One of the key factors your insurance broker considers is the risk factor level you bring to the policy. A prime example of this would be if you come in with a previous cancer diagnosis and want to purchase a life insurance policy. Your risk factor or level in this case would be higher than someone who has no history of cancer and wants the same policy. Your health record may not be the only contributing factor when your insurance broker considers your risk profile. Here are a few more factors they consider and what you need to know about each one.
When you think about insurance, you may think your career only plays into your insurance profile when it comes to paying for the policy. The truth is, many insurance brokers consider your career when they begin the risk management analysis for your case. For example, they may give you a higher risk rating if you are in law enforcement or nursing over someone in a less stressful job or dangerous job such as an office worker or child daycare worker. Your career can connect directly to your stress level which can increase health problems over time and the risk for your insurance policy being required instead of a safety net.
You may not think it matters, but your age can affect your risk profile. The older you are, the higher the chance for certain risks in your health profile. For example, when you are younger you may not be at as high of a risk for things like alzheimer's, certain forms of cancer, and heart issues. So, as you age your risk profile level goes up and so does the cost of your insurance premiums. It may even affect what policies you are eligible for and the coverage amounts available to you.
Your Insurance History
If you have ever had insurance in the past, did not pay your premiums, or cashed in more than one insurance policy you may face a higher level of risk on your profile. An insurance broker does not want to recommend someone for insurance or sign off on the policy if the person has a history of non-payment or a history of cashing in large amounts on insurance claims. If you have this type of history, be prepared for a higher premium cost or a higher risk level being placed on your profile
These are only three of the many factors your insurance broker will consider when performing a risk management profile of your case. If you have questions about your current risk level or how it will be determined, ask your insurance broker for a consultation to discuss your specific issues.