A Life Insurance Plan?

How Much Life Insurance Costs and How Much Insurance Cover You Need?

Why Buying a Term Insurance is Important for all Parents

All You Need to Know About Life Insurance - Its Benefits, Features, and Types of Life Insurance

Reasons Why Term Insurance Claims Get Rejected

Why You Should Never Cancel Life Insurance Policy

Term Life Insurance Vs Money Back Life Insurance

Are Deaths Due To Coronavirus Covered by Kotak E-Term Plan?

Compare Different Life Insurance Products Offered By Kotak Life

FAQs on Life Insurance

What is Minimum Life Insurance Policy?

Is Life Insurance an Investment?

Important Factors to Consider While Choosing the Right Term Period for Your Term Insurance Plan

Why Your Family Should Know About Your Life Insurance Policy?

What is the Current Trend in Term Insurance?

How to Find the Best Term Insurance Plan in Seven Steps

5 Things to Keep in Mind While Buying Life Insurance Policy

What Is Staggered Payment Option Under Term Insurance Policy?

A Term Insurance Guide for Disabled People

What Is Investment Insurance?

Does Life Insurance Pay for Suicidal Death?

Does Life Insurance Policy Cover Covid Death?

Is it Possible to Reduce Life Insurance Premium without Affecting Sum Assured?

What Is a Whole Life Insurance Plan?

ULIPs: Suitable for all

Insurance Changes You Need to Make Post Marriage

What Is the Procedure to choose a nomination in life insurance policy?

Why Life Insurance Is Always a Smart Decision

9 Most Important Things You Must Learn About Paying Life Insurance Premium

Unit-Linked Life Insurance (ULIPs) vs. Term Insurance

10 Most Frequently Asked Questions - FAQs on Term Insurance

Important Features of a Term Insurance Plan

Life Insurance Beneficiary

Best Insurance Plans in India

Term Insurance for Home Loan: How Term Plan Helps in Paying Off Home Loan?

“Life” Insurance or “Death” Insurance?

All about Life Insurance Calculators

How to Calculate Human Life Value(HLV)?

Key Things to Review in Your Life Insurance Policy Document

Insurance Vs Investment - A Guide to Your Financial Goals

What is Group Insurance?

Term Insurance Vs Life insurance: Small Details, Big Differences

What Happens If I Stop Paying My Life Insurance Premium?

Is Return-of-Premium (ROP) in Life Insurance Worth It?

Choosing a Life Insurance Beneficiary

NRI Premium Payment Options

All About Life Insurance and How It Works?

Choosing the Right Life Insurance

Why is Medical Test Important While Buying a Term Insurance?

Is It Time to Review Life Insurance Policy of Yours?

Life Insurance and Retirement Planning

First Job? Here’s Some Tips on How to Manage Finances

Different Types Of Life Insurance In India

Can An Individual Buy Multiple Term Insurance Plans?

Life Insurance Vs. Mutual Funds Investment

Loan Against Life Insurance Policy

Kotak Life Claim Settlement Ratio

5 Ways to ensure faster settlement of claims

Difference Between ULIP and Endowment Plan?

Health Insurance VS Life Insurance

Term Insurance Claim Process

How to Choose the Right Life Insurance Policy for Your Age?

Important Terminologies of Life Insurance

How to Buy a Life Insurance Plan?

How to Choose a Life Insurance Policy

Guidelines for Linking Aadhar and PAN to Insurance Policies

What are robo-advisors in insurance?

Is Voluntary Life Insurance the Same as Basic Life Insurance?

Benefits of Term Insurance with Critical Illness Rider

5 Common Life Insurance FAQs and Answers

5 Things to Consider Before You Buy Life Insurance

A Step-by-Step Guide: How To Make An Investment Plan?

Customer Awareness on Information Security

5 Reasons Why You Need Life Insurance in College

Staying Insured While Investing

How Many Insurances Should I Have?

Life Insurance for Overweight Applicants

Is it Possible to Make Changes in a Term Plan’s Specification Post Purchase?

What Is The Life Insurance Penetration In India And How Does It Compare Globally?

Everything You Must Know About ULIP Riders

What is Human Life value and a Human Life Value Calculator?

How to Make Death Claims on Life Insurance?

Is Life Insurance For Millennials Really Needed?

7 Superficial Reasons People Avoid Buying Insurance Online

Think About Life Insurance Sooner than Later

When are Millennials required to take out a life insurance policy?

Is it Worth Buying Disability Rider on Term Insurance?

1 CR Term Insurance Plan: How to Pick the Best 1 CR Term Plan

Why Do Life Insurance Agents Avoid Selling Term Plans?

How To Use Different Types Of Life Insurance For Retirement Planning?

Guide for Buying Online Term Insurance Plans for Senior Citizens

5 Reasons Why a Women Should Buy a Life Insurance

Types of Life Insurance Or One Investment, Many Options

Life Insurance for Overweight Applicants

What is Life Insurance?

Difference Between Insurance and Assurance?

6 Things You May Not Know about Life Insurance

Choose the Nominee of a Term Life Insurance Plan Wisely

Sabse Pehle Life Insurance

When Should You Review Term Life Insurance of Yours?

What is an Endowment Plan?

Various Term Insurance Premium Payment Options Available in India

How Much Life Insurance Cover Do I Need?

Types of Insurance You Must Invest in for Secure Future

Why You Should Buy Term Insurance under the MWP Act (Married Women’s Property Act)?

Difference Between Money Back and Endowment Policy

Role of IRDAI in the Insurance Sector

In India, should NRIs purchase life insurance?

What is Sum Assured in Endowment Policy?

How Much Life Insurance Do You Need?

All about IRDAI

Nominee in insurance - A Complete Guide on nomination in insurance

Can You Transfer Life Insurance Policies to Another Company in India?

How to Select a Perfect Life Insurance Policy in India to Protect Your Future?

How Do Term Insurance Plans Differ for Smokers?

Important Life Insurance Terms You Must Know

Term Insurance Vs Car Insurance: A Budgetary Choice You'll Regret

Why Renewal of Term Insurance Plan is Important

Digital Life Certificate for Pensioners Seeking Pension

Life Insurance vs Health Insurance