Understanding Premiums: How family history affects your insurance

I am a 32-year-old woman with a family history of breast cancer looking to apply for life insurance. Based on current breast cancer claim statistics, how might my application be assessed, and what factors could influence my premium or coverage?

Securing life insurance with a family history of breast cancer is a thoughtful way to care for yourself and your loved ones. It’s natural to have questions about how your background might affect your application and premiums, but understanding the process is an important step toward protecting your future with confidence.

Here’s what to expect: while insurers consider your unique circumstances, a family history of breast cancer, especially in close relatives, does influence how your application is assessed. You’ll be asked about your family’s medical background, your own health habits, and may need a medical exam. Breast cancer remains a leading cause of critical illness claims, accounting for around 51 per cent of all claims for women in the last three years, according to a leading international life insurer. Insurers take these details seriously. For example, if your mother or sister was diagnosed at a young age, this can mean higher premiums or exclusions on your policy. Understanding these factors helps you make informed decisions about your coverage.

On the positive side, maintaining your health through regular screenings and lifestyle choices can work in your favour and may help you secure better rates. Your age is also an advantage; at 32, you’ll also benefit from lower premiums compared to applying later in life. Opting for extra coverage, such as critical illness cover, is valuable, as it provides a lump-sum payout if you’re diagnosed with a major illness, helping to support you financially during recovery.

Be open and honest on your application and stay proactive about your health. Compare policies and speak to a qualified financial advisor. Securing coverage while you’re young and healthy helps safeguard your family and your future financial independence. Life and critical illness insurance are about peace of mind and being ready for whatever the future brings.