Underwriters look at a number of factors when evaluating the risk of potential life insurance policy holders. Age, gender, and genetics are all factors that cannot be controlled; however, there are some factors that can be managed. Take a look at this list, you may be able to make some changes to your lifestyle that could your lower life insurance premium.
Being a heavy drinker or being a smoker can drive your life insurance premiums up. The good news is that changing these habits may reduce your premium in the future.
Your health today is a good indicator of whether will experience chronic health problems in the future. For example, according to the Mayo Clinic, being overweight or obese is the leading risk factor for Type 2 Diabetes which could drive up the cost of your life insurance policy. Similarly, according to the American Heart Association, if you have high blood pressure, you are more prone to having a heart attack and this could increase your premiums. Taking care of your health today, may reduce the likelihood of future health problems.
If you have adventurous hobbies such as sky diving, auto racing, and deep water scuba diving, your life insurance premium could be high since underwriters believe these hobbies increase the chance of an accident or injury.
Having multiple tickets for speeding or other moving violations could increase your premium. Underwriters typically look at your driving record when determining your risk factors.
It’s important that you are upfront on your life insurance application. Insurance carriers use different criteria to determine rates, so it’s important to talk with your agent and give them all the facts. At AssuredPartners NL, our agents want to help you. Whether you want to review your current policy or discuss a new policy, let us explain your options in straightforward terms so that you can decide the best way to protect your loved ones.