Nobody wants to pay too much for life insurance. When you’re in the market for affordable life insurance, it’s important to understand the factors that impact life insurance cost.
- Age: The younger you are when you apply for life insurance, the lower your premiums are going to be.
- Health: Before you’re approved for a life insurance policy, you’ll be
required to share information about your medical history, and you might even be required to undergo a physical exam. If you’re in good health, with no major illnesses or recent surgeries, you’ll benefit from lower premiums. If you have significant health problems, your premiums will be higher, if you’re even eligible for coverage.
- Smoking Status: Life insurance premiums are higher for smokers than for those who don’t smoke. If you quit smoking while insured, you’ll need to wait a year and apply for lower premiums. You’ll have to undergo a blood test to verify that you no longer smoke before your premiums are reduced.
- Occupation: Individuals who work in particularly high-risk occupations often have to pay higher rates for life insurance.