Can any woman with a family medical history get life cover?

livemint.com:

—Name withheld on request Yes, a family history of hereditary illnesses like cancer can impact your life insurance purchase. Insurers may view you as a higher-risk applicant due to the potential genetic predisposition to certain medical conditions. However, it’s crucial to disclose this information transparently to the insurance company to avoid any complications during the claim process.

Insurance companies assess your profile based on various factors, including your family medical history. While a history of cancer in your family may influence your premium rates, it doesn’t necessarily mean you will be denied coverage. You may still be able to buy life insurance, but you might have to pay higher premiums to offset the perceived risk.

You may be required to provide detailed history like type of cancer, age of diagnosis, treatment, and outcomes for affected family members. Having medical records for the past decade can also help streamline the application process and provide a clearer picture of your overall health. It is advisable to consider optional rider like critical illness rider to provide additional coverage in case you are diagnosed with such an illness.

These riders offer a payout when diagnosed with critical illness, which can provide financial stability by providing for treatments, replacing lost income, or taking care of other financial liabilities. Regarding the size of your term cover, the rule of thumb suggests coverage of approximately 20 times your annual income if you’re under 30 years of age, 10-15 times if in your 40s, and 10 times if in 50s. However, it’s essential to reassess your coverage needs periodically, especially when significant life events occur, such as marriage, having children, or