Life insurance is important when it comes to protecting your family, and making sure they are secure in the wake of your death. However, sometimes budgeting in the costs of life insurance can be tough, especially if one of these surprising factors is boosting your premiums.
We have compiled a list of five surprising factors that might be affecting your life insurance premiums:
Where you travel
If you are an adrenaline junkie who loves traveling the globe looking for enticing adventures in dangerous locales, it could definitely have an impact on your premiums. Whether you love skydiving over The Moab or surfing exotic waves in Bali, adventure travel is a red flag for many insurance companies. Even without the extra activities, insurance companies follow the U.S. State Department’s travel warnings, so travel to one or more of the countries on the list might lead to higher premiums and, potentially, a declination of coverage.
If your company offers group premiums they may be higher if the average age and overall health of your coworkers is a red flag. If you work in a younger and healthier company, the costs of your premiums will reflect that. If your company has an exercise program and incentives this can be a huge benefit, as not only does it promote health, but it can also lower life insurance premiums
Bad credit can have a negative impact on more than just your car and home loan payments or eligibility. Bankruptcy can also leave you with a high life insurance premium, as bad credit makes you a high risk individual.
If you like to drag race or have a history of drunk driving, your life insurance premiums are going to be much higher. Luckily your driving record is something you can actively work on., Driving safely is always a better option as it will not only decrease your auto insurance, but also your health and life insurance – it’s the trifecta.
Being a Man
According to the World Health Organization, American women live 4.6 years longer than American men, on average. However there are many other factors including men’s likelihood of having a more dangerous occupations, more dangerous hobbies, and societal risk including the fact that men have a higher exposure to homicide and suicide. All of these are reasons why life insurance policies are more expensive for men than women.
While some of the factors that affect life insurance premiums can be controlled, others are out of your hands. That’s why it is best to compare rates and be sure that you are getting the very best policy for your money.
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