THURSDAY, DECEMBER 31, 2020
Is Life Insurance Expensive?
Life insurance is an important form of coverage that can take care of your family once you are no longer able to do so. While it is important to get the right policy, it is also important to safe money on your life insurance.
On average, life insurance is relatively inexpensive, although prices vary depending on multiple factors. Knowing what affects the cost of your life insurance policy can help up compare quotes and save money.
Your age is one of the main factors when it comes to life insurance premiums. Since life insurance policies concern the lifespan of the insured, age can influence how much the life insurance policy costs. The older you are, the more you may pay for life insurance.
Since women statistically live longer than men, they may pay less for life insurance. This factor may not have as large of a bearing on your rates as age, but it can still influence your premiums.
In many cases, having a history of health or medical conditions can affect your life insurance premiums. You cannot be denied life insurance due to your health history, however. Many insurers will require a medical exam for applicants. Factors such as high blood pressure may increase your insurance premiums.
Believe it or not, what you do for hobbies can also influence your life insurance rates. If you participate in high risk behaviors or habits such as smoking or skydiving, you will likely pay more for life insurance due to these facts decreasing your life expectancy. This also applies to your occupation. If your job is something high risk such as a pilot or professional driver, you may pay more for life insurance for others who work in different professions.
Keep in mind that the policy itself can also influence the cost of your life insurance. There are multiple types of life insurance policies. The two main policies are whole life insurance and term life insurance. A whole life insurance policy covers an individual for their entire life. Some whole life insurance policies, called universal life insurance, also allow cash value withdraws while the policy is active.
On the other hand, a term life insurance policy will only cover you for a set length of time such as 10 years, 20 years, 30 years, etc. Speak with an insurance agent about what type of policy you need and how to save money on your coverage.
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