What Will Affect Your Life Insurance Rates?
If you’re shopping around for a new term life insurance policy or a different kind of life insurance policy, you may be wondering how your rates are determined and what you can do to keep them as low as possible. It’s fairly common knowledge that your age will determine your life insurance rates, but what other factors play a role?
Family Health History
If your family has a history of serious illnesses, your rates may be higher compared to someone who doesn’t have serious illnesses in their family’s history. While this isn’t something you can personally control, it is something you should be aware of while you’re hunting for a life insurance policy.
You should expect higher life insurance rates if you smoke, are overweight or if you don’t lead a very active or healthy lifestyle. You can save money by exercising, eating right and keeping yourself as healthy as possible. Not only will you have a healthier and longer life, but you’ll enjoy lower life insurance premiums.
What you do for a living could play a major role in determining your life insurance rates. If your job is physically demanding or if it’s potentially dangerous, your life insurance rates may increase. This may be one of the most overlooked factors which can contribute to your rates.
As mentioned above, age is a big factor in determining your rates. However, a term life insurance plan can help keep your rates low as you grow older. Your rates may go up if you decide to renew your plan, but the cost of a term life plan will remain constant for the entire duration of your policy. This aspect usually makes a term life insurance plan more appealing than other life insurance options.
If you want to learn about the other factors which help make up your life insurance rates or if you want to learn about which kind of insurance policy is the best for you and your family, contact us. With our large network of insurance companies, we can help you find the most affordable rate possible.