Factors that Influence Your Life Insurance Rates

When it's time to think about life insurance rates there are several things you'll want to consider before doing so. There are factors that you directly control that can reduce the amount of your life insurance premiums.

Some of these factors include:

  • Whether you smoke. Smokers pay a higher premium for life insurance. Most life insurance companies will tell you that if a person is a smoker they should stop smoking a year before they apply for life insurance. For a young couple thinking of having a child this is a perfect time to stop smoking. It will not only benefit the health of their new baby it also has a direct impact on their life insurance premium rates. If you already have life insurance and want to lower your premiums stop smoking for at least a year and then contact your insurance agent to notify them.
  • Your weight. People who are obese pay a higher premium for life insurance. There are many health problems that are associated with being overweight. It's also been proven that people who are morbidly obese have a shorter life span than those who are fit. It's important to lose weight for many reasons, most importantly for your health. Therefore it's advised that you speak with your personal physician about a healthy weight loss plan or other weight loss alternatives that are right for you. If you are already insured and have lost a significant amount of weight you should contact your insurance company. They most likely will request that you have a medical exam to confirm the change in your health before they will even consider adjusting your life insurance rates.
  • Your job. Some jobs are considered to be high risk and as such those individuals will pay a higher premium than someone who is working in a low risk profession. If your life situation changes and you are married or become a parent you may consider switching professions because of the added responsibility of having a family.

There are factors which you can't control which also may influence your life insurance premium rates:

  • Your age. If you purchase life insurance when you are young you will pay lower rates than if you purchase a whole life policy when you are older. Therefore it's a good idea to consider life insurance once you have finished college and have begun your first full-time job.
  • Inherited illnesses. There are many illnesses which are passed from one generation to the next. When you have your medical exam the doctor will ask you to reveal any predisposed medical conditions. You must reveal these because if you don't and it is discovered that you had knowledge before and didn't offer this information, your policy may be deemed null and void.

If you want to have some control of your life insurance premiums consider changing the things that you can so you can reduce the costs. Get instant life insurance quotes now.