Attain Insurance wants to take the mystery out of life insurance. There are many misconceptions about how life insurance premiums are calculated. While this can lead to confusion, Attain Insurance strives to simplify the process.
While there are many factors to consider, our agency wants to share five common demographic indicators that impact life insurance.
Term limits and policy length directly influence premiums and payouts the most. Because of guaranteed death benefits, permanent life insurance policies are more expensive than term life.
Life insurance costs more as you age. Younger individuals are expected to live longer, which means more time to pay for premiums. That’s why it’s essential to lock in rates early.
Also, due to longer life expectancies, women typically pay lower rates when compared to men. On average, women in the U.S. live five years longer.
Insurers will screen for any medical red flags. Pre-existing conditions or chronic diseases will increase premiums. Or, these ailments could disqualify you from coverage altogether.
It’s not just your medical history that will be examined. Even if you are currently healthy, a pattern of illness in your family can produce the same results. Underwriters must evaluate the likelihood of you developing these same problems later in life.
Some jobs carry added danger. But insurers will look at how you spend your free time too. High-risk hobbies and behaviors will be reviewed. While this is a broad category, this includes your financial history, criminal record, overseas travel, tobacco use, or even your driving record.
Find an agent serving Fort Payne, AL.
Attain Insurance is more than just a great resource. In addition to this helpful information, their experienced agents can provide a personalized life insurance policy. Schedule an appointment today.