A. L. Saland Insurance Solutions Inc. wants to take the guesswork out of life insurance.
Serving the state of Florida, our seasoned agents understand that underwriting and calculating insurance rates can be confusing to understand.
Here are seven demographic, health, and lifestyle factors that directly impact life insurance premiums:
Policy type
Term limits and length influence both premiums and payouts. As a general rule, permanent life insurance is more expensive since it guarantees death benefits.
Age
Life insurance becomes more costly as you age. Since younger people have longer life expectancies and more time to pay for premiums, rates are typically lower.
Gender
Like younger individuals, women also have longer life expectancies when compared to men. In fact, women in the U.S. live an average of five years longer.
Medical History
Insurers will review your medical history for any pre-existing conditions. Chronic ailments, like cancer or heart disease, increase premiums or may disqualify you from a policy altogether.
Family History
Your family’s medical history will be reviewed as well. A pattern of illness could produce the same results as above, even if you’re currently healthy. Underwriters must weigh the risk of you developing future problems later in life.
Employment History
Some occupations are simply more dangerous than others. Jobs, like construction or commercial fishing, add heightened risk and higher premiums.
Lifestyle
How you spend your free time matters too. As part of their risk assessment, insurers will try to get a complete picture of your hobbies, behaviors, and overall lifestyle.
Find an agent serving Florida
A. L. Saland Insurance Solutions Inc. does more than just educate our clients. Our experienced staff is determined to craft a life insurance policy that best meets your needs. Call and set up an appointment today.
