subject: How Life Insurance Rates & Quotes Are Determined [print this page] How Life Insurance Rates & Quotes Are Determined
There are several factors that life insurance Companies look at before they set the life insurance rate for your life insurance policy.
Your Age The age that you applied for your coverage. Applicants that are young when they applied get lower rates.
Your Health condition This is evaluated using a medical questionnaire and insurance medical exam together with medical history. To those who have good health they receive lower rates than the people who have questionable health.
Your Occupation Low risk work pays lower premiums. If you are a skydiving instructor you can expect to pay more than a school teacher.
Number of dependents smaller families garner better rates
Education Applicants that are more educated get lower premiums
Marital Status - Rates for married are more than those who are single.
Home Ownership Status - rates for homeowners run higher than for renters, as more money is at stake.
Tips for Buying a life insurance policy
Be honest when applying for insurance. If you lie on your application the insurance Company can void your policy
For policies already in place, make sure there's continual coverage until the new plan takes effect.
With life insurance, monthly fees get less expensive as you go for increased cover. There is nothing wrong in increasing the coverage as long as your budget will allow it.
Do your Research first. Do not jump into a decision right away. Collect information, gather several life insurance quotes from a quote comparison website, investigate all the coverage and ask questions before buying your policy.
Compare free life insurance quotes online instantly. View life insurance rates from America's leading life insurance providers.
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