5 Surprising Things That Affect Life Insurance Rates!

Obtaining life insurance for seniors is not as easy as you may think and there are many factors that influence the outcome of negotiations and the final price of premiums. We present you a list with 5 surprising things that affect life insurance rates:

young couple searching insurance1)      Your weight. Insurance companies have strict standards regarding the weight of a client. They use the Body Mass Index. This is measure for human body shape based on the mass and the height of the person.  People with high BMI will pay significantly higher premiums than those with a regular BMI.

Studies have shown that people with high BMI suffer or are predisposed to some diseases like heart diseases, diabetes, morbid obesity, sleep apnea or joint problems.  So, if you have high BMI, you will pay more for premiums.

2)      Your gender. Although, gender equality is a good thing, your gender is relevant for insurance companies. Women are considered to live more than men and this means that they will be able to pay more premiums. As a result, women pay lower rates for life insurance.

3)      Marital status. Individuals that are married usually pay cheaper premiums. They are considered to be more responsible, since they mature and must also be responsible to their families.

4)      Location. People that live in the same are tend to have some similarities in their risk profiles.  There are many factors that influence the risk profile and are related to location: climate, geographical position, food abundance, predatory animals living nearby and so on.  All these influence the statistics of any insurance company which usually decides to charge extra.  If you move to another area, you will see that the premiums will be different, although you will have the same health condition or salary.

5)      Family history. Applicants whose families have a history of cancer or other severe medical conditions will pay higher premiums.   Companies are interested to know if there were cases of diseases that can be here hereditarily transmitted.

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