I read a MarketWatch article by Katia Iervasi regarding 5 reasons you may have to pay more for Life Insurance and thought I would share.
However before I start with that article, I would like to mention there are many factors that may determine the premiums for Life Insurance due to risk that the life insurance company is taking to insure you. The more risk, the more expensive the premium is. (That is, if you can even qualify for approval, if you are considered a very high risk by the insurance company.)
Some factors that may affect the price of your life insurance premiums are:
- Age
- Gender
- Current Health
- Health History
- Family Health History
- Weight/Height Ratio
- Smoking
- Alcohol Consumption
- Drugs You Take
- Occupation
- Driving Record
- High Risk Hobbies
- Policy Type and/or Length
- Death Benefit Amount
- Where You Purchase Your Policy (An independent agent can shop many insurance companies for the best price that suits your needs.)
For details on the above, click on this web link to a blog post I wrote a long while back:
https://mgildarinsurance.com/blog/life-insurance/price---important-factors.html
Back to the original article regarding 5 reasons you may have to pay more for Life Insurance:
- You have a pre-existing health condition
Some pre-existing conditions such as: cancer, diabetes, autoimmune disorders, etc. Morbid obesity is also considered a big risk.1 - You have a dangerous job.
Some jobs are considered high risk such as: Piloting, Car racing, Bomb Squad, even certain types of scuba diving, etc.1 - You are a thrill-seeker
Some extreme sports like car racing, piloting, skydiving, scuba diving or mountain climbing, etc.1 - You are getting drug or alcohol treatment.
The type of drug and the length of time you’ve been clean come into play. Insurers carefully consider relapse rates, as well as the likelihood of contracting diseases through drug use, such as hepatitis C.1
“Heroin, opioids and meth are problematic. Typically, you can’t get coverage for a year after drug treatment,” says Hallett.1
As for alcohol treatment, insurers want to see you sober for one to two years before offering a lower rate.1 - You have a recent DUI
If you got a DUI in the past year, you can expect a higher premium when you apply for life insurance.1
If you got multiple DUIs over five years ago, you’ll likely pay more than twice as much for coverage as someone with a clean driving record.1
However, your insurer might not penalize you for just one DUI that happened five or more years ago.1
To read the entire MarketWatch article by Katia Iervasi, click on the weblink below:
1. Source: MarketWatch Article by Katia Iervasi
https://www.marketwatch.com/story/5-reasons-you-might-have-to-pay-more-for-life-insurance-11642793545?mod=hp_minor_pos25
Note: Life Insurance information can be confusing to many people. As an "independent licensed agent" I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose a life insurance policy, from many choices of different insurance companies, that you feel fits your needs. Plus if you choose to work with me you will have personalized service by a local agent that can shop premium quotes for you. If you would like my assistance to discuss and/or start the process of getting you insured please call me at 941-404-5334.