What Affects Life Insurance Rates?

The rate you pay for your life insurance policy will depend on your age and health, as well as, the type and amount of life insurance you buy.

The higher the amount of life insurance you purchase, the higher your rate for life insurance. In addition, the older you are when you purchase your life insurance policy, the higher your rate for coverage.

Risk factors also play a role in determining your rate for life insurance. Your own personal risk factors impact your longevity, how long you are expected to live.

Personal risk factors may include your age, gender, health, family health history, occupation, hobbies, lifestyle, height-to-weight ratio, if you smoke or not, driving record, credit history, etc.

The life insurance company considers all of these risk factors to develop your rate for life insurance coverage.

To get a better rate for life insurance you may want to get in shape, eat healthy, exercise, quit smoking, and improve your overall lifestyle with a goal toward longevity, and a better quality of life.

In addition, you can ask your life insurance company (if you already have life insurance) what you can do in order to get a better rate on your life insurance policy. Some carriers allow a re-rate of your life insurance to give you a discount on what you are paying if for instance you quit smoking for 12 months.

Here’s how you can compare instant life insurance rate quotes online from several leading life insurance companies to find out how much your life insurance may cost.