How is life insurance different for people that are left handed?
According to data collected in the 1990’s more left-handed workers than right handed workers pass away in workplace accidents, which triggered the interest of the insurance companies. Additional research demonstrated that left handed people lived nine years less than right handed people. This led the insurance companies to further study the effects of the right hand vs left hand health related issues with respect to equipment and materials used in the workplace.
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Study behind increased mortality rate of left-handed people
Often, left handed people are required to use equipment designed by right handed people for right handed people. This makes left handed people using such equipment to use it in a manner that is awkward and unnatural. The left handed person has to adapt to use the equipment rather than use it the way it was designed and intended.
This causes unnatural stress and strain and susceptibility to repetitive stress and strain injuries as a result of awkward motion. This further causes the left handed person using right handed equipment to think backwards as they try to adapt to use something opposite in the manner from which it was designed. Left handed people using right handed equipment slows the ability of the equipment user to complete a task in a timely and efficient manner without incident of injury.
Depending on the equipment used, trying to adapt, causes injury from slight to moderate to major, resulting in an insurance policy claims. There are a significant number of claims each year for such injuries. This has caused insurance companies to reassign liability which in turn plays havoc with the ability of employers to provide proper liability coverage, not to mention safe working conditions, for its left handed employees.
Right handed and left handed solutions
As a result of the studies and the insurance company’s call to revamp equipment standards for left handed people who are considered the most creative, tools and equipment have undergone significant design changes and there are now a number of items designed specifically for left and right handed people.
The redesign of such equipment has diminished the number of equipment related injuries and claims. A bonus for companies that provide the proper handed tools and equipment have seen an uptick in productivity as well as efficient use of such equipment.
Even though being left handed or right handed has less of a bearing on life insurance and safe and effective efficiency in the workplace since both sides are the same, insurance companies still collect the right handed left handed information.
10% of the population of the world population is left handed. There is no, good way to make everyone right handed nor is there even a good reason to try. The technology is available to adapt tools and equipment to both right handed people and left handed people. The problems of having single handed use tools and equipment have been eliminated by employers who supply both for their workers.
Will I pay more for life insurance if I am left handed
Despite whatever statistical data there may around the mortality rate of left vs right handed people, it will have absolutely no impact on your life insurance policy application. Insurers may ask whether you are left or right handed but it is purely for their own records and interest. You will not be required to pay a higher premium for your policy if you are left-handed.
So what does impact the cost of life insurance then?
Life Insurance companies use a whole range of factors when determining the premium the applicant will pay for cover. Each insurer will have its own set of criteria to assess applicants looking for cover and an applicant may pay less for cover from one provider than another. Generally insurers will ask the applicant about the following characteristics;
- The applicants age
- Whether or not they smoke
- Number of standard drinks they consume each week
- Any pre-existing medical conditions they might have
- Participation in any potentially risky pastimes or activities
These are just some of the factors that will be considered during application. The cost of the policy is also largely determined by what policy is chosen, the sum-insured and any addition cover features that are selected. The Australian insurance market is made up of a whole range of different products, with both basic and comprehensive cover options on offer. Just because a cover is less comprehensive does not mean that it may not provide an adequate level of cover to certain policyholders.
Interested in applying for life insurance cover?
Whether you are right or left handed really makes no difference whatsoever to your life insurance policy. Anyone looking for cover should take the time to adequately assess how much cover they actually need and compare the different policy options available. A life insurance consultant can work with you to help you find a well-priced policy that maintains an adequate level of cover to give you and your family financial security in the wake of unforeseen events.There is absolutely no obligation to sign up for a policy when making an enquiry. Once you have found a policy that you are happy with, a consultant will assist you through the entire application process to ensure you have the right paperwork and that all the necessary documentation is submitted on time.