What Determines Life Insurance Premiums
Age – It may be cheaper to take out a policy when you’re younger, since you’re more likely to be in better shape than when you’re older.
Gender – Statistics have proven that women tend to live longer than men, as they have better health lifestyles and diets.
Tobacco Use – If you use cigarettes or smokeless tobacco, it might affect your life insurance premiums.
Career – High-risk professions can increase your insurance premiums. High risk industries include fishing, mining, construction, firemen, agriculture, transportation, etc.
Weight – Life insurance companies often ask for your weight because overweight people may be more prone to health problems, such as diabetes and heart disease.
Family health history – If any of your family members has ever suffered from a serious medical condition, life insurance companies take this into account because there is a chance you might also suffer from these health issues.
The impact of blood pressure, existing illnesses, and cholesterol – Applicant with certain health conditions may be viewed as high risk. Let your life insurance company know if you are managing your conditions well, and you may be able to get a lower, preferred rate for your coverage.
What might increase your life insurance premium?
Poor driving record – Nearly 33,000 people died in traffic accidents in 2013. Bad or reckless driving may raise your chance of death.
Foreign Travel or Residency – Life insurance companies consider traveling and living in foreign countries to entail a certain amount of risk.
Felony Criminal Involvement – If you’ve been involved in a violent crime, you’re more likely to be denied life insurance. But, the longer you go without any legal trouble, the likelier you will be approved.
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