5 Factors that Influence Life Insurance Rates!

Obtaining life insurance is a really complicated process and you will be asked a lot of things. These are the major 5 factors that influence life insurance rates:

images1)     Age. It is one of the most important two criterions of selection. The other one is health. Rates are given in accordance with specific age charts. A person that is old will clearly have difficulties in being accepted as client.

And even if it is accepted, the financial sacrifices demanded for keeping the policy in force will be burdening. So it is better to apply for life insurance while you are not a retired citizen.  In order to confirm your age, companies will require you to bring an ID at negotiations meeting.

2)     Health. You will be often asked to evaluate your own health status.  But companies will want to make sure that you are not lying to them and will ask for several medical documents and medical records.  Also, if you are suffering of something, the insurer will want to know more about the nature of that disease, if it is treatable and what treatment do you use.

3)     Job. Having a dangerous job, like a police officer or firefighter, will surely increase the life insurance cost. Your life is in jeopardy every time you go on a mission and the insurance company will always try to compensate the additional risk.

4)     Dangerous habits. Let us be honest, drinking too much or smoking too much hurts your body. But it also hurts your wallet.  Companies will ask if you consume alcohol and how much and if you are a smoker. Medical exams will also help the companies identify other vices you may try to hide.

5)     Dangerous hobbies. Just like vices, dangerous hobbies will have a negative impact upon the received rating.  You may want to renounce for a year or two to dangerous activities if you want to get better rates.

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