Life insurance quotes are based on several factors related to your personal life and that of your dependents. Understanding these factors will help make the right decision when comparing quotes. Discover the main factors that impact life insurance quotes.
Factors That Impact Life Insurance Quotes
Your Health
Health can significantly impact the life insurance quotes you get. Applicants with particular health conditions are considered riskier since they are more likely to receive an insurance payout sooner. The most common health factors include but are not limited to:
- Anxiety and depression
- Diabetes
- High cholesterol
- Hypertension
- High blood pressure
- Sleep apnea
- Some dermatological conditions
- Any disease that requires ongoing medical attention
The insurer will conduct a life insurance exam to obtain your health information. They will need your permission to access your medical records and observe prescription drug databases to understand the medication you have been taking. The company will review health factors such as:
- Height and weight
- Your personal medical history
- Risky behaviors
Age and Gender
Insurers will look at your age and life expectancy. Younger applicants are considered less risky, meaning more affordable life insurance quotes. Mostly life insurance for senior citizens is limited for the duration of the term period. Generally, seniors can get quotes for term life insurance in their 80s, but the term periods will be shorter.
When it comes to age, women get more affordable life insurance quotes than men. CDC states that females have a great life expectancy, around six years longer than males.
Family Medical History
Your family medical history includes the medical records of your immediate relatives, like your parents and siblings. Their medical history can significantly affect life insurance quotes, especially records of:
- Melanoma
- Congenital heart disease
- Cardiovascular disease
- Cancer including breast, prostate, pancreatic, colon, etc.
Smoking
Cigarettes are not the only thing that affects life insurance quotes. All forms of nicotine use or abuse make the insurers consider you a “smoker.” This includes but is not limited to chewing tobacco, vaping, smokeless tobacco pipes, e-cigarettes, nicotine gums and patches, or hookah tobacco.
Note that marijuana smokers (including medical hemp users) can get non-smoker insurance quotes, especially the occasional users. However, persistent cannabis users should expect higher quotes.
Generally, smoking rules vary depending on the insurer and the persistence of nicotine use. If you’re a healthy smoker, you might get favorable quotes. This includes healthy weight, blood pressure, dental formula, and cholesterol levels.
Occupation and Outdoor activities
Dangerous occupations and hobbies or outdoor activities can greatly affect quotes for life insurance. These include jobs that involve handling hazardous materials or machinery and risky duties. Dangerous outdoor activities include but are not limited to skydiving, scuba diving, mountain climbing, piloting planes, acrobats and others.
Criminal Record
A criminal record can affect and possibly make you ineligible for life insurance quotes. Usually, there’s a waiting period of over five years after a violation is discharged to qualify for life insurance.
Your application is also more likely to be rejected if you are expecting a trial, on probation, on parole, or incarcerated. Rejection is also possible if you have serious or several convictions, such as organized crime and murder. Your quotes might be higher if you have been convicted of “white color” crimes like tax evasion, fraud, and counterfeiting.
Driving Record
Insurers consider drivers with records of reckless driving, driving under the influence (DUI), and revoked or suspended driving licenses to be high-risk. If your records indicate such infractions in the last 3 to 5 years, you can brace for expensive life insurance quotes.
Coverage Length and Cost
The policy type and coverage amount will determine the quotes you get. Generally, term life policies have the most favorable quotes; universal life is more expensive than term life, and whole life policies have the most expensive quotes.
Current Financial Issues
Insurance companies typically consider bankruptcy when quoting life insurance. Most insurers will decline your application if you have filed for bankruptcy, faced home foreclosure, or defaulted on a loan in the past two to five years.
If you have recently experienced a financial crisis, work with a seasoned life insurance agent to help you find companies that might consider you and compare quotes. Additionally, all factors that affect your credit score affect your options for good life insurance quotes.
Reasons To Compare Life Insurance Quotes
A life insurance quote or quotation is an estimation of premiums you can expect to pay once you get a policy. Comparing various quotes can benefit you in several ways, such as:
Selecting the Right Policy
Comparing life insurance quotations helps you choose the right plan, offering the highest coverage at a cost that fits your budget. You can contact the insurer or use an agency, broker, and online calculator to compare various quotes and ascertain how much you will be paying based on your earnings and eligibility.
Finding a Plan Fit for Your Insurance Needs
Multiple quotes can help you find an option that fits your individual life insurance needs. Many formulas can help you determine your life insurance needs. Once you understand your needs, you can compare several quotations until you get what meets them.
It’s Easy and Fast
Regardless of the method you use, comparing life insurance quotes is quick and straightforward. You only need to provide basic personal information and generate a quotation within a few minutes.
Additionally, most online calculators are free and some agents or brokers might offer affordable or free quotations once you hire their services. Most insurance companies will ask you to provide your applicant’s information and contact details to give a free quote.
Conclusion
Getting life insurance quotes can help you find the right term policy for your needs and save you thousands of cash throughout your policy period. Understanding the factors that impact the quotations before shopping around can help you prepare ahead and make the process easier.
