The relevance of medical history for insurance
It is in the best interests of the policyholders to disclose their full family medical history
Insurance proposal forms are onerous. A few insurers insist on recording detailed family medical history for health and life insurance. This question is often open-ended and the proposal form has limited space to answer. The objective is to capture your families’ current health status. However, a prospective buyer is unsure of what is expected: What level of detail is expected? How far back in time should one go? Most people after the age of 60 would have developed some medical conditions. So, are they supposed to share details of each and every ailment? Buyers are unsure of the impact of such disclosures on their proposal. A number of agents would advise to just write ‘good’ as the current status. Would this brevity impact their claims later?