9 Things That Increase Life Insurance Rates

It is one important factor that stops many from purchasing life insurance: premium rates. If you’re worried life insurance rates may be too expensive for you, check out our list of 9 things or habits that may increase life insurance rates. You may be surprised to learn life insurance won’t be as expensive as you thought.

Age

Age is an important factor in life insurance rates because the younger you are, the lower your premiums will be. As you age, premiums increase because death may be coming closer.

Smoking

Smoking, beyond just being unhealthy in general, is a surefire way to have a higher life insurance premium. So if you are looking to not have to pay a lot, you may want to kick that habit.

Medical History

If you have a medical history that includes serious diseases such as cancer, heart disease or diabetes, among others, you may see increased life insurance rates. You may be surprised to learn, though, if you are keeping your disease under control with regular doctor visits, rates won’t be as high as you think. If any of these diseases or illnesses run in your family, consider buying a whole life insurance policy young, to keep rates low.

Obesity

There is no way around it, being obese can increase your life insurance rates. It can also lead to other diseases and affect your overall health. But the good news is that life insurance companies do take into consideration weight loss, so if you’re working towards losing weight, you can watch life insurance premiums shrink, too.

Alcohol Consumption

Drinking, like smoking, is massively unhealthy, and is a sure way to get a high insurance premium. Cut down on your drinking and the lower your premium will be.

Gender

Surprising but true! Because men have a lower life expectancy overall, they may see a slight increase in life insurance rates. As a male, buying a life insurance policy young could help keep premiums low.

Motorcycle And Bad Driving

If you have a history of bad driving such as DUIs and excessive tickets or drive a motorcycle, expect to see higher life insurance rates. Rates are higher in this instance because bad driving or motorcycle driving can increase the risk of injury or death from accidents.

Drug Use

In some cases, use of drugs may prohibit you from getting life insurance at all. If drug use shows up in a urine or blood test during the routine life insurance medical exam, your premium rates could rise.

High-Risk Occupations

A high-risk occupation such as police officer, oil rig worker and fire fighter, among others, can increase your life insurance rates because of the danger associated with your profession.

Take a look at this and if you are looking to have a lower premium, make whatever adjustments you feel might help you get there!