LendEDU, by Melissa Horton (2018)
While the benefits of life insurance can be significant in a beneficiary’s life, securing the right type of life insurance for an affordable price is not always a straightforward task. This is because life insurance companies review several factors when determining who is eligible for life insurance coverage—and who is not.
The underwriting guidelines the majority of life insurance providers use as part of the application process for a new life insurance policy involve an in-depth review of several items. These include medical history, family history, gender, age, smoking status, current health conditions, and prescription medication use.
In recent years, genetic testing, which connects an individual’s genetic makeup to his or her potential health risks, has become a topic of discussion among insurance providers and those applying for coverage. While genetic testing (whether ordered by your physician or an at-home DNA test kit like 23andMe) offers valuable insight into one’s medical past, present, and future, it may be used in your life insurance underwriting process.