Finance

Factors That Affect Your Life Insurance Quote

Everyone knows that life insurance helps to ensure the safety of their family in the event of their death. However, they may not realize all of the factors considered when determining your Life Insurance Quote Online. What are some of these factors? Let’s take a look at five important factors that affect your life insurance quote. So you can be better prepared when you go to get your policy!

Age

Not surprisingly, younger policyholders are cheaper to insure than older ones. As you age, your life expectancy becomes shorter. In any given year, the odds of dying for someone over age 65 are 2%—versus 0.02% for a child or teen. Thus, insurance companies base their quotes on how long they expect to pay out death benefits to their beneficiaries. They’ll often calculate an age factor based on your birth date and use it to determine whether you qualify for cheap rates at young ages or need extra coverage at older ages.

Gender

Your gender has a huge impact on your Life Insurance Quote Online. Men are charged higher premiums because they are more likely to develop heart disease, diabetes and cancer. Women are usually charged lower premiums because their life expectancy is longer than men’s. If you’re looking for fair rates, consider buying a policy that allows you to choose male or female rates. Pick an insurer with consistently low prices regardless of your gender.

Life Insurance quote
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Smoking

Any way you look at it, smoking is harmful. Whether you’re paying for life insurance or not, if you smoke, you can expect to pay significantly more than someone who doesn’t smoke. The same holds when it comes to life insurance quotes; if your habits are harmful in any way—and particularly if they’re known to be harmful—you’ll pay more in monthly premiums than a nonsmoker with an identical profile. You might even be rejected outright. The risks associated with smoking are so well-documented that most companies will refuse to insure smokers altogether unless they meet certain health requirements (such as quitting). If you don’t smoke and would like to lower your premiums, talk with your agent about switching from full coverage to term life insurance.

Health 

If you have a family history of certain medical conditions, high blood pressure, high cholesterol or any pre-existing health condition, your premium will be higher. In general, life insurance companies will not offer coverage to those with serious or life-threatening health issues. Other factors that affect your quote include age and weight. The older you are and the more overweight you increase your premium. When we age, our bodies slow down, and that makes it harder for us to bounce back from a major illness or injury. Being overweight puts a lot of stress on your body, leading to many illnesses and longer recovery times if you take part in risky activities such as extreme sports, bungee jumping etc.

Lifestyle

One of the most important factors that affect your life insurance quote is a lifestyle. The healthier you are and how much care you take with your health will directly impact your life insurance quote. Living a healthy lifestyle may lead to a decrease in your monthly premium! Eating properly and getting regular exercise can lead to major health benefits. So it’s worth considering for both physical and monetary reasons. You may be able to get up to an 8% discount from having a good diet & exercising regularly! Having low cholesterol also helps. If you have a clean medical history, you can receive discounts of up to 25%. Overall, weight control is another factor that affects how much life insurance you get quoted.

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