A lot of people don’t like thinking about life insurance policies because it reminds them of the inevitable fact that eventually, we all pass away. In truth though, life insurance is not about death, but it is about protecting the lives of the people we love after we can no longer provide them with the financial protection they need.
If you do not have life insurance yet, or you are planning on taking out a policy to further secure the life and future of your loved ones, go through the following points as we discuss how several factors affect your insurance quotes.
Age
Age is most often the number one factor in determining your insurance quotes, or if you are even eligible for getting life insurance. While the exact parameters will vary from insurer to insurer, the general rule dictates that the older the client, the higher the premium.
Gender
In a time when the gender equality movement is at its peak, science begs to differ and actually puts women ahead in terms of life expectancy! As women live roughly five years longer than men statistically, they usually have to pay a lower premium.
Smoking
Smoking is as bad for your health as it is for your wallet apparently, because if you are a smoker, some companies will charge you double for providing you with life insurance.
Source
You can either hunt for policies online without enough knowledge, resources or any direction regarding what to look for, or you can visit a comparison site like Insurance Geek at insurancegeek.com to find the best insurance quote from the top insurance companies. This will mean that the premium, as well as the coverage terms themselves are in your favor.
Health
Unless you are willing to pay heftily for a no exam policy, you will need to attend a medical examination conducted by the insurance company. A lipid profile test, a blood glucose test, ECGs, EKGs, etc. will be conducted to determine the health condition you are in at the time.
How well you have managed to maintain your health will greatly affect the final quote, or in rare cases, when a previously undisclosed/unknown disease is discovered, the policy request maybe declined.
In case you have a family medical history that mentions genetic conditions, the premium rates will rise, but only if it can be linked to premature death.
Job and Lifestyle
Everything from your job to your hobbies (mountain climbing and parkour are not the kind of hobbies which insurers like much!) will be taken into account while determining the charges.
This means that if you are a miner, diver, fisherman, bodyguard or any other profession which poses a constant threat to your life, the premium rates will go up.
Life insurance provides us with that little bit of assurance, even when life itself is unpredictable at best. These long-established policies are what protects the loved ones of the deceased from financial instability after their passing.
