5 Surprising Factors That Can Raise Your Life Insurance Premiums

??????????????Have you ever wondered how your relatives would cope with monthly expenses in your absence? Have you ever tried to imagine how your death would impact the welfare of your family members who depend on your income to survive? Financial difficulties can put them in all sorts of difficult, extremely unpleasant situations, make them pinch pennies and force them to abandon their most ambitious dreams. If you were to pass away unexpectedly, would your son still manage to go to college? Would your spouse find a way to make ends meet? Life insurance gives you the opportunity to secure the future of your loved ones.

When you have too many questions on your mind related to the financial independence of your beloved ones, this type of coverage gives you the certainty that your family members won’t be affected by financial hardship. Before buying insurance, there is one thing that you should know: not all policies are the same. Some cover the costs of your funeral and give your surviving relatives the chance to count on a certain amount of money for a limited period of time. Other policies address all their needs and exceed their highest expectations, in terms of monetary benefits.

Obviously, you will choose the kind of coverage that you can afford. But even if you go for an identical policy, you and your neighbor may pay different rates. Why? There are 2 plausible explanations: first of all, because you may decide to buy coverage from different carriers; secondly, there are certain factors that influence life insurance rates. Keep reading to discover 5 such elements that could make you spend more money on life insurance and see how you could address them in a timely manner.

1)      Age

Most young people don’t have a care in the world. They let the “carpe diem” principle guide their entire existence and they think about their future very seldom. Of course, every rule has its fair share of exceptions. Some young adults are fully aware of the fact that they are not immortal and manage to assess the impact of their death on their family’s finances. They decide to take this matter into their own hands and buy life insurance to prepare themselves (and their loved ones) from any kind of worst-case scenarios. Since young, disease-free individuals are less likely to die prematurely, insurance companies enable them to profit from reduced rates. Obviously, people in their early 20s will pay less for life insurance, compared to a 60 year old customer who is impacted by several diseases with their life is basically hanging by a thread.

2)      Your Field of Activity

Did you know that your very own job can actually influence the price tag of your coverage? Most people are shocked to find out that their jobs can raise their insurance premiums. But once you analyze this fact from the insurer’s perspective, you realize that it makes sense. For instance, a pilot is dealing with numerous life-threatening situations on an annual basis, unlike hairdressers who are less exposed to considerable hazards that could put their lives on the line. Talk to your insurer about this aspect. It goes without saying that you won’t change your line of work just because it is associated with increased life insurance rates, but you can strive to find a carrier that will give you the chance to spend less on the type of coverage that you actually need. To make an inspired decision, just compare life insurance rates by zip code with a little help from Insurance Quote Depot. Spot the best offers, get in touch with an insurer, get accurate answers to all your pressing questions and sign on the dotted line. The whole insurance buying process is straightforward, time-effective and much simpler than you may be inclined to think.

3)      Gender

Statistics show that women live up to 5 years longer than men. According to an article published by Daily Mail, women are able to outlive their partners mostly due to their stronger immune system. You can’t change your gender just to become eligible for a big discount; however, you can always let your wife get a life insurance policy, especially if you both have a stable source of income.

4)      General State of Health

Not taking care of yourself is the biggest mistake that you could ever make. From this point of view, a careless attitude will cost you. If you smoke, eat mostly junk food, embrace a sedentary lifestyle and never go see your doctor, chances are that you won’t be considered an ideal candidate by your insurance company. After all, all of these bad habits will most likely reduce your lifespan. If you don’t seem interested to address the factors that could cause your premature death, your insurance company will penalize you by raising your premiums. So try to improve your general state of health one step at a time: eat clean and train hard to lose those unwanted pounds, quit smoking and invest time and money in regular checkups.

5)      Lack of Research

Discounts won’t come knocking at your door. If you are determined to save big on insurance, you have to find a way to identify the specific discounts that you are eligible for. This doesn’t necessarily mean that you have to waste a lot of time and meet hundreds of insurers who operate in your area. You can always choose to surf the Internet and compare life insurance rates by zip code at home. Once you have a clear idea of what you want, need and can afford to buy, all you have to do is schedule an appointment with a representative from an insurance company. Choose wisely and remember that proper research is the key to success. Go online and compare rates with a few clicks, spot the most alluring offers, and see the agent in person to close a more than satisfactory transaction for securing a better life for your loved ones.

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