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What Factors Will Impact Your Life Insurance Rate?

An unfortunate fact about life is that we simply don’t know what could happen in the future. We may have self-driving cars, we may have new artificial intelligence capabilities but one thing we can’t predict is what might happen tomorrow. Even though we can’t predict it, we can take measures to prepare for the future. 


This is why life insurance is so important–It provides peace of mind for you and your loved ones, knowing that if something happens to you, they will be financially taken care of


Factors That Affect Life Insurance Premiums

When you’re looking into life insurance policies, there are a lot of factors that will come into play when determining what rate you’ll pay. 


Let’s take a look at a few of them so you can make sure you’re getting the best deal possible.



Generally, the younger you are when you purchase a life insurance policy, the lower your rate will be. This is because insurers assume that those under the age of 40 have less risk associated with them than people over 40 due to their generally healthier lifestyle.



Gender is a factor that can impact your life insurance. Men typically pay higher life insurance premium rates than women as life expectancy for women is longer



This factor can greatly affect the rate you pay for your policy if you have any existing medical conditions or if there is a history of serious health issues in your family. Insurers also take height, weight, and even behaviors like smoking into account when determining the risk associated with insuring someone.



If you lead a very active lifestyle with extreme sports or hobbies, then this could affect your life insurance premiums as well. Extreme sports are seen as high-risk activities that increase the likelihood of an accident or injury so insurers will adjust their rates accordingly.



Insurers also look at where and how you work to determine the risk associated with insuring you. People who work in high-risk jobs such as construction or firefighting are more likely to be injured on the job so they will pay a higher life insurance premium than those who are in lower-risk professions.


What Are The Different Types Of Life Insurance Available?

When it comes to life insurance, there are many types of policies available. These can include:

  • Term Policies: This is the most common type of life insurance and provides coverage over a specific period of time.
  • Whole Life Policies: Whole life policies are permanent and will remain in effect until the policyholder passes away. They also build up cash value which can be used for investments or other expenses.
  • Universal Life Policies: These policies offer flexibility in terms of how much coverage you need as well as how premiums and death benefits are structured.
  • Variable Life Policies: Variable life policies offer more investment options than other types of life insurance, but they come with higher levels of risk due to their stock market investments.

Life Insurance Doesn’t Have To Be Scary: Let Bethany Insurance Help!

No matter what type of life insurance policy you choose, it is important to make sure that you get the right coverage for your needs. Bethany Insurance can help you understand the different policies available and find the one that’s best for you. Contact us today and let’s get started!