Top Factors That Affect Life Insurance

Save Money on Your Life Insurance

What factors affect my life insurance premiums?

If you’re in the market for life insurance, it’s important to note that there are certain factors that affect your monthly payments. Don’t be surprised if your neighbor who is a similar age pays a lot more or less than what you pay. However, the most term life insurance policies, which are taken out over an agreed period or term, your premiums, are based on a number of factors.

Your insurer will take into consideration some or all of the following:

Age – The younger you are, the better health you’re likely to be in, so taking out life insurance early on can mean lower premiums. In essence, the younger you are, the cheaper it is! If you’re still in your youth and in great health, don’t be afraid to take out life insurance and lock in a low rate!

Health and weight – If you’re classed as overweight or obese, you may pay more for your policy. This is because your insurance company could assume if you’re overweight, you’re more likely to suffer from weight-related health problems.

Medical history – Many life insurance policies are medically underwritten, and as well as your own, you’ll also have to provide information about your family’s health history. Your insurance company may pay particular attention to your medical history, especially if you’ve had cause to be concerned in the past.

Occupation – Some trades and professions carry a greater risk because of their day-to-day duties, so you might find this impacts on the cost of your insurance. For example, a fireman is going to pay higher premiums than someone who works in an office.

Lifestyle – If you enjoy smoking, drinking, and drug-taking, you’ll likely experience high insurance rates because of the toll they can take on your health. Certain high-risk pastimes can also affect your premiums, such as parachuting, mountaineering, and motorsports.

Policy amount and term – Like any insurance policy, your premium’s rate will depend upon the coverage you select. The higher the amount you need to be covered for and the longer you need the cover to last, the more you’ll end up paying.

When you’re in the market for life insurance, find out easy ways to save money! Luckily, the professionals at Gee Schussler Insurance Agency are experts in handling every family’s needs and budget. We ensure that you don’t sacrifice coverage to save a few dimes. Visit us or give us a call in Orland Park, Illinois to find out how we can help.