Before applying for a Life Insurance policy, it is the applicant’s responsibility to provide truthful and relevant information regarding his or her health conditions, lifestyle and financial status, which helps an insurance company properly evaluate whether the applicant is qualified for coverage and at what premium.
As soon as the person applies for a policy, the insurance company runs their application through a strict underwriting process to confirm if that person is eligible to own a life insurance policy. The underwriting consists of 3 important steps:
1. Examining the Application: The person’s information, especially their health history which is closely examined to see the risks attached to their health.
2. Decision: After examination, the life insurance Company decides whether this person is eligible for a life insurance policy.
3. Determining the premium: The Insurance Company determines at what premium this person should be insured. It is the premium amount that the insured person has to pay every month.
There are many reasons due to which the insurer might reject your insurance application. If there are high levels of risk attached to your health or life, then the insurer might think twice or maybe thrice to whether approving your application or not. Many people suffer from severe health conditions due to which their application gets rejected. If by any chance it gets approved, then they are required to pay high premiums every month.
Some of the conditions include:
1. Obesity
2. Cancer
3. Heart Diseases
4. Drug & Alcohol Use
5. Reckless Driving
6. Kidney Diseases
7. Liver Diseases
8. Diabetes
9. Other incurable diseases
There is a significant myth that taking health supplements can improve your health exponentially if your nutritious food intake is not adequate. If a supplement says it’s ‘Natural’, that doesn’t always mean that it’s entirely safe to have. Always remember that some nutritional supplements can’t be substituted for healthy foods. Consuming natural forms of nutrition is very important.
Taking excessive amounts of nutritional supplements can have a negative effect on your health as well. If you are not having an adequate amount of nutritious foods, and you’re just relying on health supplements, then you might be worsening your health even more. For instance, if you take a lot of vitamin A, it may result in liver damage, headaches and can affect your bone strength. Also if you are taking iron in excess, it may cause nausea and can damage your liver and other organs as well, all of this could lead to a bigger health issue overall.
A report from Health Canada states that 71% of Canadians used health products like vitamins, minerals, and herbal products, of which 12% Canadians who used these products informed that they experienced side effects.
Below is the list of 10 supplements that could increase health risk and may also cause a life insurance application to be declined indirectly, due to the onset of an ailment induced by taking one of these supplements.
Bitter Orange: This supplement is considered one of the deadliest by FDA and was banned in the year 2004. It is used for weight loss and relieving nasal congestion, however consuming bitter orange with stimulants such as caffeine increases the risk of heart attack, fainting, high blood pressure and other irreversible illnesses.
Chaparral: This herb is derived from creosote bush and is used for weight loss, cold and infections. Taking high doses of chaparral can lead to liver and kidney toxicity, leading to the poor health of these organs.
Colloidal Silver: It is used to treat food poisoning, infections, and facial redness also known as rosacea however its excessive use can lead to neurological illness and can harm the kidney as well.
Greater Celandine: It is used to treat bowel problems, upset stomach, and detoxification. Continuous dosage may lead to liver damage.
Coltsfoot: This supplement is used to treat a cough, asthma, and sore throat, however; its regular intake can lead to liver damage and cancer.
Kava: This herb is used to treat anxiety, however, it can cause liver damage. The remedy is banned in Canada, Germany, and Switzerland.
Germanium: It is used to treat heart diseases, liver problems, and reduce pain. Continuous use of Germanium can lead to kidney damage and in worse conditions, death.
St. John’s Wort: This supplement is taken as an anti-depressant. Its regular use may lead to unpleasant side effects and harmful drug interactions when combined with other medications.
Country Mallow: It is used to treat asthma, allergies, and nasal congestion. Regular intake can cause a heart attack or even death.
Yohimbe: It is used to treat chest pain, diabetes, and depression. Regular doses may increase heart rate, blood pressure, and heart problems.
If an applicant is consuming hazardous supplements that result in poor health conditions, and if he has a history of bad health, then the insurer may decide to reject their application and not make an offer at all.
