Top 10 Most Important Factors Affecting Your Life Insurance Rates
There has been many life insurance applicants that have almost hit the floor once their offer of insurance comes back with a yearly premium ..
. some are surprised at just how cheap life insurance is, while others wonder how anybody ever affords it! The truth is that life insurance rates vary wildly from person to person because the policies need to be as unique as your genetic blueprint. Today we look at the top 20 factors that affect your life insurance rates.1.Age
This is naturally the most predictable indicator of risk of death, and your premiums will usually go up each year.
2.Gender
Females still have a higher life expectancy than males by several years, and this shows in life insurance premiums.
3.Benefit amount
Naturally, your premiums must be directly related to the amount of payout your family will receive in the event of your death.
4.Smoking Status
Cigarette smoking is a risk factor for many of the leading causes of death and disease contributors in the Western World. You will be asked about whether you used to smoke in the past, and whether you used to or currently use nicotine replacement therapies.
5.Body Mass Index
Many of the diseases which cause death in the West are weight-related. Body Mass Index is not a perfect indicator of obesity or overweight, but is a good rule of thumb.
6.Family History
Many fatal diseases have a genetic link, in other cases the risk factors for fatal diseases have a genetic link or a lifestyle link that is enhanced by a family's personal culture.
7.Blood Pressure
Heart disease is THE leading cause of death worldwide currently, and stroke is the third-leading cause. Hypertension (consistently high blood pressure above 120/80) is a major risk factor for ischemic heart disease as well as stroke.
8.HDL/LDL Ratio
This is another major risk factor for heart disease - high LDL levels will definitely bump up your life insurance rates.
9.Asthma
In itself, asthma is not a life-threatening condition - however it can pre-dispose individuals to other problems, such as chronic obstructive airway disease or pneumonia.
10.Driving Record
Hundreds of people still die on our roads every year, and speeding, drink driving and other risky behaviors are almost always part of the cause of fatal crashes. If you have speed or alcohol-related driving violations, your life insurance rates may go up.
While some factors affecting your life insurance rates aren't negotiable or improvable, many are. It can be wise to ask for a premium review if you can improve your risk factors after taking out a policy.
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