If you are considering getting life insurance, and we strongly recommend it, then there are several important factors to keep in mind when researching and applying for it. 

1. Age: Believe it or not, your age is the main factor affecting your life insurance premium. As you age, your premiums increase. Younger life insurance policyholders will pay lower premiums and older policyholders pay higher premiums for one main reason: younger policyholders live longer and will pay more in premiums over time than an older policyholder. 

2. Sex or gender: Women usually live longer than men in the United States. Women typically live to be 81 years old compared to men who live to 76 years old, so women will pay less for life insurance than men do.

3. Health: Insurers usually request a medical exam and access to your medical records. If your history includes heart disease, cancer, or other types of diseases, your premium may be much higher. Additionally, your weight, blood pressure, cholesterol levels, and other health factors will affect your premium.    

4. Hobbies: There are certain risks associated with our hobbies. Life insurance policyholders who fly private planes, race motorbikes, or climb mountains are going to pay more than someone who collects postage stamps. These are high-risk hobbies, and the chances of possible death from these activities are very high. Thus, the premiums for people who enjoy these hobbies are also going to be high. If you have a high-risk hobby, you will need to shop around for life insurance. Some life insurance companies may even deny coverage.

5. Occupation. Pilots, roofers, carpenters, and linemen are considered high-risk professions. When applying for life insurance, you will have to disclose your occupation. If you work with certain toxic chemicals, you will also have to pay higher premiums. Most occupations are mainstream and there is no penalty. 

6. Smoking. If you are a smoker, you will pay a higher life insurance premium. Smokers are more likely to get cancer and lung disease. If you’ve quit smoking and stay off the cigarettes, your premium will be lower.   

7. Policy amounts. There are two different types of policies: whole life, and term life. Whole life insurance policies are the most expensive.

Life insurance is not a luxury. It is a necessary investment that will help loved ones. Once you have done the homework, we recommend that you purchase a life insurance policy as soon as possible. 

If you are interested in learning more about the different life insurance coverages and how they would benefit your family, call Lindquist Insurance at (301) 694-0008.