What Affects Term Life Insurance Rates?

If you’re ready to explore your options with life insurance, but you’re not sure what variables are involved in setting the rate, you may be surprised. Most policies require at least some form of medical exam or health questionnaire, and companies pay attention to what you have to say. There is some good news though, because some of these things you can actually control. Here are a few of the factors that affect life insurance rates.

Age

Most people understand that a person in their 60’s poses more risk to a life insurance provider than someone in their 20’s. It makes sense that companies place a significant amount of weight on age when setting premium rates- and they do. However, simply because you are a senior does not mean you have to pay outrageous rates for coverage. In fact, life insurance for seniors can be quite affordable, it’s simply a matter of knowing where to look. And final expense insurance or burial insurance is always a cost effective way to get the coverage you need at an advanced age.

Overall Health

Another factor used to determine term life insurance rates is overall health. Generally, the healthier you are, the less your life insurance premium. But health can be a tricky subject, and there are many different definitions of “healthy”. In some cases, even with a pre-existing condition, like diabetes, it’s possible to find affordable, reliable coverage. For people with terminal illnesses or who suffer with a serious or advanced health condition, guaranteed issue whole life insurance may be the right solution. Typically, even without a pre-existing condition, height and weight, whether or not you smoke, even family health history are taken into consideration.

Making The Right Lifestyle Choices

Certainly you cannot change your age or whether or not you get sick. However, knowing what affects term life insurance rates and taking steps to keep these variables under control can help you find affordable coverage. That means if you smoke, quit. If you exercise, maintain a healthy body weight and keep yourself in relatively good shape.  It will make a difference in what you pay for coverage.

 

Help When You Need It

 

At United Life Group, we understand not everyone can make healthy choices, and we’ll help you find life insurance to fit your needs and budget-despite age or health. We work with top providers who offer reliable coverage, and we know how to find those companies with the best rates for a variety of situations.

Securing quality life insurance coverage should be easy for everyone, despite health or age. If you’re ready, we can help.