Buying life insurance can be intimidating. But don't let that discourage you from trying to get the best deal on the policy that's right for you. Because most of us aren't perfect, insurers ask a lot of questions and do medical tests when you apply for coverage to determine how much of a risk you are to insure. The bigger the risk you are, the higher the rate you'll have to pay.
It will help you secure a better deal when you understand what insurers are looking for when they give life insurance, these criteria and tips will help you understand:
Age and gender
The two things that play the biggest role in your life insurance rate are your age and your gender. If you are younger, you are at an advantage when you apply for life insurance because you have less risk and are not as close to death. Women also usually get better life insurance rates because they usually have longer life expectancies.
Apply when you're younger. But remember, you really only need life insurance if someone else is depending on your income, such as a spouse or a child. So if you're single and in your twenties, don't feel like you have to rush to get a policy now just to snag a good rate. You still can get insurers' preferred rates in your thirties and forties.
Smoking
Smoking is one thing that will cause your life insurance rates to go through the roof. If you are 40 and have been smoking since your 20s you will probably pay up to triple what a non-smoker pays. If you want to get your life insurance rates down, one of the best things you can do is to quit smoking. Once you are smoke-free for two or more years your rates will go down.
Health
The healthier you are the better rate you are going to get when you apply for life insurance. If you have high cholesterol or a history of heart disease in your family you are probably going to pay more for your life insurance. Other pre-existing conditions, like cancer or other similar diseases with high mortality rates, will also cause your rates to sky rocket. If you have a minor condition, like asthma, digestive distress or even diabetes, and are under proper care for these conditions, then your insurance company will consider these minor conditions and cut you a break.
The best thing to do before you apply for life insurance is to get a physical and see how you are doing, if you have a treatable condition you can start getting help and getting healthy before you apply for your life insurance.
Don't wait until you are sick to apply for life insurance - it's best to have insurance while you are healthy and keep it as protection just in case. This way you will pay lower rates and have a better chance of getting a great insurance policy to protect you and your family.
Family history
The last important thing that insurers look at is your family history. This means the insurance company wants to know if anyone in your family has been diagnosed with a serious disease. If they have, this enhances your chances of also contracting a disease and thus your rate will be higher.
The best way to help navigate through complicated family history when shopping for life insurance is to shop around - use online quote tools and check with different insurance companies to see where you might get the best rate.
It will help you secure a better deal when you understand what insurers are looking for when they give life insurance, these criteria and tips will help you understand:
Age and gender
The two things that play the biggest role in your life insurance rate are your age and your gender. If you are younger, you are at an advantage when you apply for life insurance because you have less risk and are not as close to death. Women also usually get better life insurance rates because they usually have longer life expectancies.
Apply when you're younger. But remember, you really only need life insurance if someone else is depending on your income, such as a spouse or a child. So if you're single and in your twenties, don't feel like you have to rush to get a policy now just to snag a good rate. You still can get insurers' preferred rates in your thirties and forties.
Smoking
Smoking is one thing that will cause your life insurance rates to go through the roof. If you are 40 and have been smoking since your 20s you will probably pay up to triple what a non-smoker pays. If you want to get your life insurance rates down, one of the best things you can do is to quit smoking. Once you are smoke-free for two or more years your rates will go down.
Health
The healthier you are the better rate you are going to get when you apply for life insurance. If you have high cholesterol or a history of heart disease in your family you are probably going to pay more for your life insurance. Other pre-existing conditions, like cancer or other similar diseases with high mortality rates, will also cause your rates to sky rocket. If you have a minor condition, like asthma, digestive distress or even diabetes, and are under proper care for these conditions, then your insurance company will consider these minor conditions and cut you a break.
The best thing to do before you apply for life insurance is to get a physical and see how you are doing, if you have a treatable condition you can start getting help and getting healthy before you apply for your life insurance.
Don't wait until you are sick to apply for life insurance - it's best to have insurance while you are healthy and keep it as protection just in case. This way you will pay lower rates and have a better chance of getting a great insurance policy to protect you and your family.
Family history
The last important thing that insurers look at is your family history. This means the insurance company wants to know if anyone in your family has been diagnosed with a serious disease. If they have, this enhances your chances of also contracting a disease and thus your rate will be higher.
The best way to help navigate through complicated family history when shopping for life insurance is to shop around - use online quote tools and check with different insurance companies to see where you might get the best rate.
About the Author:
About the Author: Ashley Jones is an investigative writer for the Texas insurance industry. Jones helps potential insurance buyers navigate the tricky waters of the insurance industry through covering topics such as Texas auto insurance, home insurance and life insurance.
No comments:
Post a Comment