Home Add to Favorite Contact Submit  
             14 May, 2021

Category:  Articles » Finances » Insurance


How Do Personal Circumstances Affect Your Life Insurance Cover?

         Views: 1349
2011-05-10 01:41:13     
Article by Sanjay Mathew

The main component taken into account by life insurance providers when deciding your life insurance premium is your health status. Most life insurance India companies require the person requesting a life insurance policy to undergo a series of health checkups. If you are more prone to critical illnesses or your circumstances put you more at risk of death, then your premium payments are going to be higher as compared to average premium allocations.

To calculate the likelihood of risky health and the level of danger to life, the life insurance companies ask the policy taker to answer a series of questions related to health and personal circumstances. You must make sure to disclose all existing illnesses and health weaknesses while applying for a life insurance policy honestly. In the absence of correct disclosures the life insurance India companies can refuse to honor your policy when you most require it, i.e. in case of death or illness etc.

The regular premiums, i.e. the monthly payments for your life insurance cover can vary from person to person depending on their age, health fitness, medical history and life circumstances. Besides requesting a detailed health disclosure, the life insurance companies will take into account the occupational risks you are exposed to at high risk workplaces and also if you are involved in exiting hobbies and dangerous sports activities.

Higher occupational risk means higher insurance premium – if your workplace exposes you to higher risk of injury, terminal illnesses or early death, then your premium payouts are likely to be greater than average. Generally oil refinery workers employed offshore, people working in nuclear establishments, people out at sea on a naval ship or submarine, fishermen, pilots, the armed forces etc. are more susceptible to life and health risks. Even special police units and emergency workers may fall under the high risk category.
In case of members of the Armed Forces, the insurance premium tends to be quite high. But if a policy was issued before the policy holder was sent to a war zone increasing his life risk, then the insurance company cannot refuse a valid policy claim. But depending on different life insurance India companies, exclusions might be incorporated while purchasing a policy that may foresee such unexpected circumstances. You must read all the terms and conditions including any exclusions included in the insurance policy before signing the policy document.

Regularly involvement in dangerous hobbies like parachuting, mountaineering, deep sea diving and other extreme sports can affect the premium payouts on a life insurance policy. Frequent exposure to hazardous sports and hobbies can make you more susceptible to permanent disability or early death and the insurance companies are likely to take that into account. The life insurance India companies will generally review expertise, experience and qualifications for risky sports before arriving at the amount of risk you are exposed to during such activities. For example a diver participating in regular water shows will generally pay less premium when compared to someone diving with the dangerous white sharks.

All life insurance companies have different policies are value the same activity differently. Where some life insurance India company may refuse to issue a policy to people engaged in risky activities, others may issue a policy with exclusions incorporated while some may even agree to insure high risk individuals at higher premiums.

It is prudent to check your life insurance policy thoroughly to be aware of everything you are covered and not covered for. Also make sure to keep your insurance company updated on any changes to your life circumstances if they might have the possibility of affecting your insurance policy.

