The peace-of-mind and financial protection life insurance offers should justify the monthly charge, but not all policies carry the same premium. Factors such as your age, health, and gender impact the cost relative to the term and type of insurance you select. The specific factors impacting your coverage are outlined below.
When you apply for life insurance, you typically have to answer multiple questionnaires related to your health and lifestyle. Questions related to past medical treatments, drug or alcohol use, and extreme sports are common. If you have a history of heart problems, diabetes, cancer, or another serious illness, it will likely impact your eligibility and cost of insurance. You’ll also likely have to submit to a physical examination, where your blood pressure and weight will be measured, along with the taking of blood samples.
Another important factor is whether you opt for term, universal, or whole life insurance. Term insurance typically has the lower premium amounts, but the policy doesn’t carry a cash surrender value. Whole and universal policies generally have surrender values, but the premiums tend to be higher. Associates at H2M Insurance in Winder, GA can help you determine the policy that best fits your budget and needs.
A summary of major factors impacting premiums includes:
- Past medical history
- History of cancer or serious illness with immediate family members
- Drug or alcohol addiction
- Term of policy
- Type of insurance policy (whole, universal, term, etc.)
The benefits of life insurance often-times out-weigh the monthly premiums. The factors that influence the cost range from your age and gender to specific medical conditions you have. Contact H2M Insurance in Winder, GA, for more information on life insurance policies and coverage options.