Your hobbies, lifestyle, and overall health impact how much you pay for life insurance. For example, if you have decided to take up scuba diving, mountain climbing, rock climbing, BASE jumping, or skydiving, these activities will affect the cost of your policy.
Essentially, your life insurance policy is a legal contract between you and the company that issues it. These companies evaluate all risks associated with covering you against death or incapacitation. Certain behaviors and conditions will increase the cost of your policy and the premiums you will pay. Every policy should be customized to match the individual. The types of behaviors that life insurance companies often consider risky include:
- Smoking. Insurance companies will cover smokers, but at a higher rate.
- Body weight. The life insurance company underwriters will evaluate your height and weight for known associated health risk factors.
- Driving record. If you have a history of traffic violations – particularly moving violations or driving under the influence – your rates may be higher.
- Risky activities. If you engage in certain high risk activities, such as scuba diving, motorcycle riding, flying a plane, or similar pursuits, your rates will be higher.
- Alcohol consumption. Your alcohol consumption will be evaluated as a risk factor in issuing a policy.
Getting Approved for Life Insurance
There are several criteria that underwriters employ to evaluate a potential policyholder. If you are considering purchasing a life insurance policy, get help from an agent, as they will manage the process for you. There are many types of life insurance policies on the market, and an agent will help you find the company that is right for you and your lifestyle.
We are happy to explain everything simply and clearly so that you can make an educated decision about what will work best for you and your budget. New life insurance programs come on the market, and if you already have a term life insurance policy, it is worth having it reviewed – there may be a better option for you now. We are happy to help.
Having a life insurance policy in place is one of the most effective ways to protect your family, and getting your policy issued is important. We know the system and how to work to get you the coverage you need, and at a rate you can afford. Talk to us – we are here to help.