Factors that Could Affect the Cost of your Life Insurance Quote

Life Insurance

Did you know the cost of your life insurance can be dependent on many factors? We begin assessing these factors as we prepare to generate a life insurance quote for you.

First, we look at some basic information.Your age, the younger you are, the lower your premium could be. Your gender, females typically live longer than males. Your height and weight, each carrier has what is referred to as a height and weight chart and these charts alone can help to pinpoint which rating class you may fall into

The above are some factors that could effect the price we quote you. Generally, Your height and weight can also effect the final cost. Each carrier has what is referred to as a height & weight chart. Based on these two factors alone, these charts can help to pinpoint which rating class you may fall into.

In addition to the basic factors, there are other aspects of your health that could effect the price of your quote. Some of these could include:

  1. Cholesterol – maybe you didn’t know your cholesterol was high. I have had clients not know this until they received the results from their medical exam for the life insurance. Generally, once high cholesterol is under control for a year, you can possibly qualify for a better the rate class.
  2. Blood pressure – this is also something that once you are on medication and your blood pressure is controlled, you could possibly get a better rate.
  3. Driving record - moving violations, suspensions and/or DWI’s can also potentially increase the cost of coverage.
  4. Nicotine - evidence of nicotine in lab work could define you in a smoker rate class which are usually more expensive than non-smoker rate classes. Keep in mind, you would need to be nicotine free for at least 12 months to be considered a non-smoker in most cases.

About the author: Pam Fortier has been in the life insurance business for over 30 years. She also holds both a LUTCF designation and a CISR designation. Pam is adept at helping clients select the coverage they want at the price they can afford. You can contact Pam at 1-800-651-1953 or PFortier@Pivot.com.