Nine Factors that Affect Your Life Insurance Premium
Did you know that these ten factors could affect your life insurance premium? Let’s take a minute to talk about premium! Premiums are the amounts you’ll have to pay for your insurance. It doesn’t matter if it’s life insurance, home, auto, renter’s or business insurance. All of these policies take into account a number of factors in order to calculate your premium. So, how does the insurance company figure this out? They do this by a process called underwriting. An underwriter analyzes the overall risk for an insurance company to pay out a claim during the terms of that policy. Actuarials determine what the actual pricing should be based on the risk. Below are just 9 factors that may affect your life insurance premiums.
1-Your age
2-Your gender
3-Smoking status
4-Your occupation
5-Your hobbies
6-Your health condition(s)
7-Your family medical history
8-Your drinking habits
9-Your lifestyle (ie: frequent travel)
If you have any questions on life insurance for you, your spouse, your business partner, children and grandchildren just contact us 517-351-9117. We are happy to help and we work with a number of life insurance companies who can give us a lot of options based on your specific needs. #teammllins #lifeinsurance