Which Factors Influence Your Affordable Term Life Insurance Quote?

If you have a family that depends on you, the importance of term life insurance cannot be understated.  Although there are many different insurance options, obtaining an affordable term life insurance quote is probably a lot easier than you think, especially for those looking for short-term policy coverage.

However, what factors determine the actual rates for your term life insurance quote?  There are several elements, ranging from your age to your lifestyle, that influence whether you can enjoy low life insurance rates.

Do you smoke?

Smoking is a major red flag for term life companies, and thus, smokers are subjected to higher annual premiums.  Considering all of the negative health factors that arise with smoking, it is no wonder that life insurance companies categorize smokers as “high risk” candidates.

If you want to obtain affordable term life insurance quotes, then it is recommended that you quit smoking at least one year before you begin to apply for policies.

How old are you?

Your age plays a tremendous role in determining both your initial and renewal term coverage.   The younger you are when you purchase life insurance, the lower your rates will be.  Therefore, obtaining an affordable insurance quotes is highly recommended for young families.

Be aware that if you choose to renew your insurance policy after the term ends, it will cost you more because of your advancing age.  Typically, when you first purchase the policy, you will enjoy the lowest coverage rates, with the premiums increasing as you grow older.

How much do you weigh?

Insurance companies clearly understand the health risk associated with obesity.  If you are overweight or obese, then your term life insurance quote will be greatly impacted.  Research proves that morbidly obese individuals live shorter lives, and thus, your weight can put you into a “high risk” category in the eyes of the life insurance company.

What career do you have?

Life insurance companies also analyze your occupation in determining your coverage rate.  Some jobs are more dangerous than others, and this factor influences your premiums.  In the eyes of the life insurance company, some of the “risky” careers are:

  • Airline pilots
  • Timber cutters
  • Construction workers
  • Truck drivers
  • Policemen and detectives
  • Firemen
  • Carpenters

What is your current state of health?

Life insurance companies want to know what your current health levels are.  Of course, the healthier you are, the lower your term insurance quote will be.  Most insurance companies want you to subscribe to a medical exam, as well as submit your medical records, to ascertain how healthy you are.

Are there hereditary illnesses in your family?

Considering that many illnesses are hereditary, the insurance company will analyze your genetic propensity for becoming sick.  They will ask you about the medical history of your family, and it is very important that you answer truthfully.  If you omit what you know, then your entire policy – and its benefits – will be considered null and void.  The risk is not worth the few dollars you will save on an affordable term life insurance quote.

You can control several of the factors that influence whether you obtain the lowest and most affordable life insurance rate: smoking, weight, and occupation.  Although you cannot control your age or hereditary illnesses, by taking steps to live a healthier life, quit smoking, and work in a “safe” occupation, you can enjoy affordable term insurance.