Lower The Cost of Life Insurance
There are many factors that go into the cost of life insurance. What do you need to know about how much your life insurance plan will cost?
Age Factors in Cost of Life Insurance
Your age definitely affects your life insurance premiums. When you get a plan when you are young, you will notice that your payments and premiums are significantly less. If you start your plan when you are older, your payments will be significantly more. So, it really is worth it to start a life insurance policy when you are in your prime, even though thoughts of death are pretty far off. However, anything can happen at any time. The reason that the rates will go up as you age is because everyone will die eventually, and as you get older, you get closer to the chance that you will pass along sooner rather than later.
Whether you are a man or a woman has a big factor in the cost of life insurance. Women typically live longer than men, so this is one area of life where it is lucky to be a woman! Guys can expect to live about 76.4 years while women will live for about 81 years. Now this is just the average so you can’t really predict exactly when things will happen, but this is a general guideline the insurance companies use.
Pre-Existing Health Conditions
Pre-existing conditions may mean that your life insurance rates are pretty high, but don’t despair. There are plenty of conditions that won’t really affect it that much. If your condition is controllable via modern medicine and pretty manageable then you will find that your life insurance rates won’t be much higher than if you were perfectly healthy.
If you have any dangerous hobbies like adventure sports or something, you can expect to have higher life insurance rates. That’s because mountain climbers are certainly more prone to sudden loss of life than those who prefer to stay at home firmly on the couch watching television. Even usual things that people like to do for fun like rock climbing or skiing can affect your rates.
Whether or not you’re a smoker is a big factor in the cost of life insurance. Smoking is terrible for your health and that’s been proven many times over. That’s why life insurance companies don’t like it when you are a smoker. Even if you have smoked in the past, that could still affect your rate, although not as much as it would if you are still a smoker today. If you want to get lower life insurance premiums quite smoking as soon as possible.
If your family has a history of cancer or other disease leading to an early passing, then you may see higher life insurance rates too. There’s really nothing you can do about your family’s history, although you can take lifestyle measures to correct any family problems like high blood pressure or heart disease.