Specialized in: Life Insurance India - Financial Investment Planning - Ulip - Pension Scheme - Pension Plan - Insurance Policy - Child Education - Financial Planning - Insurance India - Investment Planning - Retirement Planning
URL: http://www.inglife.co.in
Print article      Bookmark this page
Related Articles 
Need an Accident Helpline? - Easigo Accident Management can save you money & give you a better service than your insurers (Popularity: ): If you have a road accident, which is not your fault, you may think that every accident helpline offers the same level and type of service. This is certainly not true; you need someone like Easigo to make sure that you will not lose out financially. This article looks at the various stages of a typical claims process, and outlines the main advantages of using Easigo’s Accident Helpline rather than ...
Medical Billing and Coding Job Description, Training and Salary (Popularity: ): If you've been thinking about taking some medical coding or medical billing classes online or getting medical coding or billing training you want to make sure you understand what this career and the job entails and have a good idea what kind of salary you'll make. Of course you may want to open a work from home business and it's certainly possible but may require a good education and training ...
Choosing a Benefits TPA (Popularity: ): The use of third-party administrators (TPAs) is one of the hottest trends in insurance today. According to the Society of Professional Benefits Administrators (SPBA) 66 percent of all U.S. workers are covered under self-funded plans, most of which are managed by independent, third party administrators. But what do you look for in a TPA? If you’re an independent agent, here are some things to consider.Where to startYour best sources for ...
What Can a Medical Billing Advocate Do For You? (Popularity: ): Terminology and complexity are the rules of today's healthcare system. Most consumers are not even aware that there may be hidden problems with their bills. When you are busy or not feeling well, you often don't have the time to do the necessary work to get corrections made. You might not even realize that you are being overcharged! All kinds of errors are found on medical bills. We see examples ...
Landlords campaign for greater eviction rights (Popularity: ): Private landlords have launched a new campaign to try to speed up the current tenant eviction process.Hot on the heels of a new law protecting tenants against eviction if their landlord defaults on their buy-to-let mortgage, landlords have now introduced the Rebalancing the Law campaign. They hope that the current system for evicting problem tenants, which they claim is currently painfully slow, will be expedited with support from some industry ...

Related Business 
Life Insurance (Popularity: ): Life Insurance is a personal insurance type which pays a lump sum benefit to your nominated beneficiaries upon your death or upon diagnosis of a terminal illness. Life Insurance comparison from all major life insurance companies. Compare quotes, policy options and built in benefits! Free child cover option available!
Life Cover Compare (Popularity: ): Life Cover truly is your one stop life insurance shop. Here within these pages you will find everything you have ever wanted to know about life insurance and then some. We are a very dedicated and comprehensive life insurance organization that is committed to finding you the very best deals, the very best coverage, and the very best policy that is customized exactly for you and your family’s needs.
Personal Insurance (Popularity: ): FCA direct specialises in online life insurance and online income protection insurance. FCA direct was established to fill the gap for consumers who want to access their insurance needs online. Unlike other web-based insurance providers, FCA direct provides you with an estimated cost of cover without you having to divulge any personal information. If you’re satisfied with the premium, details of the cover being offered are provided to you in ...
Lifebroker Life Insurance & Income Protection (Popularity: ): Life Broker is an independent insurance broker that offers advice on the most suitable provider of life insurance products based on your individual circumstances. Lifebroker is Australia’s leading specialist online life insurance broker, helping you to find the best insurance coverage from Australia’s leading life insurance companies.
Cheap Life Insurance (Popularity: ): MyTermLifeInsurance.co.uk offer qualified advice for term life insurance, critical illness cover and mortgage protection. Great rates of cover from the very best brand name insurance companies in the UK.
Best Life insurance policy (Popularity: ): Life Insurance services allow you to purchase Angel life insurance schemes in India along with pension plans for retirement planning, child insurance and health cover.
Insurance Quotes Pty Ltd. (Popularity: ): Life insurance calculator helps you to calculate your present insurance value & its benefits. We offer Australians the opportunity to do real time, instant comparative quotes for their insurance needs – term life cover, critical illness/trauma insurance, total & permanent disability cover as well as income protection. Our website will enable you to find the best fit for your requirements and once you have made your selections we will then ...
Cover Australia : Life Insurance (Popularity: ): Cover Australia the only life insurance website in Australia which offers the highest quality advice and and service at a competitive price thus ensuring your insurance plan effective.
Texas Aviation Insurance Group (Popularity: ): Independent aviation insurance brokers; will cover aviation for personal, business, corporate, or fleet, as well as pilot life insurance.
Life Insurance Quotes South Africa (Popularity: ): Life.co.za was created and launched with the sole purpose of providing South Africans available to the best Life Insurance available. Through vigorous research and innovation we discovered that a Life Insurance Quote comparison based model provided the best benefits in terms of savings and quality of such policies and cover.