When applying for life insurance and health insurance, the applicant must fill out an application in which they answer questions about their past and present health, family history, employment and special risks.
The application then undergoes a risk assessment by the company. It is important that the applicant provides correct information when filling out the insurance application, as incorrect or insufficient information can affect the right to compensation in the event of damage or loss. Certain procedures apply to risk assessment and are based on a detailed risk assessment system that the company's reinsurers put forward. This evaluation system is constantly changing, as research in the healthcare field and knowledge of special risks advances.
The applicant's health, special risks and family history can affect the company's assessment, leading to an increase in the premium, special terms of the policy or even a refusal of the policy application.
Below you can see for reference the rules according to which risk assessment is carried out. Please note that the list is not exhaustive.
Smoking: The basic premium for life and illness insurance takes into account whether the applicant smokes or not. Smoking increases the premium. If the applicant has a history of smoking but has not smoked for a full 12 months, the basic premium is based on them being a non-smoker.
Weight: If the applicant's weight is outside the BMI-body mass index limit, this may lead to an increase in the premium or refusal of insurance.
High blood pressure: May result in an increase in the premium or rejection.
High cholesterol: May result in an increase in the premium or rejection.
Diabetes: Generally results in denial of insurance application.
Mental illnesses e.g. anxiety, depression, ADHD: May lead to an increase in the premium, refusal of insurance or postponement of insurance.
Undiagnosed diseases, symptoms: Leads to postponement until diagnosis.
Alcohol and drug problems: May result in an increase in the premium or rejection of insurance. If it has been less than 4 years since the applicant went to treatment for an alcohol problem or 8 years for a drug problem, the application is postponed beyond that time.
Upcoming surgery/medical tests: Leads to postponement until after surgery/tests.
Family history: May lead to an increase in premium, special terms of insurance or even refusal of insurance. Examples of such diseases are, for example cardiovascular disease, cancer, neurological disease, diabetes, kidney disease and stroke.
Special risks: All special risks may result in an increase in the premium or special insurance terms. Special risks include e.g. climbing, motor sports, diving, paragliding, skydiving, kayaking and more.
Company physician: The company's company physician is Hjalti Guðmundsson, cardiologist
Disclaimer
The general guidelines mentioned above are for information only and are therefore not exhaustive. The rules for reinsurers are not available to applicants at any time.
Premium discount
If the applicant has a history of illnesses/problems that may lead to incapacity for work, they do not have the option to apply for a premium discount from the company. Further information about premium freedom of can be found in the company's terms and conditions.