Founder, Abrams Insurance Solutions, Inc., San Diego, CA
Life insurance premiums are affected by: age, gender, health class, amount of insurance, length of coverage, and riders. Health class is usually subdivided into smoker or nonsmoker and rating such as preferred plus, preferred, standard plus, and standard. Substandard is table 1 - 10 with 10 being the worse. The rating/health class is determined by build, family history and motor vehicle report. It is important to review your situation with a knowledgeable agent to make sure you apply with the best company for your unique circumstances.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
The basic rate reflects your life expectancy. That rate describes a “standard” risk. Underwriters can modify the rate to reflect superior life expectancy down to inferior life expectancy. The next major consideration is how long the protection is going to last. The third consideration is how long are premiums to be paid.
Some factors that can affect life insurance premiums are your health, age, tobacco, weight, family health history, foreign travel to unsafe countries, dangerous hobbies, substance abuse, serious and/or numerous driving violations, felony, and results of exam (if exam is required). With most of these factors, not just your current situation is considered, but they also look back some years.
Having any of these risk factors does not necessarily mean your rate will be affected. Using an agent who carries multiple companies can help place you with the policy that has the best rates your unique profile.
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Having any of these risk factors does not necessarily mean your rate will be affected. Using an agent who carries multiple companies can help place you with the policy that has the best rates your unique profile.