Life insurance quotes are based on several factors related to your personal life and that of your dependents. Understanding these factors will help make the right decision when comparing quotes. Discover the main factors that impact life insurance quotes.
Factors That Impact Life Insurance Quotes
Your Health
Health can significantly impact the life insurance quotes you get. Applicants with particular health conditions are considered riskier since they are more likely to receive an insurance payout sooner. The most common health factors include but are not limited to:
- Anxiety and depression
- Diabetes
- High cholesterol
- Hypertension
- High blood pressure
- Sleep apnea
- Some dermatological conditions
- Any disease that requires ongoing medical attention
The insurer will conduct a life insurance exam to obtain your health information. They will need your permission to access your medical records and observe prescription drug databases to understand the medication you have been taking. The company will review health factors such as:
- Height and weight
- Your personal medical history
- Risky behaviors
Age and Gender
Insurers will look at your age and life expectancy. Younger applicants are considered less risky, meaning more affordable life insurance quotes. Mostly life insurance for senior citizens is limited for the duration of the term period. Generally, seniors can get quotes for term life insurance in their 80s, but the term periods will be shorter.
When it comes to age, women get more affordable life insurance quotes than men. CDC states that females have a great life expectancy, around six years longer than males.
Family Medical History
Your family medical history includes the medical records of your immediate relatives, like your parents and siblings. Their medical history can significantly affect life insurance quotes, especially records of:
- Melanoma
- Congenital heart disease
- Cardiovascular disease
- Cancer including breast, prostate, pancreatic, colon, etc.
Smoking
Cigarettes are not the only thing that affects life insurance quotes. All forms of nicotine use or abuse make the insurers consider you a “smoker.” This includes but is not limited to chewing tobacco, vaping, smokeless tobacco pipes, e-cigarettes, nicotine gums and patches, or hookah tobacco.
Note that marijuana smokers (including medical hemp users) can get non-smoker insurance quotes, especially the occasional users. However, persistent cannabis users should expect higher quotes.
Generally, smoking rules vary depending on the insurer and the persistence of nicotine use. If you’re a healthy smoker, you might get favorable quotes. This includes healthy weight, blood pressure, dental formula, and cholesterol levels.
Occupation and Outdoor activities
Dangerous occupations and hobbies or outdoor activities can greatly affect quotes for life insurance. These include jobs that involve handling hazardous materials or machinery and risky duties. Dangerous outdoor activities include but are not limited to skydiving, scuba diving, mountain climbing, piloting planes, acrobats and others.
Criminal Record
A criminal record can affect and possibly make you ineligible for life insurance quotes. Usually, there’s a waiting period of over five years after a violation is discharged to qualify for life insurance.
Your application is also more likely to be rejected if you are expecting a trial, on probation, on parole, or incarcerated. Rejection is also possible if you have serious or several convictions, such as organized crime and murder. Your quotes might be higher if you have been convicted of “white color” crimes like tax evasion, fraud, and counterfeiting.
Driving Record
Insurers consider drivers with records of reckless driving, driving under the influence (DUI), and revoked or suspended driving licenses to be high-risk. If your records indicate such infractions in the last 3 to 5 years, you can brace for expensive life insurance quotes.
Coverage Length and Cost
The policy type and coverage amount will determine the quotes you get. Generally, term life policies have the most favorable quotes; universal life is more expensive than term life, and whole life policies have the most expensive quotes.
Current Financial Issues
Insurance companies typically consider bankruptcy when quoting life insurance. Most insurers will decline your application if you have filed for bankruptcy, faced home foreclosure, or defaulted on a loan in the past two to five years.
If you have recently experienced a financial crisis, work with a seasoned life insurance agent to help you find companies that might consider you and compare quotes. Additionally, all factors that affect your credit score affect your options for good life insurance quotes.
Reasons To Compare Life Insurance Quotes
A life insurance quote or quotation is an estimation of premiums you can expect to pay once you get a policy. Comparing various quotes can benefit you in several ways, such as:
Selecting the Right Policy
Comparing life insurance quotations helps you choose the right plan, offering the highest coverage at a cost that fits your budget. You can contact the insurer or use an agency, broker, and online calculator to compare various quotes and ascertain how much you will be paying based on your earnings and eligibility.
Finding a Plan Fit for Your Insurance Needs
Multiple quotes can help you find an option that fits your individual life insurance needs. Many formulas can help you determine your life insurance needs. Once you understand your needs, you can compare several quotations until you get what meets them.
It’s Easy and Fast
Regardless of the method you use, comparing life insurance quotes is quick and straightforward. You only need to provide basic personal information and generate a quotation within a few minutes.
Additionally, most online calculators are free and some agents or brokers might offer affordable or free quotations once you hire their services. Most insurance companies will ask you to provide your applicant’s information and contact details to give a free quote.
Conclusion
Getting life insurance quotes can help you find the right term policy for your needs and save you thousands of cash throughout your policy period. Understanding the factors that impact the quotations before shopping around can help you prepare ahead and make the process easier.
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