Life Insurance 

What factors will impact the cost of Life Insurance?

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     Age
    Your age is the biggest factor impacting the cost of your life insurance policy premiums. Younger policyholders pay lower premiums, and as you age, the likelihood an insurer will have to pay out on your policy increases, making you a higher risk. This is the primary reason older policyholders pay higher premiums.

  Gender
     Women, on average, have a longer life expectancy than men. In the United States women live an average 81.1 years, while men live an average 76.1. Thanks to this difference, women tend to pay less for life insurance than men do.

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    Smoking
       Whether you are a smoker or not will also have an impact on your life insurance premiums. Smoking is linked to potentially fatal diseases like cancer, which make smokers higher risk clients for insurers, and cause higher premiums. If you quit smoking after purchasing life insurance, you can call your provider and see if your new nonsmoking status will lower your costs.

      Health
      Many insurers require a medical exam and health records prior to issuing a policy. This is normal, and allows them to calculate certain risk factors, like a history of serious medical conditions like heart disease and cancer. It also allows the insurers to look at medical indicators of higher risk categories for future medical conditions, such as weight, cholesterol levels, and blood pressure.

     Lifestyle
     Whether it’s your great passion for high-risk hobbies, like hang-gliding and free-climbing, or an occupation that exposes you to higher risks, like stunt pilots, roofers, and asbestos removal- your insurer may consider your lifestyle to be a factor that places you into a higher category of risk, which translates to higher premiums.

     Family Medical History
     If your family history includes serious medical conditions-especially hereditary diseases- it could factor into your coverage, even if you yourself have no current medical conditions.

    Driving History
    While your driving record doesn’t typically have a drastic impact on your life insurance premiums, especially risky behaviors, such as getting multiple speeding tickets over the course of a six month period, can certainly drive costs up.

    Bundling of Auto and Home Policies
    Many insurance companies will offer special discounts to policy-holders who have multiple policies with the same company. It’s always smart to see if you can save additional costs by bundling your policies with a single insurer.