Eight things that drive up your life insurance premium

As people are more and more conscious about healthy living, life insurance as one of the family protections has become more and more popular and gain people’s awareness.

Although such policies may be easy to find and are vital to have, not many people know how to compare the quotes and get the best covers. Here are the things that you must know about the life insurance premium and might be useful to help you to save a fortune.

Medical history

One very important thing is that if you have a history of serious health problems, it might make it difficult or even impossible to buy life insurance.

And your insurer won't just want to know about your own medical history. It will also question you about any medical conditions that run in your family.

But if you do have a serious medical problem, you could get a better deal with an insurance company that specialises in covering those with health problems.

Body Weight

Secondly, being overweight or obese could put you at risk from a number of potentially fatal illnesses such as a heart disease and some kinds of cancer.

For the sake of your insurance (and your health), it might be worth dropping a few pounds before you buy your policy.

Alcohol overload

And do you know that your drinking habits also count when you apply for a life insurance policy.

Since excessive alcohol consumption is linked to a number of chronic medical conditions and can significantly lower your life expectancy. If you don’t want to pay more for your life insurance, be prepared to resist a tipple.

Occupation

Moreover, if your job exposes you in dangerous situations, thus higher risk, then you'll almost certainly pay more for your premiums.

For example, journalists, window cleaners and even farmers fall into this category; they are deemed high risk by most insurers.

If you're in a dangerous line of work, advice for you is to consider buying cover from a company that specialises in high-risk claims.

Risky sports

In fact, not only your job matters, any activity that puts you at risk of suffering a fatal accident will cost you more for your policy.

Bear in mind that most insurers will not look favourably on risky sports or activity which means skiing, bungee jumping and wind surfing etc are not good for you.

Male or Female

Furthermore, in most countries, the life expectancy for men is lower than for women. You won’t feel surprised that insurance companies want us to live as long as possible; in this case, the males will probably pay more for premiums.

If you are guys, sorry for the bad news, and lucky for the girls.

Age

It is a shame that few of us consider to buy a life insurance policy when we’re young and carefree, but this could be the best time to buy a policy.

The reason is young customers are likely to pay into the policy for many years before the company needs to pay out.

So rethink again and you might want to buy your life insurance policy sooner rather than later.

Shop Around

Last but not the least, the easiest way to save the life insurance cost is always shop around to make sure you get the best deal on your life insurance.

People usually end up paying too much for their premiums by simply accepting the first quote they get. One of the easiest ways to shop around for life insurance is by using an online quotes comparison site or consults your broker and they will help you compare the market quotes and give you professional advice.