We all know that we need to buy life insurance, but still, we feel that the cost of buying is quite high. Thus, we keep on delaying it and think of buying it later in life. Well, do you know the older you get, the more it costs? In fact, numerous reasons affect your life insurance premiums.
The first factor is your age. Insurance experts obviously deem it when they decide life insurance premium. The younger you are, the lower will be your rate. Therefore, insurers recommend buying it when you are young. The second one is your gender. It has been seen that on average, women live about five years longer than men. This is another factor that women are generally paid lower rates for life insurance.
Now coming to your family history, it is another factor that insurance experts consider. You can take this life insurance quiz to know in detail how family history affects your premiums. Along with your family history, they look at your health history as well. If you have health issues in the past, then it will probably result in higher rates. As they will assess your cholesterol levels, height, blood sugar levels, blood pressure, weight and other health metrics.
Other aspects such as your occupation and your hobbies are also taken into consideration. For example, if you are a race car driver, insurers will certainly look your job as a bit risky. Such dangerous occupations would result in either in an increase in rates or denial of coverage. Now, let’s come to your hobbies. High-risk activities such as scuba diving, rock climbing, skydiving, etc. can increase your life insurance rates. It also depends on the insurance expert where one can consider such hobbies risky and another may think it vice-versa.
Most importantly you must honestly tell them whatever they ask for, whether it is about health, driving record or hobbies. Otherwise, it may lead to a spike in renewal premium, if they discovered any hidden details later. If you are seeking more information regarding life insurance, then you should visit HealthIQ to see the variety of quizzes related to it.