Life insurance quotes, like all other types of insurance can vary widely depending on your age, health history, occupation, smoking status, and even your marital status.
Things that can affect the rates of your rates for life insurance can vary a bit from company to company. Below is a list of a few considerations that the majority of life insurance companies will take into consideration before they make a decision as to whether or not they are willing to offer you coverage, and what that rate may be for you.
- Age: Your age has a lot to do with your rate since the older we get, the more likely we are to have bad things happen or the closer we are to a natural death. Since the risk of loss increases for the insurance company and their policy holders, the rates will increase with your age. However, if you purchase a life insurance policy at a younger age, the rate is much lower, and you can lock that rate in for the term of the insurance policy whether it is a term life insurance policy that is intended to cover you for a defined period of time, or if it is a whole life policy that will cover you for your entire life.
- Your health history: People that have had issues with their health in the past can be charged a higher monthly rate for their life insurance policy. Some companies will charge higher rates for people that fit this description depending on whether or not the issues they had were considered self induced from things such as drug addiction, over eating and becoming over weight, or even from things such as lung disorders from smoking. People that have had histories for things like cancer may be declined for coverage depending on what type of cancer they had, how long ago they had it, and what their current and recent health history is.
- Lifestyle: How you live your life can also affect you life insurance rates. If you are a smoker, or a mild to heavy drinker, the life insurance companies can offer you coverage, but because these types of habits have been proven to cause health issues, if the company does decide to insure you, the can rate you up due to the choices you are making that can affect your health and your life. The same thing can be said for people that participate in hazardous sports such as motocross racing, car racing, rock climbing, downhill skiing or mountain biking. Since these are very fun, although risky and potentially very dangerous activities, if the insurance company issues a policy to you, they are at a higher level of risk of having to pay out on your policy, therefore the monthly rate must be higher to offset the risk.