7 Factors That Impact Your Life Insurance Premiums
It’s true! Some of the factors insurance companies use to determine how much you’ll pay for life insurance are completely beyond your control. But, when it comes to lifestyle and health-related criteria, you’re in the driver’s seat.
Check out the most important factors underwriters look at when deciding how much coverage you should receive and how much you’ll pay for it.
This is the number one factor underwriters look at when determining premiums. That’s why it’s best to buy life insurance when you’re young.
Women, on average, live nearly five years longer than men, meaning they pay longer so enjoy lower rates.
Smoking puts you at a higher risk for all sorts of health ailments, so it’s a red flag for insurance companies.
A medical exam includes height and weight, blood pressure, cholesterol and other key metrics. Some companies do offer no exam policies, but you can expect to pay more.
Regular recreational high-risk activities involve risk, along with a few professions, and if that’s you, you may pay more. i.e. skydiving, scuba diving, vehicle racing.
6. Family medical history
It’s your gene pool and a family history of stroke, cancer or other serious medical conditions may predispose you to these ailments and lead to higher rates.
7. Driving record
The last 3-5 years carry the most weight, so if you’ve improved your driving habits, you may benefit with a more favourable price.
If you have concerns about whether any of these 7 criteria will result in a denial of your life insurance application, talk to your insurance broker. There may be non-traditional life insurance products you can consider.
Original content provided by Pathwayport.com