Let’s discuss “How Much Should You Expect to Pay for Life Insurance?” Life insurance seems like it would be an expensive thing to have. After all, you’re looking for someone to give your family money to cover not only your final expenses when you die but also to help take care of your family financially for possibly years to come.
How Much Should You Expect to Pay for Life Insurance?
Who can afford that? Interestingly enough, you can.
While premiums are factored keeping many very specific details in mind, there are things you can do to lower your premiums, so that good life insurance is always affordable. Let’s start with some of the basics.
Insurance companies are going to look at these basic things:
Gender
Whether you’re male or female does Because women tend to live longer than men, their premiums usually stay lower.
Age
As you grow older, your premiums will always go But as with gender, there is little you can do about this. At least aging is better than the alternative.
Health
Your health is probably one of the most important factors here, mostly because you have a lot of control over your overall health – especially if you start early. These are things you can change:
- Body Mass Index (BMI): The higher your BMI, the higher your premiums. But maintaining a healthy weight leads to benefits in the long run – not just for your overall health, but for those insurance premiums as well.
- Whether you’re a smoker or not. People who smoke will have premiums as much as 200% higher than those who do not Quitting saves considerable money!
- Heart Keep up with those physicals but pay special attention to your heart. Maintaining good heart health can be as simple as eating right and making sure that you exercise regularly. Again, your body and your wallet will thank you.
- Shielding yourself from Type-2 Diabetes is linked very strongly to your physical health. Watch your sugar intake!
Job
What you do for a living Someone who drives a truck for a living might be considered at higher risk than someone who works all day at a desk.
Exams
your premiums will always be lower if you consent to a physical exam, regardless of the outcome of the exam itself.
Premiums will vary from state to state, or even from city to city depending on where you live. The only way to truly find out the cost of insurance is to ask. But by taking care of yourself, you will not only find optimal health; you will enjoy the added benefit of keeping your life insurance premiums low so that insurance is more easily made affordable.