Buying life insurance is a big decision to make, and one of the first things people ask themselves is how much their coverage is likely to cost.
Like with all insurance options, insurers measure risks when determining your premium. When it comes to life insurance, your risks will center on your likelihood of dying and the policy paying on your behalf. Various demographic factors will lower and raise these risks, impacting your price. What affects your life insurance rate?
Age is a Factor in Determining Life Insurance Rates
As you get older, you are more likely to die. Thus, the longer you wait to buy life insurance, the more you might have to pay for your coverage. Most life insurers recommend that you buy your first coverage before the age of 30, when you usually have a lot of freedom of choice for your coverage. At this point, you are more likely to get approved for coverage and pay an optimized price.
Life Insurance Usually Costs More for Smokers
Many life insurers don’t want to invest in clients who have higher likelihoods of premature death. Your health and health habits might impact either your rates or your coverage eligibility. Smoking is one habit that is very hazardous to your health, and could limit your life insurance choices when the time comes.
Even if you have stopped smoking, your risks might remain high. The longer you stay remain a non-smoker, the better your risks might prove. Therefore, you might qualify for more favorable rates in time.
Working at a Hazardous Job May Increase Your Life Insurance Rate
Life insurers often ask applicants their occupations both to get a picture of the applicant’s financial health and their risk level. If you work in a hazardous occupation, then you could experience an accident on the job or eventually begin to suffer from a chronic health issue brought on by exposure. While your occupation might not disqualify you from a policy, it might have an impact on your rates.
Save Money on Life Insurance by Staying Healthy
There are millions of Americans with current or developing chronic issues; however, the better you work to maintain fair health, the better your long-term outlook will be. Therefore, working proactively to maintain good health can show life insurers that you have an investment in your wellbeing. This might help reduce your overall risk rating and help you qualify for more effective policies.
Often, being a conscientious applicant can help you determine the best way to get life insurance to your benefit. Plus, even if you do have outstanding risk factors, you can often still qualify for a policy. Our agents are happy to work with you to help you get coverage to your benefit.
Bly Insurance Provides Life Insurance Coverage in the St. Louis Area
If you’re in need of life insurance and live in or around the communities of St Louis, Chesterfield, Kirkwood, Brentwood, Webster Groves, Shrewsbury, MacKenzie, Glendale, or the surrounding area, contact Bly Insurance Group to get started.
