Your life insurance rates can be affected by many different factors. From your age and weight to your occupation, your life insurance rates directly mirror you and your lifestyle.
Life insurance companies use a series of factors when considering your life insurance premiums rates. The criteria used by an underwriter can vary depending on the life insurance company; however, there area a few factors that will always have a large impact on your premiums:
- Weight – Simply put, you can expect to pay higher life insurance premiums if you are deemed to be overweight by the life insurance company. This is because obesity equates to a number of medical conditions, such as heart disease, high cholesterol, high blood pressure and diabetes, as well as the likelihood of an obesity-related death. The premium discrepancy between an obese individual and an individual with a healthy weight could be as much as 50 percent or more.
- Smoking – It is no surprise that smoking plays a huge role in increased life insurance premiums. Regardless of how much you smoke or what kind of tobacco product you use (even chewing tobacco) you are consider a smoker by life insurance standards. However, you can drop you life insurance premiums back to that of a nonsmoker in as little as one year after you quit smoking.
- Alcohol Abuse – Alcohol abuse, because it can cause a number of diseases, health conditions and early death, will have a huge impact on your life insurance rates.
- Medical Conditions – Your medical health history plays a big role when it comes to determining life insurance premiums. Any conditions, such as high blood pressure, heart disease, cancer and heart attack that appear on your medical history will raise your life insurance premiums.
- Risky Lifestyle – Do you like to bungee jump, skydive or race cars in your spare time? If so, expect your life insurance premiums to rise substantially. Any type of engagement in activities deemed by the insurance company to be risky will earn you a spot in a higher risk category.
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