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Best Life Insurance Rate: What are the Key Factors in Determining Rates

When searching for the best life insurance policy, you want the maximum benefit at the lowest possible cost. The amount of risk you pose to the insurer plays a central role in determining your premium. Simply put, anything that serves to increase your chance of death affects your ability to obtain the best life insurance and translates into an increase in cost for you. Understanding what insurance companies consider when determining your premium amount is key to securing the best life insurance rate.

One primary factor in determining life insurance rates is the age of the insured. The risk of death increases with advancing age, and unfortunately, so do life insurance premiums. Some insurers will not even offer term life insurance to applicants who are 70 years of age or older. Gender plays a role in setting term rates as well, making term life insurance slightly more expensive for men than women. Each insurance provider weighs such factors differently when calculating your rate. Let us at Spectrum Direct help you choose the best life insurance company for your unique needs.

Health and lifestyle are key factors in establishing premiums, as well. Your health history, as well as that of family members, is carefully considered when determining premium rates. Some more serious ailments may hamper your ability to obtain the best life insurance rate or even result in denial of coverage. Conversely, applicants with cholesterol, blood pressure, and weight within a normal range may earn a preferential rating and lower rates. Certain habits, such as smoking and abusing alcohol, are considered risky to insurance companies and therefore lead to higher rates. Even participation in extreme sports, such as scuba diving, surfing, paragliding, and mountain climbing, can affect your chances to secure the best life insurance rate.

At Spectrum Direct, we are pleased to offer you sound advice on ways to obtain the best life insurance rate, such as by reducing riskier activities. We are committed to finding the best life insurance company for your particular situation. Get a free instant quote online or call to speak with an insurance professional today!

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