• Home
  • Get A Quote
  • Customer Service
  • Refer a Friend
  • About Us
  • Location Map
  • Employee Directory
  • Privacy Policy
  • Contact Us
Call Us
Call Us Today |
(888) 513-8784
Home

In Omnia Paratus…"Ready for all things!"


blue referral button
  • Home
  • Get A Quote
  • Customer Service
  • What We Offer
    • Auto Insurance
    • Boat & Watercraft
    • Business Owner's Policy
    • Commercial Auto
    • General Liability
    • Home Insurance
    • Life Insurance
    • Pet Insurance
    • Product Liability
    • Workers Compensation
  • Blog
  • Make a Payment
  • Resources
    • Risk Management Center Login
    • Refer a Friend
    • Important Links
    • Insurance Glossary
  • About Us
    • About First Independent - Descamps Insurance Agency
    • Our Locations
    • Testimonials
    • Privacy Policy
  • Contact
    • Contact Us
    • Join Our Newsletter
Auto Insurance AUTO
INSURANCE
Read More
Boat Insurance BOAT &
WATERCRAFT
Read More
Business Insurance BUSINESS
INSURANCE
Read More
Homeowners Insurance HOME
INSURANCE
Read More
Life Insurance LIFE
INSURANCE
Read More
Other Insurance OTHER
INSURANCE
Read More
Home > Blog > Critical Factors Determining Your Life Insurance Rate
TUESDAY, OCTOBER 9, 2018

Critical Factors Determining Your Life Insurance Rate

Like all insurance policies, your life insurance rate depends on risks. Those who have higher risks of sudden deaths almost always pay more for their coverage. A lot of different factors might impact that risk and your costs. What are some of these? Can you control any of these factors?image of life insurance policy

The Policy You Choose Determines Your Rates

No life insurance policy is the same. You’ll want yours to meet your survivors’ needs after your death, after all. Based on the policy you select, your premium prices will likely change.

  • Life insurance policies generally come as either term policies or whole life policies. Term policies last only a certain number of years. Whole life policies last indefinitely, as long as you keep paying for them. The indefinite nature of whole life policies generally make them the more expensive.
  • The payout limit of your policy will impact your rates. If you choose more coverage, after all, you’ll have to pay more. For example, some people might find a $100,000 settlement more to their liking. Others will need upwards of $500,000.

At times, certain qualifications might limit you to only certain policies. Your insurance agent can help you determine the appropriate policy for you.

Other Factors Influencing Your Rates

Life insurers will use other factors to more specifically determine your rates. It will help them better determine their own investment in you as a customer.

  • Age: Because age links to the risk of death, your insurer will consider it. Older individuals almost always pay more for their coverage. To lower this risk, consider getting life insurance while you still are young.
  • Medical history: Those with complicated health often have relatively higher death risks. Thus, they might not be able to buy some policies. They might also pay more for coverage. However, health is not always a limiting factor in your qualifications. Talk to your agent about your needs.
  • In some cases, your family medical history might also become a determining factor.
  • Smoking history: Smoking and tobacco use create significant health risks. You will likely pay more for coverage if you have this habit.
  • Lifestyle: Some insurers will ask about risks in your personal life. These might include hazards arising through your hobbies, or from your work. For example, someone who works on an oil rig might face higher safety risks and higher insurance costs.
  • Gender: Men and women face different lifestyle risks. Therefore, most life insurers will consider your gender when setting rates.

Remember, your life insurance risks will differ from almost anyone else’s. Therefore, the way these factors influence your rates will differ also. Let you agent guide you professionally through the process of selecting a plan, call today 888-513-8784.

Also Read: How to Estimate Life Insurance Costs After 50

Posted 9:40 AM

Tags: life insurance, tips
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014

  • insurance(35)
  • tips(26)
  • sterling heights(24)
  • coverage(19)
  • michigan(17)
  • home insurance(17)
  • auto insurance(16)
  • business insurance(15)
  • life insurance(12)
  • savings(9)
  • health insurance(8)
  • safety(8)
  • sterling heights mi insurance(6)
  • pet insurance(6)
  • homeowners(4)
  • workers compensation(3)
  • protection(2)
  • security(2)
  • home maintenance(2)
  • general liability insurance(2)
  • fire safety(2)
  • liability(2)
  • commercial auto insurance(2)
  • damage(2)
  • strawberies(1)
  • cucumber(1)
  • home(1)
  • prescription drugs(1)
  • teen drivers(1)
  • business budgets(1)
  • family(1)
  • diet(1)
  • storms(1)
  • final expenses(1)
  • millennials(1)
  • online security(1)
  • benefits of paid policy(1)
  • winter(1)
  • claims(1)
  • tomatoes(1)
  • deductible(1)
  • health insurance deductibles(1)
  • car parts(1)
  • sterling heights business insurance(1)
  • business(1)
  • discounts(1)
  • uninsured motorist(1)
  • animal injury(1)
  • business finances(1)
  • car insurance(1)

View Mobile Version
Facebook
Twitter
LinkedIn
Fremont
EMC
Pioneer State Mutual
Frankenmuth
Mainstreet
Michigan Insurance
Nationwide
Chubb
elephant insurance logo
Twitter Logo

Resources

Home About Us Get a Quote Customer Service Newsletter Contact Us

Contact Us

map icon
  • Sterling Heights Office
  • 14500 Lakeside Circle
  • Sterling Heights, MI 48313
  • Phone: 586.247.2220
  • Fax: 586.247.7570
© Copyright. All rights reserved.
Powered by Insurance Website Builder