Having a life insurance policy is one way to ensure that your family will be financially secure should something happen to you. A lot of people are dubious about taking out life insurance, mostly because all quotations they have received have been rather expensive and they are not able to stretch their monthly budget to cover the additional expense.
In the past women would get cheaper premiums than men as they generally live longer than men and therefore have a longer premium period, from December that is no longer the case. The question is, what does make your premium more expensive than someone else?
The following four factors make a difference when insurance brokers make decisions regarding life insurance premiums.
Health – A person who doesn’t smoke and has a good bill of health overall will have a lower premium than smokers and people with a family history of health conditions. Smokers are able to lower their premiums if they stop smoking for a year or more.
Hobbies – Extreme sports such as skydiving, racing, or rock climbing or a job in a dangerous environment like a war zone will increase your life insurance premium.
Relationship Status – A lot of insurance brokers believe that married people live longer than single people.
Age – The younger you are the longer you will have the life insurance policy and the more premiums you will pay so the cheaper your premium will be.
Life insurance is a security investment for your family, it is a good investment to have and it is advisable that you find one that you can afford. For more information on how the premiums can be affected, read the article on AOL Money.