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Life Insurance Rates

Life Insurance Rates

If you are planning to purchase life insurance, you would find it difficult to get the best rate around. This is because life insurance rates are determined after considering numerous factors like health, age, medical history and whether you are a smoker or not.

Class system in life insurance rate determination

The “rate class” that you are placed in after your application determines the cost of life insurance premium. This determination is reached after considering a number of criteria related to your lifestyle and medical history.

Rate classes tell about the level of risk you are in and is found after considering such factors like whether you are overweight, or do you have high blood pressure or cholesterol levels, whether you are a smoker, your family medical history along with such factor like your driving record. In addition to this, there are some life insurance companies that also look through your credit score and your occupation risk. In short, you will have a better rate if you have a healthy life.

After your application, you will be required to undergo a basic physical, blood work, urine specimen and sometimes EKG or X-ray and the results will determine your rate classification. Of course, you have the option to go for “no medical exam” policy.

Examples of life insurance rate

An article brought out from CNBC shows that a healthy male of 40 years who is a non-smoker is eligible for $500,000 with a 20 year guaranteed level term policy for an annual premium payment of just $420. If a pre-existing condition is there, the rate increases and smokers can pay up to 80% more for getting the same coverage.

How to lower the cost of life insurance

It is quite easy to lower the cost of life insurance through some simple changes to your lifestyle. All you need to do is to stop smoking, exercise to keep blood pressure and cholesterol normal and lose weight, all meant to improve your rate classification. All these factors, if maintained well, can go to lower your cost of life insurance.

You can browse the internet that provides a thorough research of the rates offered by different companies. You can also look at the ratings of the insurance companies from sources like Standard and Poor's and A. M. Best that are know to provide some revealing information. Go for companies that have AA or A ratings, which reflect the insurance companies' abilities to provide financial protection.

Online rate for your life insurance plans

A big advantage available from online life insurance plans is the ability to do research on different topics. You have the accessibility to go through all the available life insurance policy information of the different insurance companies as well as get free quotes. All you need to do is to answer few simple questions and you can easily receive several quotes.

Life Insurance Rates CLICK HERE FOR INSTANT FREE LIFE INSURANCE QUOTES


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