I want to take this blog opportunity to share this information again and hope it can help. -Yen
Arlene Chandler is a freelance writer who enjoys helping others sort through their personal financesphoto courtesy of www.aboutleaders.com
Choosing to invest in life insurance is a decision many people gravitate towards after they accrue a large amount of debt, get married, or, what seems to be the most common motivator, have children. However, while it would be nice to think that all life insurance premiums are equal for those who want to invest in a policy, that’s simply not the case. There are many factors that help insurance advisers determine what a premium will be on a case-by-case basis, and it’s good to inform yourself of what lifestyle habits and health issues you have that might make your premiums higher. Knowing what to expect makes investing in a life insurance policy much easier to plan for, and if you’re about to apply for your first one, here are a few factors that can make your premiums rise.
There are many types of health problems that can make it extremely hard to find affordable life insurance. Diabetes, heart disease, cancer, and even more recently, mental health issues (bi-polar disorder, depression etc.) can make insurance agencies wary of taking you on. While some might refuse to offer you a policy altogether, it’s important not to give up. Some companies are willing to work with high-risk patients (especially if your prognosis looks promising), so it’s best to compare as many quotes as you can.
Other health conditions, such as being obese or underweight, can also affect your premium rate. Because weight issues correlate with many serious health problems, insurance advisers will see you as a greater risk. On the bright side, these are circumstances that you have the power to change. Your insurance premiums can be lowered once you prove that your condition is stable, or you can hold off on applying for coverage until you’re at a healthy weight.
It’s not just illegal substances that will cause insurance agencies to be concerned; smoking cigarettes and heavy alcohol consumption can raise your rates as well. To secure lower premiums, you’ll have to prove you’ve been tobacco free for a specific period of time, usually a minimum of one year. On a similar note, having a glass of wine with dinner now and then doesn’t label you as a huge hazard to insurance advisers, but indulging frequently can. It’s not that agencies want to control what you do in your free time. It’s simply that tobacco and alcohol are the cause of many serious health concerns, and they’d be taking a risk signing you on at a lower coverage. To reduce your rates and, more importantly, look out after your well-being, limit your alcohol intake and weed out the tobacco completely.
Because women tend to live longer than men do, men typically pay more for their life insurance policies. While this might seem surprising, it’s important to keep in mind that there are many factors that go into deciding what your life insurance cost is, so if you’re a healthy, non-smoking man, you’ll still pay less than an overweight woman who is a regular smoker.
It can be discouraging and intimidating seeing how many factors can affect your insurance premiums, but in those restrictions comes a level of freedom. While you might not be able to change your gender or certain aspects about your health, it’s important to realise there are certain things you do have control over. By making choices to reduce the amount of substance use you engage in, as well as making the effort to live a more health-conscious lifestyle, you’ll do more than save money on life insurance; you’ll pave the way to a better life for you and your family.
This material is not intended to constitute personal advice, and must not be relied on as such. This information has been prepared without taking into account your objectives, financial circumstances or needs. Before making a decision based on this material, you should consider the appropriateness of this material having regard to your own objectives financial circumstances and needs. You should consider obtaining independent advice before making any decision.
This is a common tips but there is still some of them are unaware of this and it will cause the income affected by premium cost rising. Hopefully this tips can help. See you again - Yen
Hi I am Yen Wei Nee
I have been in insurance industry for 17 years and would like to share here with you my experience and information that is now changing our lives.