When it comes to purchasing life insurance, the buyer may not have much ado in deciding his insurance premium. It's the job of the life insurance company.
However, interestingly there are several factors which you can control and use to your advantage to lower the premium. What are they?
We are going to discuss about these many controllable as well as uncontrollable actors which will help you to make an intelligent decision to get the best insurance policy.
#Factors one can control-
Be a non-smoker-
For someone who smokes, has to pay higher premium than a non-smoker. Hence, you can choose to be a non-smoker which will not only have your premium reduced but the chances of developing of dreadful diseases like cancer will be less.
Stay fit-
In terms of general physical condition of a person, his weight forms a major part in determining his life insurance premium.
For instance, if a person is overweight or underweight for his height then he will require paying higher premium. The persons with low-average weight index will enjoy paying least premium.
The occupation of a person-
What a person does to earn his living also plays an important role to determine his premium and which is controllable.
For instance, a person working in conditions which are high in risk like in mines or is into extreme sports then he will require paying higher life insurance premium than someone who is an accountant.
Are you a frequent traveler?
Last but not the least; one's life insurance premium is also influenced by the frequency of his foreign trips. If one travels frequently and spends major time overseas then he will have to pay higher life insurance premium.
#Factors one cannot control-
Age-
Age is the one primary factor which forms a significant part in determining one's life insurance premium.
The younger people tend to pay lower premiums than older people as the latter are prone to higher risks of demise.
Gender-
Gender is another factor which determines one's premium amount.
Women usually pay greater number of visits to the doctor than men. Therefore, women are able to know any potential ailments earlier and therefore receive quick treatment to prevent the ailment. Hence, women typically live longer. As a result, they have to pay lower premium than men.
Past health records-
One's health history also forms an important factor in determining his premium. This includes any past record of diseases possessed by the person and his family.
Hence, even if it may appear tempting to not reveal critical health issues but the insurance company will know it resulting in cancellation of your policy and all the benefits.
Concluding note-The insurance company will ask for any risk factors associated with events like bankruptcy filings to any mental illness. These risk factors will shoot up the premium but revealing the same will always ensure that you will receive all the policy benefits.
However, interestingly there are several factors which you can control and use to your advantage to lower the premium. What are they?
We are going to discuss about these many controllable as well as uncontrollable actors which will help you to make an intelligent decision to get the best insurance policy.
#Factors one can control-
Be a non-smoker-
For someone who smokes, has to pay higher premium than a non-smoker. Hence, you can choose to be a non-smoker which will not only have your premium reduced but the chances of developing of dreadful diseases like cancer will be less.
Stay fit-
In terms of general physical condition of a person, his weight forms a major part in determining his life insurance premium.
For instance, if a person is overweight or underweight for his height then he will require paying higher premium. The persons with low-average weight index will enjoy paying least premium.
The occupation of a person-
What a person does to earn his living also plays an important role to determine his premium and which is controllable.
For instance, a person working in conditions which are high in risk like in mines or is into extreme sports then he will require paying higher life insurance premium than someone who is an accountant.
Are you a frequent traveler?
Last but not the least; one's life insurance premium is also influenced by the frequency of his foreign trips. If one travels frequently and spends major time overseas then he will have to pay higher life insurance premium.
#Factors one cannot control-
Age-
Age is the one primary factor which forms a significant part in determining one's life insurance premium.
The younger people tend to pay lower premiums than older people as the latter are prone to higher risks of demise.
Gender-
Gender is another factor which determines one's premium amount.
Women usually pay greater number of visits to the doctor than men. Therefore, women are able to know any potential ailments earlier and therefore receive quick treatment to prevent the ailment. Hence, women typically live longer. As a result, they have to pay lower premium than men.
Past health records-
One's health history also forms an important factor in determining his premium. This includes any past record of diseases possessed by the person and his family.
Hence, even if it may appear tempting to not reveal critical health issues but the insurance company will know it resulting in cancellation of your policy and all the benefits.
Concluding note-The insurance company will ask for any risk factors associated with events like bankruptcy filings to any mental illness. These risk factors will shoot up the premium but revealing the same will always ensure that you will receive all the policy benefits.
