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Top 7 Factors That Affect the Cost of Your Life Insurance

Updated: Feb 24

While it’s true that life insurance is a terrific way to protect your loved ones should anything happen to you, most people avoid it because they feel it’s a costly investment, and let’s face it, no one wants to talk about death, especially their own. However, death is inevitable for us all and making smart decisions while you’re younger will save you a significant amount of money over time. For example, buying life insurance before you have major health issues will cost you a great deal less, and those health and disease factors only increase with age. This article will address some of the key factors that affect the cost of your life insurance premiums.


Some of these factors may be out of your control, but simple changes in your lifestyle can prevent health issues later on.


1. AGE


Age is the number one factor affecting the cost of your life insurance. If you invest in a life insurance policy while you’re young, chances are you will pay much lower rates. However, you will be paying insurance premiums much longer should you live an average (or longer) life span. Overall, you’re still better off taking out a policy before it’s too late. Also, if you don’t have any financial dependents and don’t owe money to anyone (lenders or financial institutions), life insurance might be something you can put off for a short while.


2. Gender


After age, gender is the next biggest factor that determines your life insurance premiums. Insurance providers use statistics to approximate how long people with a specific profile will live. Women typically live five years longer than men, and they sometimes pay lower rates based on the fact that they will pay premiums over a longer period of time.


3. Smoking


Smoking puts you at a higher risk for health problems, so if you smoke, you are going to pay higher premiums. Smoking is such a risk, in fact, you may end up paying twice as much for your life insurance as a nonsmoker who has comparable coverage. In the long run, smoking can affect your pocketbook as much or more than it affects your health.


4. Health


As for health, most insurance providers require a medical exam which records your height, weight, blood pressure, cholesterol as well as other important aspects of your health. In some instances, insurance providers may also ask for additional tests to get a more in-depth look at your overall health.


5. Lifestyle


If you live a dangerous lifestyle, guess what? You got it. Your life insurance premiums are going to be higher. In some cases, they may be significantly more. Engaging in high-risk activities increases the likelihood of an early demise, and insurance providers don’t take that lightly. They may also want higher premiums if you work in a dangerous profession.


6. Family Medical History


You can’t change your family or their genetics, unfortunately. However, if your family has a history of strokes, cancer or any serious medical condition, there is a chance that you might acquire these illnesses. Therefore, you may have to pay higher premiums in that case. Most insurance providers are more concerned with whether or not your parents or siblings have had illnesses that lead to premature death. The higher your risk of dying from one of these major illnesses, the more your insurance premium will be.


7. Driving Record


Some life insurance providers might even take your driving record into consideration. Insurance providers can access the DMV to find out if you have any major violations. Usually, violations that happened in the last 3 to 5 years carry the most weight, so if you haven’t had others in that period of time, you’ll get a better rate.


At Premier Insurance Group, LLC, we do our best to give you the best product for your money. Call us, come by our office, or make an appointment, and we can discuss your life insurance options. As always, we offer free quotes, and we’ll get you the best deal possible.




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