Considering the value in purchasing life insurance, we thought we would explain the variables and risks that affect your life insurance premium by outlining the top factors that influence the cost.
Since there are several different factors that influence your life insurance premiums we wanted to clarify what those
Current Health & History
If you are looking to get a life insurance policy, depending on your age you may be required to provide evidence of good health. A medical questionnaire is always done and you may also be required to provide a blood sample, have your blood pressure and other vitals taken, or even have an ECG. Typically, those who are in good health will experience lower life insurance rates.
When looking to get a life insurance policy, they may assess your current height to weight ratio and if you are considered overweight this may increase your life insurance
In addition, your past health history is taken into consideration; if you have past medical issues your doctor may be asked to provide medical records. Generally, if your health history displays health issues, this could result in increased rates.
Gender & Age
Unfortunately, our gender does reveal our average life expectancy – since women tend to live longer than men they experience lower life insurance rates.
Your age is a very important factor when it comes to the cost of your life insurance. The younger you are the better the rate! Each year the cost of life insurance increases, due to your age increasing and the risk of potential health issues. This is why we strongly suggest, you purchase life insurance today!
Occupation
If your occupation is seen as ‘higher risk’ you may experience increased rates. It is possible that if your job is considered a dangerous occupation you may even be denied coverage altogether.Smoker
We all know that smoking increases our health risks and due to this if you are a smoker your rates will be higher due to your habit. Cigar smoking and the use of e-cigarettes orAs you can see, those classified as ‘higher risk’ experience higher life insurance rates. Each life insurance policy is different, contact Youngs Insurance today for your no obligation quote.
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