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Premium costs for health insurances vary from one person to another. Many factors affect one’s premium, as the information that is included in a person’s insurance application and their medical history make up their risk profile.
When shopping for health and life insurance, it must be noted that insurance companies utilize historical statistics and extensive product research to gather different factors and develop a standard for risk profiles. Physical and medical factors include one’s gender, age, body mass index (BMI), tobacco use, pre-existing health conditions, and family medical history. According to Delos H. Yancey III, CEO of State Mutual Insurance, a person’s lifestyle affects their insurance premium.
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An individual’s profession, marital status, and zip code are factors considered by health and life insurance providers, which will be reflected in the insurance premium. First-time insurance buyers may be charged a little more than those who have been previously insured. This is due to the assumption that such first-time buyers have been wanting to get checked by a dentist or a health professional to receive general health and wellness tests. Moreover, if a person hasn’t received medical care prior to the insurance, Delos H. Yancey says any health problems assessed are assumed to worsen over time.
These factors are all taken into account, and there’s nothing much an insurance buyer can do but to live a healthier lifestyle, which includes quitting smoking, losing weight if needed, or moving to another city. Leading a healthy lifestyle and managing risk factors can lessen the price of insurance premiums.
Delos H. Yancey 