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The cost of life insurance will vary wildly from one person to another. The premium of a non-smoking 20 year old female will be significantly less expensive than a 60 year old twenty a day smoking male and the blunt reason why is that the latter is far more likely to die than the former.
Actuaries are the number crunchers behind the figures. They are the ones who work out your likelihood of dying based on a number of factors. These are:
The age factor is obvious. The older you are, the closer you are to the grave and your likelihood of dying increases. This is the reason why even if you are young and don’t yet have any dependents it could make sense to take out a life insurance policy while you are still in your prime as your premiums will reflect that.
Where finances are concerned women usually lose out to men, the infamous gender pay gap being but one example, however when it comes to life insurance women have the advantage because they have a higher life expectancy than men (almost five years in the US). Identical cover will be cheaper for a woman than for a man because the insurance company is more likely to have to pay out for the man. In addition, men are more likely to fall prey to cancer and heart disease and more likely to suffer accidental injuries, factors which also push their premiums up.
We all know that smoking poses numerous risks to our health and as a result will massively bump up your life insurance premiums – by up to three times those of a non-smoker. Giving up will not only improve your health but also your bank balance as after a certain amount of time tobacco-free (often 2 years) you will qualify for lower rates.
Alcohol consumption has been directly linked to over 60 diseases including cancer, heart attack, stroke, hepatitis and cirrhosis. You will be asked about your drinking habits when taking out life insurance and if you drink heavily your premiums will reflect that.
A family history of serious illnesses such as heart disease and cancer which could be due to hereditary factors will be reflected in the price you pay for life insurance.
Obviously life insurance will cost more for a tree surgeon who is handling heavy machinery while suspended in the air than it will for an accountant who sits at a desk all day. If your job is considered really extreme you may even be denied cover!
Obesity and health problems are common bedfellows and your premiums may reflect this if you are carrying excess weight.
It is not uncommon to have to undergo a medical when taking out life insurance and you will certainly have to fill out a questionnaire regarding your health. If the worst you have suffered is a bout of flu and the odd sore throat you will almost certainly pay less than someone who has recurring health problems or has suffered from a chronic illness. Indications that you are not in optimum health such as high blood pressure may signal future problems to an insurer and could result in higher rates.
It is logical that the longer your policy is valid for the higher the likelihood of you passing away and the higher the premium. Similarly, a bigger death benefit will equate to higher premiums. Term insurance which covers you for a specified period will be less pricey than whole life insurance which provides coverage for your entire life.
It can be a balancing act to find the cover you want at the right price. A financial adviser can help and you should opt for one who works with a wide range of insurers and can compare different quotes to find the right policy for you.
Here at Infinity we partner with all the major insurance providers and can provide outstanding cover at discounted premiums. If you don’t yet have life insurance cover in place or if you wish to review your situation why not talk to one of our advisers?
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