Rewarding Policyholders for Making Healthy Choices
More and more people are taking control of their health, and Penn Mutual looks to be a leader in the life insurance industry by recognizing and rewarding this change.
Our team recently began considering healthy lifestyle attributes as part of the underwriting process, looking at broad areas of a person’s health and well-being. Yes, we still look at the traditional medical measures such as blood pressure readings and blood panels, but we’re learning that such tests are just one part of a bigger picture.
We’ve always looked for ways to account for favorable information when underwriting a case holistically, but this is a much more structured approach, giving specific “credits” for healthy lifestyle attributes.*
Here are several health-based factors that could have an impact when applying for a permanent life insurance policy:
- Seeing your primary care physician regularly
- Getting regularly recommended tests, such as colonoscopies, mammograms, PSA tests
- Following doctor’s orders to take medications
- Never having smoked
- Good family health, with parents living into their 80s and 90s
- Good driving record
- Habit of taking care of yourself
If you are an older applicant, we would also want to know whether you’re engaged in your community. Are you volunteering? Do you exercise regularly? As the expression goes, “You are as old as you feel,” and staying active keeps you feeling younger and suggests a potential overall healthier, longer lifespan.
Meanwhile, advances in medical care have also boosted life expectancy for many, allowing us to offer life insurance to more people with medical conditions at potentially lower premiums. As underwriters, we keep on top of all the latest health developments and medical advancements. More effective treatments for diabetes, coronary artery disease, and cancer have given the company the ability to view these conditions more favorably.
If you’re applying for permanent life insurance, our objective is to put you in the best risk class possible. For instance, if you’re diabetic, you may normally pay an extra premium, perhaps as much as 1 ½ times that of a standard rate class. However, because we can consider your overall health and wellness history, we may be able to improve that to a standard rate class if all of your other factors are favorable.
Our health and wellness credit isn’t something that you need to apply for, either. It’s part of our normal risk assessment process in underwriting. In addition to looking at the traditional underwriting requirements, we take it a step further by seeking evidence of healthy habits, applying lifestyle credits as we can. This approach has been enthusiastically received by both our advisers and their clients.
At Penn Mutual, we want our policyholders to be healthy and live longer. If you are considering making wellness changes to your lifestyle, I encourage you to get started. There is no time like the present to make a change for the better. As a bonus, a healthier lifestyle may help save you money on your permanent life insurance. Talk to your adviser to learn more.
*Health and wellness credits are applicable on permanent life products, certain ages and exclude specific impairments.
This information is for educational purposes only and may not apply to your individual circumstance.