Factors That Will Increase the Cost of Life Insurance | Insurance Information

Factors That Will Increase the Cost of Life Insurance

Looking for Factors that will increase the cost of life insurance? Good idea!

What most consumers are unaware of when buying life insurance is that their lifestyle, careers, and family history can all have an affect on insurance premiums.

What are the factors that increase the cost of insurance?

1. tobacco use
2. height to weight ratio
3. family history
4. occupation
5. health conditions
6. health problems and diagnosis

These are the most common reasons that you could be charged more than a person who is in perfect health and meets all of these factors within what is considered healthy parameters.

It may not seem fair but some of these factors can be controlled. Tobacco use will usually double the premiums on an insurance plan. Height and weight ratio will have a profound effect too. In some situations certain health conditions may keep an applicant from qualifying for coverage at all.

For these reasons it is best to secure life insurance at an early age. I always tell my young clients that their health is likely never going to better than it is today. Because we usually continue our eating and other life patterns throughout our lives. Not that poor health choices cannot be changed; but we tend to keep doing the same things that decrease our general health.

If you are a smoker or tobacco user my advice is to quit before applying for life coverage. In fact, you need to be tobacco free for at least 12 months to be considered a non tobacco user by insurance standards. This will vary from state to state somewhat; but in general life insurance companies are looking at the twelve month mark as a benchmark for being completely tobacco free.

Some of the health conditions that clients experience cannot be overcome. There are unique options available for these clients (in some situations). And I will warn you that these policies are usually not cheap. But some life insurance is better than no life insurance at all. So shop around with different companies to see what is available.

Also, don’t stop your research with only one or two companies. I was able to find one insurance carrier that did not consider chewing tobacco as a tobacco user. This netted him a savings of over one hundred dollars per month on his policy. Shop around, and be vigilant in your search. Don’t stop until you are satisfied that you have found the best deal your money could buy.