When it comes to your life insurance premium, there are a number of factors that affects life insurance premium and can play into the rates that you will pay. While there are the obvious factors such as age, overall health and bad habits such as smoking, there are other factors that can also affect you premiums as well. You will need to be aware of these risk factors so you can take their effects into account.
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What follows are the other major factors, click here to know about the major factors.
High blood pressure puts your cardiovascular system in peril in terms of an increased risk for heart attack and strokes. While having high blood pressure is fairly common, it still negatively affects the rates that you will pay for your premiums. This is especially true if you have a family history of heart disease or strokes along with a past background of heart troubles. What premium you can expect after having high blood pressure, read here.
You can expect to pay noticeably more for your premiums, especially if you reaching your senior years. The sooner you can get your blood pressure under control, the better in terms of how much money that you will save.
Height and Weight:
The ratio of your height to your weight is how life insurance companies now determine obesity levels or being underweight which also carries its own risks. Obesity contributes to a number of health issues including heart disease, diabetes and others. By keeping your weight in proportion to what it appropriate for your overall height, you can keep your premium levels to a minimum. Currently obesity is a worldwide problem and causing all sorts of health issues for people of all ages. So, you can anticipate weight factor becomes one of the major concerns in near future.
Having a high count of “bad” cholesterol contributes to heart disease and heart attacks along with strokes. Keeping your cholesterol count down includes eating a healthy diet that actually increases your “good” cholesterol count and exercising. Cholesterol is an indicator that is still being debated, but having a very high count will certainly add considerably to your premiums.
There are prescription medications for practically everything, so the mere presence of this does not mean that your premiums will automatically go up. However, for the prescription medication that carries a considerable risk to your health then you will probably see your premiums rise as a result. Quite often, you can review the insurance company policies on the general types of prescription medication that will cause a rise in the premiums that you pay.
Overall Medical History:
The is another broad topic that may have little to no effect or a tremendous effect on the premiums that you will have to pay for your life insurance policy. Medical history in terms of injuries, even disabling ones will mostly tend to not have a large effect as long as it does not present a risk to your current health status.
While there is no concrete guideline, it is true that the further back in your past a serious medical or health incident took place, the lesser its effect will be today. For example, if you had suffered from heart trouble as a teenager and have not had any issues thirty years later, then the effect on your premium might be minimal.
However, the closer the event was to the present, the greater its effect will be on your premium payments. This is especially true when combined with other factors that lead up to greater risk. Having heart issues three years ago along with having high blood pressure and smoking will defiantly affect your premiums.
Alcohol & Tobacco Use:
The use of tobacco products is a known cancer causing agent and there are extensive rules in terms of smoking that will be checked. There are generally more than one level of tobacco usage depending on the amount of cigarettes or cigars that are smoked. Depending on the level of smoking that you do plus the nicotine found in your system during a blood, hair or urine test, that will be the basis of the additional charges to your premium payments.
Nicotine test is very common these days. How can you pass such exam, read here.
Unlike nicotine, alcohol does not stay in the system nearly as long, but it does have debilitating effects on the body which includes damaging the liver and putting you at greater risk of cardiovascular disease. Those who drink alcohol regularly and to excess will definitely see their premiums go up significantly.
There are some interesting exceptions such as those who smoke a cigar once or twice a year and have no nicotine in their systems may qualify as if they did not use tobacco products. The same is true for those who only occasionally drink alcohol in amounts that are not excessive.
Your driving record may be used to determine if your premium warrants additional payments because of how you drive. Moving violations such as speeding tickets and reckless driving along with having frequent accidents may put your life insurance policy at risk of being cancelled. While anyone who drives is putting themselves at a slightly greater risk, those who break the speed limit, drive in a reckless manner and have frequent accidents are far more likely to pass away in a car accident.
However, the driving record may be forgiven due the passage of time. For example, if you engaged in bad driving habits and had accidents several years ago, but not recently it may not count at all against your premium. Plus, a fender bender here and there along with an occasional ticket generally has no effect on your life insurance policy unless a pattern develops.
This is a general category of risky behavior that life insurance companies tend to raise the premiums. If you skydive, deep sea dive, or have a job where your life may be in danger, then that will add to your premiums. Insurance companies base their premiums on statistics that that reveal how certain lifestyle choices result in a higher mortality rate. So, being a member of the police or fire department will mean higher rates because you are exposed to mortal dangers even if only infrequently.
All in all, there are a number of smaller risk factors that affect life insurance premium rates which you will need to be aware of before trying to obtain a policy. If you can make changes well in advance, you might see your premiums return to more normal rates.