The eLife® Process - Easy, Efficient, Effective - No Medical Exam - Instant Issue Term Life Insurance*

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Factors that Determine Premium
Insurance Rates


Items That Can Affect Your Policy's Premium

Did you know that your Term Life Insurance policy's premium can be affected by factors like your age and lifestyle? These factors, and others, will determine a health classification you will qualify for (such as Preferred or "Smoker"), and will impact the premiums you will be responsible for paying to your insurance company.


You will be relieved to know that several of the factors which determine your premium rates are within your control, while others are not. Listed below are some of the items should be aware of that can affect your Life Insurance policy's premium.


Age. Purchasing your Life Insurance policy at a younger age will result in lower rates than if you were to purchase the same policy when you're older. It is recommended that you should purchase your Life Insurance policy when you've obtained your first job after graduating college, since you'll be young enough to qualify for better rates.


Weight. A common rule for insurance is the more you weigh, the more you'll pay! When it comes to Life Insurance, severely overweight or obese individuals will pay higher premiums for their Life Insurance. Scientific research has proven that overweight individuals tend to have a shorter lifespan, making them higher risks to insure.


Health History. Your family's medical history plays a large part in which rate class you may be offered. While some risk factors can be labeled as modifiable (such as weight), others such as heart problems, diabetes, etc., are labeled as generational or non-modifiable. It is important to disclose accurate information so insurance carriers can take your personal situation into consideration and offer you the best rate available.


Smoking. Smokers will pay a higher premium for Life Insurance. If you are considering a Life Insurance policy and wish to qualify for the lowest premium possible, don't smoke! Keep in mind that, in order to qualify for "Non-Smoker" rates, many insurance companies require quitting at least a year before applying for Life Insurance.


Term Life Insurance rates will vary depending on all these factors, which is why it is important to maintain a healthy lifestyle.


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