Affordable Life Insurance Protection for Your Family

What Makes Life Insurance Cost More?

If you’re looking for affordable life insurance to protect your family you may want to learn what may increase the cost of your policy.

The fact is, nobody wants to pay more than they have to for insurance.

And, knowing what may increase your cost of coverage is a good idea, to help you understand how you may save some money on your policy.

Life insurance carriers usually consider several key factors when assessing you for coverage and determining what rate per $1,000 of life insurance to charge you for your policy.

Factors Which Increase the Cost of Life Insurance

Age – Rates for coverage increase as you get older.
Gender – Males are charged more than females for insurance, because women have a longer life expectancy.
Health – If you have a health condition it may cause you to receive a higher rate.
Weight – Are you overweight or obese? If so, you will likely pay more for your insurance than someone who is of average weight.
State of Residence – Some insurers may have higher losses in certain geographical regions (cities or states) and charge a higher premium for applicants who reside in those locations.
Driving Record – Have you had a DUI or DWI in the past 5 years?
High Risk Occupations – Long haul truck driving, fire fighters, commercial fisherman, loggers, aircraft pilots, roofers and garbage collectors, are among several high-risk jobs that are charged more for life insurance due to risk.
Dangerous Hobbies – Mountain climbing, race car driving, B.A.S.E. jumping, skydiving, scuba divers, are among several types of high-risk hobbies that are charged more for life insurance.
Lifestyle – History of Alcoholism or Drug Abuse increases your risk of developing chronic health issues and a shortened life expectancy.
Tobacco Use – Any form of tobacco use will increase your premiums for coverage due to increased risk of cancer of the lungs, throat or mouth. Smoking includes use of all types of tobacco; such as, cigarettes, pipes, cigars, marijuana, chewing, etc.
Cardiovascular Disease – This includes high blood pressure and other heart issues which can lead to early death. If you have high blood pressure but it’s controlled by medication, you may not see too much of an increase in premiums.
Depression – If you’re taking medication for an ongoing depressive condition, you will likely pay a higher rate.
Cholesterol – High cholesterol isn’t a big deal if you are controlling it with medication. But, if you are not taking meds, or the meds are not doing enough, life insurance companies may view you as a higher risk for life insurance.
Diabetes – People with Type 1 diabetes typically have shorter life expectancies, so your rate will depend on how well controlled your condition is and what you need to control it. If well controlled, type 2 diabetes is less serious and should cause a smaller increase in your price for coverage.
Asthma – If your asthma is under control you may not see much of a price impact. If you’re on steroidal medication that may increase your premiums.
Cancer – If you have or have ever had cancer, you will likely pay a higher than standard rate for life insurance.
Health Issues – HIV/AIDS, COPD, Emphysema, Stroke, Heart Attack, Lupus, Cancer, Epilepsy, Tobacco Use, Diabetes, Alcoholism, Drug Abuse or other chronic health problems.
Family Health History – If your family has a history of cancer or heart problems, you may pay a higher than standard rate for your life insurance.

Other Personal Risk Factors for Pricing

Credit history, driving history (especially a DUI within the past five years), and criminal history. No life insurance company will accept an application from someone who is in jail, awaiting trial, or is currently on probation.

Size, Term and Type of Life Insurance Policy

In addition, each of these factors will impact the cost of your life insurance policy:

Size – Higher levels of insurance increase your rate per $1,000 of coverage. The higher the amount of life insurance you buy, the higher your annual cost of coverage.
Term – The longer the duration of your term life insurance policy, the higher the rate charged for your policy.
Type – Permanent life insurance which provides guaranteed lifetime protection may cost up to 2-3 times more than temporary (term) life insurance policies.

Life Insurance Quotes

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